The latest budget introduces several measures designed to strengthen economic growth, enhance resilience, and ease the cost of living. From tax breaks to new social benefits, these updates affect businesses, workers, and everyday citizens. Here’s a breakdown of the most important changes and what they mean for you. Building a More Resilient Future The government is repurposing the Catastrophe Fund...
The government is advancing plans to redevelop the Holetown Civic Centre, awarding the project to the Insurance Corporation of Barbados Limited (ICBL) to construct a 100-room, US$88 million hotel on the site. Senior Minister in the Prime Minister’s Office, Dr. William Duguid, addressed Parliament, emphasizing that the process has been transparent, with public notices and consultations dating back to...
Barbados is a vibrant hub for business and investment, offering a transparent and supportive environment that welcomes foreign ownership and entrepreneurship. With a stable economy and robust legal system, Barbados is well-equipped to facilitate the seamless start and growth of your business. Expanding Treaty Network Investing in Barbados means gaining access to a wide network of international tax...
Barbados is stepping up its efforts to maximize oil and gas production, unveiling a bold energy strategy that blends innovation with sustainability. The government is introducing advanced recovery techniques and carbon capture initiatives to revitalize the nation’s energy sector while ensuring environmental responsibility. Revamping Onshore Wells for Greater Efficiency Minister of Energy and...
Barbados is taking a bold step toward modernizing governance with the appointment of Senator Jonathan Reid as the new Minister of Industry, Innovation, Science, and Technology (MIST). During a brief swearing-in ceremony at State House, Reid was officially sworn in by President Dame Sandra Mason, marking a renewed commitment to efficiency and digital transformation. Prime Minister Mia Amor Mottley...
Barbados is riding a wave of economic success, with growth surging to an estimated 4% in 2024. Thanks to strong performances in business services, tourism, and construction, the island’s financial outlook remains positive. The country’s home-grown Barbados Economic Recovery and Transformation (BERT 2022) program continues to yield impressive results, supported by the International Monetary Fund’s...
The iconic Savannah Hotel has officially joined the Sun Group portfolio, marking another major investment in Barbados’ tourism sector by businessman Bernie Weatherhead. Confirming the acquisition last Thursday, Weatherhead stated, “We are in full control of the hotel at this stage. The purchase agreement has been completed.” While he declined to reveal the exact purchase price, he noted that...
Imagine being able to send and receive money instantly - no delays, no waiting. That future is on the horizon for Barbados, as the Central Bank takes a major step toward modernizing the nation’s payment system. The bank has issued a Request for Proposal (RFP) to develop a national Instant Payments System (IPS), designed to make transactions faster and more accessible for everyone, regardless of their...
Barbados' tourism industry soared to new heights in 2024, smashing previous records and cementing the island’s status as a top travel destination. Chairman of the Barbados Hotel and Tourism Association (BHTA), Javon Griffith, shared the exciting news during the BHTA’s first quarterly media briefing of the year. He revealed that the island welcomed 704,340 stay-over visitors in 2024, with its three...
New Agreement Aims to Drive Biomedical Innovation and Strengthen Global Investment Barbados is taking a bold step into the future of healthcare. On February 19, 2025, the island signed a landmark Memorandum of Understanding (MoU) with European biotech firm Biomedx, paving the way for cutting-edge pharmaceutical research, global investment, and groundbreaking medical advancements. At the heart of...