In the water-cooled liquid Pb-17Li blanket concept for DEMO the limitation of tritium permeation from the breeder material into the cooling water will be required. In order to find out on what conditions this tritium permeation remains within reasonable limits, a 1-d FEM code was developed which evaluates the tritium partial pressure in Pb-17Li, the tritium inventory in the blanket material, and the tritium permeation from the Pb-17Li into the cooling water as a function of the permeation reduction factor of a barrier and the efficiency of the tritium extraction from Pb-17Li. With a parametric study the conditions were identified which allow a permeation rate of as little as 1 g·d−1 without pushing the requirements for permeation barriers and extraction efficiencies excessively far. An example is a barrier with a permeation reduction factor of 75 together with an extractor efficiency of approximately 83%. In these conditions the expected tritium inventory is attributed to approximately one third to the martensitic blanket structure (some ten grams) while two thirds will be found in the Pb-17Li. These inventory values are two orders of magnitude lower than in solid breeder blankets and are thus not considered a critical issue.