Barbados is one of the most beautiful island in the Caribbean and global destination for investors and holidays makers due to its high quality of living and freedom.
The Barbados Non-Domicile programmes below is an attractive option for High Net Worth Individuals (HNWIs) desirous of becoming resident in Barbados or using the country as a base to launch international business.
Why Barbados
- Barbados is stunningly beautiful with white beaches, warm blue sea, year long sunshine, luxury resorts makes it a supreme holiday destination in the Caribbean
- Barbados is one of the most developed and one of the wealthiest caribbean islands. Hot spot for rich and famous celebrities (e.g Birthplace of Rihanna)
- Stress free quiet life with high freedom standards, human development and living conditions.
- Haven for billionaires and many own property in the island (e.g Eugene Melnyk, Michael Tabor).
- Low tax regime attractive for offshore companies
- Prime Caribbean Real Estate Destination with major demand
- Major service economy in the Caribbean with investment friendly climate for providers.
- Great second home for families looking to settle due to country’s rapid development and great healthcare and education systems
- Politically stable government and economic climate.
- Excellent flight connections with daily flights to North America and United Kingdom.
Barbados Welcome Stamp
Barbados Government has launched a new 12-month Barbados Welcome Stamp to allow visitors the option to work remotely from Barbados beaches for a year at a time. This is a short stamp residency scheme similar to working holiday scheme where non-nationals can visit and leave Barbados anytime within a year .
Non-refundable fees upon approval
- Individual – US $2,000.00
- Family – US $3,000.00
Conditions: The 12-Month Barbados Welcome Stamp is a visa for a non-national who is employed in a country other than Barbados and who is resident and employed by a company registered and operating outside of Barbados (not carrying on business in or from Barbados).
The official website to apply is https://www.barbadoswelcomestamp.bb/
Special Entry Permit
The Special Entry Permit (SEP) is attractive to HNWI foreigners and non-nationals who wish to permanent reside on the island for indefinite period of time. There is no requirement to live in the island, can enter and exit the country as they please and take advantage of the low tax regime and a great opportunity to invest in real estate market.
- Net assets of US $5 million
- Police certificate of character the applicant has resided for six (6) months or more in the last three (3) years.
- Health insurance coverage
- Meet minimum conditions financially for living.
Applicants under 60 years of age, who wish to run their worldwide business from Barbados but not work for a Barbados registered company, will not require a work permit.
Application filing fee for this special permit is B$300
Permanent Resident Status
The Immigration Act of Barbados makes provision for persons who can prove that they can successfully maintain themselves and their dependents in Barbados, to be granted the status of immigrant in the first instance, and upon application five years thereafter to be granted the status of permanent resident. This section of the Act applies to financially self-sufficient individuals wishing to reside in Barbados in retirement and entrepreneurs wishing to invest in a business venture in Barbados which would benefit the economy of the country and provide employment for Barbadian nationals.
Low Taxes
Barbados offer a low-tax regime for offshore corporations incorporated in Barbados, particularly attracts canadian companies. There are no withholding taxes or capital gains taxes. Offshore companies are taxed very low 1%-2% on profits. Income Tax Income Tax is levied on the income of persons resident or non-resident in Barbados. There is no tax on capital. The system of taxation is based on self-assessment. Barbados is not a pure tax haven but has several tax agreements with many countries including FATCA and CRS
Barbados Citizenship
Barbados does not have any citizenship by investment program (like St Kitts) at the moment, the only way to become a barbadian citizen is to naturalize or get married locally. To register for citizenship under naturalization, foreigners have to live atleast 5 out of 7 years to become a citizen of Barbados.
Barbados Passport
The Barbadian passport is a very good and powerful travel document with visa free access to over 160+ countries and territories. These countries include UK, China, EU Schengen, Canada, South Africa, Japan, Mexico
