Invest Barbados recently hosted an inward investment mission which focused mainly on efficient structuring of investment flows and investment opportunities in Barbados for Latin American investors. This and future missions form part of government’s on-going thrust to win new business from multinationals and high net worth individuals and families based in Latin American countries.
The main highlight of the mission was a one day informative event at the Hilton Barbados hotel. The day started with a welcome breakfast for the LATAM delegates and the speakers.
This was followed by a seminar which provided information on the jurisdiction, tax benefits, possible structures and the regulatory environment (including presentations by the regulators). There were also panel discussions on the use of management companies, captive insurance companies, and testimonials from international businesess operating in Barbados.
Described as very successful by participants, the seminar attracted 83 local participants and fourteen overseas delegates. Of persons participating from overseas, 13 were Latin American. The Latin American attendees were from Costa Rica, Mexico, Brazil, Panama, Columbia and Venezuela. One delegate was from Canada.
During the mission, the delegates were afforded opportunities to network with local service providers through a choice of social activities including golf, an island tour and a catamaran cruise, all of which were well attended, as were the welcome and farewell dinners. Several of the social events were sponsored by local service providers.
To further strengthen Barbados’ position as the preferred domicile for Latam investors, Parliament recently approved the Private Trust Companies Bill. It is expected that this legislation, along with that to facilitate the establishment of Foundations will soon be in force. Both of these products are particularly attractive to high net worth individuals and families in Latin America.