David D. Cutting, Honorary Consul General of Barbados, discusses Barbados as a business and investment destination.
The mention of the word Barbados conjures up in the minds of most people, an exotic island with flawless, white sandy beaches and the warm azure waters of the Caribbean Sea on its West Coast and the rolling waves of the East Coast fueled by the intoxicating trade winds coming across the Atlantic Ocean. This is all true in addition to wonderfully diverse choices of hotels, villas, and Airbnb’s.
What is less well known about Barbados is that it is a thriving business jurisdiction. The country’s commitment to transparency, information exchange and the enactment of anti-money laundering legislation places it among the most important and reputable financial centers in the world. Barbados is therefore considered to be a quality jurisdiction in which to live, play and do business.
Invest Barbados, an Agency of the Government, is responsible for promoting Barbados as a destination for Investment and a home for companies and businesses who are interested in embracing the unique range of advantages in this well-regulated business friendly environment. Barbados has a well-developed legal system, based on English Common Law and Statutes. It offers a wide range of investment opportunities in several areas including:
- International Business, Financial and Insurance Services
- High value-added ICT services
- Niche Manufacturing/Medical Devices
- Renewable Energy
- Education and Knowledge Delivery
- Research and Development
- Medicinal Cannabis
- Tourism/Niche Medical Tourism
The compelling case for Barbados as an attractive jurisdiction is further supported by the following:
- High international rankings
- Strong human capital
- High-quality infrastructure and technological readiness
- Competitive tax rates
- Captivating lifestyle
- Outstanding professional services
- Political, social, and economic stability
- Expanding treaty network
- Full and unrestricted repatriation of capital, profits, and dividends
Over the years Barbados has purposefully pursued an expanding treaty network and has double taxation agreements with over 40 countries as well as nine investment treaties in force. Under these agreements, Barbadian entities that invest in other contracting states benefit from provisions offering protections including guarantees of non-discriminatory treatment of their investments, the transfer of investments and returns held in the host state and recourse to international arbitration to settle disputes with the host state.
The government has employed a creative response to the current global pandemic which has stalled a hitherto burgeoning tourism business. The government introduced the novel "12-month Barbados Welcome Stamp” initiative. This offer to work remotely from paradise in Barbados, has attracted several applicants, including families, and is providing some relief for local hotels and property owners.
Barbados continues to warmly welcome visitors and investors. The island offers a nurturing environment from which business can excel.
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