Barbados presents a wealth of opportunities in financial services and insurance, supported by a favorable business environment, robust infrastructure, and skilled workforce. Investors can benefit from the island’s regulatory framework, experienced professionals, and excellent quality of life.
Financial Services
Barbados has long been a hub for financial services, attracting banks and high-net-worth individuals seeking wealth management solutions. Financial institutions operate under the Financial Institutions Act, which categorizes licenses into four classes:
- Class 1: Commercial Banks
- Class 2: Trust Companies, Finance Companies, Merchant Banks, and money or value transmission service providers
- Class 3: Financial Holding Companies
- Class 4: Financial institutions qualifying for an FCP
Why Choose Barbados for Financial Services?
- Sound Business Legislation: Ensures a stable and secure environment for financial operations.
- Experienced Service Providers: A pool of qualified professionals ready to support financial activities.
- Reliable Networking Infrastructure: Established systems to support modern financial transactions.
- Globally Recognized Banks: Presence of internationally acclaimed financial institutions.
- Expanding Treaty Network: Access to a growing number of international tax and investment treaties.
- Excellent Quality of Life: A desirable place to live and work, enhancing employee satisfaction and retention.
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Insurance
Barbados ranks among the top ten domiciles worldwide for captive insurance business, with a strong presence of Canadian and USA captives. Insurance companies are categorized into three classes, each with its own tax regime:
- Class 1: Related party insurance business (0% tax rate)
- Class 2: Third-party business (2% tax rate)
- Class 3: Insurance intermediaries, holding and management companies, loss adjustors, and assessors (2% tax rate)
Why Choose Barbados for Insurance Services?
- Experienced Management Companies and Financial Institutions: Ensuring efficient and reliable operations.
- Cost-Competitive Environment: Lower costs compared to other jurisdictions.
- Appropriate Regulation and Governance: Ensuring a stable and secure environment.
- Educated and Experienced Workforce: Ready to support the insurance industry.
- Ease of Business Incorporation and Licensing: Streamlined processes to get your business up and running.
- Flexible Solvency Requirements: Adaptable regulations to suit different business needs.
- No Restrictions on Insurance Business Written: Freedom to operate in various markets.
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Additional Insurance Entities
Barbados also supports the establishment of:
- Segregated Cell Companies (SCC): Offering the benefits of a captive insurance company without forming an individual captive.
- Incorporated Cell Companies (ICC): Comprising incorporated cells as separate legal entities with their own directors.
- Separate Account Companies: Used for single-policy arrangements, particularly life and annuity products, without risking core capital.
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