RELOCATING-TO-BARBADOS

Relocating To Barbados

22.01.15

Why Barbados?

Jewel of the eastern Caribbean, Barbados is an island nation with a distinctive identity based on its rich combination of English, African and West Indian roots. These influences are reflected in a vibrant culture, art, music and cuisine.

As part of the British Empire for 334 years, most of the island’s institutions date back to British influences, with a legal system derived from English common law, the third oldest parliament in the Commonwealth, and English the official language. Barbados takes pride in its political stability, highly developed infrastructure and advanced information technology. The island’s thriving business sector boasts major international accounting firms, as well as legal, wealth management, banking, management consultancy, marketing, advertising and IT services. Corporate legislation in Barbados is derived from the Canada Business Corporations Act.

The United States is the second largest trading partner for Barbados after Trinidad and Tobago, and the Barbados dollar is fixed to the US dollar at BDS$2.00 to US$1.00. At over US$15,880 per person, the island has the third highest GDP per capita in the Caribbean after the Bahamas, and Trinidad and Tobago. As a low-tax jurisdiction, Barbados is now considered a cost-effective as well as well-regulated international financial centre.

DOMICILE OF CHOICE
Barbados is the domicile of choice for a growing number of international businesses from Canada, Latin America and Europe, through its expanding network of double taxation agreements (DTA). This provides a wealth of opportunities for companies to access new markets via Barbados. The efficient fiscal environment, including no inheritance tax or capital gains tax, offers value to wealthy individuals and their families. A recent Wealth-X report found that more than two-thirds (67%) of ultra high net worth individuals living in the Caribbean had relocated from another country, primarily the US, UK and Canada. Many wealthy individuals are choosing to invest in Barbados, taking advantage of its trust structures and asset protection, as well as to build their real estate portfolios. Compared to other international financial centres, Barbados is a highly desirable place to call home, with a reputation for safety and stability, natural charm and unrivalled lifestyle opportunities.

International businesses are now efficiently and cost-effectively accessing new markets via Barbados

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BARBADOS a high quality tourism destination

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With more than 22.4 million visitors in 2014, the Caribbean attracts 2% of world tourism and is continuing to grow in popularity. Visitor numbers were up by 6.2% in 2014 according to the World Tourism Organisation.

Although Barbados is one of the ten most visited Caribbean destinations, fewer than 520,000 visitors per year actually stay overnight, so it is not an over-crowded island. The ratio of tourists to residents is low: there are 1.8 tourists per resident compared with 13 in the British Virgin Islands.

With a pleasantly warm year-round climate, tourism activity is evenly distributed throughout the year. The busiest month is December with 12% of the year’s tourists, and the quietest is September with 5%.

In contrast to other top Caribbean destinations which tend to attract more visitors from the Americas, Barbados has a greater proportion of European visitors, comprising 45% of the market.

With direct flights operated by British Airways and Virgin Atlantic, more than a third (36%) of all tourists originate from the UK. Nearly 12,000 visitors were from Germany in 2014, up 16% from 2013.

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