Investing in Barbados offers unparalleled opportunities for those interested in the tourism and hospitality sector. With its strategic focus on tourism, the Government of Barbados has established a supportive environment that encourages investment through a range of attractive incentives and proactive assistance. This blog explores the exceptional duty and tax concessions available to investors, the comprehensive support provided by Barbados Tourism Investment Inc. (BTI), and the streamlined procedures that make investing in Barbados both appealing and efficient. Discover why Barbados stands out as a premier destination for tourism investment.
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Exceptional Duty and Tax Concessions
The Government of Barbados prioritizes the Travel and Tourism sector, earning international acclaim for its significant investment in this vital foreign exchange earner. Investors in the tourism sector are presented with a highly attractive package of incentives, including:
- Tax Holiday: Up to 25 years.
- Post-Holiday Tax Reduction: Following the tax holiday, investors benefit from a 50% reduction in applicable rates and taxes for an additional 15 years.
Furthermore, legislation allows tourism project investors to enjoy:
- Tax & Financial Benefits: Pertaining to capital expenditure and interest expense.
- Exemption from Import Duty, VAT, and Environmental Levy on:
- Furniture, fixtures, and equipment
- Building materials
- Supplies
- Equity financing
Relevant investment legislation includes the Tourism Development Act and the Special Development Areas Act.
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Proactive Assistance from Barbados Tourism Investment Inc. (BTI)
BTI serves as the Government of Barbados’s dedicated development agency, facilitating investment in the tourism and hospitality sector. Ranked #6 globally for prioritizing tourism investments and #5 for the percentage of fiscal budget allocated to the industry, Barbados is a prime destination for investors.
The professional and efficient BTI staff assist investors by:
- Identifying necessary legal, financial, architectural, and other professional services.
- Liaising with relevant governmental agencies to ensure access to the benefits provided by existing tourism development legislation.
As the tourism investment facilitation agency, BTI offers its services free of charge. Investors are encouraged to contact or visit BTI when considering investment opportunities in Barbados.
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Streamlined Procedures and Processes
Investing in Barbados’s tourism sector is supported by clear and efficient procedures and processes, making it an attractive and straightforward endeavor for investors.
Explore the abundant opportunities Barbados offers and take advantage of the excellent duty and tax concessions, proactive assistance, and supportive legislative framework for tourism investment.
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