Business Barbados 2021

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Publisher & Editor - Keith Miller. Advertising Sales - Natasha Vlahakis.

Design - Neil Barnard at 809 Design Associates.

Main Photographer: Jaryd Niles-Morris, Assisted by: Sherika Rice, Anika Millington and Ryan Austin.

Illustrations: Nicola Barnard for Business Barbados.

Now available as an E-Book and Online at

Business Barbados is published annually by Caribbean Business Publications Inc. An initiative of: Miller Publishing Company Limited, 8 Stonehaven, Crane, St. Philip, Barbados Tel: (246) 421 6700, Fax: (246) 421 6707. E-mail:

Keith Miller

All information in this publication has been carefully collected and prepared, but it still remains subject to change and correction.

Use these contents for general guidance only and seek extra assistance from a professional adviser with regard to any specific matters.

Copyright reserved. None of the contents in this publication can be reproduced or copied in any form without permission in writing from the publisher.

Photographer - Jaryd Niles Morris

Natasha Vlahakis


Peter Boos – Chairman Emeritus, EY Caribbean

Michael Bynoe – Territory Leader, PwC East Caribbean

Edward Clarke – Chairman, Barbados Private Sector Association

Tara Collymore-Kirton – Senior Manager, Deloitte

Carmel Haynes – Executive Director, BIBA

Martin Ince – Chairman, Tourism Development Corporation

Melanie Jones – Managing Partner, LEX Caribbean

Keith Miller - Publisher/Editor, Business Barbados

Sandra Payne – Director, Invest Barbados

Maria Robinson – Country Managing Partner, EY Caribbean

Connie Smith - Managing Director, Tricor Caribbean

Limited, Caribbean Corporate Services Ltd.

Lisa Taylor – Managing Partner, KPMG


From the Publisher Foreword

Live Well in Barbados Melanie

Barbados is Future-Proofing its International Business Sector

Business Barbados Buzz

- A Bold

- Making a


The Hidden Golf Gems of Barbados Roddy



Barbados: a Hub for Global Business

Hon. Mia Amor Mottley, Prime Minister of Barbados Jones, Managing Partner, LEX Caribbean Maria Robinson, Country Managing Partner, EY Barbados La-Tanya Edwards, Caribbean Tax Desk, EY New York Damian McKinney – Global CEO of Stoli The Barbados Welcome Stamp Initiative Tara Collymore-Kirton, Director, Tax, Deloitte Reflections of the Barbados Pandemic Experience Terry Hanton, Managing Director, PCS, Property Consultancy Services Safety in Paradise Home Barbados Simon Parravicino, Sales and Marketing Manager, Realtors Limited Carr, Senior International Representative Nicklaus Design Barbados Macdonald Family – From Silicon Valley to Barbados Carmel Haynes, Executive Director, BIBA, The Association for Global Business
Stock Exchange 10 12 16 22 26 30 36 38 42 44 48 54 6/ CONTENTS 16 30 48
Barbados’ Hub-Spoke Architecture and the Capital
Yarde &
Terry Belgrave, Barbados

Strategic Philanthropy in Barbados


8/ Building the New Barbados Connie Smith, Managing Director, Tricor Caribbean Limited, Caribbean Corporate Services Ltd. Barbados Positions Itself as ‘Best in Class’ Kaye Brathwaite, Invest Barbados Powering Barbados Towards a Sustainable Future Williams Solar
Business Barbados Buzz Kyle Taylor - ECO Sky Water
Knowledge is Power Solar Watt Systems
Peter N. Boos – Founder & Advisory Board Chairman, ASPIRE Foundation Amanda D. Haynes – Social Impact Consultant & Former CEO, ASPIRE Foundation
The Changing Face of Barbados Tourism Sirpaul Jaikaran, Assurance Engagement Leader, PricewaterhouseCoopers SRL BUSINESS BARBADOS FAST FACTS 56 64 70 72 76 78 84 88 94 CONTENTS 78 94 64
Barbados Buzz WIRRED – Ian and Julie McNeil

From the Publisher

2020 will go down in history as the year when the Covid-19 pandemic severely disrupted the world and left an indelible mark on just about every country on earth. In the vast majority of cases the economic impact was predominantly negative, most notably for those nations traditionally reliant upon travel and tourism as a major source of income.

With Barbados falling squarely into that category, it was inevitable that our physically diminutive country would have to deal head-on with an unprecedented array of complex and potentially destructive challenges. Having started 2020 in a buoyant mood, with justifiable aspirations for a productive year ahead, Barbados unexpectedly found itself staring down the barrel of a fully-loaded gun, aimed directly at our health, economic and social security. For a small Caribbean island with limited resources, already committed to a stringent programme of fiscal recovery and national transformation, the damaging consequences of Covid-19 could have been permanently crippling.

Thankfully, as the popular adage reminds us, ‘when the going gets tough, the tough get going’. Not for the first time, Barbados demonstrated its remarkable capacity to remain resilient in the face of major adversity. Under the astute and resolute leadership of our Prime Minister, the Honourable Mia Amor Mottley, the Government rapidly established a cross-sector task force to formulate and execute a national strategy to combat and minimalize the detrimental effects of the pandemic at all levels. Such was the success of the Government’s early intervention, ably reinforced by the laudable willingness of Barbadians to abide by the promptly imposed protocols, Barbados was soon being recognized internationally as a rare Covid-19 success story. With

Prime Minister Mottley frequently featured on international primetime TV and online news channels, Barbados suddenly became a buzz word. In something of a stroke of genius, the authorities capitalized on this surge of widespread media popularity by launching a 12-month Welcome Stamp visa programme, specifically targeted at people with the capacity to work remotely. The core message behind the initiative was that Barbados is truly a wonderful place to live, work and play – even during a global pandemic.

Business Barbados has been broadcasting that same positive message for decades, actively encouraging successful entrepreneurs and high-net worth individuals to relocate here. While doing so, we have placed particular emphasis on the fact that ‘Barbados can be good for your business and good for you’, by offering substantial health and wellbeing benefits, which in many ways can perhaps be even more attractive than the many business advantages afforded by this well-structured jurisdiction. Our basic approach was to suggest a reversal of priorities. Instead of living and working in a highly demanding, relentlessly paced, pressure laden urban environment - then coming to Barbados on vacation as a way to mentally recover and improve your physical health - why not move to Barbados and enjoy our wholesome outdoors lifestyle all year round, while continuing to run your business. Then go back to your country of origin for a vacation whenever you have the urge. And it can be done. As evidenced by the many enterprising individuals and companies who have already taken that bold step.

Perhaps the biggest difference between 10-years ago and today, other than the fact that the message is now reaching a

Keith Miller Publisher/Editor Business Barbados

much wider audience, is that the harsh realities of Covid-19 have compelled more people, especially families, to seriously reevaluate what is most important to them in life. And, by launching the Welcome Stamp visa programme, the Government has given non-Barbadians an easily accessible opportunity to come and experience life in Barbados – for weeks, months or a whole year –as a way to not only ask themselves those searching questions, but also to discover some of the answers.

In keeping with the Government’s thrust to attract more members of the international community to become part of the fabric of our society, in both the short and long term, we have dedicated this 2021 edition of Business Barbados to the Welcome Stamp and the general theme of relocating to Barbados. As an integral part of that strategy, we also offer articles that provide some insight into the island’s capacity to host and support international businesses, including first-hand testimonials by people who have actually made that successful transition.

Should you be interested in doing any research, learning about possible opportunities, or reading a further selection of real-life stories of foreigners who have made Barbados their home, we invite you to visit our website

Similarly, you can learn more about the many lifestyle

advantages that Barbados has to offer through our tourism website

Furthermore, as a citizen of Barbados who relocated here from the United Kingdom over forty years ago, and having been deeply immersed in multiple aspects of Barbadian life ever since, I personally invite you to make contact and ask any appropriate questions that you think I might be able to help answer.

Meanwhile, we all look forward to the day when we can tell you, ‘Welcome to Barbados’.

Best wishes

Publisher’s Note: All of the articles in this edition were written prior to December 2020. As such, any statistics regarding Covid19 will automatically and unavoidably be outdated by the time you read this publication. For up to date information please refer to the Barbados Government Information Service website:

Godings Beach House - Altman Real Estate

COVID-19 has been our most challenging test. The Caribbean, the most travel-dependent region in the world, has been the hardest hit by the century's biggest catastrophe. But it also brought out the best of Barbados. Pandemics are spread through behaviour, and so the best antidote to a pandemic is a sense of community and public decency, things that Barbadians hold dear.

The Government also took care to earn and retain our citizens' trust through these uncertain times by placing public health at the heart of our decisions making, buttressed by constant communication honest information, and ensuring that our public health experts had access to what they needed. We built a brand new hospital in weeks and stocked it with the necessary equipment.

We had one effective lockdown from March to May, and rigorous testing and tracing protocols meant we have not so far needed another. Having earned public trust through deeds, we were also able to express Barbadians' humanity. We allowed people to safely quarantine on our island when their own refused them entry, and when others turned them away, we let the thousands of stranded cruise ship workers stay in our waters safely and helped them home.

We are not out of the woods yet. And the public health priority has demanded ingenuity in our economic policy. At one point in April, our unemployment rate went above 40 per cent. In a time of two-week quarantines, short-stay tourists were staying home. At the same time, those visitors who were inadvertently stuck in Barbados were so enjoying their stay and so fearful of the chaos back home, that they asked to stay longer.

One thing led to another, and the 12-month Welcome Stamp was born, enabling people to stay and work remotely in our country without changing their tax residency. It has been more successful than our wildest dreams. Not only has it proven very

popular on its own, with thousands now staying in villas and hotels for periods ranging from three to 12 months, but for every "stamper”, there has been a multitude of friends that have come to visit them.

Twelve-month stampers are far more engaged in our community and economy than someone on a short break. They have been joining gyms and hiking clubs, forming friendships, and attending theatre and musical shows. The programme has inadvertently caught a wave that was not so obvious before — professionals who are also digital nomads and an even larger number aspiring to join the group. The 12-month stamp is potentially reinventing the visitor economy.

This phenomenon, coupled with short-stay travellers recognising that we are a safe jurisdiction, where safe people do safe things in safe ways, has helped our economy recover. Records suggest unemployment has already dropped significantly from its April peak.

We were in the mindset of re-invention before COVID-19. A lost decade for the economy forced us to make some bold choices in 2018 and 2019. We chose to maintain the value of the Barbados dollar, held at 2:1 to the US dollar since 1975, restructure our debt, reform public enterprises and do all of that while strengthening the hallmarks of Barbadian society such as free universal public education and health and a social safety net of public pensions and unemployment benefits.

Much of that paid off during COVID-19. Our unemployment benefit system paid out almost 1.5 per cent of GDP in a few months to keep people’s heads above water as tourism shut down. Sound fiscal management the year prior meant we could launch the most generous wage subsidy programme of any developing country, and all the while, our corporation tax revenues went up as international companies sought to redomicile in Barbados.

Our tax philosophy is to tax more things people chose to

Foreword 13/

spend money on, goods and land, rather than on their income from work. That has allowed us to marry strong public services with the lowest structure of corporate income tax rates in the world and some of the most competitive personal income taxes. We know that tax is just one part of it when it comes to business, and we are investing heavily in easing the time and cost of doing business through digitising government services, licensing, and payments.

Although we are a natural fit for new investments in the visitor economy, including health and educational tourism, and our 2030 carbon-net-neutral target is spurring investments in

renewable energies, we welcome all value-added business. Our aim is that when all things are considered, from a sense of place, community, safety, a healthy, educated citizenry, and an easy, low-tax business environment, we are the best place to live and work for our people and our visitors.

Come and see for yourself. Come early though, 2021 looks set to be a busy one!

14/ Foreword
Bathsheba Twilight - Rolf Torsteinson Huntes Gardens - Andrew Hulsmeier

The COVID-19 pandemic narrative repeatedly chants phrases like “unprecedented circumstances”, “worst recession in history” and “the new normal”. Portrayals of the pandemic’s daily impacts which evoked awestruck shock and horror in April 2020, lead people merely to shake their heads and sigh several months later. By late November 2020, we expected the formidable “second wave” that is surging around the world at the time of writing, and we were unsurprised by widespread new lockdowns. By then the pandemic had firmly established itself as the backdrop to our daily reality.

Meanwhile we have been led to an universal re-evaluation of the way in which we live. Deep reflections on the fundamentals of home life, family dynamics, community, location-based working, productivity, work-life balance, and health and wellness, have led to a “reset” on what really matters.

On any comparative analysis, Barbados has done an outstanding job of mitigating the potential impacts of the pandemic and managing the country’s experience, while societies around the world have been churned up by contagion and widespread citizen disregard for health and safety protocols.

In March 2020 the Barbados government quickly put together a team of experts to manage the situation, and our Prime Minister, the Hon. Mia Amor Mottley, took a very personal interest in their work, engaging directly herself at intervals. After a decisive, brief and effective lockdown during May, the initial relatively small numbers of infection were brought firmly under control and lockdown protocols were thereafter carefully eased in phases.

At the same time a culture was seeded, nurtured and established, of community-centric behaviours that have been widely adopted within everyday life in Barbados. Specifically, rigorous mask wearing in public, social distancing and careful hygiene practices. As a society, there has been no real hesitation in embracing these behaviours. In the retail and wider commercial sector it is not possible to conduct business in public without wearing a mask, or without undergoing a temperature check and hand sanitization at the relevant threshold. These are routine process with which everyone is familiar, and the vast

majority of people readily comply. In addition, no offence is taken if in public you are asked to adjust your mask, step back, or reminded to sanitize. These have become part of our social graces, and the vast majority of people are indeed gracious, about adhering to them, for the common good.

Today’s numbers tell the 2020 story eloquently. After identifying our first cases in March and having our borders open since July, Barbados has 270 cases confirmed (from over 40,000 tests done) and 7 deaths. Meanwhile, globally, there are 62.3 million confirmed cases and 1.45 million deaths. Based on these numbers Barbados is extraordinarily appealing, as a safe and wholesome location, despite the global ravages of the Coronavirus.

Not only has Barbados emerged as a haven for health and wellness, it is and has long been a place of genuine welcome. The Barbados welcome stamp was launched in 2020 soon after our borders re-opened after lockdown. Of course, Barbadians have opened their arms to tourists for generations. As a Barbadian child in the ’70s, I absorbed the national mantra intoned daily over the radio: “Tourism is our business, let’s play our part”.

For locals, sharing the bounty of life in Barbados is much more than a business. Hospitality is deeply ingrained in our consciousness. We take it personally. Of course, tourism has long been a critical pillar of the economy (along with global business); but the Barbadian approach is more than a sales-oriented refrain.

It is about heartfelt welcome.

It is about being quietly proud of our Island’s exquisite natural beauty, and our rich culture.

It is about extending the local community circle to visitors who seek the embrace of life in a stable, peaceful society, where violent crime is at a minimum and personal safety is easy to maintain with a modicum of routine carefulness.

It is also about family and familiarity and personalized relationship-driven human interaction. Social linkages and the support they provide are very important here. If as a visitor you have a logistical issue or problem, someone you meet within a short time of arriving, will know someone who knows someone,

Live Well in Barbados 18/
Melanie Jones Managing Partner, LEX Caribbean Bottom Bay - Andrew Hulsmeier

who can help with the solution. Anonymity and isolation are in short supply.

Self-evidently, the “Bajan welcome” is multifaceted. It is also about sharing the diversity of exquisite island experiences on offer: from the untouched, dramatic beauty of the east and north coast beaches to the pink-sand and glittering azure seas of the south and west coasts; from the eclectic sophistication of upscale restaurants and designer/artsy retail in St. James and St. Peter, to the rootsy country bars serving earthy delicacies like Bajan cheese “cutters”, fried pork, pudding and souse and pickled “sea cat”; from watching cricket at the Kensington Oval to surfing one of Kelly Slater’s favourite spots at Soup Bowl, Bathsheba; from swimming with the turtles in Carlisle Bay to an exhilarating day of horse racing at the Garrison Savannah; from hiking a verdant dawn trail through rolling hills, to sitting by the sea watching the sun slip behind the horizon under a sky splashed in kaleidoscopic hues. I could wax lyrical for pages, not paragraphs.

Besides the inimitable Barbadian “welcome”, some practicalities are critical. We are at a defining moment in global history, when work and productivity are no longer necessarily office-centric. Functionality, comfort and respite in the home space have become even more crucial, because safety and wellness depends so much on being able to spend more time in that space, during working and school hours and in leisure time.

As a corollary to that, the simplest pleasures and pastimes now resonate with us as imperatives, in a life where previously the trappings of a more complex existence often distracted us from the fundamentals. As the seasons change farther away from the Equator, reduced sunlight hours and freezing temperatures encroach, while the ability to safely spend time on a socially distanced basis out of doors dwindles. Resilient extroverts may don their layers and put handwarmers in their pockets, but even then, spending several hours out of doors in sub-zero temperatures, so as to safely visit with people, or exercise in a well ventilated space, is not appealing.

In Barbados winters feature warm days, cool nights, breezes and incandescently beautiful skies and seas. There is an excellent supply of accommodations, offering year-round beautiful open air spaces and appropriate infrastructure for residential working spaces.

Another commodity, which has become even more starkly important than ever before, is connectivity and bandwidth. For families with adults working from home and children attending online school and other activities, solid internet infrastructure is

vital. In Barbados, there is excellent connectivity and bandwidth. Visitors often remark at the internet speeds achievable here. Shortly after lock down I upgraded our bandwidth at home from 20MB to 600MB and subscribed with the same provider for an extensive internet television service, for the equivalent of US$10 more than I was already paying. In our household we routinely have four or five persons simultaneously using the internet to stream, and to download and upload substantial documents and media files. As to service continuity, the only time when our internet has failed for more than half a day, during the last several years, was during an island-wide power outage during an electrical storm.

Quite apart from pandemic-management and related healthcare system successes, the Barbados medical sector is wellfurnished with plenty of modern features. These include: a cadre of post graduate-trained medical and surgical specialists; easy access to diagnostic radiological processes and investigations at accredited laboratories; access to medical concierge services, home consultations and home care; growing deployment of telemedical consultations; and private and public hospital facilities.

In terms of education, Barbadians are famously literate and well educated. The state school system guarantees an essentially free education up to university entrance age, with affordable tertiary pursuits offered by the globally accredited University of the West Indies. (As well as the Barbados campus, sister campuses thrive in Trinidad and Jamaica as well). There are also several private school options at infants, primary and secondary level, including a school which offers the Baccalaureate, and other secondary schools offering careful preparation to university level for those seeking admission to university whether in the region, in the UK or in North America. Admissions are open to non-nationals throughout the education arena, though tuition fees can be slightly higher.

Honestly, the allure of Barbados as a place to holiday, remotely work or study, and live permanently, cannot be adequately captured in an article. Come and see for yourself. Our cornucopia of daily-life amenities and pleasures unfolds best through your own individual experience, in a wholesome environment where the welcome is as warm as the sunshine.

Editor’s Note: This article was written prior to December 2020. As such, any statistics regarding Covid-19 will automatically and unavoidably be outdated by the time you read this publication. For up to date information please refer to the Barbados Government Information Service website:

20/ Live Well in Barbados
Rolf Torsteinson

Barbados is Future-Proofing its BusinessInternational Sector

Barbados is Future-Proofing its International Business Sector


Over the past two years, the Barbados Government has adopted a proactive rather than reactive approach, along with a sense of urgency, in making changes to legislation governing its international business sector.

Some might say it has been ‘future-proofing’ this vital sector through a balancing act: complying with requirements laid down by the Organisation for Economic Cooperation and Development (OECD) and the European Union (EU), while at the same time retaining the island’s attractiveness to foreign investors. For example, on 1 January 2019 the Government embraced the concept of tax convergence. It took down the ‘ring fence’ that had allowed international businesses to enjoy several incentives, including lower tax rates, that were not available to local companies.

Today, there is a single corporate tax rate regime, and after the grandfathering provisions expire on 30 June 2021, there will be no such entity as an International Business Company (IBC) or an International Society with Restricted Liabilities (ISRL).

These types of entities will now be considered Regular Barbados Companies and Societies and will be able to enjoy the benefits of such. For example, they will now be able to do domestic business in Barbados and can also access the country’s network of tax treaties with some 40 countries.

Furthermore, since they can apply for a foreign currency permit if they earn 100 per cent of their income in a foreign currency, they can retain many of the non-tax benefits previously enjoyed. In other words, foreign investors won’t be disadvantaged by the structure of a ‘local’ company. As for the new ‘converged’ tax rate, it is only marginally higher than that previously paid by IBCs and ISRLs.

More recently, the Government has moved quickly to implement economic substance legislation, known officially as the Companies (Economic Substance) Act. Today, any company wishing to do business in Barbados must demonstrate that its business is genuine; that is, it employs people here, is managed from here, and occupies physical premises, among other things. What is more, it will be tested to ensure that it meets the requirements and penalized if it doesn’t.

But the Government has been doing more than simply revamping its tax regimes through new legislation. It has also been taking steps to ensure that the public sector and its bureaucracies can keep up with the changes.

Faced with immutable deadlines for legislative change imposed

by international watchdogs, small countries that operate as international financial centres are often hard-pressed to respond in a timely manner because of lack of resources and specific skill sets. Barbados is no exception, and delayed responses in the past have landed the island on blacklists.

To reduce the likelihood of this happening in the future, the Government has been tapping experience and skills within the international business sector. For example, in revamping its tax regime the Government turned to tax experts from leading professional services firms, leaders within the Barbados International Business Association, as well as other key stakeholders for help in drafting legislation and regulations. Additionally, it has recruited from the international business sector to fill positions within key government agencies, and weak spots have been addressed through training. In essence, there is now a clear understanding at the top level of government that the handson experience residing in the sector is a must-have for bureaucracies to function speedily and effectively.

This recognition of private-sector thinking and the pursuit of efficiency are spreading beyond government agencies involved in international business. Across the public sector spectrum, a digital transformation is taking place to enable individuals and businesses to interact with several government departments online.

Led by its Ministry of Innovation, Science and Smart Technology, the Government is aiming to digitize the entire public service and has pledged to establish a special bureau within the ministry to drive this. It has also set up a public-private sector cyber security working group to help the country protect itself against cyber threats.

The ultimate goal is for Barbados to become a ‘digitally enabled nation’, one in which e-commerce and information technology are not exotic concepts but everyday realities. In effect, it will easier, safer, more efficient and more affordable for firms to do business with the state.

This is a work in progress, but it will benefit international investors. Doing business here and working here will become easier.

If there is one area that still needs more emphasis and greater impetus, it is the need for Barbados to have a louder voice on the world stage. There is no point in building better mousetraps if we don’t tell people about them, and we must always be prepared to defend our integrity as an international business and financial centre.

Future-Proofing its International Business
Barbados is
Maria Robinson Country Managing Partner, EY Barbados La-Tanya Edwards Caribbean Tax Desk, EY New York
Damian McKinney

At Home in Barbados - Running a Global Company

Born and raised in Kenya, educated in the United Kingdom and a former Royal Marine Commando, Damian McKinney has been a permanent resident of Barbados for over 14-years. Having founded his consultancy company, McKinney Rogers, in 1999, Damian has undertaken multiple successful business transformations around the world, predominantly in the alcoholic beverages sector. After selling his business in 2017, he maintained links with the industry by investing in and accepting the Chairmanship of Cockspur Rum. More recently, in late 2020, Damian McKinney was appointed Global CEO of the internationally acclaimed Stoli Group.

Damian McKinney

My first experience of Barbados was between 1988-90, while serving with the military. I loved the place from day one and deeply regretted having to leave at the end of my tour of duty.

Fortunately, some years later, by which point I was living in New York with a family and a thriving business, I made the smart decision to return for a holiday. It was a wonderful trip down memory lane and we all thoroughly enjoyed ourselves. While here, my daughter Charlotte announced just prior to her 18th birthday that she wanted to become a Barbados Citizen. In full agreement, I launched a rush job to get it done. The really pivotal moment came when she then asked, ‘Can we live here?’. Well, apparently, we had all been thinking along those same lines. In no time at all the decision was made and within a year we

were calling Barbados home

As soon as we settled into our new house, I brought our senior McKinney Rogers staff to Barbados and started running our operations from an office on the property. The island has excellent telecoms capacity, so it was easy to keep connected with our employees and clients around the world via video conferencing. Initially, I felt a little apprehensive about how people might react when they discovered I was operating out of Barbados, but that was unfounded. Most people said they wished they could be here too. Plus, crucially, we didn’t miss a beat in terms of efficiency, so our clients were happy. And that positive scenario continued uninterrupted until I sold the company in 2017.

At that point I really didn’t need to launch any new business, so I started relaxing and enjoying life a bit more. Then, out of

the blue, I got a call from the owner and founder of the Stoli Group, asking for my thoughts on how to transform his company. Little did I know that midway through our second 1hour phone call, I would be offered the position of Stoli Global CEO. Taking on a major responsibility like that was the furthest thing from my mind, but I was immediately tempted.

Along with their broader ultra-premium portfolio, which is second to none in the industry, Stoli is a brand I have admired for many years. So I saw this as a wonderful confluence of a fantastic opportunity meeting a moment in my life when I was free to accept it. In many ways the offer was impossible to turn down, except that Stoli is headquartered in Luxembourg. My instant reaction was to say I’d love to take the job but couldn’t possibly leave Barbados. Thankfully, we agreed to find a way to make that work.

As with McKinney Rogers, I set up a virtual global team. On my second day, I spoke with all the Stoli leaders from around the world via a Zoom meeting. It was the first occasion they had all spoken to each other for many years. Barbados isn’t just about rum, sea, sand and sun. With its modern infrastructure and extensive fibre optic cable networks, the island is as good as many international business centres. In fact, Barbados is now considered a strong candidate to become the new Stoli HQ.

The reality is I am transforming Stoli while dressed in a pair of shorts and a tee-shirt, sat at my desk at home in Barbados. But there’s nothing wrong with that. In fact it offers a lot of pluses, so I don’t hide anything. Where I am located or what I am wearing does not affect company standards or discipline. And it certainly doesn’t affect my performance – except in a positive way.

Following a distinguished military career and a successful period as an entrepreneur, this unexpected opportunity to run Stoli has put a capstone on my life. Some people might enjoy the status, but for me it’s all about the excitement of the challenge. And it’s all the better for being based at my own home. Mucking out the turkeys is a great way to keep yourself grounded.

After enjoying fourteen good years in Barbados, as a logical conclusion to the direction my life has taken me, I have applied for Barbadian Citizenship. Coming here is undoubtedly one of the best decisions I ever made.

The Barbados Welcome Stamp - A Bold Initiative 30/
The Barbados Welcome Stamp a Bold Initiative

The Barbados Welcome Stamp - A

Barbados is a well-known place for its beautiful beaches, friendly residents and culinary experiences. In addition to being one of the most sought-after tourist destinations, Barbados has become one of the safest countries to work, especially in light of the pandemic plaguing many countries throughout the world. With a population size of approximately 287,000, the small island spanning 166 square miles, with only 253 confirmed cases, 5 active cases, 7 deaths and 43,420 tests, as of 19 November 2020, has been applauded by the World Health Organization (WHO) and a number of world leaders on the management of the pandemic.

As most would know, Barbados’ main economic contributor is tourism and with COVID-19 essentially dampening the tourism and airline industries, the island like most other countries suffered from a significant increase in unemployment. This, coupled with the need for Barbados to generate economic activity, led to the Government of Barbados introducing the Remote Employment Act, 2020-23 to give effect to the Welcome Stamp.

The Welcome Stamp not only allows non-Barbadian citizens (and their dependents) working for non-Barbadian entities, the opportunity to live and work remotely from Barbados for up to 12 months, it also helps the island economically and socially.

The attractiveness of this initiative is dependent on its key features, mainly simplicity of the immigration process, quality of life and certainty of tax status for both employers and employees.

Simplicity of Immigration Process

Welcome Stamp holders are issued with a permit for a period of 12 months, and thereafter on a case by case basis. To be eligible for the initiative, applicants must provide:

•passport sized photograph

•bio data page of passport

•proof of relationship of dependents

•proof of annual income over US$50,000

The process is governed by the Immigration Department and usually takes a couple of days to obtain approval. The applicants are required to pay the application fee and the Welcome Stamp is issued. While the process is simple, all individuals arriving on the island must meet the COVID-19 travel protocols to maintain a safe environment for both visitors and nationals of the island. Individuals arriving from High and Medium Risk countries must present a negative COVID-19 PCR test and are kept in quarantine for a period of 5 days until results of the second negative test are confirmed. Accommodation is provided by the Government at no cost, or visitors may select one of the 12 designated hotels at reasonable rates.

Quality of Life

Barbados has a welcoming culture, stunning weather, educated population, good infrastructure, sophisticated healthcare and beautiful attractions, all of which are features that result in the high quality of life in Barbados. In an article entitled, ‘Digital nomads living in Barbados share what it’s like to work remotely in paradise during the pandemic’, by Rachel Hosie, one Welcome Stamp holder indicated that, “I’m always struck by how nice people are here … also, some beaches have wi-fi and that is a real game changer. I’ve been able to set up my hammock a few times, go for a dip, then carry on working from there.”

Tax Status

Barbados, like most other countries, has a physical presence threshold test whereby individuals on-island for more than 183 days are deemed resident for tax purposes. Such individuals are normally taxed at a maximum rate of 28.5% and are eligible for a foreign currency earnings credit on any foreign income remitted to Barbados that can effectively reduce their tax rate to 10%. Additionally, employers with employees working on-island are usually deemed to be undertaking business in Barbados. However, Welcome Stamp holders and their employers are excluded from any personal or corporate tax obligations/filings. The initiative should not have any international tax repercussions

Bold Initiative
Keith Miller

The Barbados Welcome Stamp - A Bold Initiative

as holders deemed non-residents would not be eligible for treaty benefits.

The Future Ahead

With over 2,800 applicants, predominately from the USA, UK and Canada, submitted in the first few months of the initiative, hoteliers, guest house owners and restaurants have seen a slow to moderate increase in business. There has also been some relief in the number of persons filing for unemployment from the hospitality sector as businesses in this sector resumed operations. One charitable organization has also commented on

the increase in donations received from holders of the Welcome Stamp.

It is expected that there will be a further increase in Welcome Stamp holders as the second wave of COVID-19 cases plagues Europe and the Americas. The months ahead promise to pose many challenges for a number of locations, as developed countries race for a cure and/or vaccine against COVID-19.

Until then, Barbados remains a safe place for nationals and non-nationals to work and be productive, whether working by the beach or in the office.

Sandy Lane Beach - Andrew Hulsmeier

Building and reinforcing organizational resilience

A resilient organization is not one that is simply able to return to where it left off before a crisis. Rather, the truly resilient organization is one that has transformed, having built the attitudes, beliefs, agility, and structures into its DNA that enable it to not just recover, but thrive. Connect with our Deloitte professionals to find out how they can support your mindset shift from "today" to "tomorrow", and help you manage the transition from "Respond" to "Recover” and “Thrive". Contact us at 1 (246) 620 6400 or email us at to start a conversation.

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Reflections on the Barbados Pandemic Experience

Barbados Welcome Stamp initiative has become famous all over the world and has attracted unprecedented applications.

Thousands have applied to live on the island for twelve months and many hundreds are here already. The economic contribution is undeniable. Applicants have to have a minimum income of US$50,000 pa but are not required to pay any taxes on island. So, just five thousand “stampers” will increase GDP by around 5%. This will offset GDP declines, which are in double digits year to date. This brilliant initiative will also add much needed occupancy and revenue to the residential rental market.

One of the sectors of the global economy hardest hit by the pandemic is the property sector. By the end of March 2020, most countries were in lockdown. Office buildings, hotels, restaurants and bars were empty. Remote working threatened to become a lifestyle change and our vacation choices of cruising and travelling became impossible. Predictably, hotel stocks fell 50% by the end of July and Real Estate Investment Trusts which own office buildings and malls were trading at similar discounts. In person meetings were replaced by Zoom, Webex and Teams apps.

We all adapted and learned to be effective in the new paradigm but the key drivers of the Barbados economy were under threat.

Barbados attracts around 600,000 long stay tourists a year, plus 800,000 cruise tourists, and was coming off the back of five record years in a row when the pandemic hit. So how did Barbados react? The answer is amazingly well. As of the end of November 2020, the island ranks 155 in the world in cases per million of population. We have had less than three hundred cases, most of which were inbound travellers, and only seven deaths. So, community transmission has been almost zero. Barbados built a new quarantine hospital in less than two months and steadfast adherence to protocols was a cornerstone of the policy.

Barbadians followed the rules.

Of course the hotel sector has been hit very hard, but many hotels offered quarantine facilities and most are now open. The government brought in a stimulus package (the BEST programme) to support tourism businesses, injecting capital for re-training, capital projects and working capital support.

Barbados excellent credit rating allowed us to access inexpensive funds from multi-lateral lending agencies to fund the stimulus programmes

Similarly, the retail sector has been hard hit, especially the dutyfree sector, and the office sector is likely to contract as it has globally.

The important vacation-home market has remained stable and sales of new luxury homes have been similar to previous years. Vacation rental units will likely recover quickest, as the social distancing advantages of villas and condo’s over hotels are well understood by the travelling public.

In October 2020, Barbados created a new initiative. The

It is heartwarming to see the interaction between our new twelve-month visitors and locals on Welcome Stamp Facebook pages, as they seek recommendations for services and guidance on their new experiences. They have been welcomed with open arms.

Despite the pandemic, Barbados development continues unabated. During 2021 the newly renovated Apes Hill will open with multiple new property choices and a number of new hotels will also open, some of them offering condo purchase options or fractional opportunities. Leading second home communities, such as Royal Westmoreland, are recording strong interest.

It is at time like these that people reflect on their quality of life and their personal safety, and Barbados remains one of the world’s most welcoming and safest destinations.

Business Barbados Profile
FCA, MRICS Managing PCS, Property Consultancy Services Royal Westmoreland



Choosing a home anywhere in the world is one of the biggest life decisions you will make and one of the biggest factors is your family’s safety in the home you choose. In real estate it’s always about location and, amidst the 2020 COVID-19 pandemic, Barbados has proven itself as a safe destination for locals and visitors alike.

Traditionally Barbados is known for being a luxury tourist destination with five-star hotels, private villas and resort living drawing people from around the globe to our little rock. With the downturn in commercial air travel due to the safety concerns caused by the COVID-19 pandemic, a new vision for travel was born, the “Barbados Welcome Stamp”. Barbados has now opened its doors to the world and invited foreigners to come and live like a ‘Bajan’ for 12-months.

Overwhelming interest around the globe resulted in this initiative being featured on several major international news channels, including BBC and CNN, as well as many online blog platforms. Applicants are pleased to be able to travel to an English-speaking country with a solid infrastructure, sound economy, high-class healthcare system and respected education services, from preschool to university level, all in a tropical setting with year-round sunshine and beaches ideal for creating the happy work-life balance that we all need.

The “Welcome Stamp” changed the landscape of the Barbados real estate market with persons not only looking to rent for up to 12-months but also looking to purchase a second or forever home in Barbados. This has created a new market for real estate companies to now create a full-service package of rental to ownership for visitors who wish to use the stamp as a

steppingstone to the SERP programme which allows residency through investment. The Special Entry and Reside Permit enables a qualified individual and their spouse and children, to obtain residency status in Barbados. There are many levels and forms of investment which can be undertaken.

Whether you want to make Barbados your home for 12months or a lifetime, when choosing your home, it is paramount to have the guidance of an experienced real estate firm, along with the support of one of the many major law firms on the island. Before you even decide on the home you wish to rent or purchase, it is best to review the key demographics which your family will need from that property. Clients must ensure they choose a location which is close to the school(s) of their choice, easy commute to their workspace if not working from home, dining and nightlife close by, parks and beaches for children and animals, and lastly the overall security of the area.

Barbados has a number of established communities which usually draw the eye of most foreign travellers or investors, such as Sandy Lane Estate, Royal Westmoreland Golf Resort, Sugar Hill, Apes Hill, Port St. Charles and The Condominiums at Palm Beach. Outside of these wellestablished neighbourhoods there are many other up and coming areas on the west, south and east coasts of Barbados, which offer a range of different lifestyle activities to fit your needs.

Once you have figured out where you want to live, the next hurdle is to know how you want to live. There is a wide variety of home selection in Barbados. Ranging from expansive villas, modern condominiums, quaint homes and private beach houses,

Paradise - Making a Home in Barbados
Simon Parravicino Sales and Marketing Manager, Realtors Limited

Safety in Paradise - Making a Home in Barbados

there is something on every coast to fit your style. Sandy Lane offers excellent choices for a variety of luxurious homes, with access to the Sandy Lane Property Owners Beach Facility. If you are a fan of golf, you can make your home in Royal Westmoreland and enjoy beautiful views of the golf course, onsite security and access to the Royal Westmoreland Beach Club at Mullins. For lovers of the sea and the avid boat owner, look no further than Port Ferdinand, where units range from three to five bedrooms with onsite dining, luxury spa, and

private boat berths. The diverse range of rental homes in Barbados also include quaint condos close to the beach, such as Banyan Court, as well as numerous others located all around the island from St. Philip to St. Lucy.

No matter what your heart desires you will find it in Barbados. Trading ski boots for sandals and frozen lakes for the warm Caribbean Sea is always the right choice.


The Hidden Golf Gems of Barbados

Barbados is home to several hidden golf gems, with the iconic Sandy Lane Resort representing the ‘crown jewels’ thanks to its two Tom Fazio courses. The exclusive Green Monkey, carved out of an old coral-stone quarry, is quite spectacular and qualifies as one of the few ‘trophy’ golf courses in the Caribbean. While the Country Club, which hosted the 2007 World Cup of Golf, offers a pure five-star experience.

The nearby Royal Westmoreland is the most successful high-end real estate golf development on the island. It’s a Robert Trent Jones Jnr. designed course and probably the best he has done. The challenging course is surrounded by impressive villas that are home to the rich and famous, many of whom call Barbados their second home.

Just 10 minutes away, close to the island’s highest point, lies the hidden gem of Apes Hill, nestled among hillsides and deep winding gullies that are populated by families of monkeys, birds and an abundance of tropical foliage. This beautiful natural environment, together with the dramatic vistas over the wild east coast and Atlantic Ocean, make it arguably the most spectacular golf experience in the Caribbean. Several holes on the course are bordered by open pastures, home to some of the horses that belong to the Sir Charles ‘Cow’ Williams polo dynasty. Polo Matches are played regularly on the Apes Hill Polo field, adjacent to the golf course.

The Apes Hill Golf Course is currently being renovated by its new owner and will re-open in January 2021. A new short course,

with state of the art practice, training and wellness facilities, along with other new outdoor pursuits such as cycling, hiking, gully walking and tennis, will make Apes Hill one of the most sought after places to live on the island.

Located between the airport and Oistins, the Barbados Golf Club is the only 18-hole championship golf course on the south coast. Fully open to the public, with a links style layout, Barbados Golf Club is now proudly the Home of Golf in Barbados for the majority of the 1,000 or so local golfers. It is also the most popular and affordable course in Barbados for tourists and long-stay visitors. Golf for All is the slogan of the club, which is completely inclusive and the main teaching centre for the growing number of young Barbadians learning the game. It is also by far the most social golf club on the island.

There are many other beautiful islands in the Caribbean, but none of them can deliver the same quality of life as Barbados. As I say to many of my international friends, there is a life in Barbados, with lots going on and plenty to do. And its biggest asset of all is the friendliness of its well-educated people.

And if you are golfer, you will surely enjoy our hidden gems.

Business Barbados Profile
Roddy Carr Senior International Representative Nicklaus Design Green Monkey Royal Westmoreland Apes Hill

The MacDonald Family

From Silicon Valley to Barbados

British born entrepreneur Martin MacDonald, his wife Laura, a development strategist, and their children Will and Harriet relocated to Barbados in late 2020 as part of the new Welcome Stamp Visa Programme. For the previous six years, the MacDonalds had been living in Silicon Valley, California, where Martin had initially worked for a global leader in the online travel industry, prior to establishing his own digital travel consultancy company.


When Covid hit California, it hit hard. The lockdown impacted our family so much that I soon started to worry about our general health and mental wellbeing, especially for the children. Early on in the Pandemic we anticipated that there would be restrictions well into 2021 and so, when the State Governor announced that schools would not be opening in August 2020, we were not surprised. That was probably the moment when I first started to vaguely consider the possibility of leaving California.


In a complete quirk of fate and immaculate timing, I happened to notice that the word Barbados was suddenly trending on Twitter. It turned out to be a news report spotlighting the new Barbados Welcome Stamp. Almost on a whim, I forwarded it to Laura.


Ordinarily, I would never have thought of moving to Barbados, but the idea of allowing our children to live freely again and enjoy island life for a year or so, suddenly held great appeal. As far as I was concerned, Covid had already severely disrupted their education path, so it would do no further harm to transfer them into a new system in the Caribbean. Martin and I really value the idea of being ‘global citizens’ and look for opportunities to model to the children about how to take a risk and soak up all the world has to offer.


By then I’d spent about five months running my company virtually, without seeing a single client in person, so there was really nothing stopping me from upping sticks and moving. We spent the next week doing nothing but research Barbados, carefully studying all the relevant criteria and stats we needed to consider before making a final decision. You shouldn’t underestimate all the things that need to happen to make a successful international move, and you don’t know what you don’t know. In some ways Covid has simplified things, as when your life has already been pared back, any and all choices become valuable. The main tool for my business is the internet: not only is it as good here as it is in Silicon Valley, ironically it’s also infinitely more affordable. On top of that, the time zone

allows me to work normal hours and still be able to interact with my European customers in the morning and the North Americans after lunch.


Acutely aware that we were not simply setting off on an extended vacation, and particularly conscious of our responsibilities with the children, we conducted the entire decision-making process like an intellectual exercise, each of us collecting data and conducting research. Having said that, from the time Martin first sent me the link about the Welcome Stamp, it only took us four weeks to actually move to Barbados.

Compared to what we had to go through to get our visas to live in the United States, it was significantly easier dealing with the authorities in Barbados, even with Martin setting up his own company here. It impressed us enormously to witness the enterprising way that a small nation like Barbados was able to pivot and make themost of the very negative circumstances created by the Covid pandemic. That gave us a lot of confidence.


The positive attitude of all the helpful people we dealt with made us feel as if our presence would be welcomed and that Barbadians genuinely appreciated us wanting to start a new business in their country. The overall effect was that we saw our move as a good opportunity to improve our lifestyle, not as a way to escape from anything.


When we started looking for somewhere to live, we were pleasantly surprised by the wide range of lovely homes for rent. We’ve been fortunate to live in some places of real natural beauty and Barbados is up there! Disappointingly, the first house I fell in love with turned out to be unavailable. So, almost for fun, I started looking for an even better one. And, with the help of a wonderful real estate agent, I found it: Clifton Hall Great House, a National Trust listed property in St John, which we now happily call home. We feel totally privileged to live in such a magnificent, if somewhat overwhelming house. It’s another Covid quirk - in ordinary times it hosts the most fabulous events, weddings and historical tours. I dedicated much of my time to philanthropy whilst in California, and this property gives us the space to give back to our new community.


At a more mundane level, many people had forewarned us about how expensive it was to shop for groceries and other things in Barbados. And there is no doubt that many items especially imported products, can be very costly compared to some countries. However, in our experience, the overall cost of living is actually no higher than it is in many of the world’s


biggest cities. But here you get the added benefit of enjoying a very desirable lifestyle. And whilst Covid affects practically every community in the world, the seriousness with which controlling it is taken by the government and ordinary people is evident here everywhere you go. Life is by no means ‘normal’, but we don’t live in fear and that is a privilege that we are grateful for.


What we most value since we moved to Barbados is that freedom to just live an everyday normal life; to enjoy simple outdoor pleasures like beachcombing with the children. That’s why we chose to live in a rural location. Nowhere in Barbados is far away, so we don’t feel isolated, just peaceful.


We also feel like we are living in the real Barbados, surrounded by real Barbadians, as opposed to only being part of an expat community. Barbadians tend to be openly friendly and willing to help whenever they can. Salt of the earth kind of neighbours. Of course, nowhere in the world is perfect and, quite naturally, there have been a few sticking points in our transition from California to Barbados. But, overall, the family’s

relocation has gone remarkably smoothly. One of the unexpected benefits of life after Covid is that existing communications technology has been rapidly adapted to serve a wider purpose. For example, while I still use Zoom for my business meetings, Will and Harriet use the same platform for school and to keep in touch with their friends back in California, and we all use it to keep connected with our extended family around the world.


One of the things that we enjoy most is exploring, making our way down the road less travelled. For such a small place it feels very varied, even in the landscape. It’s interesting! There are some incredible restaurants and incredible hotels, but our favourite places are the ones where family recipes are served on paper plates and where the kids make new friends for the evening.


Yes, having learned everything we now know about Barbados since we made the big move, we’d still make the same decision again.


Lapped on either side by the waves of both the Atlantic Ocean and the Caribbean Sea, Barbados has had a centuries old history as a point from which investors from the world’s major metropoles could launch into new and emerging markets, and as a meeting point where new and old ideas combined to take on new life and spread their influence and change across the globe.

Barbados’s global influence has often belied its small stature over the centuries, and therefore the repeated expressed desire by Prime Minister, The Honourable Mia A. Mottley, to make this island a hub for global business is not wishful thinking but simply part of the ongoing evolution of the role that this island has played in the past as a major commodities and trading hub.

The global financial services and global business sector continues to be the fastest-growing pillar of the Barbados economy. A combination of factors has succeeded over the years in keeping the sector on a growth trajectory despite some homegrown and external challenges. Having finally begun to emerge from the economic doldrums of the global financial crisis, the small island nation had begun in the last few years to scale up its outreach to international investors, selling them on our stability, integrity, and strong regulatory environment meant to inspire a new level of confidence. Interest was high and 2020 had opened to visits from several high profile investors who were particularly interested in travel and tourism opportunities, including the long-term lease of the Grantley Adams International Airport. However, despite the abrupt turn of events caused by a pandemic that few imagined would unfold in their lifetime, there are still fundamentals that remain to offer a unique Barbados advantage.

In the face of the debilitating impact of the novel Coronavirus, COVID-19, on the travel sector, the island’s geographic location and solid airlift network has positioned it as a valuable logistics hub for trade and investment into Latin America and the Caribbean. Direct flights between Barbados and Panama have reinforced the notion of this island as the gateway to Latin America as mid-2021 is on schedule to see south-south connections ramped up and travel to all major south and central American cities become possible from Barbados. Airlift between

major African cities in Kenya and Ghana is also being pursued in earnest by Barbadian foreign affairs and tourism officials and the reconnections between Africa and its diaspora are poised to also take flight.

COVID-19 forced another type of evolution of global business as government departments and business operating both locally and globally increasingly incorporated the use of digital technology into their business practices in a bid to survive in the new physically distanced environment. This evolution took place on the backbone of a robust telecommunications infrastructure that provides for real time shares trading and other financial transactions. This has paved the way for the Barbados Stock Exchange’s growing International Securities Market, which is on the cutting edge having opened up to trading in digitized security tokens within the past two years. This level of connectivity has become even more important as Barbados has begun to welcome a growing class of Digital Nomads to live, work and do their business across the globe in the relative security that the worst effects of the pandemic have not undermined the ability to live a high-quality life on the island.

That Barbados could be so attractive to, and an integral part of the strategic planning for, both already established global businesses that have chosen to build out their operations in fulfilment of international economic substance regulatory requirements, and individuals who have chosen to direct their worldwide operations from poolside thanks to a 12-month Welcome Stamp visa, is also driven by a professional network of individuals who provide advisory services that are world-class. From legal to financial, to compliance advice, these individuals

Barbados: a Hub for Global Business 49/
Carmel Haynes Executive Director, BIBA, The Association for Global Business
Barbados has begun to welcome a growing class of Digital Nomads to live, work and do their business across the globe

offer structured solutions that reduce the cost of doing business while propelling growth for reinvestment. This can be accomplished because Barbados has a truly global network of over 40 bilateral investment treaties and double taxation agreements that provides protection while standing up to the scrutiny of multilateral authorities.

The offshore/onshore dichotomy has been removed from the Barbados business environment since 2019, as the corporate tax rate was harmonised for both domestic and international entities. With that came the expectation, in a time before COVID-19, that a lower tax burden would equally allow indigenous Barbados businesses to contemplate competing

regionally and even empowering them to go global in the industries where they have an advantage. The changes to the tax regime was just one part of a revamp of commercial legislation on the island that saw the Companies Act updated and revisions to the legislation covering insurance, banking and trusts to ensure that the framework on which solutions can be built and offered is keeping pace with international expectations.

The island extends a well-regulated and supportive environment for business and it is expected that, once the uncertainties of the pandemic are brought under control, the dream of Barbados as a true global business centre can be realised.

Barbados: a Hub for Global Business 50/

The Barbados International Business Association (BIBA) was originally formed in 1993 under The Barbados Association of International Business Companies and Offshore Banks (BAIBCOB). Four years later it was incorporated under the Barbados Companies Act (Cap 308). In November 1997 a decision was made to embrace a more diverse membership and the Association’s name was changed BIBA. This change welcomed members of the former BAIBCOB, the Canada Barbados Business Association as well as the Barbados International Insurance Association. BIBA is a private sector organization that is comprised of companies involved in international business in Barbados; including companies that may only be locally registered and companies that are otherwise strategically associated with this sector. BIBA has a current membership of over 170 companies.

BIBA’s key functions are to:

•be the industry’s voice for social and governmental concerns;

•provide a forum for membership exchange of information an ideas;

•be the catalysts or creating and maintaining public and private sector unity for Barbados’s development;

•liaise with and facilitate the work of the relevant government ministries, statutory boards and other organizations involved in the development and regulation of international business in Barbados;

•be an invaluable partner to the government and the people of Barbados as it relates to the country’s developmental efforts;

•be an authority and major source of information on matters

relating to international business;

•be a major point of contact for helpful advice and orientation for new investors to the island.

BIBA members are open to an array of benefits that are designed to give their businesses the ability to function according to their individual goals and objectives. These include, but are not limited to:

•the offering of input into laws, regulations and policy decisions affecting international business;

•the accessibility to valuable sources of information and analysis Of developments in the sector;

•the availability of an attractive medical plan to all members in good financial standing;

•listing in the on-line BIBA members’ directory;

•networking opportunities with local and international contacts;

•the ability to post press releases of business or corporate developments on BIBA’s website at preferential rates.

Conveniently, the BIBA office is located in the heart of St. Michael, a mere 2.7km from the capital of Bridgetown. Please see the below contact information. Postal Address:

19 Pine Road, Belleville, St. Michael, BB11114, Barbados

Telephone: (246) 537-2422 • Facsimile: (246) 537-2423



Telephone +1 246 228 5363 Facsimile +1 246 228 5981 E-mail Address Amicorp Bank and Trust Limited Carleton Court, 2nd floor High Street, Bridgetown Barbados BB11128
Barbados International Business Association

Concorde Bank Limited

The Corporate Centre, Bush Hill & Bay Street, St. Michael BB14038, Barbados

Tel: 246 430 5320 Fax: 246 429 7996


“Global Experience, Wealth Management, Custodian, Administration of Corporations & Mutual Funds”

Heather Tull - Attorney-at-Law

Suite 101, Lauriston Building, Lower Collymore Rock, St Michael, Barbados

Tel: (246) 427-3174

Fax: (246) 436-9541

Anthony G. Ellis - President

Great Pacific Management Limited

4th Floor, Williams Tower

Warrens, St. Michael, BB22026

Barbados, W.I.

Tel: 1 (246) 417 3405

Fax: 1 (246) 425 1133


A Jim Pattison Group Company

Anthony G. Ellis - President

Great Pacific Insurance Management Ltd. 4th Floor, Williams Tower

Warrens, St. Michael, BB22026

Barbados, W.I.

Tel: 1 (246) 417 3405

Fax: 1 (246) 425 1133


A Jim Pattison Group Company

Liza Harridyal-Sodha, LL.B. (Hons.), LL.M., TEP


The Grove, 21 Pine Road

Belleville, St. Michael BB11113, Barbados

Tel 246.228.9888 • Fax 246.228.9382

Cell 246.231.9609

E-mail •

We specialize in international financial services, establishment of companies (IBC, SRL, Banks, Insurance Companies), Estate Planning & Taxation, Conveyancing, Commercial/Corporate matters, Employment

Barbados International Business Association
Barbados International Business Association 53/

Barbados’ Hub-Spoke Architecture & the Capital Markets

As a prominent principle of pragmatic importance, Barbados has always pursued partnerships for progress. Not only has this proven to be helpful in our past – this principle serves a contemporary purpose as our foundational lifeline for surviving the pandemic.

A wide array of strategic partnerships is keeping Barbados on its path to prosperity. Collaboration, for e.g., between the public and private sectors, has ensured the maintenance of our social contract. In addition, several international agreements and alliances have allowed Barbados to receive the support(s) it requires. It was (and is) this coalescence of factors that sustains Barbados as a hub for business.

Barbados’ Hub – Spoke Architecture

Barbados has always been the Caribbean’s nucleus –connecting the North to the South; Europe to the Americas. Though our origins were typified by sea trade and commerce, post-Independence Barbados has several industries.

Prominent, of course, is our international business sector, which plays an indispensable role in propelling our development. This sector is comprised of a multitude of professionals with international qualifications and global experience. From healthcare to hedge funds, manufacturing to mining, onshore is the expertise for a cadre of considerations. With Barbados’ added participation in over 40 global organizations, our ‘hub-spoke’ type framework of strategic alliances keeps us credibly positioned as a commercial jurisdiction.

Capital Market Connectivity

Capital markets contribute to national development as an allocative medium for the exchange of capital. It is here that the Barbados Stock Exchange (BSE) has played an intermediary role, for over 30 years, for the benefit of Barbados. While operating, historically, as a domestic exchange, BSE today is globally focused. This change in our arc was strategically enacted by the 2016 launch of our International Securities Market.

The International Securities Market (or “ISM” for short) was created with an initial focus of catering to international companies domiciled in Barbados. The market, however, would attract much wider interest from prospective entities outside of the island. For a nascent market, this was an encouraging development. Yet, this didn’t quite translate into listings immediately. While we thought,

initially, that our competitive fees drove interest, it was Barbados’ wider renown that was the catalyst for inquiries.

The BSE’s obstacle was pellucid in hindsight: we needed to establish our own global identity. In short order this would lead us on a targeted mission of procuring key partnerships with select major markets. Three jurisdictions were quickly identified, namely Canada, the United Kingdom (U.K.) and the United States (U.S.). These nations were selected for their corporate experience and tenable history of doing business with Barbados.

We are pleased therefore to announce a success: the BSE has been recognised by HMRC in the U.K. We are officially designated as a ‘recognised stock exchange’ – a legal designation under the U.K.’s Income Tax Act. We have also now applied for similar status in Canada by way of their Ministry of Finance. These recognitions allow for real actionable benefits, including:

•allowing BSE-listed securities to be held by UK & Canadian pension funds

•allowing BSE-listed securities to be held in Individual Savings Accounts (ISAs) in the UK & Tax-Free Savings Accounts (TFSAs) in Canada

•the potential for inheritance tax allowances to accrue to UK holders of BSE-listed securities

•holders of satisfying BSE-listed debt securities to avail themselves of the Quoted Eurobond Exemption – a mechanism that ensures an exemption from withholding taxes o distributions.

The Future

Barbados’ penchant for international partnerships is the model we are following to evolve our exchange. A UK-listing has already been approved while a handful of others are awaiting our review. These results are exciting and have only strengthened our resolve of bolstering Barbados’ repute as a financial hub.

Barbados is open and ready for business and is excellently positioned for post-pandemic prosperity.

Business Barbados Profile
& Terry Belgrave by Marlon Yarde

Strategic Leadership in the Island’s Managed Migration Process

Often, little things that have significant impacts on our lives go unrecognised until they become crises and then we are forced to devise responses to meet those immediate needs.

For several years, Barbados was characterized as an overpopulated, small island developing state (SIDS), where the push and pull factors have led to periods of outward and inward migration during key phases of national and global development. During the construction of the Panama Canal between 1881 and 1904, for example, more than 20,000 mainly Barbadian men left these shores in search of new opportunities and to be participants in the creation of one of the great wonders of the world.

Again in the 1950s through to the 1970s, when Britain called on its colonial dependencies to help it rebuild after the ravages of World War II, Barbadians answered the call and sent its nurses and other professionals to fill key skills-gaps in one of the world’s most important industrialised economies.

We recognised at that time that countries cannot simply build out key sectors or aspects of their economies without engaging others and welcoming new entrants to their communities and populations.

Even within the powerful United States of American (USA) and its neighbour Canada, there is a recognition that, despite the hundreds of millions who live in those North American countries, there is still room for managed migration to occur to ensure continued development in significant economic and resource areas.

And so, when our Prime Minister, Mia Amor Mottley announced following her successful election to leadership of this country in 2018, that Barbados needed critical mass and that it could not be achieved organically, some may have suggested there was no need for such a paradigm shift.

However, if we stop briefly and loosen our natural emotional tendencies to keep our communities and circles tight, with people who we already know and are accustomed to, we will see much value in the initiative.

58/ Building the New Barbados
Tricor Caribbean Limited, Caribbean Corporate Services Ltd.

Prime Minister Mottley identified a figure of 80,000 additional people over a 10-year-period. My guess is that given our attractiveness around the globe as an orderly, well-managed, politically stable and environmentally sensitive, safe destination to visit, work and live, her goal for population growth may be achieved in an even shorter period than our political leader has anticipated.

One only has to highlight the success of the Barbados

Welcome Stamp visa initiative to conclude that these 166 square miles possess the pull factor that many desirable immigrants and their families would be drawn to, and want to call home.

Jamaican and University of the West Indies Mona Campus

Sociologist Dr. Orville Taylor recently spoke highly of Barbados’ political leadership and its Social Partnership comprising Government, the Private Sector and Labour representatives who

continue to work together to maintain the island’s economic and social gains. He credited that social cohesion for our country’s economic stability and the maintenance of its dollar parity to the United States currency, even in the face of pressure from the International Monetary Fund (IMF) during the early 1990s, when others in the region succumbed and devalued their currencies. Of course, today, the IMF is a welcomed strategic partner in our economic rebuilding process.

Our current challenges have taken on an unprecedented character as our elderly population grows and the number of people from whom Government can extract tax dollars shrinks. According to statistical data, Barbados’ population growth rate has teetered below 0.5 per cent for more than a decade. In 2009, it stood at 0.41 per cent and by the end of 2019, the growth rate fell dramatically to 0.13 per cent.

Building the New Barbados 59/
Flower Forest - Niall Thomas

And while there may be some hysteria about the managed migration initiative, one has to consider the fact that Barbados’ senior population is growing exponentially, the already low birth rate continues to fall and the need for tax-payer funded social investments continue to rise.

As our Prime Minister pointed out, the first search for extending our population will begin with Barbadian descendants, many of whom have contributed significantly to global economies, and then skilled persons within the region. “It means that we are going to have to have a fairly liberal approach to immigration while at the same time having a very strong framework for managing migration to the island,” Prime Minister Mottley said, citing the Barbados diaspora and other individuals with skills that could add value to the country’s development trajectory.

Unless we are able to formulate a cohesive, inclusive strategy that accepts that some demands of our economy are best

achieved through managed migration, the sustainability and resilience of our standard of living will be under threat.

A mindset change that involves the acceptance of other cultures, ethnic and racial diversity, will make for a successful national experiment and the development goals will be within our grasp.

Such a major national thrust will require strong leadership, dynamism and strategic planning, the kind that we have already been demonstrated in Barbados’ national responses to crises such as the COVID-19 pandemic, the rapid action to combat the blacklisting of the island by the European Union for tax purposes, and the country’s public debt, which was has been successfully restructured.

This is our time as citizens to act. And to those who are considering relocation to Barbados, there has never been a better time to make that decision.

60/ Building the New
Rolf Torsteinson

Barbados Positions Itself


as ‘Best-in-Class’

Barbados was described as “punching above its weight” by former United Nations Secretary General, Kofi Annan - this is certainly an accolade of which its citizens can be proud. Barbados’ management of the COVID-19 virus reminded us that this comment is no idle acclaim. This time around, Barbados came in for praise globally for outstanding leadership during the ongoing pandemic by Director General of the World Health Organisation, Dr. Tedros Adhanom Ghebreyesus. In June 2020, Barbados was included among the top COVID-19 recovery countries worldwide, according to the company Iunera, an information analyst and developer of ‘big data’ science applications. The country’s proactiveness in establishing safety protocols has assisted greatly in identifying and keeping cases to a minimum. Barbados’ ongoing success also speaks volumes of the maturity and disciplined nature of residents and to date, the island remains void of community spread.

An Award Winning ‘Safe Harbour’

It is no secret that Barbados kept its borders open and served as a home port and testing site for cruise ships that were left to fend for themselves during the crest of the first wave. It is also the same country that welcomed, provided ‘safe harbour’ and helped with the seamless repatriation of the many stranded passengers and crew, as other ports around the world buttoned down. These bold decisions redounded to more than necessary acts of kindness and contributed to the country earning the coveted Seatrade’s Cruise Destination of the Year 2020 award. In addition, our actions attest to the ethos of Barbadians, as well as the country’s sound and visionary leadership.

Barbados has been distinguishing itself for several decades now. Long before COVID-19, the island was known as an ideal choice for visitors and investors alike. More and more it is becoming known as a preferred choice for global businesses - a course that Barbados is charting for itself.

Progress Towards the Sustainable Development Goals

It is no wonder then, that the country continues to make good progress in achieving the 2030 Sustainable Development Goals (SDGs) including reducing youth unemployment, addressing the

challenge of non-communicable diseases among its citizens and promoting the use of clean energy. The SDGs are shared by countries globally and are designed to “leave no one behind.” This global mantra is one that Barbados continues to work towards as the country seeks to enhance the well-being of Barbados and those who call Barbados ‘home’.

Healthcare : Among the Best in the Caribbean

Barbados will, as it focuses on the attraction of additional investment to its shores, be continuously seeking to improve its social eco-system. This of course is integral to its strategy of positioning itself as ‘best in class’. For example, it is well established that the country’s healthcare system is among the best in the Caribbean. At the onset of the pandemic, the government swiftly implemented measures designed to mitigate the risk of its acute care hospital being severely impacted by COVID-19 cases To achieve this, several temporary alternative facilities were provided for the testing, isolating and treating patients, as necessary. This initiative, along with the integration of well-trained Cuban and Ghanaian nurses has helped to improve the delivery of healthcare services, generally.

A Talented Workforce

Barbados’ educational system is renowned globally and has produced a talented workforce. With a literacy rate of 99.7% that ranks among the highest in the world, Barbados has seen the value of investing in the education of its citizens. This investment, made through the years, has positioned the island to take hold of several opportunities. More recently, Barbados was able to pivot and reset the delivery of education, mainly through online platforms, at the primary, secondary and tertiary levels. The ‘Barbados experience’, has shown the world how to effectively manage the return to the school environment with a degree of normalcy, using hybrid, blended learning, that results in positive outcomes for students, teachers and parents.

An Advanced Telecommunications Infrastructure

This relatively smooth transition was made much easier, in part, due to Barbados’ modern telecommunication infrastructure,

Barbados Positions Itself as ‘Best in Class’ 66/
Kaye Brathwaite Invest Barbados

which features a robust fibre optic system and up-to-date 4G digital technology. Local telecommunication companies collaborated with educational institutions to enhance access to the internet for students and teachers, ensuring consistent connectivity, along with providing zero rated educational websites to assist the primary to tertiary levels. Corporate Barbados and other donors assisted with the provision of devices as needed.

Accelerating our Drive Towards Digitisation

In addition to the thrust in the educational space, and in a conscious effort to enhance the ease of doing business, the jurisdiction has accelerated its drive towards digitisation with the firm objective of increasing digital access and payments across the spectra of services. Barbados has also signed a Memorandum of Understanding with Estonia, one of the European Union’s leaders in digitisation, to assist as it seeks to leapfrog advancement in certain processes. As a means of improving trade facilitation and competitiveness, plans are in train to activate an Electronic Single Window, which constitutes a vital part of the country’s vision to become a world-class logistics hub.

Ambitious Renewable Energy Goals

Barbados is mindful of the need to nurture a green environment and is on track to achieving the goal of 100 percent renewable energy generation by 2030. With an abundance of wind and solar power potential, plans are on stream for a proposed 25-megawatt waste-to-energy plant using 20 percent local organic waste and 80 percent imported. Already, Barbados is the first country in the Caribbean to integrate 33 electric buses into its national bus service fleet, with more vehicles expected to arrive on island in due course. This innovative integration contributes not only to the reduction of carbon emissions and considerable savings in fuel costs but will also assist in improving the efficiency of public transport within the island.

A Welcoming Climate

Then enters the Barbados Welcome Stamp, a 12-month visa that allows visitors to live and work for up to a year on the island. This programme has proven to be very popular with the international business community, particularly with digital nomads. The popularity of this programme signals to persons living abroad that Barbados is more than a tourist destination - it is also a jurisdiction in which to live and work. It is expected that

Barbados Positions Itself as ‘Best in Class’ 67/
Barbados Blue Watersports

Barbados Positions Itself as ‘Best in Class’

more Welcome Stamp recipients will invest in real estate and others will transition to establish businesses of substance in Barbados, further contributing to the country’s development.

While encouraging investors to start or expand operations, Invest Barbados has also helped several locally based foreignowned entities to safely navigate the pandemic and to continue operations, oft times just as safely and effectively from Barbados as in competing locations. From Financial services to ICT entities, from niche manufacturers to global education providers, the transition during the pandemic showcased how Barbados helps businesses to enhance their global competitiveness.

On the global stage, Barbados continues to make an indelible mark. The announcement that Prime Minister, Mia Amor Mottley,

would serve as Chair of the Joint World Bank Group and International Monetary Fund Committee, presents an opportunity to strategically influence the engagement of these organisations by small island developing states, particularly during this moment of global recovery.

Barbados continues to position itself as best-in-class. We are poised to become a global force of the 21st Century – a country brand that symbolises excellence, productivity, imagination and innovation. The Barbados brand is becoming a premier global brand – a brand that defines all Barbadians, sets us apart and keeps us humble, yet proud to say, “this is who we are!”

Looking for a vibrant business location that is best-in-class? Come join us!

East Coast Hills

Powering Barbados Towards a Sustainable Future Williams Solar

After starting out in 2008 as an energy management and energy control systems provider with the installation of a 30 kW Solar photovoltaic system in the relatively early days of renewable energy in Barbados, Williams Solar today ranks as one of the most experienced developers of solar photovoltaic (PV) projects in Barbados, having installed over 10MWp of solar PV to date. The long list of solar generation systems successfully engineered, procured and constructed by Williams Solar ranges from modest residential premises to large-scale commercial properties, including banks, offices, shopping complexes and factories, in Barbados and the wider Caribbean.

As a subsidiary of the well-respected Williams Industries Inc. company, Williams Solar is able to draw upon over 40-years of group experience to provide clients with tried, tested and proven quality in engineering, procurement and construction. Given that the quality of any Solar PV installation is just as important as the quality of its components, this broad scope of expertise gives Williams Solar a significant competitive advantage over similar companies. Recognising that the longevity of their systems provides even greater value for their clients, Williams Solar also focuses heavily on mitigating any potential risks to preserve the

life of the system for twenty-five years and beyond.

The end result is that Williams Solar is fully-equipped to offer complete turnkey PV solutions, individually tailored to meet each customer’s specific needs. This includes design, project management, installation and ongoing maintenance, as well as advice about energy saving devices and energy management.

As an active member of the Barbados Renewable Energy Association (BREA), which gives the industry one powerful and collective voice, Williams Solar is fully committed to supporting the common goals of the country’s renewables sector. In taking positive action to help the Government achieve its stated goal of 100% renewable energy by 2030, Williams Solar has affiliated with the Barbados Community College (BCC) and Samuel Jackman Prescod Institute of Technology (SJPI), to develop a course that will effectively train and certify students with Caribbean and National Vocational Qualifications (CVQs & NVQs), thereby establishing an improved workforce with recognised qualifications in renewable energy and solar PV in particular.

Step by step, Williams Solar is powering Barbados towards a sustainable future.

Business Barbados Profile

Producing Pure Water from Thin Air

Some six years ago, Kyle Taylor and his wife Maryam made the bold decision to uproot themselves and their two young sons from the hustle and bustle of New York City to seek out a relaxed lifestyle in a peaceful environment with a warm climate. After testing the waters in several Caribbean destinations, the Taylors ultimately chose to settle in Barbados. Upon making the move, Kyle continued to operate his US-based telecom company, Maryam joined a virtual healthcare business, and they also established the highly successful ECO Lifestyle + Lodge, a groundbreaking eco-initiative Boutique Hotel located in Bathsheba on the island’s East Coast. More recently, in addition to adding a third child to their family, these proactive entrepreneurs have successfully launched another sustainable, eco-friendly business, ECO SKYWATER.

Kyle Taylor

Finding a sustainable alternative water source had always been a goal of mine ever since we built Eco Lifestyle & Lodge. Over the years, I had spoken to a number of experts about the possibility of extracting moisture from the atmosphere but was turned off because of the power requirements required for the process. John Lynch one of the leading experts in sustainable and alternative energy in Barbados had mentioned this new company that came out with a solar product and at the same time I met a surfer from Puerto Rico who was working for Source, the company manufacturing the same panels. Well, that was too much of a coincidence to ignore, so I committed to going ahead.

Many friends and colleagues thought I was completely mad, but I could see the enormous potential. Sustainable, pure water, with no by-products that can be made anywhere there is sun. Taking an innovative step like this can help position Barbados as a leading eco-friendly, environmentally aware country. It could demonstrate that even though this island might be physically small, it can still make a big impact on the world and lead the way in the realisation of sustainable eco-initiatives. The island is water scarce, so this could be an extremely attractive solution with regard to drinking water. We are literally taking pure water out of the sky. Anybody building a new house could put a couple of our panels on the roof and run a pipe down into the kitchen, even directly into the fridge. A constant, self-replenishing source of pure water, with no energy costs involved. It makes so much

sense that the real question becomes, ‘Why wouldn’t you do it?’

A large majority of houses on the island have Solar Hot Water Heaters so why not have a Solar water maker?

One of my immediate goals is to install a system in every school in Barbados, so that every student can have full and easy access to high quality drinking water any time of day, any time of year, even when the electricity goes off. To assist the schools and the government, we want to encourage the private sector to step forward and sponsor a school’s drinking water. It would make a huge difference to the daily lives of so many children and improve their overall wellbeing. Similarly, I’d like to see one on top of all the larger, concrete bus-stops, so travellers can keep themselves hydrated. Next to beaches, in play areas, parks, sports fields, wherever you find thirsty people. It’s essentially about providing a new public water system that fits in with all the sustainability and environmental demands of the modern world.

Barbados wants to become a sustainable space. So just imagine if every house had solar panels to generate hot water, two of our panels for making pure drinking water, and a catchment for collecting grey water for non-potable use. That would solve just about all of the water challenges currently facing the country.

It is all very achievable. We can really make it happen.

It’s Not Just About Water

ECO SKYWATER, made by Source Panels, is packaged in both glass bottles on a circular delivery and return system, as well as in 500ml 100% non-GMO corn bottles which look and feel like plastic, but they are not. These bottles have no fossil fuels, just corn and water. They will break down in a landfill and do not need a commercial facility. However, Kyle has built a compost station on his farm where he can remove the bottles in 75 days or less, and then use that compost to grow vegetables and fruit trees. ECO SKYWATER will take back the bottles from their clients when they deliver new ones and regenerate them into soil. Imagine if all plastic water bottles could be turned into something positive instead of winding up in our gullies and on our beaches. Or, if they are lucky, on a container back to Miami to hopefully be recycled. Kyle and his team believe 100% in recycling, but if you can lower the carbon footprint of some of these plastic items it would do wonders for the world. Since Barbados is looking to remove single use plastic, this is a logical next step.



• 100% off grid manufacturing and distribution

• 100% zero waste and by product

• 100% backyard compostable packaging in 500ML bottles

• 100% delivery and return model in 750 ML glass bottles

ECO SKYWATER is made locally and does not need to be refined. No ground runoff, no contamination, no rust due to outdated infrastructure. Just true H20 with Calcium and Magnesium for taste and maximum health.


The future of drinking water has been reinvented. With the sustainability of our Earth in mind, and through the power of visionary design, we can provide perfect water to everyone, everywhere.

75/ Pure. Sustainable. Innovative. Order your ECO SKYWATER • LotB1 Walkes Spring Saint Thomas Barbados Phone: 246-243-1401 • Email: • Website: SKYWATER ECO SKYWATER created in Barbados From Thin Air

Knowledge is Power Solar Watt Systems

Founded upon decades of experience and state-of-the-art technological expertise, reinforced by a customer-focused philosophy and strong corporate values, Solar Watt Systems is a cutting-edge company that specialises in the installation of photovoltaic systems. In recent years, Solar Watt has successfully delivered a number of large-scale commercial projects within both the private and public sectors including fulfilling a major contract to retrofit government offices and buildings with solar, as part of the Barbados Public Sector Smart Energy Programme. Having firmly established itself as a leading installer of Photovoltaic Systems, Solar Watt Systems is fully committed to playing an integral role in the country’s green economy push to save energy and reduce toxic emissions. As part of its adopted mission to educate Barbadians about solar energy, particularly young people, the company has conducted programmes in primary and secondary level schools, teaching students about the different components that make up a solar installation and how they work. These pioneer programmes have made a positive

impact on both pupils and teachers alike, inspiring several schools to launch their own renewable energy projects. Solar Watt has installed solar systems at Samuel Jackman Prescod Institute of Technology, Barbados Community College and Lockerbie College.

Passionate about educating Barbadians at all levels, Solar Watt Systems is also keen to raise customer awareness of the benefits to be gained from the Fair Trading Commission’s decision on Feed-in-Tariffs (FITs) for Renewable Energy (RE) Technologies, up to and including 10mW. The FIT will replace the Renewable energy Rider (RER) programme and existing RER customers will be permitted to maintain their existing arrangements with BL&P for 20 years, with their system’s commission date used as the start date. This will be advantageous to customers as it will allow them to see a true return on their investment.

Solar Watt Systems is dedicated to supporting the government on its mission to move Barbados towards a 100% renewable energy island as projected by 2030.

Business Barbados Profile

Strategic Philanthropy in Barbados

Ian Woosnam’s approach to philanthropy is intentional. As one of the “Big Five” generation of European golfers who made Europe competitive in the Ryder Cup, including winning the 1991 US Masters Tournament and being inducted to the Golf Hall of Fame in 2017, Ian has the networks, money and time to devote significant resources to charity. His strategic approach, and the results it has catalysed, helps us understand how people can pool their unique connections, talents and resources to solve critical issues in Barbados.

In the late 2010s, as Ian settled into making Barbados his second home, he learned about the climbing rate of diabetes in the country. Diabetes, clinically called diabetes mellitus, is a chronic metabolic disease and well-known global epidemic. While Type 2 diabetes is preventable, Type 1 cannot be prevented. Barbados has one of the highest rates of diabetes in the Caribbean, with reports of 1 in 5 adults having the disease. The cost to government for treating and managing the epidemic is estimated to be about $64 million per year, with the need for nuanced treatment options expanding. Solving the problem of diabetes is expensive, demanding both preventative action and effective management of the disease to control its most damaging effects.

Ian has two daughters living in the UK with Type 1 diabetes. Donors with such close ties to a cause they care deeply about sometimes slip into the trend of impulsive, or solely self-directed giving. Though these one-off gifts are valuable, the ad hoc approach is not a successful method of driving long-term, systemic change to solve a social issue. Rather than writing a one-time cheque, or starting up his own initiative, Ian partnered with an existing organisation. He chose to invest in The Barbados Diabetes Foundation, a local registered charity working to solve the issue of limited access to holistic diabetes care. Its current three main sources of funding are Government grants, a support grant from The Maria Holder Memorial Trust, and proceeds from golf tournaments held under the auspices of Ian Woosnam.

The first Woosnam-sponsored golf tournament was at Apes Hill Club in March 2016. Designed as a Golf Cup based on the Ryder Cup, this event and subsequent Woosnam-sponsored golf

tournaments at Royal Westmoreland Golf Club in 2018 and 2020, have raised Bds $609,000 for the Barbados Diabetes Foundation. These funds have been donated to the organisation for the ‘specific and restricted purpose’ of the treatment of persons with Type 1 diabetes. This enabled the creation of a Type 1 Diabetes Register in 2017 and establishment of a dedicated fund accessible to anyone with Type 1 diabetes in Barbados. The arrangement filled the Foundation’s need to provide more tailored diabetes care, and a broader national need to prevent and reduce cases of uncontrolled diabetes. This ‘restricted impact’ donation model is one of the ways philanthropists can strategically engage with charities and other social enterprises to solve pressing issues.

We often meet generous people like Ian who have connections to Barbados and who, because of their personal life experiences, decide to use their resources and engage with the local community to provide real help for pressing social issues. This help is often in the form of time, volunteered skills, money or a combination of them all. Ian’s story is important because it shows how philanthropists can grow into social investors, strategically using their own talents and resources not only to give to causes they care about, but to drive catalytic change in a clearly defined and urgent area of social need. This approach, which we are calling ‘strategic philanthropy’, is a useful tool for those with existing giving practices, as well as those facing new circumstances – for example, a change in location, culture and/or unpredictable factors, such as the covid-19 pandemic.

Strategic philanthropy combines heart, thought, awareness and clarity of intent. The approach considers the issues you care about deeply, the evidenced issues that need solving in your environment and who is already working on/interested in the cause you are keen to support. For example, online resources for funders and volunteers, such as the ASIRE Blog & Barbados Charity Map, can help you better understand local needs and identify your giving priorities. The outcome of this focused approach is a more connected philanthropic ecosystem; a clearly identified philanthropic goal that is personally resonant, locally relevant, does not duplicate existing efforts, is connected to

80/ Strategic Philanthropy in Barbados
Amanda D. Haynes Social Impact Consultant & Former CEO, ASPIRE Foundation (Barbados) Inc. Peter N. Boos Founder & Advisory Board Chairman, ASPIRE Foundation (Barbados) Inc.

collective action and drives impact in an identified area of need.

Founded in 2015 to help charities help, ASPIRE Foundation (Barbados) Inc. is an evidenced opportunity for strategic local philanthropy. For example, ASPIRE’s Incubator Programme is a 12-month business development fellowship for local social organisations. Organisations access pro-bono business support valued at $60,000, a small seed grant of $10,000 and certification in core governance standards. It was created to nurture a hub of the most promising local non-profits and social leaders with systems-changing solutions to local priority issues, help combat the regulatory issues of the sector and connect investors and non-profits with shared goals. By the time of graduation, these organisations are in a stronger position to partner with social investors to solve our biggest issues. The 2021 ASPIRE Incubator Programme cycle is open for

applications. The first fourteen non-profits graduated the programme in 2020.

We are looking for likeminded philanthropists who believe that strategic investments can accelerate solutions to our most pressing challenges. Our urgent goal is to support 50 important local social enterprises by 2025.

Are you interested in joining our mission to help charities help? We’d love to hear from you. Please give us a call at 1-246232-6043 or drop us a line at

ASPIRE Foundation (Barbados) Inc. is a local non-profit working to build up the civic sector and non-profits that change lives. ASPIRE is a member of the Barbados NGO Major Group, the WINGS philanthropic network (Worldwide Initiatives for Grantmaker Support) and the Caribbean Philanthropy Alliance (CPA). Learn more at

82/ Strategic Philanthropy in
Barbados Diabetes Foundation Charity Golf Tournament
WIRRED Walkers Institute for Regenerative Research Education and Design 84/

Transitioning from Extractive to Regenerative

The brainchild of its Director and Founder, Ian McNeel, the Walkers Institute for Regenerative Research Education and Design (WIRRED) was born out of the restoration of a sand quarry that has been owned and operated by the McNeel family for more than 50 years. Throughout that period, Walkers provided an abundance of silica sand to the construction sector of Barbados while managing to steward and protect one of the largest native dune forests on the island. But today, as the quarry’s supply nears exhaustion, a new story is emerging — one of biodiversity, ecological health and regeneration. Working alongside his wife Julie, and a talented team of professionals, Ian is committed to utilizing regenerative agroforestry and permaculture design principles as a framework to guide the transformation of a quarry into a thriving nature reserve, research centre and eco-tourism destination.

Thanks to the guiding influence of my parents, I grew up acutely aware that we all have a responsibility to protect the environment and take care of the world around us. But in business, and as an entrepreneur, my real wake-up call came about 17 years ago when I witnessed first-hand the catastrophic damage caused by one of our garment factories in India. Rivers behind the factory were literally running red, yellow and neon pink with discarded fabric dyes. It shocked me to think I might be responsible for all that toxic water flowing downstream. And, knowing India, I thought it was most likely being used for other purposes such as bathing, crop irrigation and drinking water. It was a benchmark moment that forced me to reflect on the fact that our family had once been involved in manufacturing petrochemical products for the agricultural sector, albeit during the 1950s and 60s when people were unaware of the risks involved. After joining all the dots I determined that my next step would be to turn something degrative to the environment into something regenerative. I saw the rejuvenation of the quarry as an impact investment and a way to contribute to Barbados, because the country has an obvious lack of bio-diversity and habitat as a result of centuries of producing a monocrop, sugar cane, and poor land management practices. So I thought, what better opportunity and scalable example for environmental regeneration than the mining industry.

I started by seeking local knowledge from ‘bushmen’ and Parish elders who forage around St. Andrew, connected and collaborated with the organic growers association to better understand what some of the solutions and challenges were in organic farming, and listening within the communities. Next I started building new knowledge and skill sets, engaging with local and international thought-leaders and educators in the regenerative agro-sector space, learning what it really means to observe a landscape with a holistic lens and the importance of restoring ecosystems. When you start at that very basic level, like I did, you quickly understand that ecosystems are biodiverse networks that are inter-dependent and

interconnected. The entire natural world is interconnected, but it also very fragile. Start picking at anything long enough and it eventually affects everything else. Clearly it is a lot easier to extract and destroy eco systems than it is to build and protect them. So, in our case, we are transitioning a sand quarry from an extractive business model to a circular economy, which supports multiple forms of capital, a conscious return on investment and greater overall value for the people, environment and businesses involved. We can no longer take small steps toward sustainability. We need to start making bold moves in order to change the status quo.

With a background in healing and holistic nutrition, I had always aspired to one day establish a location where people could gather to learn how to connect more with the natural environment, so what we are now doing with Walkers is very near and dear to me. We are healing our 277 acres of land through regenerative agriculture and permaculture practices, such as planting endemic species and food plants. As well as using climate-smart techniques like contour planting on the hillsides and planting Khus-Khus grass (Vetiver) to prevent soil erosion through rainwater run-off. Instead of erecting invasive man-made structures, we let nature do its own Green Engineering. Another important element of the project is to create new habitats for re-wilding and we are already attracting an encouraging quantity and variety of flora and fauna, especially bird life. Ideally located at the crossroads of the north-south and east-west migratory highways, Barbados is one of the few places on earth with both New World and Old World bird species. Happily, Walkers is now benefitting from that fortunate natural advantage.

In order to make Walkers as sustainable as possible, we have adopted a number of enterprising ways to help finance our work. At the basic level, we are aiming to localize organic food


and agro-forestry production so that we can feed people coming to work or do tours and the guests that stay here, as well as supplying ‘Local & Co’, our new Farm To Table restaurant in Speightstown. But we are also experimenting with new options like growing and roasting cashew nuts or making wine from Sea Grapes, as well as planting other value-added, nonfood crops such as Tropical Indigo for fabric dye. A good example of our holistic approach is that we are growing different types of grasses to learn which ones work best for making baskets and other weaved products. Importantly, as part of that process, we are also discovering where, when and how to plant the grasses; what growth cycles do they undergo; when is the best time to harvest; how should the grass be dried and treated before weaving; and so on. The overarching goal encompassing all of that is to promote the island’s culturally relevant arts and crafts as a practical and productive way to arrest the loss of important elder knowledge. To help preserve that collective expertise for future generations, we have built a Knowledge Centre to facilitate on-site learning. The Centre hosts training programmes around the main themes of Permaculture, Wellness, Weaving and Art, all of which are accessible for locals and tourists alike. We also offer certification courses in collaboration with the Caribbean Permaculture Research Institute (CPRI). Ultimately, we want Walkers to be a zero-footprint tourism product, with the capacity to provide completely green accommodation facilities. As such, I am keen to add Wellness Gatherings and retreats to our activities. Barbados has a long history as a health inducing location, so I want to connect with other healing centres and practitioners around the world and attract them here. We’d like Walkers to become a leading Caribbean destination for holistic wellbeing.

We are living in vulnerable times. From the pandemic to climate change and vulnerable inrastructure, we are currently undergoing a radical transformation where every nation, particularly small island developing states, must reimagine and reconstruct our current systems – social systems, financial systems, energy and infrastructure systems, distribution systems, food security resilience and economic productivity. We can no longer use the same thinking that got us here. It’s not business as usual. I win and you lose is a zero-sum game. Look at climate change, for example, and the staggering loss of habitat and biodiversity we are experiencing, which is not only threatening the stability of the Caribbean but the entire planet. I truly believe that we in Barbados are at a pivotal point where we must decide what kind of economy will best serve and futureproof the nation, especially with regard to tourism. What kind of tourism will attract visitors, be financially viable, and still be beneficial for people, environment and our local economy? In my opinion, the answers to those questions revolve around our willingness to become a more sustainable and resilient nation. One solution could be to engage more with the modern traveller and ‘Digital nomads’ who tend to be more environmentally and socially aware. Let’s invest in tourism products and solutions that invite visitors to plant trees and offset their carbon footprint, volunteer for Slow Food programmes, experience alternative energy solutions, take farm tours, dine with farm to table culinary experiences, participate in a beach clean-up with local ecogroups, or enable visiting divers to help regenerate our reefs by planting new coral. And, through offering a combined package that embraces cultural, social, ecological elements, we could convert past problems into future solutions. Give people a chance to enjoy a vacation in Barbados with more environmental, cultural and wellness based experiences, and the satisfaction of ‘giving back’ to the island. Let them reinvigorate themselves, while contributing to the regeneration of our environment. There are endless opportunities for entrepreneurs, business leaders and our youth in the new regenerative tourism economy. One thing for sure is that whatever WIRRED can contribute towards the regeneration of Barbados, we can't do it alone. We have to get everybody on board, from individuals and communities to businesses and government, all working towards the common outcome for a sustainable island and indeed the planet. Our only way forward is through collaboration and the sharing of information, skills and resources. And while the foundational skills needed to run a business are still important, companies need to come to grips with existential concerns and provide solutions that go well beyond the old-school balance sheet.


The Changing Face of Barbados Tourism


The World at a Standstill

The world has certainly changed since the COVID-19 global pandemic reshaped how we exist as human beings. Simple things such as going to the supermarket, having a meal in our favourite restaurant or enjoying the experience of travel and leisure are no longer so simple. Humanity has had to develop new approaches to coexist with COVID-19 for the last ten months. Thankfully, at the time of writing, there exists genuine hope that an efficient vaccine will soon be available worldwide.

Tourism, a very people centric industry, has been hit really hard globally and especially locally where a strong Barbados economy is underpinned by a robust tourism sector. While our tourism business has been almost wiped out in the last ten months, the spirit of our hospitality remains strong as we have seen our tourism businesses, employees and our guests taking every safe step to ensure we have a stronger and more resilient tourism sector.

Moving Forward

With the global market almost fully closed, on a scale not seen before, the travel sector has been one of the hardest hit by the impact of COVID-19. With travel at a standstill, where does that leave Barbados and our tourism industry?

Barbados has demonstrated to the world that we are a model for how we can provide safe tourism. While global lockdowns in our key source markets have forced a decline in travel to our shores, we have played an extremely important role in repatriation of cruise line employees through Barbados as a result of no sail orders which left thousands of employees and more importantly, our fellow brothers and sisters, stranded at sea.

As he announced the 2020 Seatrade Cruise Award for destination of the year, Area VP, Global Cruise Sales, Oracle Hospitality, Ingo Soerensen said, "During the COVID-19 pandemic Barbados remained a place where homeporting cruise lines found a safe haven, warmth and hospitality. In addition, ships were able to collaborate with the Bridgetown Port and further destinations to repatriate crew."

In the words of our Prime Minister, Mia Amor Mottley, “we have

followed the science” and have let the guidance from the World Health Organisation and our medical professionals determine what are safe protocols for our residents and guests to resume safe tourism.

While there have been lockdowns globally and locally, our tourism sector continued to care for our guests. We had guests who chose to remain in Barbados for several months because it was safer to stay here than in their home country. Some moved from our hotel properties to villa accommodation until the hotel properties were reopened. This demonstrates the confidence our guests have in us.

Another aspect demonstrating that Barbados has done a great job at minimising the impact of COVID-19 on the population and guests, has been the positive response to the 12-month Welcome Stamp. I’ve personally seen families moving to Barbados because of being able to live in a safe environment with a relatively normal lifestyle. Retired couples who have long been coming to Barbados, are now more interested in moving to Barbados permanently, not least for the health benefits of living in a warmer climate. The appeal of the Welcome Stamp has also attracted the single professional, remotely working in a place that offers safety, convenience, lifestyle and modern amenities comparable to larger more developed countries. This is a new wave of opportunity that has longevity, past the impacts of COVID-19 and is likely to embed itself into the future of our tourism product. It won’t replace the traditional tourism offering, instead it brings with it hope that there is another way forward.

From the beginning of October 2020, we had guests arriving from our key source markets and our arrivals continued to improve to the end of October. However, with new rounds of lockdowns in the UK and Europe, this will certainly inhibit the level of recovery that was being anticipated for this winter season.

Speaking with Geoffrey Roach, Chairman of the Barbados Hotel and Tourism Association and Chief Executive Officer of the Bridgetown Cruise Terminal Inc, he said that, “In speaking with our tourism partners in our source markets, the feedback is that there is pent-up demand for travel to Barbados, which is testament to the strength and faith in the Barbados’ tourism industry”. Proving

Face of
The Changing
Sirpaul Jaikaran Assurance Engagement Leader, PricewaterhouseCoopers SRL Coco Hill Forest - Keith Miller

ourselves in a number of areas of tourism, from the arrival experience to a variety of safe and welcoming accommodation options, word is spreading fast about our refreshed tourism offering.

And while we may not see levels of tourism back to prepandemic levels, the time to change our tourism product was already apparent, COVID has simply brought it forward. Adapting and being innovative means that regardless of lockdowns, we are still welcoming new tourists, from markets outside of our key source markets. Those that may not have considered Barbados the top of their destination list before, are now considering it. In addition there is a rise in the demand for alternative tourism that we can accommodate. We now have a well-established eco offering with accommodation like Eco Lodge on the East coast; itineraries including regeneration projects, turtle releases, the annual Clean Up and environmentally conscious bike and hike outings; culinary experiences with raw based food, kitchen garden projects; and cultural packages that positively impact our environment and community.

Neil Barnard, Director, SOL Rally Barbados, when speaking about the event said, “When the Barbados Rally Club’s organising committee for Sol Rally Barbados 2020 met in early August 2020 to discuss whether to go ahead and run our event (postponed from June) at the end of October, I don’t think any of us truly had any idea of what to expect. The event is challenging enough to organise and execute annually under normal circumstances, but in the middle of a pandemic AND in a very active rainy season was really taking our collective stress levels to new heights! In the end, we were astonished by the level of commitment shown by

competitors who decided to travel to the island to compete from countries such as the USA, Wales, England, Jamaica, Trinidad & Tobago and The Cayman Islands. Everyone was willing to undergo the testing and quarantine protocols and planned longer stays as a result. This is testament to the event’s reputation, but equally, based on the current global environment, the reputation of Barbados and the ongoing success of government to manage the health and safety situation on the ground. Despite the enormous challenges, our organising team, our volunteers, governmental and non-governmental organisations, our commercial partners, the fans and of course our visitors, all played a role in ensuring the event was a success.”

Safely hosting sporting events such as Sol Rally Barbados, provides opportunities for organisers to move in-person events to a controlled and safe environment where the experience is very much enjoyable.

Tourism 2.0

The full impact of the last ten months can’t be fully quantified, however, we do know that the inability to travel has certainly negatively affected our wellbeing and I know I’m looking forward to resuming safe travel and safe destinations. Barbados has demonstrated from very early that we are prepared to take the necessary steps to be a safe destination for both our residents and our guests.

Tourism 2.0 requires us to employ safe practices so that we not only enjoy sun, sand and sea but also enjoy our heritage, culture, culinary arts, sports and the many other beautiful aspects of the Barbadian way.

The Changing Face of Barbados Tourism
SOL Rally Barbados 2020





Barbados, the most easterly of the Caribbean islands, is located to the east of the Windward islands and 460km (285.7 miles) northwest of Venezuela. By air it is about 4.5 hours from New York, 5 hours from Toronto and 8 hours from London. The island’s geographic location makes it very convenient for doing business with North America.

Climate and Geography

The topography is relatively flat and composed mostly of coral. The highest point on the island is Mount Hillaby, at 336m or (1,104 ft) above sea level. Barbados has lovely sandy beaches and a pleasant tropical climate that attracts visitors and investors alike. The average daytime temperature ranges between 84-86 degrees Fahrenheit (29-30 degrees Celsius). Barbados has used these resources effectively to develop a viable tourist industry, which now serves as the base for a stable and buoyant economy.


Settled in 1627 by the British, Barbados remained a British colony until its independence on November 30, 1966. A member of the British Commonwealth, Barbados’ constitution is based on the British style of parliamentary democracy, with elections being held every five years. The island has one of the oldest Westminster style Parliaments in the western hemisphere, which has been in existence for over 375 years. Barbados has two houses of Parliament, a Senate and a House of Assembly. The Governor General, who represents the British Monarch, is Head of State while executive authority is vested in the Prime Minister and Cabinet who are collectively responsible to Parliament.


The legal system is derived from English common law and statutes. The courts administer the laws of Barbados, which consist solely of local legislation. The judicial system comprises a lower Magistrates court and the Supreme Court, which includes a Court of Appeal and a High Court. The Attorney General is responsible for the administration of the legal and judicial system. In February of 2001, the Heads of Government of the Caribbean Community signed an agreement to form a Caribbean Court of Justice (CCJ). The inauguration ceremony took place on April 16, 2005. At present, final appeal from Barbadian courts is to the CCJ, which is based in Trinidad. Prior to 2005, final appeal was to the Privy Council in England.


The resident population of Barbados is estimated at 272,853 at the end of second quarter for 2019. The ethnic mix consists of 93% of African descent, 3.2% European, 2.6% of mixed race and 1% East

Land Area

Population (July 2016 est.)

Time Zone

Capital City

Currency Language Literacy

Life Expectancy at Birth (years)

Country Phone Code

Unemployment (2019)

Labour Force (2020)

Exchange Rate (BB$ to US$)

Major Industries

Principal Exports

Principal Imports

Major Trading Partners

431Km/166sq. miles

287,025 (2019)

EST +1/0; GMT-4/ -5 *


Barbadian Dollar



Male: 73.3 Female: 78.1 (2018 est.)





Tourism, Financial Services, Agriculture, Light manufacturing

Tourism, Financial Services, Sugar, Rum, Chemicals, Electrical Components

Machinery, Food and Beverages, Construction Materials

USA, Canada, Caricom**, Japan, UK

*Barbados is in the same time zone as North America and four hours behind the U.K. and the rest of Western Europe when there is no observance of Daylight Savings Time.

**Barbados is a founding member of the Caribbean Community and Common Market (CARICOM). Other member States are Antigua and Barbuda, The Bahamas, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts-Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad & Tobago and Haiti (July 2002).

Source: Barbados Statistical Service, Ministry of Labour, and The CIA World Fact Book.

Indian. The population density is high, with 85% of the population living in urban areas.

Barbados’ high standard of education has produced an easily trained workforce, with an adequate supply of professional as well as skilled and unskilled labour. The labour force is estimated at 144,300. The Central Bank of Barbados Economic Review for January to June 2019 stated that the twelve-month moving average unemployment rate ending August 2019, was 10.1% which was slightly higher than the comparable 2018 period. Owing to the Covid-19 pandemic and the impact that it has had on the tourism sector, unemployment has increased.

The weekly working hours for office personnel vary between 35 to 40 hours, while a 40-hour week is normal for manual workers. Work undertaken in excess of the basic workweek and during public holidays normally attracts premium rates of pay.

Several pieces of legislation are in place to govern labour



relations including the Employment Rights Act, the Severance Payments Act and the Holidays With Pay Act. The National Insurance and Social Security Act provides medical assistance for employees in the event of illness, maternity leave and accidents. It also makes provision for unemployment, disability and pension benefits. For further information visit

The labour movement is represented by four major unions. There have been few work stoppages in recent years, primarily due to the existence of good labour relations.

Barbados has twelve paid public holidays. In addition, all workers have a statutory right to twelve weeks of maternity leave and three weeks of annual vacation with pay, which increases to four weeks after the fifth year of steady employment.

The 2021 Public Holidays

• New Year's Day - January 1

• Errol Barrow Day - January 21

• Good Friday – April 2

• Easter Monday – April 5

• National Heroes Day - April 28

• May Day – May 1

• Whit Monday – May 24

• Emancipation Day – August 1 (observed on August 3)

• Kadooment Day - August 2

• Independence Day – November 30

• Christmas Day - December 25

• Boxing Day - December 26 (observed December 27)


The Barbados educational system is modelled after the British system and is considered to provide one of the highest standards of education in the English Caribbean. The educational system ranges from pre-school to university. School is compulsory up to age 16 and government schools are free at the primary and secondary levels. Educational institutions at the post-secondary level include colleges, a university, vocational and technical training schools. There are also special schools for the mentally and physically disabled.


Barbados is recognised as having the most modern medical facilities in the Eastern Caribbean. The life expectancy at birth is 72.75 years for males and 78.6 years for females.

Medical services are provided by two major hospitals and several well-equipped clinics, health centres and nursing homes. The government-run 600 bed Queen Elizabeth Hospital provides several specialist services along with a 24-hour casualty service. The second major hospital, Bayview Hospital, is a private health facility that also provides a variety of medical services.

Queen Elizabeth Hospital - (246) 436-6450

Bayview Hospital - (246) 436-5446

Sandy Crest Medical Centre – (246) 419-4911

Island Care Ambulance - (246) 537-9425 or (246) 537-9315


Barbados has a market-based economy with both the private and public sectors actively involved in determining the goods and services made available to consumers. The Barbadian economy has diversified over the last five decades, with emphasis shifting from agriculture towards the provision of services. The economy is driven primarily by the following sectors: tourism, business, financial and general services, agriculture and manufacturing.

Employment by Major Industrial Division
Source: Ministry of Labour INDUSTRY 2018 (‘000) 2019 (‘000) Agriculture, Forestry & Fishing 3.6 4.1 Construction, Mining & Quarrying 12.1 11.4 Manufacturing 6.8 7.2 Electricity, Gas, Steam, Water & Air Conditioning Supply 2.9 2.2 Wholesale & Retail Trade 19.3 19.9 Transport & Storage 6.0 5.7 Accomodation & Food Services 16.0 16.4 Finance & Insurance 5.4 5.5 Professional, Scientific & Technical Services 4.1 5.5 Administrative & Support Service 9.1 6.5 Public Administration & Defence 6.9 7.8 Education 5.9 6.8 Human Health & Social Work 6.4 5.0 Other Services 3.0 5.1 Activities of Households as Employers 4.3 5.2 Other Groups 8.6 9.2 Total 126.3 126.0


Source: Barbados Statistical Service and Central Bank of Barbados (p) - Provisional (e) - Estimate

1 - Central Bank of Barbados Estimates

3 - Data to September 2017

4 - Gross Public Sector Debt = Gross Central Government Debt + Contingent Liabilities + Arrears


Tourism provides the main source of foreign exchange, economic activity and employment. The major elements of Barbados’ tourism product are its solid historical and cultural legacy, varied entertainment and its natural physical attributes. The four major markets for the Barbados tourist industry are the UK, USA, Continental Europe and Canada.

Accommodation facilities in Barbados include a wide range of hotels, apartments, luxury villas, cottages and beach houses. Barbados receives just over one million visitors per year, with cruise ship arrivals narrowly surpassing long-stay arrivals in recent years.

International Business and Financial Services

Low tax rates, double taxation agreements and exchange of information treaties, have provided Barbados with an ideal environment for its development into a major international business and financial services centre. The key components of this sector are the banking and financial institutions and other global services and trading businesses.

Stay-over and

* No. of cruise ship passengers who did not permanently disembark in Barbados

Source: International Business Division, Ending September 30, 2018

*Please note that the figures for grandfathered entities may vary as the IBU finalises the manual processing of Annual Forms for grandfathered entities.

1 Central Bank of Barbados Review of the Economy for January to June 2018.

2 Ibid.

BUSINESS BARBADOS FAST FACTS GUIDE 98/ 2015 2016 2017 2018 2019 Nominal GDP ($M)1 9,450 9,681 9,979 10,235.0 10,033 Real Growth (%) 2.2 2.5 0.1 -0.6 -0.096 Inflation (%) (1.1) 1.5 4.5 3.7 4.1 Avg. Unemployment (%)3 11.4 9.7 10.0 10.1 10.1 Foreign Exchange Reserves ($M) 967.9 665.5 473.4 999 1,478 Net Capital Inflows ($M) 441.2 84.9 84.4 -Gross Public Sector Debt4 (% of GDP) 144.2 151.2 148.4 126.3 120 Private Sector Credit (% of GDP) 57.1 56.3 56.3 56.9Fiscal Deficit (% of GDP) (9.0) (5.3) (4.3) (0.3) 3.8
Total Number of International Businesses Entity 2018 2019 Number of New Foreign Currency Permits Issued New Transitioned International Business Companies (IBCs) - 197 292 Societies with Restricted Liability (SRLs) - 32 65 Number of Licences Renewed Renewals Renewals Grandfathered International Business Companies (IBCs) - 2,726 2530* Societies with Restricted Liability (SRLs) - 463 479 Foreign Sales Corporation (FSCs) 2 2Private Trust Company (PTCs) 1 0Number of New Its & PTCs Registered International Trust (ITs) 24 0Private Trust Company (PTCs) 3 0
Tourism Marketing Inc.
Country of Residence Jan - Dec AB Change % Change 2018 2019P United Kingdom 220,695 234,658 13,963 6.3 United States 204,249 219,182 14,933 7.3 Canada 86,499 85,774 -725 -0.8 Germany 10,621 14,783 4,162 39.2 Other Europe 27,883 25,270 -2,613 -9.4 Trinidad & Tobago 32,636 34,108 1,472 4.5 Other Caribbean 70,201 73,102 2,901 4.1 Other Countries 25,753 26,067 314 1.2 Total 678,537 712,945 34,408 5.1 Total Cruise Passengers* 675,789 858,774 Total Cruise Calls 436 422 -14
Arrivals by Major Markets


The manufacturing sector comprises mainly of light industry which includes the production of cement blocks, clay tiles, garments and textiles, paint, paper products, furniture, electronic components, chemicals, edible oils, soap and food products.


Sugar continues to be the principal agricultural product. Most of the sugar produced is sold to the European Community at a guaranteed price. Other products from this sector include root crops, vegetables, dairy products, chicken and fish.


The Central Bank of Barbados is the main regulatory financial institution in Barbados, and is responsible for formulating, in association with Government, monetary and fiscal policies to assist with local economic development.

Barbados has taken advantage of the expansion in international business, in particular the financial services sector that is now the country’s second major foreign exchange earner. A robust telecommunications infrastructure, a well-trained and Englishspeaking workforce, and a stable political environment give the country an additional advantage over other, similar destinations. Barbados has also done well from the increased scrutiny and regulation of financial services by international organizations such as the Organization of Economic Cooperation and Development (OECD).

In addition to the above, a number of key factors help keep Barbados relatable to the North American market, thereby increasing opportunities to drive capital into the country. These include an exchange rate tied to the U.S dollar and a roster of regular flights to key North American business centres including Miami, New York and Toronto.

The Stock Exchange

The Barbados Securities Exchange was established in June 1987 in order to create a market to promote trading in financial securities and to encourage investment by the public in business enterprises. Since 2001 this organization became known as the Barbados Stock Exchange.

A company wishing to be listed on the exchange must meet certain criteria established by the Exchange, after which it must submit a prospectus compliant with both the Companies and Securities legislation of Barbados for review. A new Securities Act was passed in 2001 in order to facilitate the establishment of a securities commission and it makes better provision for the regulation of the securities market, the capital market and investors.

Currently there are over 20 listed securities on the regular market (11 companies) on the Barbados Stock Exchange including cross-

listed securities belonging to issuers from within CARICOM. There is also one company listed on the International Securities Market. Two mutual funds are also traded on the Exchange. The Securities Exchanges of Barbados, Trinidad & Tobago and Jamaica work closely together, and nationals are eligible to cross trade in each market.

Mutual Funds

Mutual funds in Barbados are governed by the Mutual Funds Act of 2002. The Act stipulates that authorised Mutual Fund operators require a licence to operate in Barbados and must have a registered office in Barbados.

The Barbados Stock Exchange is responsible for the regulation of both domestic and foreign mutual funds. Exempt or foreign mutual funds can conduct business in Barbados provided they are registered with the Barbados Stock Exchange and have paid an annual registration fee. The minimum number of shares that can be purchased is BB$100 (US$50) or its equivalent in any currency. Local investors are also exempt from stamp duty and property transfer tax with respect to transactions involving the ownership or transfer of shares.

Exchange Control

The Government has a liberal policy toward foreign exchange controls and is committed to moving towards the elimination of all foreign exchange controls. The Exchange Control Act of Barbados provides for:

• Registration and repatriation of foreign investment.

• Remittance of dividends, profits, interest and rentals from real estate to non-residents.

• Transfer of land and buildings situated in Barbados.

It is possible to buy foreign currency directly from the commercial banks however the Government, through the Central Bank, has imposed limits on the amount of foreign transactions available to residents and non-residents. Residents are allowed US$20,000 for personal travel, and a higher limit for business travel. Foreign nationals working in Barbados may operate an external account, which can be credited with foreign currency from specific sources, provided that they are not classified as residents.

The Government is seeking to liberalize the Exchange Control regime with a phased approach. As a part of this process, in August of 2019 the Central Bank of Barbados issued guidance allowing all resident individuals and companies to open foreign currency denominated bank accounts locally, and to hold foreign currency which they have earned in Barbados or abroad.

Corporate Law

The Barbados Companies Act, which came into effect in 1985, is modelled on the Canada Business Corporations Act. The procedure


for incorporating a company is simple and efficient. A company can be established by either residents or non-residents without a license or other authorisation, unless one is seeking to obtain a Foreign Currency Permit or intends to become licensed as an Insurance company or financial institution. There is a minimum of one director required. The names and addresses of the directors must be filed at the Corporate Registry. There is no limit on the amount of authorised share capital and shares are without par value. A company can carry on any type of legal activity, unless its articles of incorporation specifically provide otherwise.


The Government has established a separate Ministry to facilitate the development and expansion of the international business sector. Under the former International Business regimes (repealed at the end of 2018), several concessions were granted to entities carrying on international business from Barbados.

While the International Business regimes have now been repealed, entities incorporated and licensed prior to 17 October 2017 were granted the option to be grandfathered until 30 June 2021 and continue to enjoy the benefits of these concessions. These include a reduced tax rate of between 2.5% and 1%, an exemption from withholding tax on dividends, interest, royalties or other income paid to non-residents, and an exemption from exchange controls. Additionally, a percentage of the remuneration of qualified foreign employees working in grandfathered IBCs, International Banks, International Societies with Restricted Liability, Qualifying Insurance Companies and Exempt Insurance Companies can be paid free of Barbadian income tax and in any foreign currency as follows:

a)on amounts not exceeding $75,000 – 35%

b)on amounts exceeding US $75,000 but not exceeding US $250,000 – 50%

c) on amounts not exceeding US $250,000 – 60%

International Business Companies

The International Business Companies Act of 1991 (now repealed with savings) defines an International Business Company (IBC) as a company that carries on business in international manufacturing, international trade and commerce from within Barbados. However, this regime was abolished effective 1 January 2019, and grandfathered entities will, following the end of the grandfathering period on 30 June 2021, become regular domestic companies by operation of law and be subject to tax at the new converged tax rates discussed below.

It should be noted that grandfathered entities must still renew their international licenses annually at a fee of US$500 in order for the grandfathered license to be valid. A company ceasing to transact business as an IBC, ceasing to satisfy the requirements of the Act, or that wishes to no longer be grandfathered must notify

the Minister in writing.

Entities that were not grandfathered (due to election or ineligibility) have, by operation of law, become regular Barbados companies and are already subject to tax at the new converged tax rates discussed as outlined below.

• First US$500,000 - 5.5%

• Between US$500,001 - US$10,000,000 -3%

• Between US$10,000,001 - US$15,000,000-2.5%

• Excess over US$15,000,000 - 1%

Benefits of the IBC Act along with other relevant features are:

• Tax on income on a sliding scale, from a maximum of 2.5% to a minimum of 1%

• Exemption from all withholding taxes

• No capital gains tax

• Tax credit in respect of taxes paid outside of Barbados is allowable but only insofar as it does not reduce the tax payable in Barbados to less than 1%

• Freedom from exchange control

• Audited financial statements, where required, must be filed with the Ministry of International Business

• Tax concessions for specially qualified persons

• Bearer shares are not permitted

• An IBC can keep books and records in a foreign currency

• Imports of equipment and machinery free of customs duty, consumption tax and stamp duties

• An IBC, which is solely owned by an Offshore Trust under the management of a licensed Barbados International Bank, is exempt from tax if its activities are restricted to buying, holding or managing securities.

Exempt Insurance Act

While the Exempt Insurance Company regime has now been repealed, entities incorporated and licensed prior to 17 October 2017 were granted the option to be grandfathered until 30 June 2021 and continue to enjoy the benefits of that regime until that date.

The Barbados Exempt Insurance Act (1983) states that for a company to qualify as an Exempt Insurance Company it must be incorporated or registered in Barbados with a minimum capital of BB$250,000 (US$ 125,000).

Exempt Insurance Companies cannot insure risks originating in Barbados or risks of local residents. The resident director may not own shares in the company.

Exempt Insurance companies are taxed on their profits at the rate of 0% for the first 15 years and thereafter 8% on the first BB$250,000 (US$125,000) of profits. They are exempt from withholding tax and exchange control restrictions. Tax concessions are made for specially qualified persons and convention expenses


are allowed by US authorities.

There is an annual licence fee of BB$20,000 (US$10,000) which is applicable during the first 15 years of operation.

Qualifying Insurance Companies

A 1998 legislative enactment allows companies involved in international insurance business to register under the domestic insurance legislation as Qualifying Insurance Companies (QIC) on the condition that at least 90% of its premiums originate outside Barbados and at least 90% of its risks insured are located outside CARICOM.

Following the 2018 amendments, companies that were classified as qualifying insurance companies (QIC) which were entitled to the foreign currency allowance will be subject to tax at the rate of 2% in respect of general insurance business and 0.35% in respect of life insurance business until 30 June 2021. Further details on the new insurance regime and its tax implications are outlined in further detail below.

International Banks

The International Financial Services Act 2002 was repealed at the end of 2018 and entities formerly licensed under that Act are now considered to be qualified foreign currency earning banks under the Financial Institutions Act and are regulated accordingly. However, entities which were licensed under the International

Financial Services Act before 17 October 2017 were entitled to be grandfathered under that Act, and thereby to continue to receive the benefits of same, until 30 June 2021.

The International Financial Services Act provides that dividends, royalties, interest, foreign securities funds, gains and assets generated or managed by a grandfathered licensee are automatically exempt from the provisions of the Exchange Control Act.

In order to establish a Foreign Currency Earning Bank in Barbados, details of the proposed bank must first be submitted to the Central Bank of Barbados for approval. Approval must be sought from the Ministry of Finance prior to the incorporation of a company. A company must have a licence before engaging in banking business. Applications for a licence are submitted to the Central Bank which may issue the license, subject to the approval of the Minister of Finance. A licence to operate is issued only to suitably qualified applicants. Licences are under the control and oversight of the Central Bank of Barbados. Foreign Currency Earning Banks are subject to income tax on a sliding scale of 5.5% up to US$500,000, 3% above US$500,000, 2.5% above US$10m and up to US$15m, 1%, above US$15m. Non-deposit taking Foreign Currency Earning Banks are subject to an annual licence fee of BB$50,000 (US$25000), whereas deposit taking International Banks must pay an annual licence fee of BB$100,000 (US$50,000).

101/ BUSINESS BARBADOS FAST FACTS GUIDE Summary of Major Incentives in the Financial Services Sector Exempt Insurance Companies IBC Licensee -Int’l Fin. Scvs. Act Int’l SRLs Int’l Trusts 1.Tax rates 0% 2.5 down to 0.25% 2.5 down to 0.25% 2.5 down to 0.25% 16%, 33.5% & 40% on income received 2.Withholding tax on:Dividends No No No No No Interest No No No No No Royalties - No No No No 3.Licence required Yes Yes Yes Yes No 4.Exemption from exchange controls Yes Yes Yes Yes Yes 5.Exemption from duties on imports No Yes Yes Yes No 6.Required to file financial statements with regulatory agency Yes Yes Yes Yes No 7.Financial statements open to public scrutiny No No No No No 8.Exemption from taxes & duties on sale of securities or assets Yes Yes Yes Yes (in practice) Yes 9.Incorporation in Barbados required No No No No N/A 10.Local Director required No No Yes No N/A Where ‘yes’ is indicated, this is not an absolute exemption and duties may apply in certain situations.

Societies with Restricted Liability Act

The Societies with Restricted Liability Act 1995 was designed to favourably position Barbados in yet another niche market for international financial services. An entity formed under the Societies with Restricted Liability (SRL) Act possesses the flexibility to be treated as a corporation, a partnership or a disregarded entity for US tax purposes.

Prior to the changes to Barbados’ International business regimes, an SRL may have been licensed as an International Society with Restricted Liability (ISRL). ISRLs which were created and licensed prior to 17 October 2017 were granted the option to be grandfathered until 30 June 2021 in order to continue enjoying the benefits of the ISRL regime until that date. ISRLs are used mainly for international transactions and are prohibited from acquiring or holding land in Barbados, other than land leased for business purposes.

An SRL has the characteristics set out below:

• Limited liability

• Perpetual duration

• The rights, powers and privileges of an individual

• Stipulation that the transfer of quotas in a society will not confer on the transferee the right to become a member or participate in the management of the society without the written consent of all the members.

A grandfathered ISRL has the following benefits:

• Tax on income on a sliding scale, from a maximum of 2.5% to a minimum of 1%

• Exemption from withholding taxes on dividends and interest payments

• Tax credit in respect of taxes paid outside of Barbados, in so far as it does not reduce tax payable to less than 1%

• Re-domiciliation provisions

• No capital gains tax

• Exemption from all import duties on machinery or equipment for use in its business

• Freedom from exchange control.


In October of 2017 the OECD, through its Forum on Harmful Tax Practices (FHTP) required Barbados to revise or abolish the international business regimes outlined above. As a result, these regimes in their current form were closed on December 31, 2018. We have provided a table below outlining the key changes resulting from the changes to the international business regimes.


Effective 1 January 2019, three classes of licenses came into

BUSINESS BARBADOS FAST FACTS GUIDE 102/ Legislation Action Grandfathered1 Comments International Business Companies Act Abolished Yes Society with Restricted Liability Act (“SRL”) Amended Yes SRL Act retained Exempt Insurance Act Abolished Yes Now governed by the Insurance Act Qualifying Insurance Company Abolished Yes Foreign Currency Earnings Allowance (section 12H of the Income Tax Act) Abolished No FCEA retained for individuals and trusts International Financial Services Act Abolished Yes Now governed by the Financial Institutions Act International Trusts Act Abolished No Now governed by the Trusts (Miscellaneous Provisions) Act BARBADOS LEGISLATIVE REFORM 1 International Business Companies and International Societies licensed before October 17th 2017 and corporate entities carrying on business in the international insurance sector will qualify for grandfathering to June 30 2021. After which the applicable tax rate for grandfathered entities will change to the new domestic converged tax rate

existence for the insurance sector as follows:

• Class 1: Insurance companies which restrict the business they can underwrite to related party business. These insurance companies will be taxed at zero.

• Class 2: Insurance companies which can underwrite risks of third parties. These companies will be taxed at a rate of 2%.

• Class 3: Includes brokers, intermediaries, insurance management companies, insurance holding companies, etc. These entities will be taxed at a rate of 2%.


The Companies (Economic Substance) Act (The Act) took effect from 1 January 2019. The Act and its accompanying guidelines require a resident entity that earns income from carrying on relevant activities (see list below) to satisfy an economic substance test in relation to that activity. Note that international entities (e.g. IBCs and ISRLs) that have been grandfathered will not be subject to these economic substance rules until 1 January 2021.

In order to meet the economic substance requirements entities will be required to show that, for each relevant activity that it carries on, the core income generating activities of the entity are conducted in Barbados and the company is directed, managed and controlled in Barbados in relation to that activity. This would take into account various factors such as the number of employees, premises used in the business, etc.

Entities that conduct relevant activities must demonstrate compliance by filing an annual economic substance declaration with the Ministry of International Business. Entities that do not conduct relevant activities are not required to comply with the legislation but are however required to file a declaration which would be limited to confirming that the entity conducts no relevant activities.

The list of relevant activities currently includes:

banking business; shipping business; insurance business; holding company business; fund management business; intellectual property holding business; finance and leasing business; distribution and service centre business; headquarters business; such other activities as may be prescribed.


Effective 1 January 2019 all entities which earn 100% of their income in foreign currency are entitled to receive a Foreign Currency Permit (FCP) allowing them the following benefits where certain

requirements are met:

• Exemption from exchange control

• Exemption from payment of ad valorem stamp duty and property transfer tax

• Exemption from payment of value added tax and duties on importation of plant, machinery and raw materials

• Income tax concessions for specifically qualified individuals


Companies and individuals who are resident and domiciled in Barbados for tax purposes are subject to income tax on their worldwide income whether or not the income is remitted to Barbados. Persons who are resident but not domiciled in Barbados are taxed on their income derived from Barbados and on any overseas income remitted to Barbados. Non-residents are taxed only on income derived from Barbados.

Corporations are taxed in accordance with the rates illustrated in the table below.

In addition, insurance companies are taxed in accordance with the table illustrated below based on the Class of licence which the company obtains (see discussion above regarding classification of insurance licences).

Individuals are subject to income tax at the rate of 12.5% on taxable income up to and including US$25,000, and 28.5% on taxable income exceeding US$25,000. Resident individuals earn the first US$12,500.00 of their annual income tax free.

There are no capital gains taxes levied in Barbados, and gift, inheritance, and estate taxes are not applicable. Property transfer tax applies to the transfer of property situated in Barbados at a rate of 2.5%. This includes real estate as well as certain leasehold interests and shares. Stamp duty is also payable on instruments executed in Barbados, which relate to any property situated in Barbados or to any matter or thing done or to be done in Barbados.

Taxable Income (US) Rate % Up to $500,000 5.5 Above $500,000 to $10 million 3.0 Above $10 million to $15 million 2.5 Above $15 million 1.0 Licences for Insurance Companies Rate % Class 1 0.0 Class 2 2.0 Class 3 2.0

Generally, stamp duty at the rate of approximately 1% is applied to instruments executing the sale of real estate.

Value Added Tax (VAT)

Barbados introduced a value-added tax on January 1, 1997. Generally, value-added tax is levied at the rate of 17.5% on all goods and services supplied in Barbados, and on goods imported into Barbados. However, there is provision for specific zero-rated and exempt goods and services that would not attract the value-added tax. VAT is included in the final price the consumer pays for goods and services. Effective 1 January 2020 the VAT rate for hotel accommodation and certain supplies related to tourism, increased from 7. 5% to 10%. Additionally, the supply of mobile services of voice, data, and text messaging attracts an enhanced VAT rate of 22%.

In 2019 The Value Added Tax Act was amended to apply VAT to online purchases from overseas vendors where the good or service purchased will be consumed in Barbados. Effective 1 December 2019 these overseas vendors are required to charge and collect VAT and remit it to the Barbados Revenue Authority by the 21st January, April, July and October of each year. Official guidance on the application of this process has not yet been issued by the Barbados Revenue Authority.


In July 2018, a room rate levy was imposed on all tourist accommodation including apartments, guest houses, hotels, vacation rental properties and villas. Effective April 1, 2019, the room rate levy is as outlined below.


A 10% Shared Accommodation Levy also applies to all fees charged for shared accommodation by providers of such (e.g. AirBnB, Home Away, and others).


Barbados has entered into Double Taxation Agreements (DTAs) and bilateral investment treaties with the countries as indicated in the table below.

* Also bilateral investment treaties

Austria Finland Norway Sweden

Bahrain Ghana Panama Switzerland*

Botswana Iceland Portugal United Arab Emirates

Canada* Italy* Qatar United Kingdom*

CARICOM Luxembourg San Marino United States

China* Malta Seychelles Venezuela*

Cuba* Mauritius* Singapore

Cyprus Mexico Slovak Republic

Czech Republic Netherlands Spain

In addition to the above, a DTA with Rwanda awaits ratification, while DTAs with Ghana and Slovak Republic have been ratified but are not yet in force.

In January 2018, Barbados signed on to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Sharing (MLI). The country must now complete the necessary domestic ratification procedures and determine the application of the MLI to its existing DTAs.


In July 2018, a product development levy was introduced and applied to direct tourism services. Effective April 1, 2019 the levy is applied at the rate of 3.75% of the cost of the Direct Tourism Service.

Countries indicated with an asterisk (*) above are also signatories of a Bilateral Investment Treaty (BIT) with Barbados. This combination of double taxation, investment treaties and tax incentives make Barbados unique within the Caribbean and particularly attractive to foreign investors.

As indicated in the previous table, in addition to its extensive network of DTAs, Barbados also has BITs with several important jurisdictions. These BITs provide benefits and protections for cross border investments including:

• Investment promotion and protection

104/ Accommodation Rates (US) Apartments $4.38 Guest House $4.38 Hotel “B” Class $4.38 Hotel “A” Class $9.63 Hotel luxury Class $17.50 Vacation rental property 3.75% of the nightly rate (maximum $17.50 per night) Villa 3.75% of the nightly rate (maximum $17.50 per night)

• Provision of compensation for losses

• The granting of most-favoured nation and national treatment

• Provisions

• Protection from unfair expropriation and nationalisation of

• Investment

• Procedures for the fair and equitable settlement of disputes arising

• Procedures for the timely repatriation of investment and returns

• Procedures for prompt transfer of funds

• Subrogation.

Note that Barbados has also entered into a BIT with Germany. BITs are also pending with Ghana and Luxembourg and are awaiting ratification.


Special trading arrangements have been entered into with other jurisdictions. These can be summarised as follows:


Allows products manufactured in Barbados and other CARICOM member states to be exported among member countries free of customs duty, provided all qualifying conditions are met. In addition, CARICOM has already signed or is currently negotiating trade agreements with the Bahamas, Colombia, Costa Rica, Cuba, Dominican Republic, and Venezuela.

Economic Partnership Agreement (EPA)

Among other things this agreement removes all quotas and tariffs from Caribbean exports to the EU, with the exception of sugar and rice, both of which will be liberalized over time. The EU has also agreed to open up new markets for Caribbean companies and professionals offering services to Europe, and to permit young services professionals to gain work experience in the European market.

Caribbean countries which are signatory to the agreement have agreed to gradually open their markets to European exports over the next 25 years.

Caribbean Basin Trade Partnership Act (CBTPA)

Duty free export of some products to the USA market.

CaribCan (Caribbean-Canada)

Duty free export of some products from the Commonwealth Caribbean into the Canadian market.


The Shipping Incentives Act, of 1982, provides concessions to shipping companies engaged in the operation of passenger carrying ships, leasing of ships, shipbuilding, maintenance or

repair. The concessions include a 10-year exemption from tax and customs duties on all materials connected with the company’s shipping activities.

It should be noted that following the 2017 Report of the OECD, this regime is in the process of being eliminated.


Buying and selling property in Barbados

There is no restriction on the purchase of property in Barbados by persons who are not citizens or permanent residents. These funds must be registered with the Central Bank of Barbados and the permission of the Exchange Control Authority obtained for the sale or purchase of property by a non-resident whether such nonresident is a Barbadian citizen or not.

The sale of property by all persons including citizens or permanent residents is subject to a property transfer tax of 2.5% plus approximately 1% stamp duty. However, the first US$75,000 of the sale proceeds is exempt from Property Transfer Tax provided that there is a building on the property. Attorney’s fees for both the seller and the purchaser are on a sliding scale generally ranging between 1% and 2% depending the sale price of the real estate.

The scale is:

Note that this is only the minimum fee that may be charged.

Note that in the case of registered land the minimum fee for the sale of registered land is 2/3 or 1/3 of the cost for a normal conveyance (above) depending on if acting for vendor or purchaser. However, the vast majority land on the island is not registered as yet.

The real estate agent’s commission fees are normally 5% of the sale. Both fees are subject to 17.5% VAT. A deposit of 10% is typically due upon the signing of the purchase agreement with the balance payable on completion of the purchase.

UTILITIES Electricity

Barbados has a reliable supply of electricity with rates being among the lowest in the Caribbean. The domestic and commercial supply voltage in major residential areas and in all new developments is 115/230 volts at 50Hz. In Bridgetown and some other areas, the supply voltage is 115/200volts at 50Hz.

105/ BUSINESS BARBADOS FAST FACTS GUIDE Up to $25 000 $750 On the next $75 000 2.00% On the next $100 000 1.50% On the next $300 000 1.25% Thereafter 1.00%


The Barbados Water Authority, a Government statutory corporation, is the sole provider of water services. Water service can be connected within 48 to 72 hours. A monthly payment for continued service is based on the meter system, with garbage and sewage contribution fees also being collected on this monthly bill. The water service in Barbados is reliable and tap water is safe to drink.


Barbados is equipped with a modern telecommunications infrastructure with the latest in digital technology and fibre optics systems including international direct dialling, facsimile transfer and satellite telecommunications which allows for the efficient transmission of electronic data. Internet and e-mail services, as well as express mail and courier delivery, are also available.

Local cell-phone operators are divisions of international telecommunications providers with service offerings that the international business traveller has come to expect, such as the ability to easily roam and the availability of high-speed 3G and 4G data networks island-wide. The International direct distance dialling code for Barbados is (1-246), followed by a seven-digit local number.


Barbados has an extensive road system of about 1,475 km of paved roads. Highways link the north and south of the island, as well as the west coast and the airport on the south-east coast.


The Grantley Adams International Airport, located about 15 minutes from the capital city Bridgetown, plays an important role as a vital centre and link for international air traffic in the Eastern Caribbean. The main passenger terminal handles in excess of 2 million passengers each year and has been upgraded to accommodate increases in traffic.


Barbados has one of the most modern ports in the Caribbean with both a deep-water harbour and a shallow draught facility. There are regular freight sailings to North America, Europe, and the Caribbean. The Bridgetown port is well equipped with containerhandling and berth facilities for ocean-going freighters and passenger vessels, including major luxury liners and has undergone recent upgrading to expand its berth and customs facilities. The port has won awards for the most improved port facility and the most receptive destination.


Prior to Covid-19, there are non-stop daily scheduled airline services to major business hubs including New York, Miami, Toronto, London and the Caribbean islands. There were also regular non-stop scheduled airline services to other major markets including Frankfurt, Charlotte and Panama.

Airlines that flew to Barbados include American Airlines, Air Canada, British Airways, Caribbean Airlines, Copa Airlines, Jet Blue, LIAT, Virgin Atlantic, West Jet, Lufthansa and several charter flights companies. With the global Covid-19 pandemic, the airline industry has been significantly impacted and, international flights to Barbados have been reduced.


The Barbados Immigration Act allows non-citizens to work on the island only if they have been granted a work permit. Certain CARICOM skilled nationals may live and work in Barbados without a work permit. The person has to possess a degree, diploma or professional accreditation and an offer of employment or plan to undertake employment as a self-employed person.

There are no statutory restrictions on the number of foreign employees on the payroll of a company at any time. Foreign workers contribute to and are entitled to social security benefits on the same basis as Barbadian nationals. A work permit is usually processed in about six to eight weeks. The forms and list of required documentation is available from the Immigration Department in Bridgetown.

New Immigration Policies

Barbados now offers Special Entry and Reside Permits (SERPs) to enter and reside in Barbados with little or no restrictions. These SERPs may either be granted for an indefinite period or for a fixed period, depending on the particular category the individual falls under.

On 30 June 2020 the Barbados Government introduced the Barbados Welcome Stamp. This is a remote work initiative which allows non- nationals employed outside of Barbados to work remotely from Barbados without the need to obtain a work permit. Applications for the initiative are made online. After the application is approved and the requisite fee is paid, the applicant and their spouse and dependents can live and work in Barbados for a maximum of 12 months.

Suitable applicants must have a valid passport and health insurance and earn a minimum annual income of US$50,000.00 from a source outside of Barbados. Additionally, the applicant and their family cannot take up employment in Barbados other than the employment sanctioned by the Welcome Stamp.

Welcome stamp residents are not deemed to be tax resident. Additionally, although the Stamp expires after 12 months, there is an option to renew.


Visa Entry Requirements

A valid passport is required by all visitors to Barbados. All visitors are required to have onward or return tickets. Citizens of certain countries will require a visa to visit Barbados. Contact your nearest Barbados Tourism Authority office, one of the Invest Barbados offices or visit for further information. Visas are not required for passengers on cruise ships with the exception of citizens of the CIS Eastern European states, The Peoples Republic of China, Taiwan, South Africa, Korea and some Middle Eastern states.


Barbados Hotel & Tourism Association

Barbados Statistical Service

Barbados Stock Exchange

Barbados Tourism Authority

Central Bank of Barbados


All of the information in this guide has been carefully collected and prepared, but it still remains subject to change and correction. Use these contents for general guidance only and seek extra assistance from a professional adviser with regard to any specific matters. Readers can contact the relevant authorities mentioned. A comprehensive list of Government Services, Legal Services, Business Associations and Agencies can be found at the end of this guide.


Government Ministries

Ministry of Creative Economy, Culture & Sports

Sky Mall, Haggatt Hall, St. Michael

Tel: (246) 535-5840

Ministry of Finance, Economic Affairs & Investment

Government Headquarters, Bay Street, St. Michael, Barbados

Tel: (246) 535-5300/01/02

Fax: (246) 535-5344

Ministry of Foreign Affairs & Foreign Trade

1 Culloden Road, St. Michael, Barbados, BB14018

Tel: (246) 535-6620

Fax: (246) 429-6652

Ministry of Health & Wellness

Frank Walcott Building, Culloden Road, St. Michael, Barbados

Tel: (246) 536-3800

Ministry of Innovation, Science & Smart Technology

4th Floor Baobab Tower, Warrens, St. Michael

Tel: (246) 535-1200


Ministry of International Business and Industry

8th Floor Baobab Towers, Warrens, St. Michael, Barbados

Tel: (246) 535-7200

Fax: (246) 535-7245

Ministry of Maritime Affairs & The Blue Economy

Civil Aviation Building, Charnocks, Christ Church, Barbados

Tel: (246) 535-3334

Fax: (246) 535-0030

Ministry of Small Business, Entrepreneurship & Commerce

1st Floor Warrens Office Complex, Warrens, St. Michael, Barbados

Tel: (246) 535-7700

Ministry of Tourism & International Transport

4th and 5th Floors, One Barbados Place, Warrens, St. Michael, Barbados

Tel: (246) 535-7500

Fax: (246) 436-4828

Office of the Attorney General & Legal Affairs

Webster’s Business Park, St. Michael, Barbados

Tel: (246) 535-0467

Fax: (246) 535-0559

Prime Minister’s Office

Government Headquarters, Bay Street, St. Michael Permanent Secretary

Tel: (246) 535-5351

Government Corporations, Depts. & Statutory Bodies

Barbados Investment & Development Corporation

Pelican House, Princess Alice Highway, Bridgetown, St. Michael, Barbados, BB11000

Tel: (246) 427-5350

Fax: (246) 426-7802

Barbados Port Inc.

University Row, Bridgetown, St. Michael

Tel: (246) 434-6100

Fax (246) 429-5348

Barbados Revenue Authority

6th Floor Treasury Building, Bridge Street, Bridgetown, Barbados

Tel: (246) 535-8200

Fax: (246) 535-8075

Barbados Tourism Investment Inc.

Ground Floor, Old Town Hall Building, Cheapside, Bridgetown, St. Michael BB11142, Barbados

Tel: (246) 426-7085

Fax: (246) 426-7086

Barbados Tourism Marketing Inc.

2nd Floor, One Barbados Place, Warrens, St. Michael, Barbados

Tel: (246) 535-3700

Fax: (246) 535-3799

Barbados Tourism Product Authority

1st Floor, One Barbados Place, Warrens, St. Michael, Barbados

Tel: (246) 535-3700/467-3600

Fax: (246) 535-3799



Central Bank of Barbados

Tom Adams Financial Centre, Spry Street, Bridgetown, St. Michael, Barbados

Tel: (246) 436-6870

Fax: (246) 427-9559

Corporate Affairs & Intellectual Property Office (CAIPO)

Ground Floor, Baobab Towers, Warrens, St. Michael, Barbados

Tel: (246) 535-2401

Customs & Excise Department

2nd Floor West Wing, Warrens Office Complex, Warrens, St. Michael, Barbados

Tel: (246) 535-8700 / 535-8701

Fax: (246) 421-2029 (Mr. Owen Holder, Comptroller of Customs)

Financial Services Commission

Bay Corporate Building. Bay Street, St. Michael, BB14038, Barbados Tel: (246) 421-2142

Fax: (246) 421-2146

Immigration Department

BTI Corporate Centre, Princess Alice Highway, Bridgetown, St. Michael, BB11093, Barbados

Tel: (246) 535-4100

Fax: (246) 426-0819

Invest Barbados Barbados Head Office

Trident Insurance Financial Centre, Hastings, Christ Church BB15156, Barbados

Tel (Local): (246) 626-2000

Tel (From Canada): 1-647-977-5996

Tel (From UK): +44 (0) 203-318-9036

Tel (From USA): 1-347-433-8942

Fax: (246) 626-2099

Invest Barbados - Canada

110 Sheppard Avenue East, Suite 205, North York, Ontario, M2N 6Y8, Canada

Tel: (416) 214-9919

Fax: (416) 214-9815

Invest Barbados - United States of America

820 Second Avenue, 5th Floor New York, NY 10017, USA

Tel: (212) 551-4375

Toll Free: 1-800-841-7860

Fax: (212) 682-5496

Town & Country Development Planning Office

Ground Floor, West Wing, Warrens Office Complex, Warrens, St. Michael, Barbados

Tel: (246) 535-3000

Fax: (246) 535-3093

Government Overseas Offices/ Missions

Embassy of Barbados - Belgium

166 Avenue Franklin D. Roosevelt, 1050 Brussels, Belgium

Tel: (011 322) 737-1170

Fax: (011 322) 732-3266

Embassy of Barbados - Brazil

SHIS Q1 13 Conjunto 10 Casa 03, Lago Sul, Brasilia, D.F. Cep: 71 635 100, Brazil

Tel: (55 61) 3526-8310

Fax: (55 61) 3546-8310

High Commission of Barbados - Canada

55 Metcalfe Street, Suite 470 Ottawa, Ontario KIP6L5, Canada

Tel: (1 613) 236-9517/8

Fax: (1 613) 230-4362

Consulate-General of Barbados - Toronto

110 Sheppard Avenue East, Suite 205, North York, Ontario M2N 6Y8, Canada

Tel: (1 416) 214-9805

Fax: (1 416) 214-9815

Embassy of Barbados - China

Villa 09-02 Block A, Liang Ma Qiao

Diplomatic Compound, No. 22 Dong Fang

Dong Lu Chaoyang District 100600, Beijing, People’s Republic of China

Tel: (011 8610) 85325404

Fax: (011 8610) 85325437

Embassy of Barbados - Cuba

Calle 18 # 715e / 7ma y 31 Miramar, Playa, La Habana, Cuba

Tel: (011 537) 212-5894

Fax: (011 537) 212-5897


Embassy of Barbados - Panama

Ofc 22D, Oceania Business Plaza Torre 2000, Punta Pacifica Cuidad de Panama Panama

Tel: (507) 6099-7071

High Commission for Barbados - United Kingdom

1 Great Russell Street, London WC1B 3ND, United Kingdom

Tel: (011 44 207) 299-7150

Fax: (011 44 207) 323-6872

Embassy of Barbados - USA

2144 Wyoming Avenue N.W. Washington, D.C. 20008, USA

Tel: (1 202) 939-9200

Fax: (1 202) 332-7467

Consulate-General of Barbados - Miami

2121 Ponce de Leon Blvd, Suite 1300 (PH), Coral Gables, Florida 33134, USA

Tel: (1 786) 515-1201

Fax: (1 305) 455-7975

Consulate-General of Barbados - New York

820 Second Avenue, 5th floor (Between 43rd and 44th Streets), New York, N.Y 10017, USA

Tel: (1 212) 551-4325

Fax: (1 212) 867-8899

Embassy of Barbados - Venezuela

Edificio Los Frailes

Oficina 501, Piso 5 Avenida Principal de Chuao Chuano, Caracas, Venezuela

Tel: (011 58212) 313-3425

Fax: (011 58212) 991-0333

Permanent Mission to the United Nations’ Office & Other International Organisations at Geneva, Switzerland

18 A Chemin Francois-LehMann, 1218 Grand Saconnex Geneva, Switzerland

Tel: (011 41 22) 791-8500

Fax: (011 41 22) 791-8509

Permanent Mission of Barbados to the United Nations, New York, USA

820 Second Avenue, 9th Floor, (Between 43rd and 44th Streets), New York, NY 10017, USA

Tel: (1 212) 551-4300

Fax: (1 212) 986-1030

Business Associations & Agencies

Emergency Numbers

Police 211

Fire 311

Ambulance 511

Business Associations

Barbados Bar Association

“Leeton”, Perry Gap Roebuck Street, St. Michael, Barbados

Tel: (246) 537-7316

Fax: (246) 538-1739

Barbados Chamber of Commerce and Industry (BCCI)

Braemar Court, Deighton Road, St. Michael, Barbados

Tel: (246) 434-4750

Fax: (246) 228-2907

Barbados Coalition of Service Industries (BCSI)

Unit 2B, Building #3, Harbour Industrial Estate, St. Michael, Barbados

Tel: (246) 429-5357

Fax: (246) 429-5352

Barbados Estate Agents and Valuers Association Inc. (BEAVA) P.O. Box 130, Worthing, Christ Church, Barbados

Tel: (246) 836-0650

Barbados Hotel and Tourism Association (BHTA) 4th Avenue Belleville, St. Michael, Barbados

Tel: (246) 622-5041

Fax: (246) 429-2845

Barbados International Business Association (BIBA) 19 Pine Road, Belleville, St. Michael, Barbados

Tel: (246) 537-2422

Fax: (246) 537-2423

BIBA - Canada

Thomas C. Sears, Chairman

Tel: (905) 800-0548


Barbados Manufacturers Association (BMA)

First Floor, James Fort Building, Hincks Street, Bridgetown, St Michael, Barbados

Tel: (246) 426-4474

Fax: (246) 436-5182

Barbados Private Sector Trade Team (BPSTT) Goddards Complex, Fontabelle, St. Michael, Barbados Tel: (246) 430-6541

Barbados Small Business Association (SBA) Suite 101, Building 4, Harbour Industrial Estate, Bridgetown, St. Michael, Barbados

Tel: (246) 228-0162

Fax: (246) 228-0613

Institute of Chartered Accountants of Barbados (ICAB)

Room 29, Hastings Plaza, Hastings, Christ Church, Barbados

Tel: (246) 429-5678

Fax: (246) 426-0970

Barbados Stock Exchange (BSE)

8th Avenue, Belleville, St. Michael, Barbados

Tel: (246) 436-9871

Fax: (246) 429-8942

International Agencies

Caribbean Development Bank (CDB)

P.O. Box 408, Wildey, St. Michael, Barbados, BB11000

Tel: (246) 539-1600

Fax: (246) 426-7269

Caribbean Export Development Agency (Caribbean Export) Baobab Tower, Warrens, St. Michael BB14000, Barbados

Tel: (246) 436-0578

Fax: (246) 436-9999

Caribbean Tourism Organization (CTO)

7th Floor, Baobab Towers, Warrens, St. Michael, Barbados, BB22026

Tel: (246) 427-5242

Fax: (246) 429-3065

Delegation of the European Union to Barbados, the Eastern Caribbean States, the OECS and CARICOM/CARIFORUM

Palm Beach Corporate Centre, Hastings, Christ Church BB15156, Barbados

Tel: (246) 434-8501

Office of Trade Negotiations (OTN)

1st Floor, Sky Mall, Haggatt Hall, St. Michael BB11063, Barbados

Tel: (246) 430-1670

Fax: (246) 228-9528

Inter-American Development Bank (IADB)

“Hythe”, Welches, Maxwell Main Road, Christ Church BB17068, Barbados

Tel: (246) 627-8500

Fax: (246) 429-8869

Pan American Health Organization (PAHO)

Dayrells Rd & Navy Garden, Christ Church, Barbados

Tel: (246) 434-5200

Fax: (246) 436-9779

United Nations (UN)

UN House, Marine Gardens, Hastings, Christ Church, Barbados

Tel: (246) 467-6000

Fax: (246) 429-2448

Non-Governmental Organizations

Barbados Entrepreneurship Foundation Inc. (BEF)

Lex Caribbean, Worthing Corporate Centre, Worthing, Christ Church, Barbados

Tel/Fax: (246) 435-3308

Future Centre Trust

Little Edgehill, St. Thomas BB22118, Barbados

Tel: (246) 625-2020

Fax: (246) 620-2021

Tourism Development Corporation (TDC)

BHTA Building, 4th Avenue, Belleville, St. Michael, Barbados

Tel: (246) 228-8900


Chancery Chambers

Sir Trevor Carmichael, KA, LVO, Q.C. Chancery House, High Street


St. Michael, Barbados

Tel: (246) 434-3400

Fax: (246) 431-0076

Clarke Gittens Farmer

Gillian M.H Clarke Partner

Parker House, Wildey Business Park Wildey Road, St. Michael BB14006, Barbados

Tel: (246) 436-6287

Fax: (246) 436-9812

David King & Company Attorneys-at-Law

Heather Tull, Attorney-at-Law Suite 101, Lauriston Building, Lower Collymore Rock, St Michael, Barbados

Tel: (246) 427-3174

Fax: (246) 436-9541

FT Legal Attorneys-at-law

Tara E. Frater LL.B. (Hons), TEP Dormers, Prior Park St. James, Barbados, BB23017

Tel: (246) 537-4159

Mobile: (246) 851-7651

Harridyal Sodha & Associates

Liza A. Harridyal Sodha, LLB (Hons), LLM, TEP Attorney-at-Law

The Grove, 21 Pine Road Belleville, St. Michael, Barbados BB11113

Tel: (246) 228-9888 ext 222

Fax: (246) 228-9382

Cell: (246) 231-9609

Hastings Attorneys-At-Law

“Chelsea House” Chelsea Road, St Michael, Barbados, BB14022

Tel: (246) 228-9420

Fax: (246) 429-8056

Barry L.V. Gale Q.C.

Jacqueline R.M. Chacko

Laura F Harvey-Read

Mawena Maynard

Shirley Beharre Procope

Micaela Pile

InterCaribbean Legal Attorney- at-Law

Karen A Perreira, LLB (Hons); TEP

“Palm Court”, #28 Pine Road Belleville, St. Michael, Barbados, BB11113

Tel: (246) 228-7504

Fax: (246) 228-1591

Cell: (246) 231-8453

Peter G. Symmonds, Q.C., J.P Attorney-At-Law

GH House, 3rd Floor, Trents, St. James, BB24017

Barbados, W.I.

Tel: (246) 419-4196

Fax: (246) 419-4188

Zarina Khan Attorneys-at-law

Prospect Chambers

Summerland House, Prospect St. James, BB24008

Barbados Tel: (246) 622-0050/51


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