Acknowledging the existence of a highly competitive captive insurance domicile market worldwide, the question is appropriately asked, “Why form a captive insurance company in Barbados?”
Apart from Barbados’ reputation as one of the premier holiday destinations in the world and its recognition as being among the top developing nations worldwide, the island has developed and enjoys a reputation as one of the world’s leading international business centres. This development is not by chance - successive governments have created a legislative framework and business infrastructure geared towards encouraging foreign investment, which has contributed to the island having this well-deserved reputation.
Certain key aspects of the business infrastructure can be highlighted in explaining why Barbados works for captive insurance companies.
Barbados has an excellent international reputation and was included in the Organisation for Economic Co-operation and Development’s “white list” from the beginning. Furthermore, Barbados has an extensive tax treaty network, providing great opportunities for investors to optimise their tax planning.
Written by Gregory Smith, Managing Director, Greg Smith Management Services Inc.; Source: Barbados International Finance & Business Magazine 2016