Barbados can now boast of having a diversified network of investment treaties with countries within both traditional and non-traditional markets.
And, with the island also claiming a suite of attractive tax legislation, International Business Minister, Donville Inniss, has reiterated that this jurisdiction has been able to distinguish itself as one with “a strong regulatory framework with right-sized regulation that complies with international best practice”.
He made these comments recently while delivering the feature address at the opening of the International Business and Financial Services Sector Conference under the theme: Reflecting on the Past: Planning for the Future, at the Tom Adams Financial Centre.
Mr. Inniss stated that being a flight hub with daily connecting flights to the world’s major financial centres was a plus for Barbados, as well as having a robust telecommunications infrastructure which contributed to the ease of doing business for international clients.
The Minister pointed out that the sector had its fair share of challenges, including the indiscriminate blacklisting by international organisations, countries or even federal districts.
These organisations, he said, had not sought to verify their allegations but had “brazenly added Barbados to a list of jurisdictions using an approach characterised by inconsistencies and based on misperceptions”.
“We have been forced time and time again to deploy resources in efforts to defend this country’s legitimacy as a reputable, transparent and compliant international financial centre,” he contended.
Asking his audience ‘what have we learnt from these challenges?’ the Minister maintained that international financial centres like Barbados had a legitimate role to play in the optimisation strategies of global business.
“They have also served to reinforce the value of ensuring that our regulatory framework adheres to international standards and best practice on all levels. It is imperative that the right balance between these realities be struck,” he stressed.