While some countries offer citizenship by investment, Barbados has the option of obtaining The Special Entry Permit (SEP), which is tailored for eligible high net worth individuals and their dependents, subject to specific criteria:
- Individuals must be 60 years or older (those under 60 can opt for a temporary SEP).
- Possession of assets totaling US$5 million or more.
- Investment of US$2 million or higher in Barbados’ property or other qualifying ventures.
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The SEP facilitates residency and/or business activities in Barbados (additional fees apply for work permits), complementing the country’s income tax structure and exchange control system for HNWIs. SEP holders have the flexibility to reside elsewhere without obligation, freely entering and exiting the country.
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Residency without domicile in Barbados offers numerous benefits. Taxation applies solely to Barbadian income sources, with optional taxation on foreign income upon remittance, accompanied by eligibility for foreign currency tax credits.
Barbados Immigration Department oversees the issuance of Special Entry Permits.
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