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Date: 24 Dec, 2014
Source: Invest Barbados

Barbados’ services sector shows “the largest potential for investment growth” according to the U.S. Department of State’s 2014 Investment Climate Statement Report.

Citing Barbados’ use of “transparent policies and effective laws to foster competition and establish clear rules for foreign and domestic investors”, the report highlighted that the areas which were most likely to see growth include “international financial services, tourism, information technology, educational, health and cultural services.”

In terms of its openness to foreign investment, the U.S. report stated that, “The Government of Barbados, through Invest Barbados, encourages foreign direct investment, with stated goals to create jobs and earn foreign currency”.

Some of Barbados’ international rankings were also highlighted: “Barbados has a low level of corruption, a relatively high degree of economic freedom, and a moderate ranking on the World Bank’s Ease of Doing Business index.”

Barbados has a double taxation treaty, a tax information exchange agreement, as well as a Foreign Account Tax Compliance Act Model 1 Inter-governmental Agreement with the USA.