Invest Barbados





 

Residence for High Net Worth Individuals ... What Barbados Offers

 

With increasing globalisation comes the need for ease of movement in relation to work, education, residence, retirement or recreation. High net worth individuals (HNWIs) are generally more inclined to change their jurisdiction of residence for reasons of asset protection, succession planning, safety and security, greater business opportunities, or simply to enjoy nature’s bounty, all of which are possible in Barbados. Indeed, residence in Barbados is particularly attractive due to the island’s cosmopolitan feel and good safety record.

The laws of Barbados allow for various types of residency, which include immigrant status, permanent residency, citizenship, being a CARICOM Skilled National, and holding a work permit (WP).  More recently, the Government introduced the Special Entry and Residency Permit (SERP), specifically geared towards HNWIs.  

In the international business community, the most popular avenue available for foreign, specially qualified individuals wishing to work and reside in Barbados, is to apply to the Immigration Department for a long term WP.  Generally, the company which seeks to employ the individual will make the application, but owners of companies can also apply for WPs to work in their company.  Long term WPs are granted anywhere from one to five years.  The spouse and dependants of the WP holder can be granted permission to accompany him/her and to reside in Barbados.

 

Written by Liza Harridyal-Sodha, Principal, Harridyal-Sodha & Associates. Source: Barbados International Finance & Business 2016

 

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