Barbados High Net Worth Individuals
Barbados offers a non-domicile programme with a special entry permit for high net worth individuals, to retire, work or start a business here.
We know you love it here, so why leave? Barbados has a long history of welcoming wealthy visitors to our shores for vacation and to do business. And we now have a non-domicile programme offering an attractive option for high net worth individuals (HNWIs) who want to stay longer. This is a viable option for wealthy people interested in becoming residents of Barbados to retire, for employment or as an entrepreneur.
“Special Entry Permits are a viable option for wealthy people interested in becoming residents of Barbados.”
Barbados is an attractive option for high net worth individuals – excellent education, healthcare, breath-taking accommodation and of course the enviable Barbados lifestyle. And when you need to check in back home, our international airport means it’s easy to access the world via direct flights to the United States, Canada and Europe.
If you’re looking to do business here, the political, social and economic stability gives confidence to investors. Barbados is a business-friendly location with excellent infrastructure, corporate services and a highly-skilled workforce.
Special entry permit (SEP)
For qualifying high net worth individuals and their dependents, a special entry permit (SEP) can be granted, as long as certain criteria is met:
- Over the age of 60 (under 60s can apply for a temporary SEP)
- Have assets of US$5 million or more, or
- Invest US$2million or more in property or other qualifying investment in Barbados
A special entry permit (SEP) allows you to live and/or do business in Barbados (work permit carries an extra cost) and is designed to work alongside our income tax structure and exchange control regime for HNWIs. There is no obligation to live here, and SEP holders can come and go as they please.
There are many advantages to being resident but not domiciled in Barbados. You will only be taxed on income that is derived from sources in Barbados, and only on sources outside of Barbados if you choose to remit it. And in those cases, you’ll be eligible for foreign currency tax credits.
Special entry permits are issued by the Barbados Immigration Department.