Barbados Welcome Stamp Insights

THE WELCOME STAMP

Insights on the implementation of the 12 Month Barbados Welcome Stamp

The Welcome Stamp

Hayden Hutton CCIM, MRICS Chief Operating Officer

In July of this year, Prime Minister the Rt. Hon. Mia Amor Mottley and Team Barbados offered up a master-class in marketing and execution with the launch of the 12 Month Barbados Welcome Stamp. The Welcome Stamp was the first digital nomad visa offering qualified individuals and families the opportunity to live and work in Barbados for up to 12 months. Within days of the announcement, Barbados was center-stage on all the major news networks and media channels around the globe; the level of coverage was simply staggering. Other destinations have since followed suit but the first-mover advantage here was marketing gold and the timing couldn’t have been better.

Some Insights With a few months under our belt since launch, we thought it useful to provide some data and insights into the progress of the program thus far. We also surveyed a set of actual ‘Welcome Stamp Bajans’ here on the island to get their thoughts on the overall visa process and the experience of working remotely in Barbados.

Welcome Stamp Applications 2,000

1,918

78% Approval rate 1,495

1,500

UNITED KINGDOM

USA

CANADA

70% of Applications were from key source markets

Type of Application

1,000

33% Family

500

67%

0 Total Applications

Approved Applications

Individual

Data as of Nov. 2020

When factoring in family members the 1,918 applications represent a total of 3,200 individuals. At this point some 450 successful applications have been processed and paid in full, therefore those individuals or families have likely arrived on island or should be arriving shortly.

Property Preferences The following is a summary of the general property rental preferences from actual Welcome Stamp applicants.

The data is based on actual Welcome Stamp rental enquiries and transactions which the Terra Group has been involved in. Some highlights: • Applicants have come from as far afield as South Africa, Switzerland and The Netherlands • 65% of our inquiries would prefer a West Coast location • 46% have indicated that they would be travelling with pets

Monthly Rental Budgets 41.4%

30.7%

20.9%

4.9% 1.6% 0 - 1,250

1,250 - 2,500

2,500 - 5,000

5,000 - 10,000

0.4%

10,000 - 15,000

25,000+

Rental Budget (USD)

Preferred Location

Type of Property 36%

St, James 29%

St. Peter 22%

Christ Church St. Michael

Apartment

34%

8%

St. Thomas

2%

St. Philip

2%

St. George

46%

House

1%

Townhouse

20%

Survey of ‘Welcome Stamp Bajans’ In order to better understand the overall experience of acquiring the visa and Barbados’ suitability as a remote working destination, we surveyed a number of actual ‘Welcome Stamp Bajans’ here on the island.

Age of Respondents

Have you visited Barbados before applying for the Welcome Stamp?

76%

40% 32% 24%

24%

Yes

4%

18 - 24 years

25 - 34 years

35 - 44 years

45 - 54 years

0%

0%

55 - 64 years

65+ years

Unsurprisingly over 75% of the ‘Welcome Stamp Bajans’ surveyed are under 45 years of age. This is quite typical of the digital nomad demographic.

No

An astounding 76% of the respondents are first-time visitors to Barbados. This points to tremendous confidence in the program and Barbados as a remote working destination, and importantly the opportunity to showcase the island to a new audience.

Thoughts on working remotely in Barbados...

What was the primary reason in your decision to come to Barbados?

New Adventure

“I have everything I need to work effectively - high speed internet, access to necessary systems and a comfortable place to work” 40%

32%

Quality of Life Health & Safety

12%

Climate

8%

Other

8%

“Beautiful views and great access to Wi-Fi” “The time zone is very convenient for NY and London” “Numerous suitable locations to work comfortably from. The people are personable and friendly, and the environment is welcoming” “The work/life balance is fantastic”

How easy would you say the Application Process was?

96% Very Easy / Easy

With 96% describing the process as very easy or easy, this points to an overwhelmingly positive assessment of the online application and approval process. Notable that of all those surveyed, none of the respondents gave any indication of challenges in the application process.

How would you rate Barbados’ suitability as a remote working location?

92%

Very Suitable / Suitable

Overall high marks given for Barbados' suitability as a remote working location. Respondents cited the availability of quality accommodation, reliable broadband internet and excellent work/life balance.

Summary Overall the responses point to a very positive scorecard for Team Barbados on the 12 Month Barbados Welcome Stamp. From the brilliant concept and marketing, to what appears to be a seamless execution and delivery of the visa approval process. The Welcome Stamp Unit within the Immigration Department has worked tirelessly around the clock to provide personalized and responsive support to all applicants. By all accounts they have consistently delivered on the promise of a response within 5 days to all applications and exceptional service along the way. This is Barbados at its best - leading, innovating and delivering when it counts.

From an impact perspective, this is likely the most activity we have seen in the mid to long-term rental market in history (including consideration of the arrival of the RUSM Campus in 2018). With many apartments, guesthouses and villas looking for much needed occupancy, the visa program has been a ‘welcomed’ arrival. The overall economic benefits will be substantial and there is no doubt that from a Barbados brand perspective, this initiative will pay dividends for many years to come.

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