Barbados Foreign
Currency Permit
If your business will be earning 100 percent of its income in foreign currency, you are entitled to receive a foreign currency permit (FCP).
Requirements for a foreign currency permit:
- An FCP remains valid for 12 months unless cancelled or revoked by the Director of International Business
- Your FCP must be renewed annually as follows: for companies incorporated between January 1 and June 30 – no later than June 30; for companies incorporated between July 1 and December 31 – no later than December 31
- There is an annual renewal fee of US$500 to be paid. If this is not paid within three business days of the renewal date, your FCP will automatically expire
- A declaration by a director/manager has to be filed with the Ministry of International Business and Industry, on or before the renewal date, certifying that a corporation tax return for the previous year has been filed with the Barbados Revenue Authority, and confirming that 100 percent of the income earned was in foreign currency
