Barbados is a quality destination that is trusted and well regulated, following international best practice in capital market regulation. The Government of Barbados, in concert with its strategic partners from the private sector, remains committed to positioning Barbados as the International Financial Wealth and Management Centre of Choice in the Western Hemisphere.
Though small in size, Barbados continues to attract investors with its proven record of being a stable, modern, treaty-based, and cost-effective jurisdiction. The island ranks among the top 10 captive insurance domiciles in the world, and is the third largest recipient of Canadian direct investment after the United States and the United Kingdom, with four of the largest Canadian banks maintaining a significant presence on the island. In fact, the Commonwealth influence is omnipresent – Barbados’ legal system is grounded in English Common Law while its corporate laws are modelled after the Canadian system.
As a tax treaty jurisdiction, Barbados is firmly committed to transparency, the timely exchange of information and the avoidance of tax evasion. Unjust attacks by some of the more mature international business and financial centres, labelling the island as a tax haven, have been swiftly repudiated by government and proven to be categorically false. Barbados has been supported in its defence by regional authorities and, most recently, by the OECD. To be clear, Barbados enjoys inclusionary status on the OECD’s ‘white list’ which outlines countries that have substantially implemented the internationally agreed-upon tax standards. Investors still mindful of political or country risk can be assured that Barbados has been consistently ranked by the German-based Transparency International as the least corrupt country in the Caribbean and Latin America.
The Government of Barbados has progressively refined its legislation to make possible the easy establishment of international business entities, allowing investors to maximise their return on investment. In fact, multinational corporations find the island’s geographically diversified network of double taxation agreements (DTAs), bilateral investment treaties (BITS) and tax information exchange agreements (TIEAs) unique in this hemisphere and essential to their overall tax planning strategies.
Lastly, Barbados is world renowned for its quality lifestyle – sheer natural beauty, culture and above all the friendliness of its people. Its centuries-old history as a trade and tourism hub has married a cosmopolitan atmosphere with an island charm, making Barbados a premier destination of commerce and leisure for international businesses and high net worth individuals.
For more information on the profile of Barbados as a business and investment jurisdiction, kindly consult the following resources:
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