10 reasons for living and moving your business to Barbados

10 reasons for living and moving your business to Barbados

Barbados is one of the Caribbean’s safe stable destinations that is ideal for
international business owners and families and has so much to offer. Its idyllic tropical
climate, pristine beaches and crystalline waters are what makes the island well-known for
luxury travel, real estate and leisure however, Barbados has and will continue to position
itself as an established international financial center and a hub for international business
and wealth management.

This diversified jurisdiction offers many benefits for expatriates who decide to live and move
their business and families to the gem of the Caribbean Sea, here are some of the top
reasons :

1. Well-developed infrastructure

Barbados’ business friendly environment and well-developed infrastructure enables
residents and non-nationals to conduct business efficiently. Its strong network of
international relationships, contemporary air and sea ports, high standard of
telecommunications, robust legal and regulatory systems and established
international financial center all contribute to Barbados’ positioning as one of the
Caribbean’s leading international business, wealth management and financial
services jurisdictions. The standard of the infrastructure will improve your business
operations and make conducting business in Barbados a rewarding experience with
ample opportunities.

2. Politically, economically and socially stable environment

Barbados is one of the most politically stable jurisdictions in the Caribbean. Its long
history of steady growth and high global reputation of political, economic and social
stability have provided a perpetual foundation for the establishment and operation
of international business and wealth management platforms.
Its parliamentary system has existed since 1639, therefore making it one of the
oldest in the world. Barbados has a Westminster style democracy and the Central
Bank of Barbados is the prudential regulator. As an independent country, Barbados
maintains High Commissions in Venezuela, Brazil, USA, UK and Canada among many
others.

3. Attractive tax incentives, treaties and residency options

Barbados is the only jurisdiction in the Caribbean with an extensive double tax treaty
network, which includes the UK, USA and Canada. The extensive list of double taxation
agreements provide non-nationals and HNWI clients with international tax planning
opportunities and benefits, all of which can be tailored to protect their wealth.
Owner managers and entrepreneurs who establish and manage their wealth management
platforms and adopt residency in Barbados are only subject to < 5% tax on income that is
remitted to Barbados for living. This alone makes Barbados the ideal jurisdiction to reduce
costs of establishing and operating international business and wealth management
platforms.

4. Prime location and positioning as a luxury destination

Barbados’ prime location makes it a hub for international business and wealth management
for clients from Latin American and North America. Clients wishing to travel to Barbados
from Latin America can do so via Miami in less than 4 hours. There is an average of 30 direct
flights per week to Miami and several other flights departing from major international cities
such as London and New York.

5. Pathway to residency through work permits

Barbados’ work permits can create an entry to residency in Barbados. Non-national clients
can set up their own company and apply for a 3-5 year work permit. After 7 years, the client
can apply for permanent residency and will by default be entitled to certain tax incentives
and advantages. Obtaining a work permit has many benefits including declaring tax
residency in Barbados. It also allows applicants to travel to and from Barbados freely during
the duration of the permit.

Once an individual becomes a resident of Barbados, they are only subject to pay taxes at a
rate of <5% on income remitted to Barbados for living. All other non-Barbados sourced
income is tax fee and corporation tax on taxable business income is less than 5%.

6. Geographically positioned outside of the hurricane belt

The easternmost island in the Caribbean has not been affected by a hurricane since
1955. The possibility of being hit by a hurricane is a great concern of many non-
nationals who consider relocating to Barbados. Barbados’ unique position isolates
itself geographically from the hurricane belt, therefore resulting in a lesser chance of
being affected by severe weather conditions.

7. Excellent standard of education

Barbados is home to some of the best education institutions throughout the
Caribbean. The education in Barbados is based on the British model with many
international schools following a curriculum model from the UK.

8. Robust legal and regulatory framework

Over the years, Barbados has developed a robust legal and regulatory framework for
the international business and wealth management industry. These developments
have aided in the stringent and uncompromising law and guidelines as it relates to
international business operation and compliance. Barbados is a well-regulated
jurisdiction and is considered to be transparent and cooperative internationally.

9. Luxury real estate

The West Coast, also known as the “Platinum Coast” of Barbados embodies a
shoreline of the calm Caribbean Sea and hosts an 8 mile stretch of pristine golden
sands, therefore making it a popular location for non-nationals who desire to invest
in some of the most luxurious properties on the island. The West Coast is a hub for
luxury lifestyle and real estate investment. It is furnished with boutique hotels, villas,
condominiums, fine dining restaurants, bars, world renowned golf courses, pristine
beaches and luxury retail brands.

10. Mithril International – your boutique services provider

Mithril International can offer an array of business and support services which will
enhance your relocation to Barbados. We will help you make Barbados your
permanent home and offer customized advice and solutions which will ensure that
your needs and requirements are met.

We will consult with you throughout the entire relocation process and ensure that
you have the necessary permits, documentation and information that is required to
ensure that a seamless relocation occurs. We pride ourselves in establishing
relationships with each and every one of our clients, we get to know them personally
and they too have the opportunity to get to know us. We invest the time in building
trust and are able to identify tailor made solutions that exceed our clients
expectations. Unlike larger corporations, Mithril International knows you, we don’t
just know of you.

Please contact our Client Advisor, Rianna Holas at rianna@mithriladvisors.com for further
information on relocating to Barbados and Mithril Internationals suite of services.

Leave a Reply

Your email address will not be published.