Barbados is internationally recognised as an attractive jurisdiction for global business of substance. Committed to high standards, the country places emphasis on competitiveness while offering clients predictability and security in their investments. The recent introduction of a new tax regime has further increased Barbados’ appeal. Recognising this as a most opportune time to inform investors of the enhanced advantages, the Government of Barbados will be providing Invest Barbados (IB), the country’s investment promotion agency, with additional funding to boost their marketing efforts.
Prime Minister, Mia Amor Mottley, Q.C., M.P. remarked, “… I have agreed to be able to make available to Invest Barbados, because of the new regime, additional marketing resources…” She also endorsed the long standing relationship between IB and the private sector stating, “We recognise that the business of marketing in this sector has always been best when it is conducted not just by government but by the private sector and government working cooperatively to be able to get the word out there.”
Regarding Barbados’ enhanced position as a jurisdiction following the legislative changes, Prime Minister Mottley opined that if people did not know about a product they won’t buy into it. “The world is our business and our business is the world,” she declared.
The Prime Minister’s comments came in her address during the 20th anniversary celebrations of Cidel Bank and Trust Inc., a leading global finance company headquartered in Barbados. In 2007, the company established Cidel Bank Canada, the first Barbados-owned Canadian bank. Cidel also has operations in South Africa and Latin America and manages over $6 billion in assets of high net worth individuals and institutions. The company employs 175 persons, 90 of whom are based in Barbados. In his remarks, Cidel’s Deputy Chairman, Adrian Meyer, promised the Prime Minister that his company would continue to do its “fair share” by providing high-paying and meaningful jobs, earning valuable foreign exchange and paying its taxes.