Invest Barbados



International Banking

 

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International banks are governed by the International Financial Services Act, Cap 325 and are authorised under the Act to:

 

  • Receive foreign funds through:
    • The acceptance of foreign money deposits payable upon demand or after a fixed period or after notice
    • The sale or placement of foreign bonds, foreign certificates, foreign notes or other foreign debt obligations or other foreign securities
    • Any other similar activity involving foreign money or foreign securities
  • Use the foreign funds so acquired, either in whole or in part, for:
    • Loans, advances and investments
    • The activities of the international bank for its account of or at its risk
    • The purchase or placement of foreign bonds, foreign certificates, notes or other foreign debt obligations or other foreign securities
    • Any other similar activity involving foreign money or foreign securities
  • Accept in trust from persons resident outside of Barbados or from prescribed persons
    • Amounts of money in foreign currencies or securities or both
    • Foreign personal or foreign movable property
    • Foreign real or foreign immovable property

 

Why Locate an International Bank in Barbados


The benefits of operating an international bank in Barbados include:

 

  1. Tax rates ranging from 2.5% to 0.25% based on levels of income
  2. Foreign tax credit election available, subject to a minimum Barbados tax of 0.25%
  3. No withholding tax on dividends, interest and other payments made to non-residents of Barbados
  4. No capital gains tax
  5. No tax on income from property where returns are beneficially owned by another licensee or by a non-resident person
  6. No duty or tax on the transfer of assets from a licensee to another licensee or to a non-resident person
  7. Exemption from exchange control restrictions
  8. Tax concessions for specially qualified employees
  9.   Guarantees regarding the future taxing of a licensee

Total number of international banks

 

As at December 31, 2012 the total number of licensed international banks was 45 (Barbados Economic and Social Report).

 

Read about the formation and annual requirements of an international bank.


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