Business Barbados 2024

BUSINESS BARBADOS 2024

B A R B A D O S ’ P R E M I E R B U S I N E S S & I N V E S T M E N T P U B L I C AT I O N 2 0 24

Twe n t y - S i x t h E d i t i o n • b u s i n e s s b a r b a d o s .c o m

FUTURE PROOFING BARBADOS

Uniquely positioned to unlock the potential of your business in Barbados.

Tricor Caribbean has been instrumental in the promotion and development of Barbados as an international financial services centre from its inception and its expert team has been serving domestic clients in Barbados for over 40 years. Our multi-disciplined team of experienced professionals provides expertise in a comprehensive range of business areas, including:

Corporate Services · Entity Formation & Organization · Business Registration & Licensing · Corporate Restructuring & Advisory · Corporate Directorships · Company Secretary · Registered Office / Registered Agent · Entity Due Diligence · Scrutineering · Recording Secretaries · Statutory Custodial & Safe-keeping Arrangements · Establishment of Banking Facilities · Ongoing Statutory & Governance Compliance · Voluntary Liquidations

Tax Advisory · Short and long-term Tax-efficient Structuring Advice for use locally, regionally and internationally · Cross Border Transactional Tax Advice · General Direct and Indirect Tax Advice Reporting Obligations and Compliance Analysis for Barbados and the OECS

Business Services · Financial Reporting · Tax Compliance · Payroll & Treasury Operations · Bank Account Administration & Management · Financial Audit Oversight · Branch Management · Active Business Solutions

Human Resources · Executive & Employee Recruitment · Entry & Work Permit Applications · Employer Consultations & Advisory · Contract Structuring & Review · HR Compliance Audits · Outplacement Support

Economic Substance Support Services · In/Out-of-Scope Economic Substance Analysis & Reporting · Local Resident Directors · Board Support · Administrative Support · Recruitment of Specialist & Other Resources · Work Permit & Other Entry Applications

Other Services · Regulator Liaison · Provision of Support Services tailored to specific client needs

Office Address: One Welches, Welches St. Thomas BB22025 Barbados

Office Phone: (246) 430 8400

Office Email: info@bb.tricorglobal.com

Website: www.tricorglobal.com

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BARBADOS

Seeking a safe and thriving location for your business?

BARBADOS offers a welcoming investment climate Key Investment Opportunities One of the highest-ranked developing countries on the UN’s Human Development Index, Barbados has: a desirable quality of life a longstanding record of political, social and economic stability an excellent education system healthcare that’s amongst the best in the Caribbean direct connections to major international cities

» » » » » » » » »

Financial Services ICT Global Education Niche Manufacturing Renewable Energy Medical Tourism Research And Development Medicinal Cannabis Life Sciences

The Barbados Blue Book

world-class telecommunications other reliable utilities island-wide

Scan code to see available investment projects.

Contact Invest Barbados to learn more!

Trident Insurance Financial Centre Hastings, Christ Church Barbados, BB15156 E-mail: info@investbarbados.org Website: www.investbarbados.org investbarbados

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From Barbados: 1-246-626-2000 From Canada: 1-647-977-5996 From the USA: 1-347-433-8942 From the UK: 011-44-203-318-9036 invest-barbados

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CREDITS

Publisher: Keith Miller

Editor: Danielle Miller

Design: Neil Barnard at 809 Design Associates Main Photographer: Jaryd Niles-Morris Assisted by: Sherika Rice, Anika Millington and Ryan Austin Illustrations: Nicola Barnard for Business Barbados F U T U R E

P R O O F I N G

B A R B A D O S

Website and E-Book available at BusinessBarbados.com and join the conversation on the following social networks: Business Barbados is published annually by Miller Publishing Company Limited, 10 Stonehaven, Crane, St. Philip, Barbados Tel: (246) 421 6700 E-mail: danielle@millerpublishing.net E-mail: keith@millerpublishing.net

BUSINESS BARBADOS 2024

Printed in Barbados at COT

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All information in this publication has been carefully collected and prepared, but it still remains subject to change and correction.

Use these contents for general guidance only and seek extra assistance from a professional adviser with regard to any specific matters.

Copyright reserved. None of the contents in this publication can be reproduced or copied in any form without permission in writing from the publisher.

CALENDAR OF EVENTS FEBRUARY

POLO 3 — The Villages vs Barbados, Barbados Polo Club 8 — The Villages vs Barbados, Apes Hill Polo Club 10 — The Villages vs Barbados, Barbados Polo Club 24 — Cheshire vs Barbados, Barbados Polo Club 29 — Cheshire vs Barbados, Apes Hill Polo Club CULTURAL 12-18 — Holetown Festival visitbarbados.org/the-holetown-festival 23-25 – Agrofest – The National Agricultural Exhibition, Queens Park, Bridgetown. basonevoice.org

MARCH

BUSINESS 10-12 — CICA 2024 Int’l Conference, Scottsdale, Arizona cicaworld.com/international-conference

JANUARY

BUSINESS 24-26 — World Captive Forum, Orlando events.businessinsurance.com/wcf 24-26 – FinTech Islands, Wyndham Grand Barbados - Sam Lord’s Castle fintechislands.com

BUSINESS BARBADOS 2024

SAILING 13-24 — Barbados Sailing Week sailbarbados.com 13-14 — Barbados Sailing Week Junior Dinghy Regatta 21 — Mount Gay Round Barbados Race 24-25 — Rum to Spice (Barbados to Grenada Race)

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CULTURAL 15-21 — Barbados Independent Film Festival • barbadosfilmfest.org NATIONAL HOLIDAYS 1 — New Year’s Day 21 — Errol Barrow Day

27-28 — BRIM 2024, Hilton Barbados brim.biba.bb HORSE RACING 2 — Sandy Lane Gold Cup, Garrison Savannah barbadosturfclub.org POLO 3 — Cheshire vs Barbados, Barbados Polo Club 16 — Canada vs Barbados, Barbados Polo Club 21 — Canada vs Barbados, Apes Hill Polo Club 23 — Canada vs Barbados, Barbados Polo Club NATIONAL HOLIDAYS 29 — Good Friday

APRIL

GOLF 25-28 — Sir Garfield Sobers Festival of Golf, Barbados Golf Club, Sandy Lane Country Club and Royal Westmoreland

FISHING 9-14 — Sir Charles Williams Fishing Tournament, Port St Charles Marina NATIONAL HOLIDAYS 1 — Easter Monday 28 — National Heroes’ Day

MAY

BUSINESS 5-8 — RIMS Annual Conference, San Diego, California rims.org/annual-conferences/ riskworld-2024 20-22 — Caribbean Travel Marketplace, Montego Bay, Jamaica chtamarketplace.com 21-24 — Global Supply Chain Forum, Bridgetown, Barbados unctad.org/conference/global-supplychain-forum-2024 MOTORSPORT 25-26 — The Rally Show & First Citizens King of the Hill 31 May-2 June Rally Barbados rallybarbados.net NATIONAL HOLIDAYS 20 — Whit Monday

The Art of Sparkle

™

Exclusively at

Limegrove Lifestyle Centre, Holetown, St. James • 246-271-8230 Lower Broad Street Bridgetown, St. Michael • 246-430-2412 www.diamondsinternationalbarbados.com

CALENDAR OF EVENTS JUNE

BUSINESS 4-6 — Sustainable Energy for All Global Forum, Bridgetown seforall.org/forum

JULY

CULTURAL 7 July-5 August Crop Over Festival

AUGUST

SCUBA DIVING 18-24 — Barbados Dive Fest divefest-barbados.com HOCKEY 18-24 — Annual Barbados International Hockey Festival, Sir Garfield Sobers Sports Complex, Bridgetown barbadoshockey.org NATIONAL HOLIDAYS 1 — Emancipation Day 5 — Grand Kadooment

OCTOBER

NOVEMBER

TBC — BMA Trade and Innovation Expo bma.bb

GOLF 1 — Third Annual BIBA Charity Ben Arrindell Intl Golf Classic

BUSINESS 6-9 — RIMS Canada Conference, Vancouver, Canada rims.org/canada

20-26 —BIBA Global Business Week gbw.biba.bb TRIATHLON 20 — Annual Barbados National Triathlon

BUSINESS TBC — BarbadosSEO Conference barbadosseo.com

SWIMMING 6-10 — Barbados Open Water Festival, Carlisle Bay, St Michael barbadosopenwaterfestival.com CULTURAL 1 — Independence Lighting Ceremony, National Heroes Square, Bridgetown 30 — 58th Independence Day Parade, Garrison Savannah NATIONAL HOLIDAYS 30 — Independence Day

DECEMBER

RUNNING 6-8 — Run Barbados Series NATIONAL HOLIDAYS 25 — Christmas Day 26 — Boxing Day

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CONTENTS

14 - From the Editor 18 - The Barbados Welcome Stamp - A Mark of Approval - Connie Smith

22 - Making Pillar Two Work in Barbados’ Favour - Tara Collymore-Kirton

26 - Business Barbados Buzz: QuestGlobal 30 - The Afri-Caribbean Nexus - Kaye-Anne Greenidge

36 - Barbados as a Global Business Hub - Carmel Haynes

42 - Business Barbados Buzz: Lenstec 46 - Carbon Neutral by 2030 for Barbados

50 - Charting a Resilient Power Sector in Barbados - Carlos B. Echeverría & Viviana Alva Hart

56 - Financing Climate Resilience - Grant McDonald & Chris Brome

60 - Flowing Forward: Barbados’ Water Future - Dr Adrian Cashman

66 - Barbados’ Digital Transformation - Joanna Robinson

72 - BIBA SECTION 76 - The Transformative Impact of AI and Robotics - Mark Hill

80 - Talkin’ Bout a Revolution - Alan Emtage

84 - Potential STEM-Based Economic Growth Opportunities for Barbados - Cardinal Warde and Dinah Sah

88 - Future Proofing Barbados Rum - Richard Seale >

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- Christopher Sambrano

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CONTENTS

96 - Business Barbados Buzz: Haymans Market 100 - Decade of Change for Barbados Tourism - Ryan Forde

106 - Barbados as a Healthcare Hub - Professor Jocelyn Brookes

110 - Business Barbados Buzz: Bayview Hospital 118 - Future Proofing Barbados – the Real Estate Experience - Terry Hanton

124 - Workspace Transformations Reveal Golden Opportunities - Melanie Jones 132 - The Mission Economy - Trisha Tannis 134 - Embracing Persons with Disabilities for a Just Society >

Page 100

- Peter N. Boos FCA

138 - Investing in a Commercial Arts Sector for Barbadian Artists - Jessica Taylor

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BUSINESS BARBADOS 2024

142 - BUSINESS BARBADOS FAST FACTS

BUS I N E SS B A R B A D OS 2 024 E DI TOR I A L B OA R D

Left to Right: Ryan Forde - CEO, Barbados Hotel & Tourism Association Ross Parker - Territory Leader, PwC East Caribbean Marilyn Husbands - Tax Partner, EY Barbados Peter Boos - Chairman Emeritus, EY Caribbean Andrea Burgess - Deputy CEO (Ag.), Export Barbados (BIDC) Connie Smith - Managing Director, Tricor Caribbean Tara Collymore-Kirton - Director, Tax & Legal, Deloitte Keith Miller - Publisher, Business Barbados Melanie Jones - Managing Partner, LEX Caribbean Carmel Haynes - Executive Director, BIBA Grant McDonald - Managing Partner, KPMG in CARICOM Trisha Tannis - Chairman, Barbados Private Sector Association Danielle Miller - Editor, Business Barbados Not pictured: Sandra Payne - Deputy CEO, Invest Barbados

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EDITORIAL BOARD

FROM THE EDITOR

FUT URE PR O O F I N G

BARBAD OS

W

Danielle Miller

BUSINESS BARBADOS 2024

Editor, Business Barbados

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elcome to the 2024 edition of Business Barbados. This is the publication’s 26th consecutive annual edition, and my first as editor, with some big shoes to fill.

Our theme for 2024 is Future Proofing Barbados. If you could accurately see into the future, you would become a billionaire, almost overnight. At very least you’d buy the right lottery numbers for tomorrow’s draw. But future proofing isn’t about guessing or somehow foreseeing what’s ahead. It’s about preparing for whatever comes – the known and the unknown.

For Business Barbados that means listening to you – our readers – and responding and evolving in terms of what we publish and how we deliver it to you.

We know you love receiving our magazine each year, representing the best of the Barbados business community and investment opportunities, and showcasing it to the world. Many of you tell us that before you can sell your services overseas, you first have to sell Brand Barbados, and Business Barbados is your tool for doing that.

We also know more of you are engaging with our content online. We are expanding our digital strategy and reactively publishing articles and news from our industry-leading contributors.

Publishing online provides a wealth of

data and insights on what you want to read and we are using this to plan ahead.

We are expanding our digital space as a place for dialogue and debate within the business community. And we invite you to join that conversation by following us on LinkedIn, Facebook and Instagram, and to sign up for our newsletter via BusinessBarbados.com.

Now, let’s zoom out and look at the wider picture. The truth is, Barbados has been future proofing for decades. We’ve seen the economy evolve from monocrop agriculture to include the wellestablished economic drivers of tourism and financial services. That evolution is continuing as we embrace digital banking, fintech and renewable energy. Even the traditional sectors like agriculture have levelled-up with a focus on value-added export commodities like our worldfamous Barbados rum. And, of course, we are looking ahead and embracing technology-driven changes like AI and robotics. We know we must stay ahead of the curve and not get left behind.

In many cases we know what’s ahead.

We are preparing for the implementation of the OECD’s Pillar Two of the Base Erosion and Profit Shifting (BEPS) Initiative – with sweeping changes announced in November 2023 to corporate tax rates. Barbados will be an early adopter – finding the right balance between staying competitive but compliant.

We know that our climate is changing,

Mia Amor Mottley, Prime Minister of Barbados, with UNCTAD Secretary-General Rebeca Grynspan at the Palais des Nations in Geneva, Switzerland, June 2023.

FROM THE EDITOR

and it will affect every aspect of our economy and our lives – from rising sea levels and global temperatures to extreme weather. And we are preparing for this at home and on the global scale.

The Barbados government led by Prime Minister the Hon. Mia Mottley has been leading the global south not only in the fight for equitable climate financing, but also for a fundamental overhaul to the global finance architecture. Thanks to her efforts, spear-headed by the Bridgetown Initiative, we now have a Blue Green Bank to finance climate resilient development projects, with USD $250 million in capital. At COP28 held in Dubai in November 2023, progress was made with developed countries and multilateral lenders committing to expand the use of climate-resilient debt clauses. We are also expanding South-South relations and as a result of these diplomatic efforts, the Africa Export-Import Bank in 2023 opened its Caribbean office (the first branch outside of Africa) in Barbados, with USD $1.5 billion approved to fund public and private sector projects in CARICOM states.

Barbados is also doing its part to reduce carbon emissions with bold net zero goals. A big part of this has been the rapidly moving transition to renewable energy. The uptake of residential and

commercial photovoltaic systems has been so successful that the current challenges are around future proofing our electricity grid and expanding storage systems to accommodate the higher intake and inherent fluctuations from solar energy.

Barbados, like many countries has an ageing population and declining birth rate. So we are exploring options to reverse and mitigate this, including immigration policies such as the longterm contribution that Welcome Stamp visa holders can make to Barbados – spending money, bringing skills, starting businesses and more.

Barbados is a growing hub for the movement of people, goods and services. We are expanding our airlift to established destinations and initiating new direct flights to the Cayman Islands, Latin America, and discussions for the same to Africa. New markets, new demographics and new products are all being explored by the tourism industry to ensure we remain competitive in this sector, still one of the mainstays of our economy. Our port is expanding to include a dedicated container berth and to facilitate plans of becoming a transshipment hub for the region.

To prepare for tomorrow, we are upskilling our workforce and rethinking

the education system with a focus on technology and digital literacy. Our young people need to be flexible, creative and have strong critical thinking skills. Their education and training need to prepare them for the jobs of the future that don’t even exist yet.

We are using data to inform decisions and priorities. The government has a big drive to digitalise public services, improve ease of doing business and ensure that the country continues to be an attractive and competitive jurisdiction for international business. In 2023 the government and private sector signed the Declaration of Mission Barbados, a bold plan to catalyse sustainable and inclusive growth, ensuring we are pivoting all facets of the economy to future proof Barbados.

As we navigate an ever-changing global landscape, the need for adaptability and foresight has never been more critical. In this issue, we explore the strategies, innovations, and initiatives that are transforming Barbados into a resilient and forward-looking business hub. It is a vibrant and exciting time to live and do business in Barbados.

Whatever the future holds, we are ready.

Bring it on and come join us.

BUSINESS BARBADOS 2024

Parliament Buildings

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B A R B A D O S W E L C O M E S TA M P

Barbados Welcome Stamp

I Connie Smith Managing Director, Tricor Caribbean

t was Oscar Wilde’s assessment that “Imitation is the sincerest form of flattery”. And as the innovativeness of Barbadians shone through the direst period of the COVID-19 pandemic, the island’s Welcome Stamp visa programme emerged.

So successful has been Barbados’ Welcome Stamp Programme in redefining how people can work, live and enhance their lifestyle, that by mid-2021, at least 20 countries were trying to replicate it.

Today, almost 60 nations are offering similar digital nomad programmes.

An initiative targeting the growing segment of digital knowledge workers has proven to be an important source of valuable foreign exchange – the lifeblood of this small open economy. Important also has been the contribution of the Programme as a base for long-term tourism. It has also spurred the island’s second-homes market and boosted the middle and premium-rated rental accommodation.

Launched by Prime Minister Mia Amor Mottley in July 2020, the Programme was given enhanced legal status in 2021 with the passage of the Remote Employment Amendment Act, 2021, which extended the existing legislation governing the Welcome Stamp.

In fact, during the pandemic period, which was characterised by severely restricted international travel, this segment of visitors cum-long-term

residents became an important source of vital foreign revenue.

By mid-2020, Barbados’ GDP had contracted by almost six per cent, and the significant growth trajectory of 2019, unfortunately, made a deep plunge south.

Even though Barbados is an extremely desirable destination and needed as much revenue as possible, not everyone who applied to live and work here was successful. The country sought to ensure the legitimacy of applicants, their bona fides as digital workers, and their capacity to support their lifestyle while residing on the island.

By the end of 2021, some 3,257 applications were received; of those, 2,163 were approved. As Maggie Gonsalves, the Welcome Stamp Manager with the Barbados Tourism Marketing Inc (BTMI), indicated recently, more than 4,000 people are approved holders of the Welcome Stamp status.

These “welcome stampers”, as they have been affectionately monikered

by Barbadians, provided an unfiltered window for the rest of the world to understand how this tiny Caribbean nation arranged its resources, both human and capital, in such a way to orderly and rationally manage the pandemic’s circumstances.

Take for example, Lee Yeaman, who came to Barbados about one year after the special visa Programme was introduced. The United Kingdombased freelance writer, journalist and

BUSINESS BARBADOS 2024

A Mark Of Approval

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B A R B A D O S W E L C O M E S TA M P BUSINESS BARBADOS 2024

Remote work office space at REGUS

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political outreach correspondent for ImmigrationNews.co.uk easily related her Welcome Stamp experience with authenticity that drew significant following in the UK and around the world as she journalled her encounters.

Though Barbados was impacted by the health and socio-economic crisis spawned by the pandemic, it did not experience the mayhem, protests, and disorder that characterised the situation in some industrialised centres.

Yeaman’s account of finding safe harbour in Barbados with our toptier telecommunications systems, modern infrastructure, wide range of accommodations from luxury villas to mid-budget homes, high level of personal safety and security, strong educational system for Welcome Stampers with children, relative proximity to and easy air access as a leading Caribbean hub, all added to the island’s appeal.

The Briton also marvelled at the spirit of Barbadians who rallied to assist each other during the pandemic and the ash fall that blanketed the country following the volcanic eruption in the neighbouring island of St Vincent.

In one of her accounts carried in Huffpost accompanied by photographs of the iconic Carlisle Bay, she recounted the dramatic shift of working from home, and initial fears of relocating to the island with her young son Leo. “Wanting to push myself and take advantage of finally being untethered to a specific workplace, I figured, why not try something completely new in a completely new place? When else was I going to get this kind of opportunity?”

Yeaman added: “I found a great community on this beautiful island, and I made friends almost immediately. I’ve had people check in on me and help me with whatever I need. The sense of community

here is astounding and even though it’s just Leo and me, I haven’t ever felt lonely.”

This is the kind of testimony that tourism officials of any destination would clamour to receive in such a high-profile publication.

The Barbados economy has significantly recovered from the pandemic-associated slump. Governor of the Central Bank of Barbados, Dr Kevin Greenidge, announced in his October economic review that the third-quarter improved economic performance was buoyed by tourism.

He also outlined the economy’s projected growth of 4.5 per cent for 2023 and by 3.5 and four per cent in 2024.

As tourism continues to anchor the Barbados economy, the Welcome Stamp Programme will likely be relied on as an important subsect in the island’s visitor profile.

One could easily assess that the Programme’s relevance has evolved into a much more profound and strategic feature in society, as it has been incorporated into the island’s long-term development planning in response to stagnant population numbers.

With a rapidly ageing population, low birth rate, and outward migration of young university graduates, the Government has factored in the presence of thousands of Welcome Stampers and their families into its evolving population expansion thrust.

According to information provided by the Government, this group of professionals come from areas ranging from marketing, technology, communications, finance, and manufacturing, to education and training, law, distribution and logistics, and public administration.

They come from North America, Europe, Africa and Asia. These long-term

residents have come to view Barbados as their new home, and many have relocated with their families.

Welcome Stampers have assimilated into the Barbadian society. They bring skills and experiences from many cosmopolitan centres, and most importantly, many have established businesses in Barbados, creating new employment openings and skills transfer opportunities.

The island has long been viewed as an aspirational destination for many travellers, so the opportunity to live where others vacation is an attractive x-factor for successful Welcome Stamp applicants.

At the same time, Barbados has to maintain the Programme’s attractiveness and relevance in the face of competition from centres around the world that have come to appreciate its many social and economic benefits.

Important also is the evolution of flexible work from being a novelty to becoming mainstream. There is no turning back, as many knowledge workers deliberately choose companies and organisations that allow them the option of working away from the office.

Despite the resistance in some corporate quarters, many progressive companies continue to embrace remote work. With a growing number of independent service professionals operating almost exclusively in the online space, the opportunities for Barbados to grow this segment and leverage its position are increasing.

Moreover, the island’s enhanced Data Protection legislation provides the security such professionals require to offer their services remotely from Barbados.

W ELCOM E STA M P E R S :

“I T WAS THE BEST MOVE, EVER”

E

ven before the COVID-19 pandemic struck, Jordan Richardson, and his wife Jasmine Choy were growing weary of the beastly cold Canadian winters.

Also weighing on Jordan’s mind were the urgings of his wife, who was born in Guyana but moved to Canada as a teen with most of her family in the 1970s.

Jasmine, however, made many trips to Barbados as some of her relatives shifted to the island during that period.

For Jasmine, Barbados was among her ultimate experiences and dreamed of returning to the Caribbean to live.

The founder and lead advisor of the Toronto-based insurance brokerage firm Northwise Financial, Jordan quickly realised that while the pandemic threw up many negatives, there were some positives such as the proliferation of online business and remote work.

“Our family started strongly considering a move from Canada when the pandemic reared its ugly head,” he recalled.

In fact, the ability to operate his business and work remotely on a full-time basis emerged. It was a development that seemed highly unlikely prior to the pandemic.

“My online business actually picked up speed during the pandemic, which showed the promise of remote work, meaning I could do my job in Canada, the beach, the moon – it didn’t really matter as long as I have good internet. This

development helped us pull the trigger to move our family to a totally new country,” he acknowledged.

For those who thought that Jordan and Jasmine’s decision to uproot from the place they called home along with their young children ages seven, five and two was made on a whim, that would be a wrong assumption.

“Our family was looking for a place with a warm climate. We had lived for many years in a harsh, cold climate, and knew we did not like it. We considered California, Florida, Costa Rica, Mexico, and others, but Barbados gave us the best combination of our family’s needs.

We were mainly prioritising safety, education, culture, cost of living and political climate, and through our research, and experience, determined Barbados would be the best fit. Although cost of living is definitely a concern in Barbados, we felt Barbados was top notch for all of our other considerations,” the Canadian couple affirmed.

As compelling as the United States was as the world’s leading economy, Jordan and Jasmine outlined how “uncomfortable” they were with the “gun violence and political unrest” there.

On the other hand, Mexico and South America’s affordability factor made them great options, however, when they factored in matters of safety and the education of their children, the destinations fell short.

According to Jordan: “All-in-all,

Barbados ended up at the top of our list!”

With their Welcome Stamp 12-month visa approved, the family headed south for a new life on the island where his wife had always dreamed of residing.

“To date, Barbados has been living up to our expectations. Our children have been getting an extremely good education, and we really love the culture and way of life of Bajans. Importantly, we felt safe during our stay on the island.

My biggest shock so far has been my electricity bill.”

With the pandemic over and the couple seriously considering Barbados as their second home, and contemplating citizenship, they do not see the need for any immediate improvements in the visa programme.

However, they would be more comfortable with long-term certainty in the programme and a simplified process that leads to possible Barbadian citizenship.

“It seems likely that this programme will continue on, but if it were to be cancelled for any reason, this would mean uprooting my family to go back to Canada. It would be nice to have some long-term security when making such a big decision to move your family to another country,” Jordan outlined.

For more information on the Barbados Welcome Stamp programme see www. visitbarbados.org/barbados-welcomestamp

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PILLAR TWO

Making Pillar Two Work in Barbados’ Favour

M Director, Tax & Legal, Deloitte

Pillar Two Pillar Two is a set of Model Rules that were established to reduce MNEs ability to shift profits from parent entity jurisdictions to a no or low tax jurisdiction. Parent entity jurisdictions will be allowed to “top up” taxes to the global minimum tax (GMT) rate of 15% on MNEs with annual consolidated group revenue in excess EUR 750 million. However, low tax jurisdictions may elect to introduce domestic legislation based on these OECD developed Model Rules to increase their domestic tax rate to avoid parent entity jurisdictions collecting the excess tax that would now be due in those jurisdictions.

BUSINESS BARBADOS 2024

Tara Collymore-Kirton

uch like the highlyanticipated world premiere of a beloved TV series, tax professionals and Multinational Enterprises (MNEs) are anxiously awaiting the future of international tax policy and the implementation of Pillar Two. With a cast of over 130 nations, the producers, the Organization for Economic Cooperation and Development (OECD), have meticulously designed the plot to address any lingering concerns that Pillar One may have missed. The debut episode garnered considerable attention, and, akin to a movie critic, this article offers a sneak peek into the upcoming episode and outlines the adjustments Barbados has made to leverage Pillar Two in its favour.

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PILLAR TWO

Barbados’s Approach to Pillar Two

BUSINESS BARBADOS 2024

Barbados, a jurisdiction known for its low tax rates and status as a developing nation, has chosen a distinct path in response to Pillar Two. In its commitment to position itself as a premier choice for MNEs, the Government of Barbados announced in November 2023 a transformative legislative overhaul. This reform aims not only to align with the OECD’s guidelines but also to attract and retain investors.

Barbados has implemented the fundamental elements of the Global Minimum Tax (GMT), specifically the Income Inclusion Rule (IIR) and the Undertaxed Profits Rule (UTPR). The implementation of the Qualified Domestic Minimum Top-Up Tax (QDMTT) is also on the agenda but will primarily apply to companies falling within the specified scope. The successful execution of one or a combination of these measures empowers Barbados to impose taxes of up to 15% on eligible Multinational Enterprises (MNEs). Nevertheless, Barbados has opted to postpone the application of these measures in cases where the Ultimate Parent Entity (UPE) of MNEs is headquartered in the USA or China and adheres to domestic GMT regulations.

The foremost step on this journey was the adjustment to the corporate tax rate to match the GMT rate of 15%.

This alignment will occur gradually, with the immediate increase to 15% for MNEs with annual consolidated group revenues surpassing EUR 750 million (in scope MNEs). A new corporate tax rate of 9% will apply to Barbados companies, with the exception of the below

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a. Companies which earn income below BBD 2 million and are registered as a Small Business under the Small Business Development Act, shall be subject to a Corporate Income Tax rate of 5.5%; b. Companies operating as licensed insurance companies – either Class I, II or III, will maintain their current tax regime; c. Companies in the International Shipping business will continue to be

governed by the tax regime introduced in 2019 (i.e., sliding scale of 5.5 – 1%), as a result of this industry being scoped out from current GloBE rules; however, this will be revisited from effect of calendar year 2025; d. In-scope MNEs, whose Ultimate Parent Entity (or Constituent Entity) is in any jurisdiction that has not adopted the Income Inclusion Rate or Undertaxed Profits Rule, will continue to be governed by the current tax regime introduced in 2019 (i.e., sliding scale of 5.5 – 1%), with no introduction of a Qualified Domestic Minimum Topup Tax; and e. An application of a Qualified Domestic Minimum Top-Up tax to 15% will be applied for in-scope MNEs, who’s Ultimate Parent Entity (or Constituent Entity) is in any jurisdiction that has adopted the Income Inclusion Rate or Undertaxed Profits Rule Lastly, Barbados has implemented qualifying tax credits aimed at reducing the effective tax rate of all companies in Barbados. These credits, known as “qualifying refundable tax credits,” have a unique status as they are regarded as income for Pillar Two global anti-base erosion (“GloBE”) purposes, rather than a reduction in adjusted covered taxes. The OECD has established specific criteria to determine which tax credits qualify as “refundable” to ensure they do not lead to harmful tax practices. Therefore, these tax credits introduced in Barbados met the OECD’s standards for qualifying credits while remaining practical and attractive to potential investors. These qualifying credits encompass incentives for: • Employment promotion – a qualified job credit for payroll costs of designated activities and sectors, between 75% and 475%; and • Supporting research and development - a research and development credit for eligible activities, up to 50% of eligible costs.

It is also anticipated that further tax credits will be available, including one for companies engaged in Environmental,

Social and Governance (or ESG), activities.

Safe Harbour Rules In an effort to support developing nations, the OECD has introduced safe harbour provisions designed to allow MNEs operating in lower-risk countries to defer their Pillar Two compliance obligations until 31 December, 2031.

To determine eligibility for MNEs with operations in Barbados, one must assess the MNE’s data, such as its Country by Country Reporting (CbCR) and financial statements, to ascertain whether its operations meet any of the following three criteria: 1. De Minimis Test: The MNE’s total revenues do not exceed EUR 10 million, and its profit before income tax does not surpass EUR 1 million, as indicated in its CbC report.

2. Effective Tax Rate Test: The MNE maintains a “simplified ETR” equal to or greater than 15% for the years commencing in 2023 and 2024. This threshold increases to 16% and then 17% for the years commencing in 2025 and 2026, respectively.

3. Routine Profits Test: The preincome tax profits of the business are either equal to or do not exceed the “substance-based income exclusion amount” as calculated in accordance with the OECD model rules.

The additional administrative workload associated with complying with these Model Rules is expected to be substantial and unprecedented. The recent changes have captivated viewers worldwide, especially those with interest in Barbados.

Nevertheless, viewers are encouraged to stay tuned to the international business landscape as Barbados strives to maintain its leading position in meeting the requirements of both the OECD and investors. Enjoy the show!

Complex. Yet simple.

Businesses, have complex needs. Yet, the answer is simple. CIBC FirstCaribbean has extensive experience in a variety of regulatory environments, partnerships with leading international financial centres and comprehensive understanding of your unique position no matter how complex.

International Corporate Banking International Payment & Cash Management Services Online Banking Accounts in major currencies Forex (16 currencies) Corporate Credit Cards Trade Finance Solutions (NAIC & OSFI Approved Letters of Credit) Investment and Asset Management Solutions

The CIBC logo is a trademark of Canadian Imperial Bank of Commerce, used by FirstCaribbean International Bank under license.

To find out more about us please visit cibcfcib.com or contact us directly: Suediann Conliffe Head, International Corporate Banking Tel: 246 467-1868 Email: suediann.conliffe@cibcfcib.com

QUESTGLOBAL BUSINESS BARBADOS 2024

L EAD I N G T HE N EX T F I NT E C H WAVE I N BA RBA DOS

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QUESTGLOBAL BUSINESS BARBADOS 2024

Praneil Ladwa and Nicole Bayley

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QUESTGLOBAL BUSINESS BARBADOS 2024

“As a company, we understand the importance of supporting our people and allowing them to be productive in different environments.”

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Questrade Financial Group (QFG) – the parent company of QuestGlobal Inc. – is one of Canada’s largest non-bank financial services providers. Established in 1999 as a discount brokerage and wellknown for its flagship brand Questrade Inc., it was the first Canadian company to offer electronic trading to retail traders and is considered by many to be the country’s first true homegrown fintech.

Led by founder, and current president and CEO, Edward Kholodenko, the company’s early value proposition was centred around the simple concept of an accessible and cost-effective trading tool that could be scaled to the masses.

Today, that concept has become a reality, and is reflected in QFG’s current mission statement, which is to help all Canadians become much more financially successful and secure.

Since its inception 24 years ago, QFG has undergone exponential growth, expanding its operations to offer a wide range of financial services, and growing to a team of 3,000 employees across seven countries globally. Presently, QFG’s product and service offering

spans securities and foreign currency investment, professionally managed investment portfolios, mortgages, insurance, real estate services, and pointof-sale lending with several more on the horizon. It also boasts assets under management (AUM) of over $40 billion.

Establishing QuestGlobal in Barbados In 2009, QFG made the strategic decision to invest in the unique skillsets and expertise of its internal teams in order to build its own proprietary trading platform from the ground up. While this was a task that few North American organizations (if any) had previously attempted, the end result was a leadingedge, digital-first platform that, to this day, remains wholly owned by the company. Today, QFG’s platforms are viewed among the top in North America and feature best-in-class capabilities, mobile applications, and integrated investment tools and resources.

As QFG has continued to grow and expand its offering, the company has

seized several opportunities to grow its operations globally. It took the next step in this growth trajectory in 2021, when it made another bold decision to invest heavily in Barbados with a newly formed subsidiary, QuestGlobal Inc. Conceived with a five-year strategic roadmap in mind, QuestGlobal Inc. aims to expand QFG’s presence and spark the development of the next generation of trading platforms leveraging the very best of cutting-edge technologies and capabilities.

Over the course of just two short years, QuestGlobal has grown to a team of 30 people with extensive expertise in software development and business support services. The team has also established an international trading desk, in-house compliance function, and call centre agents tasked with supporting the Canadian entity in addressing complex customer service issues.

Praneil Ladwa, Chief Product Officer and Head of International Operations, provides his view on the QuestGlobal

Bringing Global Fintech Culture to Barbados Mirrored after QFG’s global headquarters in Toronto, Ontario, which were inspired by workspaces that encourage workstyle flexibility and collaboration, the QuestGlobal offices in Barbados feature a similar aesthetic. With an open-office design that is accentuated by large digital screens that display realtime market quotes and ergonomic sitstand workstations with multiple screens, the space is designed to exemplify the gold standard of fintech culture. That gold standard is further highlighted in the space with a dedicated mural depicting each of QFG’s values (abbreviated as “IQ-Tech”): Innovative, Curious and Optimistic, Team Oriented and Think Enterprise-Wide, Entrepreneurial and Agile, Customer-Centric, and Honest with Integrity.

Arlene Quintyne, Director, Finance and People Operations, shares her perspective

on QuestGlobal’s unique workstyle approach: “As a company, we understand the importance of supporting our people and allowing them to be productive in different environments. Flexibility and hybrid-working are cornerstones to this approach, with a particular focus on worklife balance. We understand our teams have priorities outside of work, so we welcome them to adjust their day-to-day to fit their preferred workstyle.

Within the office, we have also made sure to have lots of social spaces, a wellstocked kitchen, and places for employees to unwind with video games and other activities like foosball. In the end, we want to maintain the QFG standard of a collaborative, high-performing, respectful, and inclusive workplace for all our teams with the goal of continued success in delivering for our customers!” www.questrade.com

BUSINESS BARBADOS 2024

expansion: “We chose Barbados for a multitude of reasons. A topline reason is the engaged regulatory and political landscape in Barbados led by leaders and professionals who are committed to making the island a welcoming business destination. The quickly growing business ecosystem and government efforts to attract international business were also important considerations as it was important for our expansion process to be as smooth as possible.

Another significant consideration was the education system and resulting talent pool in Barbados, which is top tier.

We have hired exceptional, caring talent with engineering, finance, compliance, and trading expertise. Being located here, we can also work seamlessly with our Canadian affiliates as we’re in the same time zone and have the benefit of operating from an international hub with direct flights to Toronto, Europe, and the United States daily”

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THE AFRI-CARIBBEAN NEXUS

The AfriCaribbean Nexus

Opportunities in Trade and Investment

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CEO, Invest Barbados ne People. One Destiny.

Uniting and Reimagining our Future.” This was the theme of the inaugural AfriCaribbean Trade and Investment Forum in 2022, hosted in Barbados.

Fast forward just over a year, and Africa and the Caribbean have cemented yet another milestone, through the establishment of a branch of the African Export-Import Bank (Afreximbank) in Barbados, to provide access to funding for global trade, investment and development between the two regions.

The Bank officially opened its Caribbean branch office in Barbados on August 4, 2023. The ribbon cutting on this momentous occasion was jointly performed by the Hon. Mia Amor Mottley, Prime Minister of Barbados and Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank. Lauding the opening of the

Role of the Afreximbank The Afreximbank, a Pan-African multilateral financial institution, was established in 1993 to finance and promote intra- and extra- African trade, with its vision to be the Trade Finance Bank for Africa. Afreximbank’s clients include large corporations, governments, specialised agencies and financial institutions. The Bank is headquartered in Cairo, Egypt, with branches in Côte d’ Ivoire, Cameroon, Nigeria, Uganda, Zimbabwe and now, for the first time outside of Africa, in Barbados. Its total assets and guarantees are valued at more than US$31 billion, with shareholder funds totalling US$5.2 billion at the end of 2022.

The opening of the Caribbean office comes on the heels of Afreximbank’s approval of US$1.5 billion in funding,

BUSINESS BARBADOS 2024

Kaye-Anne Greenidge

Caribbean office, Prime Minister Mottley noted, “This is not just a proud moment historically, but it is also a move that makes sense that will benefit our regional private sector and our regional stateowned corporations who need access to a more empathetic, reasonable bank and one willing to take risks that would allow our people to move and grow to the next level.”

Several dignitaries from Africa and the Caribbean including, Hon. Ralph Everard Gonsalves, Prime Minister of Saint Vincent and the Grenadines, Hon. Phillip. J. Pierre, Prime Minister of St. Lucia, Hon. Dickon Mitchell, Prime Minister of Grenada, H.E. Obasanjo, the Former President of Nigeria, were in attendance to celebrate this historic partnership, further solidifying the strategic South-South relations among the economies.

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THE AFRI-CARIBBEAN NEXUS

which is earmarked for public and private sector institutions in the CARICOM member states that ratified the Partnership Agreement with the Bank, to access its range of financial instruments in sectors such as agriculture, agribusiness, healthcare, mining, renewable energy and shipping. Afreximbank has since committed to increasing the funding limit over time to US$3 billion, as partnerships with member states and bankable deals increase.

BUSINESS BARBADOS 2024

Barbados Based Branch – First in the Caribbean

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This local branch of the Afreximbank is of major significance to the Caribbean community. According to President Oramah, “With the launch of the [Caribbean] office, we can look forward to a smoother implementation of trade and access to finance initiatives, broader business origination across the [Caribbean] and more impactful results from our partnership…” His optimistic outlook for the regional branch is for Caribbean and African finance systems to become better integrated in the future.

The Bank also intends to address the challenges associated with inter-regional trade and trade between Africa and the Caribbean, as it seeks to create mutual and feasible transportation linkages. As such, Afreximbank’s funding will include provisions for guarantees and project preparation facilities to companies wishing to invest in this essential logistics sector.

The Caribbean, and Barbados specifically, remains committed to building on its Commonweath and African, Caribbean and Pacific links with African countries to forge stronger bilateral and multilateral ties. Prime Minister Mottley wholeheartedly agreed that it was time for Caribbean people to be able to access capital “to build out our region and ensure that they can create the platforms for prosperity.”

Why Barbados?

Barbados was recognised as the natural choice for Afreximbank to establish its Caribbean office – a “significant signal of confidence”.

Barbados has long shared and deep linkages with countries on the African

continent, both historically and culturally, and continues to engage with these countries, strengthening relationships and collaborating on mutual interests.

Consequently, the decision was well-received and supported by the Government of Barbados and CARICOM countries. In fact, it was Prime Minister Mottley who extended the invitation that facilitated Afreximbank’s first official visit to Barbados. For several years, Prime Minister Mottley has been strategic in her engagements with leaders of African countries, particularly in Ghana, Kenya and Rwanda, with whom she has built meaningful and lasting partnerships.

Apart from the country’s goal of becoming a gateway for African trade and investment into the western hemisphere, Barbados continues to build on its success as a business hub in the Caribbean due to its long history of political and social stability, strong and effective leadership, expanding treaty network, educated workforce, modern telecommunications and transport infrastructure, as well as its excellent quality of life. The African Caribbean solidarity and synergies that have been nurtured by Barbados and other members of CARICOM have served to bolster the South-South relationship African and Caribbean governments strive to preserve and further develop.

Next Steps for the Afreximbank Caribbean Branch The Afreximbank’s officials reported that their experience in establishing operations in Barbados was seamless, with Invest Barbados being instrumental in coordinating preparations for the establishment of the branch. Subsequent to the launch, the Bank has concentrated its efforts on the delivery of “fit-forpurpose” programmes to benefit public and private sector entities within the region. This includes engaging with major players such as central and commercial banks as well as other corporate institutions involved in trade and trade enabling activities. As part of the engagement process to adequately address the needs of CARICOM member states, the Bank conducted fact-finding missions in the Bahamas, Barbados, Guyana (which hosted the second annual

AfriCaribbean Trade and Investment Forum in October 2023), St. Kitts and Nevis and Suriname.

The Bank is aiming to provide financing support to critical sectors in the region, including the hospitality industry, which is the stronghold of Barbados, the renewable energy sector to take advantage of geo-thermal and wind energy potentials in the region, the agricultural sector and investment in the blue economy, as well as the creative industries and the orange economy. The Bank plans to extend to the region the gains from the Creative Africa Nexus (CANEX) programme through which it has supported the creative industries in Africa.

Among other initiatives under consideration and geared towards facilitating ease of doing business regionally and globally, is the Pan African Payment and Settlement System, as well as the MANSA repository, a pan-African customer due diligence repository for financial institutions, corporate entities and small and medium-sized enterprises, developed to address the perceived risk of doing business in Africa and with Africans. Additionally, the Bank is in the nascent stage of collaborating with the CARICOM Secretariat to establish the CARICOM EXIM Bank, to which significant investment from Afreximbank will be injected.

Over the longer term, the Bank has plans to construct a future-focused, iconic mixed-use business and trade centre complex as part of its permanent footprint on the island. This will help bring the Bank’s unique programmes and facilities closer to partners within the region.

This is an exciting time for African and Caribbean countries. With many developments in the pipeline, vast possibilities abound for the two regions, which although different and separated by the Atlantic, have many synergies – both sharing a resilient spirit based on their shared past. The Afreximbank is accelerating the vital process of bridging the gap through its promotion and development of South-South trade and investment between Africa and the Caribbean from its home base in Barbados.

LEVERAGING PRIVATE PLACEMENT LIFE INSURANCE (PPLI)

BUSINESS BARBADOS 2024

Nikita Gibson, Senior Vice President, Clarity Life Insurance

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Introduction

Explaining PPLI

In a world where forward-thinking strategies are key to securing tomorrow’s financial landscape, Clarity Life Insurance Ltd. stands as a beacon of innovative wealth management, offering tailored Private Placement Life Insurance (PPLI) solutions for global clients. With solutions for clients in Angola, Chile, Japan, Mexico, Portugal, Russia, Australia, South Korea, and the USA, as well as plans for expansion into additional African markets and beyond, Clarity Life is at the forefront of safeguarding financial sustainability for the sophisticated investor.

PPLI, a form of variable universal life insurance, is uniquely designed to cater to the sophisticated investor or policyholder.

It combines traditional life insurance’s protective aspect with the flexibility to own a diverse range of investments, dependent on the jurisdiction and carrier. Clarity Life Insurance Ltd. offers a range of PPLI characteristics that include holding assets such as artwork, intellectual property, structured notes, and real estate, all while ensuring diversity and regulatory compliance as needed.

Barbados, positioned as an international business hub, allows Clarity Life to serve clients through its extensive network infrastructure, enabling seamless online meetings and facilitating in-person visits to our offices, courtesy of accessible air transport.

Why Choose Barbados for Offshore PPLI? Discerning high-net-worth individuals and investors choose Barbados for offshore PPLI due to the nation’s political stability and a robust legal framework, which protects assets through the Companies Act, Chapter 308 of the Laws of Barbados. This framework permits the incorporation of PPLI carriers as separate account companies, segregating their assets from the carrier’s general assets.

The country maintains a well-regulated financial services sector adhering to international standards, offering a taxfriendly environment with a wealth of double taxation treaties and the absence of capital gains tax, estate tax, and inheritance tax. This grants investment flexibility with no legislative or regulatory constraints, allowing a broad spectrum of investment vehicles and asset types within a PPLI.

How does PPLI work for wealth preservation?

PPLI structures are intricately tied to the policyholder’s residency, citizenship, and at times, the beneficiaries.

This powerful tool enables wealth preservation, asset protection, estate planning, and generational wealth transfer. With Clarity Life, policyholders own the policy, while the investment or separate account is managed by an independent advisor or invested in an insurance dedicated fund. Premiums offer flexibility in terms of timing and amount, and investment gains typically enjoy favourable tax treatment over the medium to long term. Clarity Life’s PPLI goes a step further, offering direct investments in the stock market or diversified insurance dedicated funds.

What are the types of PPLI Clarity Life offers?

Clarity Life Insurance Ltd. offers a

• Variable Universal Life: Tailored to comply with IRC 7702 for U.S. policyholders and designed to provide death benefit coverage as needed for non-U.S. policyholders.

• Frozen Cash Value: Ideal for generational wealth transfer, providing a death benefit based on a percentage of the separate account value (usually 105% - 120%) while freezing cash value at the total premiums paid.

• Zero Cash Value: Similar to frozen cash value but with no cash value accessible to the policyholder.

• HARP: Specially designed whole life insurance policies that enable clients with insurance capacity or health challenges to obtain life insurance when they might not otherwise qualify.

• Deferred Variable Annuity: Creates an annuity payout from the underlying investment account in the future.

• Single Premium Immediate Annuity: Offers an immediate annuity payout from the outset.

What are the benefits of PPLI with Clarity Life in Barbados?

Clarity Life was founded by professionals with many years of experience in insurance, legal, and finance. The company’s track record, dedication, efficiency, innovation, capability, and partnerships with globally renowned firms like Oliver Wyman, KPMG, and Withers LLP provide a strong foundation for client success.

Case Studies For a non-U.S. client seeking generational wealth transfer with a moderate risk approach, Clarity Life customized a frozen cash value solution.

With an initial premium of USD $6 million, by the fourth year of the policy, the separate account grew to USD $10 million. The client has access to the initial premium of USD $6 million while the USD $4 million gain is preserved for future generations.

Another non-U.S. client with a charitable inclination, benefits from Clarity Life’s tailored approach. They facilitated the creation of a trust dedicated to making annual donations

to a chosen foundation for the policy’s lifetime.

For a US client seeking generational wealth transfer and asset protection, with a moderate to high risk profile, Clarity Life customized a Non-Modified Endowment Contract (“Non-MEC”) solution. With an initial premium of USD $4 million in an insurance dedicated fund (“IDF”), by the sixth year of the policy, the separate account grew to USD $15 million. The client has access up to the adjusted cost basis of the fund, while the strategic structuring and management of the policy allows for deferred tax implications.

While each client’s needs may differ, Clarity Life remains prepared to provide innovative solutions that align with their unique financial goals.

CLARITY LIFE INSURANCE

spectrum of PPLI solutions:

What are the considerations for choosing the right offshore carrier?

Selecting the right offshore carrier necessitates evaluating factors like reputation, confidentiality, knowledge, personalized experience, and regulatory compliance. Clarity Life Insurance Ltd., based in Barbados, excels in all these aspects.

Conclusion The world is in constant flux, from global tax reforms to environmental changes. In this ever-shifting landscape, PPLI serves as a valuable tool for wealth preservation, foreign currency access, compliant tax-efficient planning, and asset protection through separate accounts. Clarity Life stands as the ready partner, offering investors and advisors the means for financial sustainability in the face of global uncertainties, ensuring a secure future for its clients, from Barbados. claritylifeinsurance.com +1 (246) 537-4138 info@claritylifeinsurance.com

BUSINESS BARBADOS 2024

Offshore Advantage in Barbados

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GLOBAL BUSINESS HUB

Barbados as a Global Business Hub Facilitating the Movement of People, Goods and Services

Carmel Haynes Executive Director, BIBA, The Association for Global Business

2024, which will conform to the OECD’s thrust to implement a global minimum corporate tax regime from 2024.

Global business and financial services are well-established as one of the mainstays of Barbados’ economy and continue to be the fastest-growing sector.

And the island’s geographic location in the centre of the Americas, means it is well-positioned as a hub for the movement of people, goods and services.

Our solid airlift network and sea routes means the island is a valuable logistics hub for trade and investment coming into Latin America and the Caribbean.

People Regular direct flights between Barbados and Panama and more recently Barbados and Venezuela have opened up routes and connections to all south and central American cities, with Barbados as a gateway to Latin America. Airlift between Barbados and major cities in Kenya and Ghana are also at the top of the agenda with foreign affairs and tourism officials.

Airlift follows patterns of trade and tourism. And the inaugural AfriCaribbean Trade and Investment Forum in 2022 and the opening of AFREXIMBank’s Caribbean Office in 2023, both in Barbados, are evidence of the reconnections that are taking flight between Africa and its diaspora.

In 2023, UK airline partners British Airways and Virgin Atlantic celebrated

BUSINESS BARBADOS 2024

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ver the past six decades, the global business sector has brought a wealth of benefits to Barbados in the areas of knowledge transfer, technological and infrastructural improvements, and economic and social development. It is on this basis that BIBA, as the Association for Global Business in Barbados, looks toward the future of the sector in Barbados with great anticipation.

Despite being a small, open economy with limited natural resources, Barbados has managed to achieve a standard of development, per capita gross income, and global reputation that far belies its small size. Through the sheer strength of its human capital, the island has become ranked among the international business and financial services centres of choice in the world, including top six globally for captive insurance domiciles and within the top five recipients of Canadian direct investment.

Pivotal to this stature of Barbados as a global business centre is the groundwork that has already been laid and the inroads that we are making into Latin America, Africa and the Middle East.

Barbados also adheres to the standards set by the Organization for Economic Cooperation and Development (OECD) and has committed to enhancing its corporate tax regime in compliance with the implementation of the Global AntiBase Erosion (GloBE) Rules in January

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GLOBAL BUSINESS HUB

Bridgetown Port

their 70th and 25th anniversaries, respectively, of creating direct air links between Barbados and the major UK cities with onward airlift into Europe.

Barbados now boasts three FBO Jet Centres, offering private and expediated customs and immigration services to passengers on private and commercial airlines, along with conference facilities, catering and more, aimed to make travel as efficient and productive for business executives who travel to and from Barbados.

This purpose-driven travel for corporate meetings and activities results in a higher frequency of repeat visitors and a higher per-person spend than among leisure travellers. And with the OECD-driven Economic Substance requirements for in-person board meetings by global businesses, this contributes to combat the seasonality associated with the fluctuating fortunes of tourism today.

BUSINESS BARBADOS 2024

Goods

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As our exports increase and diversify, plans are underway to expand the port in Bridgetown, with a dedicated container berth. This frees up the main berth for cruise ships and increases our container and bulk handing capabilities, with a vision of Barbados being a transhipment hub for the region, and for Africa into Latin America.

Services Our reach into the South American continent is of even more strategic importance as we witness the growth of our CARICOM neighbour Guyana. By 2025, the IMF has predicted that the Guyanese economy will be worth USD $14.1 billion. With our vast expertise in the provision of a full suite of corporate services, insurance management, investment management etc, Barbados is well placed to be the solution jurisdiction for investors into the Guyana Oil and Gas Sectors and other extractive industries such as mining and other business-related opportunities. On the basis of the St. Barnabas Accord signed between our countries in 2022 to maximise our shared history going back decades, Barbados remains poised to leverage our offerings as a viable business hub in the provision of financial and other business services.

The ongoing evolution by government departments in the adoption of digital technology remains critical as business facilitation in Barbados is pressed to be one of the island’s unique selling points in an environment where tax competitiveness will no longer be an advantage.

This evolution is possible because of Barbados’ state-of-the-art telecommunications infrastructure.

The high calibre of connectivity allows Barbados to welcome digital nomads

to live and work here – doing business across the world from Barbados, thanks to the 12-month Welcome Stamp visa programme.

For investors and international businesses, Barbados boasts an exceptional professional network offering world-class advisory services, from legal to financial to compliance advice. The structured solutions that they offer means that it is cost-effective to do business in Barbados, while cultivating growth for reinvestment. Barbados also has a network of over 40 double taxation agreements and bilateral investment treaties that provide protection for multinational companies, while complying with the multilateral authorities.

There continues to be a revamping of commercial legislation on the island and the Companies Act is slated to be updated again in 2024, with revisions to the legislation covering insurance, banking and trusts to ensure that the framework on which solutions can be built and offered is keeping pace with international expectations.

Barbados is physically and digitally connected to the world and offers a wellregulated and supportive environment for business to grow and prosper. We continue to press ahead with our vision to be a true global business centre and a hub for the Caribbean and wider Americas.

C C OORRP P OO R ART A E TS EE R S V IECRE V S ICES

Your trusted Corporate Services provider... and so much more An An affiliate affiliate of of Chancery Chancery Chambers, Chambers, Chancery Chancery Corporate Corporate Services Services Limited Limited offers offers corporate corporate managerial managerial services services and and guidance guidance on on all all aspects aspects of of doing doing business business in in Barbados.

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We We offer offer aa seamless seamless professional professional service service to to our our local local and and international international clients, clients, facilitating facilitating your your business business needs needs from from incorporation incorporation to to dissolution, dissolution, and everything in between. and everything in between.

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MADE IN BARBADOS

BY BARBADIANS

BUSINESS BARBADOS 2024

THE MOST T EC HN O LO GI C AL LY ADVA N C E D INTRAOC UL A R L E N S E S I N T H E WO R L D

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BUSINESS BARBADOS 2024

L E N S T E C C O R P O R AT I O N

LE N ST E C CO RPO RAT IO N BUSINESS BARBADOS 2024

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enstec Inc Barbados – the only medical device manufacturer in the Caribbean – produces intraocular lenses which are surgically implanted inside the eye to remove cataracts.

Lenstec’s proprietary lens manufacturing technologies, including micro-precision lathes, mills, polishing equipment and moulds, enable the company to produce premium lenses with reduced variability to help improve surgical predictability.

Having been established in 1995 by New Zealand-born Ian Hickling, the Barbados operation has grown from just four people to a team of 260 employees today. Over the course of time, under Ian’s ongoing stewardship, Lenstec has earned international acclaim for its innovation and design of state-of-the-art medical device technologies, becoming the leading export manufacturer in Barbados during the process.

Recently presented with an Honorary Doctorate by the University of the West Indies in recognition of his pivotal role in the remarkable success of Lenstec and its wider benefit for Barbados in general, Ian Hickling is a keen advocate for forging stronger links between education and industry.

Ian Hickling President of Manufacturing for Lenstec Corporation I really want to emphasize that all of our lenses are produced right here in Barbados. From our manufacturing plant close to the airport, we design, make, and supply the most technologically advanced intraocular lenses in the world, consistently setting the highest standards when benchmarked against the leading American, German, British, French, Russian, Chinese and Indian manufacturers. We then successfully sell our lenses in the most demanding markets in the world. Our biggest current customers are China, the United States and Europe, and we also export to more than fifty other countries worldwide.

People often suggest that we have every right to feel proud of our global achievements, but what really gives me by far the greatest sense of satisfaction is that all of these world-class lenses are proudly ‘Made in Barbados by Barbadians’. Of the 260 people employed at Lenstec, only two are non-Barbadians, which means that over 99% of our staff are locals – all working hard to fulfil our manufacturing, customer service, research, development, administration, clinical, regulatory, software development

and maintenance requirements.

Furthermore, 57% of our management team are female.

It is particularly significant that our staff includes over 30 graduates of the University of the West Indies – more than 10% of our workforce – with many of them being scientists. In that regard, I am happy to go on record as saying that had Lenstec not engaged with UWI from the day we opened, then Lenstec would not be where we are today.

When we first set up Lenstec, it soon became apparent that several services that we needed for every batch of lenses we made were unavailable on the island.

So I worked with the then Dean of Science and offered a summer internship to two honours students in microbiology.

After those students set up a laboratory to do testing, we continued to employ them when they graduated. Since then we have had a string of the best UWI students coming through to work in our laboratory, with many of them going on to do Masters or PhDs elsewhere. All of our production control databases, including one that tracks the final destination of every one of the 7 million lenses we have made, were written by staff who are graduates of UWI’s IT programme. We have a team of ten product development scientists, all of whom graduated from UWI. In our business, you must have a constant pipeline of new products to remain competitive. Our research and development team conducts prototype design, manufacture, testing, validation, and writes the complex regulatory submissions that are needed to register these products in international markets.

In essence, UWI is central to what we do. But whereas a university is usually thought of as a place where we send our kids to get degrees, for Lenstec it is a source of knowledge, training, expertise and ideas. I can unreservedly recommend that other businesses in Barbados consider following a similar route and engage with UWI to become a better organisation with better products.

Given that our products cure cataract blindness in more than three quarters of a million patients around the world every single year, it is safe to say that a working collaboration with UWI has certainly proven successful for Lenstec.

L E N S T E C C O R P O R AT I O N BUSINESS BARBADOS 2024

“People often suggest that we have every right to feel proud of our global achievements, but what really gives me by far the greatest sense of satisfaction is that all of these world-class lenses are proudly ‘Made in Barbados

by Barbadians’.”

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BARBADOS’ RACE TO NET ZERO

Carbon Neutral by 2030 for Barbados is as easy as A, B, C:

Aspirational, Bold, Collaborative

Christopher Sambrano Managing Partner, Strategy and Transactions (SaT), Ernst & Young Services, Ltd

their resources with projects that address relevant sustainability issues, even if there are reduced profits in the short term.

Given these developments, the renewable energy agenda is not only a ‘good thing’ but, ‘good business’ for Barbados, and the wider region – as it will help future-proof our economies.

Aspirational Vision Barbados’ aim is to become the most environmentally advanced green country in Latin America. The Hon. Lisa Cummins (Minister of Energy and Business) reaffirmed this aspirational vision in promoting the “democratisation of access to renewable energy”, whereby the nation’s energy-producing natural resources should benefit the average person2. This is governed by the ‘Right to Renewable Energy Policy’ (RTRE) which ensures that every householder can benefit financially by investing in the renewable energy sector. Projects like this, which foster energy grid transition fall within the ‘distributed energy resources’ (DERs) category and offer benefits such as reduced electricity bills and the potential for householders to earn revenue from the system installed if their output is greater than usage.

EY’s ‘Growth Opportunities in Distributed Energy Report’ projected that US$850 billion will be invested in DERs by 2030 - some of which can be attracted to SIDS like Barbados. The report reaffirmed that key drivers for DER growth are

BUSINESS BARBADOS 2024

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arbados’ commitment to achieving 100% renewable energy and carbon-neutral status by 2030, is perfectly aligned with the nation’s long-standing position as the leader in proactive energy transition, decades before it was ‘trending’.

As with other Small Island Developing States (SIDS), energy security remains at risk when there is elevated dependence on the highly volatile fossil fuel market.

Particularly, Barbados’ bread and butter sectors of tourism and hospitality carry a great demand for energy, yet globally over 50% of travellers are willing to spend more on sustainable travel, and many can be described as ‘activist consumers’ - as they are demanding adoption of a broad range of sustainability initiatives by providers, including accommodations that have a lower environmental impact1.

At a macro level, the Government of Barbados has commenced a project with the Inter-American Development Bank (IADB) and the European Investment Bank on credit guarantees, in the hope of executing a ‘debt-for-climate’ swap in 2024, similar to the prior year’s ‘blue loan’ (of $150 million in international bonds, swapped for cheaper debt, generating $50 million for marine conservation).

This future-focused view is important for all other major sectors, including Transportation, Trade, Healthcare and especially Electricity – as 78% of investors globally are seeking to align

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BARBADOS’ RACE TO NET ZERO BUSINESS BARBADOS 2024

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“The call to action is clear.

The goal is challenging but its achievement will be ‘easy’, once all stakeholders adopt a unifying aspirational vision, take bold actions, and collaborate, collaborate, collaborate.” expanding customer preferences, declining technology costs, and increasing regulatory support. Further, customer-owned DER business models are growing in prominence. This paradigm shift will facilitate a two-way flow of energy and is underpinned, not only by a thrust to decarbonise and decentralise, but also digitalise – altogether creating an enabling clean tech ecosystem.

In 2022, our Barbados office prepared the Barbados Clean Tech Industry Report for the BLOOM Clean Tech Cluster, which found that Barbados “is considered an ‘early-mover’ with favourable conditions for growth and development of a sustainable clean tech ecosystem, given its strategies and policy-oriented efforts.”

Vision is important but, there are several pitfalls that even the best plans can fall victim to. Certainly, two major roadblocks along the DER journey will be capital and capacity. Having said that, with the appropriate advice, both the

public and private sectors can develop robust business cases to allow further access to available funding. The right advisors can also act as an interim pool for insights and knowledge transfer, while improvements in curricula take effect.

Bold Actions Over the centuries of human existence, societies have transitioned the way we generate and use energy, always out of necessity but, never as deliberately as we are being made to do now. Fossil-fuels and their derivatives are facing impending sunset horizons as climate change is an existential threat, and requires a transition to sustainable energy, which is now generally accepted and underway. Yet, certain sectors will still require petrochemicals, until they can be effectively replaced through advances in technology, which requires additional R&D resources.

Our regional societies and economies are particularly at risk – with real-time impacts being experienced. As such, this transition requires bold actions by the major carbon emitters, such as adoption of electric vehicles (EVs) in public and private transport, electric grid scale flexibility, large scale energy storage, super grids, several sources of renewable energy production, and grids that can deal with weather dependent generation.

While our footprint is negligible, it is imperative that Barbados and other SIDS set the tone in these initiatives and act boldly as well.

Again, due consideration must be given to technical, operational, and cultural challenges inherent in making these shifts. Fortunately, there are several case studies available from territories that have navigated the teething issues, which can be adapted to inform domestic application of best practices.

Collaborative Approach Without a collaborative approach between our utility providers, public transport providers, the public sector, civil society and private capital, silos will manifest (some exist already) – wasting time and other precious resources. Each stakeholder has a vital role to play, and significant capital needs to be mobilised – in the shortest possible time.

All stakeholders must become

advocates for cross-national integration of policies and projects, given the need for scale but, also the high-potential opportunities - that can only be fully leveraged through genuine and concerted collaboration among nations and peoples.

The region has massive dormant potential waiting to be awakened, through project, programme, and portfolio management, optimization of technology adoption, and building long-term strategic partnerships – in the sustainability sphere. EY’s global and regional network has effectively supported governments, businesses, and other stakeholders in these areas – and we can attest that when implemented effectively, the value is exponential.

Making a better working, more sustainable Barbados Prime Minister Mia Mottley has been a champion for Barbados achieving netzero by 2030. Everyone should join this noble clarion call. Billions of dollars of investment is required, but the savings in energy costs and ForEx will be equally as lucrative for this small but scalable economy.

The nation is moving to drastically reduce its greenhouse gas emissions and pivoting its energy infrastructure away from fossil fuels, to operate on lowcarbon electricity – a scale of transition analogous to what occurred in the industrial revolution.

The call to action is clear. The goal is challenging but its achievement will be ‘easy’, once all stakeholders adopt a unifying aspirational vision, take bold actions, and collaborate, collaborate, collaborate. Ernst & Young Caribbean remains ready to help in building a better working, more sustainable Barbados, region, and world.

1 https://advertising.expedia.com/blog/ sustainability/sustainable-tourism-demand-rises/ 2 https://ecpamericas.org/newsletters/barbadosdemocratizing-access-to-renewable-energy/

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RESILIENT POWER SECTOR

Charting a Resilient Power Sector in Barbados

B Carlos B. Echeverría Senior Energy Specialist, Inter-American Development Bank

Viviana Alva Hart Representative, Country Office Barbados, Inter-American Development Bank

arbados, well known for its pristine beaches and vibrant culture, is setting sail on a new course towards a sustainable and resilient future. At the heart of this journey is the transformation of its power sector, supporting the transition to a carbon neutral economy, all while setting up a blueprint for other nations looking to balance their energy needs with social and environmental stewardship.

Looking back to the mid-1600s, agriculture was the main driver of the economy, and wind power was being used to grind sugar cane. This technology remained in operation for the following 250 years, until the first steps were taken towards the electrification of the country.

Barbados has proven to be a longstanding regional pioneer in the energy sector, by becoming an early global adopter of power sector legislation, drafting its first regulation in 1899. Barbados became one of the first English-speaking islands in the Caribbean to introduce electrification, by establishing centralized energy production right in the heart of Bridgetown in the early 1910s.

These events laid the foundation for the incorporation of electricity into a range of critical services, including water distribution, airport operations, and radio services all by 1940. In the early 1970s, the nation solidified its status as an energy pioneer by taking the lead in advancing solar water heating technology. Ultimately achieving global recognition for its water collector capacity in the present century.

More recently, Barbados proudly hosts one of the Caribbean’s most extensive electric bus fleets, with an impressive array of 49 electric buses in operation, of which the IDB has proudly financed the latest 12, along with resources from the European Commission.

Over the last half-century, Barbados has experienced profound shifts in its economic landscape. It has transitioned from its historical roots as a predominantly agrarian economy to one that places a strong emphasis on service industries. This transformation has notably escalated the requirements for infrastructure and energy.

Historically reliant on fossil fuels, the nation is now compelled to explore the diversification of its energy sources. In today’s dynamic and swiftly changing global landscape, prioritizing resilience and sustainability has become fundamental for the stability and success of any country’s power sector.

Especially in the context of small island developing states such as Barbados, the heavy reliance on fossil fuels carries not only economic and energy security implications, but also more pressing concerns related to climate change.

The escalating threat of rising sea levels, the intensification of extreme weather events and the urgency to curtail greenhouse gas emissions, have all been recognized by Barbados. Over the past few years, the country has taken determined steps to strengthen the resilience of its power sector as outlined in the Barbados National Energy Policy (BNEP) from 2019. This policy

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A Blueprint for a Sustainable Future

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RESILIENT POWER SECTOR BUSINESS BARBADOS 2024

1.215 MWp, Grid-tied, Ground Mount PV Plant, installed by Williams Solar in Cane Garden, St Thomas

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sets ambitious targets for renewable energy penetration, energy efficiency improvements, and the reduction of greenhouse gas emissions.

In 2021, Barbados took another significant step by creating the inaugural Integrated Resource and Resilience Plan (IRRP). This comprehensive planning approach considers factors like energy generation, transmission and distribution, as well as the effects of climate change and disaster preparedness. Serving as a vital planning tool, the IRRP identifies and prioritizes actions to bolster power infrastructure resilience, mitigate vulnerability to natural disasters, and advance the adoption of renewable energy sources. The plan is soon set to undergo updates, ensuring its continued effectiveness once policy direction is provided by the BNEP and strategy is set in the IRRP. The role of regulation is key in ensuring its effective implementation and achieving the desired outcomes by defining the legal framework of compliance, outlining obligations, incentives and responsibilities. To this end, Barbados has developed its legal and regulatory framework by means of the development of several regulations related to distributed generation and storage, among others.

On the infrastructure side, one of the cornerstones of Barbados’ strategy for a sustainable energy future has been investing in renewable energy sources.

Wind is already part of the energy generation mix, with the commissioning of the first commercial scale 1MW project

at the beginning of 2023.

Solar power in particular, has seen significant growth, improving from marginal generation of less than 1% to over 12% in the past decade. The penetration of Solar PV systems has been mainly driven by the commercial and residential private sector, but also by government initiatives to incorporate renewable energy generation in public buildings, taking advantage of a feed-in tariff program, which incentivizes the installation of renewable distributed generation.

In the short term, Battery Energy Storage Systems (BESS) are the new frontier for the local power sector.

Storage will not only provide for auxiliary services to the grid to improve its reliability, but will also help foster additional penetration of renewables into the system, as it helps bridge the gap between intermittent renewable energy sources and consistent energy supply. The initial pilot project from the Government, which anticipates the inclusion of 50 MW of BESS, is a first step towards a massive implementation of storage in the country.

While Barbados has made remarkable progress in transforming its power sector in the past decade, challenges remain. Transitioning to renewable energy sources and enhancing grid resilience and reliability require significant investments. Barbados has a challenging window of opportunity to reinforce its legal framework and procedures, by shifting towards the implementation of competitive processes to fulfill its energy needs for the next decade. The use of

auctions is a global standard which brings efficiency and transparency for generation expansion, also providing the most affordable energy the country can have.

In the mid-term, Barbados can capitalize on its advantageous location in the Caribbean Sea, which provides reliable trade winds, making wind power generation a viable option.

Alongside transitioning to renewable energy sources, Barbados should prioritize enhancing the resilience and dependability of its power grid. The escalating impacts of climate change amplify the frequency and intensity of extreme weather events, posing threats to the power supply. To address this, Barbados must invest in grid modernization to ensure a more resilient and adaptable energy infrastructure.

All in all, the expected transformation, which requires the country to drastically change the provision of energy services from a fossil fuel-based system to a sustainable renewable-driven supply, is not only essential for the island’s own well-being, but is also a valuable lesson for the entire Caribbean region and the world at large. Barbados serves as a shining example of how embracing renewable energy and enhancing grid resilience can lead to a brighter, more sustainable future. As we face the challenges of climate change and energy security, Barbados’ journey provides a ray of hope and a vision of what’s possible when determination, policy support and collaboration come together in pursuit of a resilient and sustainable energy sector.

MASSY GROUP

BOLDLY GOING GLOBAL, BUT STILL VERY LOCAL

Dr. Jeremy M. Nurse Group Senior Vice President Corporate Strategy & Transactions Massy Group

Who we are…

BUSINESS BARBADOS 2024

In 2023 the Massy Group of Companies proudly celebrated 100 years of existence with a rich history in the Caribbean since our beginnings in Trinidad & Tobago in 1923. We have certainly come a long way and today the Massy Group is an Investment Holding Company generating over US$2 billion in revenue with operations in Barbados, Colombia, Guyana, Jamaica, St. Lucia, St. Vincent, Trinidad & Tobago, and the USA (Florida).

Today we have three main industry Portfolios: Integrated Retail (Retail and Distribution), Gas Products (LPG, Industrial Gases, Energy Services) and Motors & Machines (Car Dealerships, Trucks & Heavy Equipment Dealerships, Fleet Rental and Automotive-related Distribution). We also have strategic investments in the Financial Services sector which includes our Remittances businesses as well as Massy Finance GFC. Massy currently has more than 13,000 employees and is publicly listed on the Trinidad & Tobago Stock Exchange and Jamaica Stock Exchange.

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…and the benefits of strategic focus As you can imagine, being in business for a century has allowed our company to learn from a myriad of experiences with peaks and troughs. This has enabled the Group to become more resilient over time and has assisted us with shaping our

aspirations and strategy for the future. In recent years, we made some bold moves to strategically focus our Group on the industry segments that we know well, with enough scale, talent, and capabilities for global expansion into new larger markets under our parentage.

In the pursuit of this strategy, we responsibly divested several businesses, reducing our industry diversification.

Today, we are an Investment Holding Company focused on those three Portfolios and no longer a traditional Conglomerate trying “to be all things to everyone”. The benefits can be seen in our improved financial performance and returns to shareholders in recent years, and our employees are enjoying greater autonomy and participation in driving the direction of the businesses, as well as sharing in the greater rewards when we do well.

Doing ‘local business in’ and ‘global business from’ Barbados…

I reckon that most people in Barbados know Massy for the main businesses we operate here which include: - Retail: Massy Stores (Super Centre, Supermarket, Pharmacy, Express, Home) and Price Lo. - Distribution: Massy Distribution, Massy Trading, Massy Logistics, Farm & Garden and Knights Limited.

- Financial Services: Massy Finance Remittances (Western Union).

In the financial year 2023, our Barbados operations contributed 15% and 11% of the Group’s revenues and pre-tax profits respectively, with nearly 1,700 employees so this country continues to be an important market for the Massy Group.

In addition to the local operating companies, we have several holding companies in Barbados. For example, Massy (Barbados) Ltd, which forms part of the Group’s Corporate Office, provides key services to fulfil the mandate of a global Investment Holding Company including Corporate Finance, Strategy, Corporate Secretarial & Governance, Wellness & Benefits, and Internal Audit.

It should also be noted that Massy owns all its Automotive, Gas Products and Energy Services subsidiaries in Colombia

via various industry-specific holding companies here in Barbados. Moreover, there is Massy Finance (Barbados) Ltd which acts as a vehicle for investments in international equity, bond, and other markets in our efforts to optimally allocate capital.

…with a Caribbean Heart As a responsible corporate citizen, Massy engages in projects and programmes which support the development of the societies in which we operate – of course, including right here in Barbados. We do this in various ways – through the Massy Foundation which is very active in charitable assistance of community development, disaster relief and educational programmes, as well as directly through our various subsidiaries on the island. In recent years we also launched NUDGE, a social enterprise powered by Massy, that involves working with entrepreneurs across the region, including Barbados, to help bring their ideas to the market and support the overall development of their businesses.

In closing…

All the above could not be possible for Massy in Barbados without a favourable international business environment, relevant tax treaties, adequate airlift to regional and international markets, reliable technology infrastructure, strong local talent and a warm, friendly culture that makes it fun to do business.

Barbados really is a shining example of how small island developing states can structure their economies to enable large international firms to effectively operate locally while simultaneously pursuing global ambitions. It is an incredible place to live and work…welcome to the beautiful island of Barbados. www.massygroup.com

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Grant McDonald Country Managing Partner, KPMG

Chris Brome Partner, Deal Advisory, KPMG

n 2023 the Barbados Prime Minister, the Honourable Mia Amor Mottley continued to lead the charge for securing the future of small island economies by making the case for fundamental reform of global finance architecture to make it more equitable and fit-for-purpose.

After garnering the support of the UN Secretary General António Guterres, the Bridgetown Initiative 2.0, was launched in April 2023 i, calling for “urgent action to transform the broken global financial system.” Without reform, they argued, the world risks a decoupling of the international financial system from developing countries. These countries face the irretractable challenges of trying to invest in climate resilience to secure the futures of their populations, while at the same time servicing debt, facing higher borrowing costs, and having limited access to liquidity in times of crisis, such as weather-related disasters.

From a financial capacity perspective, developing countries are caught within a circular conundrum: as a starting point, they have higher debt to GDP ratios and therefore have a lower financial capacity to borrow. For example, Barbados pays close to 20% of its GDP in interest payments annually ii, in contrast to many of the G7 countries iii, which have interest payments closer to 5% or even 1% of their GDP in some cases. This is further compounded by the fact that many of the international ratings agencies attribute the lower investment ratings for Barbados and other similar economies to the high debt to GDP ratios. And this in turn causes the cost of borrowing to be higher.

To this end, the Bridgetown Initiative

F I N A N C I N G C L I M AT E R E S I L I E N C E

Resilience I

BUSINESS BARBADOS 2024

Financing Climate

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F I N A N C I N G C L I M AT E R E S I L I E N C E

Prime Minister, Mia Mottley, addressing COP28

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2.0 seeks to develop some level of rebalancing across the global economies.

It includes six key areas for action: 1. Provision of immediate liquidity support including rechanneling at least $100 billion of unused Special Drawing Rights through the IMF and multilateral development banks.

2. Restoration of debt sustainability today and in the long-term and support of countries in restructuring their debt with long-term low interest rates.

3. Dramatically increasing official sector development lending to reach $500 billion of annual stimulus for investment in the SDGs (SDG Stimulus).

4. Mobilization of more than $1.5 trillion per year of private sector investment in the green transformation.

5. Transformation of the governance of international financial institutions to make them more representative, equitable and inclusive.

6. Creation of an international trade system that supports global green and just transformations.

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The Bridgetown Initiative has since been endorsed by developed and developing countries. In June 2023, it won the backing of French President Emmanuel Macron at the Paris Summit focused on a “New Global Finance Pact”.

Building on the Bridgetown Initiative, the Barbados Government committed in its 2023 Budget to establishing a Blue Green Bank by injecting USD $10 million in capital. This initial capital, along with other founding capital from multilateral financing institutions, will provide an initial tranche of funding for climate resilient projects in the region of USD $250 million.

By establishing this lower cost of funding, it would provide the impetus and support for many resilient water and wastewater infrastructure projects, coastal projects and other transformational type projects across the Government and its agencies.

Collaborative Solutions In order to escape the cycle of high debt costs and high debt to GDP ratios, it will be critical for various multilateral financing institutions and other philanthropic entities to partner with the various governments of the developing countries in order to create new innovative forms of financing that can facilitate access to lower cost funding.

Private capital also has a role to play in helping small island economies to achieve climate resilience and sustainably transition to net zero. The recent KPMG report, Net Zero Readiness Spotlight: Islands iv identified that small island economies were caught in a Catch-22: they can’t attract private capital because they have a limited track record and pipeline of bankable climate projects, and they have a limited track record because they can’t attract enough private capital.

There remains a mismatch between what private capital requires and what island economies can deliver.

Addressing some of the obstacles to private climate finance requires coordinated action by all involved. As a recent IMF article v highlights, there is a need for regional governments to “strengthen the institutions and processes that develop, execute, and fund climate-related projects. These include green tagging of projects in budgets, accreditation to apply to climate

finance, and upgrading procurement, transparency, and reporting standards.”

At the same time the article suggests that financial markets that supply climate finance must also play their part, they can “simplify the application processes, qualification requirements, and financial instruments, without weakening standards. Some options include establishing frameworks to pool applications of several countries and projects, making application requirements proportional to the amounts being requested. Climate finance instruments can be standardized to reduce appraisal cost and potentially facilitate the development of secondary markets for climate instruments.”

Building resilience in infrastructure and developing innovative forms of finance will continue to be key for Barbados and other island economies if we are to protect the lives, livelihood, and populations of the respective islands from the effects of climate change. The Bridgetown Initiative will continue to evolve, but key to its principles will be changing the underlying architecture of the financial system so that the smaller developing economies are able to build some level of financial, economic, and nature-based sustainability. i Press Release | With clock ticking for the SDGs, UN Chief and Barbados Prime Minister call for urgent action to transform broken global financial system - United Nations Sustainable Development ii Central Bank of Barbados Review of the Barbados Economy: January-June 2023 iii Interest payments (% of revenue) | Data (worldbank.org) iv Net zero readiness spotlight: Islands - KPMG Global v Emerging Economies Need Much More Private Financing for Climate Transition (imf.org)

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F L O W I N G F O R WA R D

Flowing Forward: Barbados’ Water Future

Reflecting on the past Dr Adrian Cashman Consultant and Chair of Global Water Partnership Caribbean Technical Committee

Barbados faces two overarching water-related challenges: institutional and climate change. On the institutional side issues encompass laws, regulations and organisations designed to address these challenges effectively. Over the years, the Barbados Water Authority (BWA) has come in for criticism over its management and stewardship of the water sector.

Problems such as ageing infrastructure, equipment breakdowns, sewage in the streets, and high levels of water lost from leaking and burst pipelines were signs of mismanagement, inadequate forward planning and underinvestment.

However, responsibility doesn’t rest solely with BWA; past governments have failed to prioritise and invest adequately.

Reluctance to adjust tariffs to fund operation, maintenance and investment, and inertia in implementing measures to drive efficiency and effectiveness have exacerbated the issues. Additionally, the consumer – you and I – has contributed to the problem by having one of the highest

per person water consumption rates in the Caribbean, by polluting groundwater by dumping garbage in the gullies, private water abstractors unwilling to provide information on their water usage, and by taking the services provided for granted.

Moreover, climate change poses a looming threat, which if the institutional challenges are not addressed, will lead to a situation we just do not want to contemplate. Projections indicate continuing increases in temperatures, more prolonged dry spells, and altered rainfall patterns resulting in more intense rainfall events, which means more runoff, and reduced infiltration. Over time these changes will reduce the volume of water that can be safely abstracted from our aquifers. While estimates of the reduction vary, it could be as high as a 50%. The effects will be felt by farmers, by hotels, by businesses and by households in the form of higher costs and reduced water availability, unless proactive measures are taken.

Flowing forward Fortunately, there is good news. A lot is being done to tackle the issues and initiate positive change. While Barbados has little control over the direction of climate change, it can adapt to address and mitigate its effects. At the institutional level much has been implemented to better equip the country to confront these challenges outlined.

The Water Reuse Act (2022) provides the legal and regulatory framework for the treatment and reuse of wastewater.

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W

hen contemplating Barbados’ water resources, the notion of water scarcity is often brought up. Rather than focusing solely on scarcity, it is more constructive to consider how effectively we are managing the water resources that we have. However, we first need to understand the context and challenges Barbados’ water resources and supplies face.

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F L O W I N G F O R WA R D BUSINESS BARBADOS 2024

Ionics Freshwater desalination plant

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Simultaneously, measures are being developed to provide financial support to encourage the uptake of wastewater reuse whether for commercial, agricultural or other purposes. This initiative is part of the country’s participation in the CReW+, an integrated approach to water and wastewater management in the Wider Caribbean Region project. The government is investing in upgrading two of its wastewater treatment works, ensuring that treated wastewater meets the standards for reuse. The investments include infrastructure necessary to deliver treated water to where it will be used by farmers, and for managed aquifer recharge when not used for irrigation.

Given that between 70 and 80% of consumed water becomes wastewater, the potential for reuse to alleviate climate-induced scarcity is substantial.

A valid question is where will this funding come from? And whether it will burden taxpayers. The good news is that funding has been secured from a mix of sources, including grant funding from the Green Climate Fund for climate adaptation and mitigation measure.

Additionally, a Debt-for-Nature swop with the Inter-American Development Bank, the European Investment Bank, and the Green Climate Fund which means that this funding will not increase the country’s debt.

The recently proposed amendment to the Barbados Water Authority Act highlights two coming changes. Firstly, it formalises the proposed adjustment to groundwater protection areas outlined in the 2020 Green Paper. Secondly, and interestingly, is the change in title for the leader of the BWA from General Manager to Chief Executive Officer. I think we can expect to see BWA exploring organisational changes to make it a more agile organisation suitable for the 21st century, not just for today, but looking ahead to the future. Transformation would enable the Authority to capitalise on several ongoing initiatives, including measures to enhance water use efficiency, reducing the amount of water used by households and businesses without compromising performance. These include the promotion of household storage tanks as a resilience measure during emergencies and the establishment of a Water Review Management Committee to specifically address groundwater license and abstraction issues.

Another pressing concern has been the high levels of water losses due to bursts and leakages. Efforts to reduce these water losses are essential not only for conserving groundwater but also for cutting operational costs and greenhouse gas emissions. Ongoing investments in

pipeline replacements, active measures to reduce losses, and research into the climate factors affecting burst behaviour are all starting to yield results. It’s important to note that reducing losses is a long-term endeavour with results that are not immediately evident. Reducing losses plays a crucial role in countering the effects of climate change on groundwater availability.

Future flows Barbados has made addressing its water woes a top political and operational priority. Measures have been taken to increase water reservoir capacity with resilience against hurricanes, pump stations have been equipped with back-up generators, renewable energy systems are being put in place with energy savings being used to fund infrastructure improvements, and water losses are being tackled through pipeline replacement programmes and nonrevenue water loss management systems.

Concurrently, efforts to reduce excessive water consumption are underway. The potential for increased reuse of treated pre-owned (waste) water underscores the commitment to invest in the country’s invaluable water resources to ensure security of supply and support for longterm economic development.

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INTEGRATED SUSTAINABILITY PIONEERING WATER REUSE IN BARBADOS AND THROUGHOUT THE CARIBBEAN

Nick St-Georges

by minimizing or eliminating marine outfalls, and effectively repurposing a previously wasted resource without compromising public well-being.

This step-change was initially adopted by the private sector within several local hotels, with the implementation supported by leading international corporations operating on the island, such as Integrated Sustainability, who recently merged with local Barbados organization, Ecohesion. This innovative water reuse significantly alleviates water scarcity and sets a precedent for sustainable practices for the island’s tourism sector.

Through tertiary level (the highest level) wastewater treatment methods, Integrated Sustainability operates treatment plants for 18 esteemed clients in Barbados, and others throughout the Caribbean, to transform their wastewater into reclaimed water for beneficial reuse.

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Utilizing World-Leading Technology

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Beneath the tranquil waters of Barbados lies a ground-breaking revolution in water management. While many parts of the Caribbean typically discharge partially or entirely untreated wastewater back into the ocean, Barbados is leading the way in pioneering the safe reuse of treated wastewater, commonly referred to as “reclaimed water”. This reclaimed water serves various non-potable (or non-drinking) purposes, including irrigation, toilet flushing, and washdown applications, setting a significant example for sustainable water management in the Caribbean Community.

Inadequately treated wastewater discharge across the Caribbean could negatively impact marine life, harming the region’s tourism economy and potentially contaminates island aquifers.

Utilizing reclaimed water for non-human consumption not only mitigates water scarcity but also improves marine health,

Integrated Sustainability employs cutting-edge systems and advanced treatment technologies like Membrane Bioreactors (MBR) that produce the highest quality reclaimed water from domestic and commercial wastewater.

Known for its ultrafiltration properties, this technology is capable of removing particulates and 99.99% of microorganisms.

A Commitment to the Sustainability Blueprint With a steadfast commitment to the United Nations Sustainable Development Goals (UN SDGs), Integrated Sustainability has redefined the paradigm of environmental stewardship in Barbados and throughout the Caribbean. The company’s rich history in water and wastewater treatment aligns seamlessly with UN SDG 6, Clean Water and Sanitation, and sets a global benchmark for sustainable water management practices. While conserving water, this transformative approach also promotes

sustainable practices, echoing the spirit of UN SDG 15 (Life on Land) by preserving Barbados’ biodiversity.

Integrated Sustainability’s mission also harmonizes perfectly with the Barbados Roof-to-Reef program, a collaborative initiative focused on improving the social and environmental circumstances of the people in Barbados. By treating wastewater into reusable reclaimed water, the company significantly contributes to this program’s vision.

Reusing Water: A Global Imperative As drought conditions continue to worsen across the globe, communities and businesses recognize the importance of reusing water for non-potable purposes. Different industries across the Caribbean and North America are utilizing reclaimed water for diverse purposes, including industrial production optimization, agricultural irrigation, toilet flushing, and fishponds, highlighting the versatility and effectiveness of the wastewater treatment systems.

Integrated Sustainability is supporting in forging the Caribbean’s path to water reuse and offering practical solutions to combat water scarcity and environmental degradation. Reclaimed water is providing not only Barbados but also the wider Caribbean a leading role in applying this knowledge to water scarce and droughtaffected regions across the world.

Environmental and Economic Advantages By intercepting and treating wastewater that would otherwise be discharged directly into the marine environment, Integrated Sustainability and its customers are providing a dual benefit of protecting the environment while providing a renewable water source.

Reusing reclaimed water for applications like irrigation supplements the island’s reliance on increasingly scarce rainfall to replenish groundwater aquifers.

I N T E G R AT E D S U S TA I N A B I L I T Y

The overall environmental benefits are immeasurable, contributing to the conservation of precious freshwater resources, reducing pollution, and mitigating the impact of climate change.

Given Barbados’ status as a water-scarce country, this source of reclaimed water is critical.

Simultaneously, the economic advantages of this innovative approach are evident. Clients, such as the Villages at Coverley that use reclaimed water for toilets and irrigation, witness substantial reductions in water bills, creating a positive ripple effect on their financial bottom line.

Ken Hoyte, Operator

Supporting Barbados’ Vision & Enabling Sustainable Choices

Vision for a Greener Future As Barbados strives for a more sustainable water future, Integrated Sustainability remains committed to its mission of transforming wastewater into a valuable resource. The company’s legacy

lies not only in its advanced technologies but also in the transformative influence it has had on the community. By showcasing the benefits of water reuse, the organization has ignited a movement, inspiring both the private and public sectors to embrace innovative solutions for a greener, more sustainable Barbados.

In the tapestry of Barbados’ environmental journey, Integrated Sustainability’s water management story is one of resilience, innovation, and collaboration. With its pioneering spirit and unwavering commitment to sustainability, Barbados continues to shape a future where every drop of water is cherished, repurposed, and valued, setting an inspiring example for waterscarce regions around the world.

Nick St-Georges, BAPE, P.Eng. VP, International | Integrated Sustainability Mobile: 246.823.5300 Office: 246.622.2311 www.integratedsustainability.com Nick.StGeorges@ IntegratedSustainability.com

BUSINESS BARBADOS 2024

Integrated Sustainability resonates deeply with the island’s vision for a more sustainable economy. Longstanding partners utilizing reclaimed water, such as Harrison’s Cave Eco-Adventure Park, Coral Reef Club Barbados, and the recently welcomed Wyndham Grand Barbados – Sam Lord’s Castle, have experienced remarkable benefits.

“Using the reclaimed water has supported our business [at Harrison’s Cave Eco-Adventure Park] by reducing water costs to irrigate, and it’s environmentally sustainable. The significance of using reclaimed water and contributing to a greener landscape/ environment around our property is very much a part of our company’s environmental and social policy.”

- Andrea Franklin – Country Manager, Barbados – Chukka

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IT Starts with

D I G I TA L T R A N S F O R M AT I O N

Barbados’ Digital Transformation

People

O Partner, PwC

Preparing the Workforce for Digital Transformation We have long moved past the question of “do we transform?” The key question is “how do we transform?” Citizens, digital nomads, and others inspired to relocate to Barbados in the postpandemic era, do not always have the luxury of using personal connections to facilitate business, which is the cultural norm. Nevertheless, they are seeking and demanding increasingly personalised and seamless experiences in their interactions with entities in both the public and private sectors. Digitalisation provides entities with the ability to facilitate online

BUSINESS BARBADOS 2024

Joanna Robinson

ver the last ten years, I have been involved in change management for digital transformation projects in both the private and public sector.

I have also experienced PwC’s global digital transformation journey personally.

It has been a mammoth task to upskill 327,000 people globally, including more than 1,300 people across the Caribbean region (over 280 of those in the PwC East Caribbean firm). This ongoing journey has not just been about equipping teams with new digital tools, skills and capabilities, but about changing the way we work, creating space for people to learn, and encouraging innovation. I compare this to the experience of living in Barbados as the country also goes through a digital transformation. In both scenarios, I have observed how focusing on people has been critical for driving the digital agenda. This article shares some insights into how the people side of digital transformation ultimately improves the sustainability of the initiatives.

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payments, communicate processes and deliver data and services to citizens and customers, providing a much-improved experience.

In light of this shift, Government and business leaders are prioritising digital transformation. Barbados has taken several steps over the years towards increasing the use of technology within the public service and has spent more than USD 30 million on modernisation initiatives. These initiatives have been geared towards improving how services are delivered to internal and external customers, and increasing access to citizen services, education, healthcare and social safety nets. Leaders recognise that digital platforms, if employed strategically, can serve as a great equaliser. They can build trust by being responsive and consistent, allowing users to make rapid, cost-effective decisions in times of uncertainty and creating a platform for sustainable growth and recovery.

However, according to the findings of PwC’s Global Hopes and Fears Survey 2023, leaders are facing a common challenge in response to digital transformation: “...you have to reinvent your organisation, but without the support and energy of all your people, these efforts will fail.”

In line with this thinking, the Government has sought to ensure that leaders and implementers are capable of leveraging change management techniques to improve the success of transformation initiatives. This includes investing in a whole government change management approach, upskilling public servants and implementing a broad

digital upskilling programme for citizens.

Digitalisation of Education Beyond the workforce, there has also been a major shift in how digital skills are being developed amongst school children. School closures and the shift to remote learning during the COVID-19 pandemic cast a glaring spotlight on the digital divide globally. Amongst the winners was Estonia, which has the top-ranked school system in Europe according to the OECD’s Programme for International Student Assessment (PISA). Estonia already had a mature digital component prior to COVID-19 and was able to move seamlessly to a remote learning environment, with excellent outcomes for students tested during that period. Finland also had a successful transition to fully virtual education during the pandemic, and a successful return to face-to-face instruction afterwards. The transition in Barbados was not quite so smooth with challenges faced by students as well as teachers.

Barbados’ response was three-pronged: 1. First, the Ministry of Education worked with private donors, private sector corporations and the Ministry of Finance to roll out the “G-Suite for Education Tech” drive, which provided free tablets and internet access to a wide cross-section of students and teachers, to facilitate continued instruction while schools were closed.

2. Secondly, Primary and Secondary School teachers were trained in the new technology and best practices for online learning at the start of the pandemic.

Some of them also participated in an

Inter-American Development Bank (IDB) funded teacher training and mentoring programme on digital skills and e-pedagogies led by Finland’s Tampere University of Applied Sciences.

3. Thirdly, support in the form of counselling and additional teaching was also offered to parents and students who were struggling with home schooling or who needed additional psychological and academic support.

A future of 100% remote learning is not the ultimate goal. However, with increasing digitalisation being an inescapable facet of modern life, it is imperative to continue building digital skills at the school level and focusing on improving equitable access to digital technologies to make the country’s digital transformation inclusive and sustainable in the long term.

Conclusion Though Barbados’ digital transformation is being driven by technology, both Government and private sector leaders have recognised the need to focus on building digital skills and supporting culture change at all levels of society. This may mean dismantling decades of tradition, overcoming deep held beliefs, and transforming culture -- none of which is simple. But the vision for the future is inclusive and inspiring, and this, more so than any shiny new technology, will inspire citizens, visitors and investors to bet on Barbados becoming a smart digital nation which can compete globally for a long time to come.

The New Equation is a community of solvers coming together.

We’ve all been told what one plus one adds up to. But if you bring together the right combinations of people and technology in unexpected ways then it can be something greater.

At PwC, it all adds up to The New Equation.

Learn more at www.pwc.com/bb/TheNewEquation

Let us help you Ross Parker, Territory Leader T: 1-246-626-6841 E: ross.parker@pwc.com LI: linkedin.com/in/rossparker

©2023 PwC. All rights reserved. "PwC" refers to PricewaterhouseCoopers East Caribbean Firm. A full listing of the partners of the East Caribbean Firm is available upon request. Please see www.pwc.com/structure for further details.

SAGICOR BANK

THE BANK OF THE FUTURE, TODAY! PUTTING PEOPLE AT THE HEART OF THE DIGITAL REVOLUTION SAGICOR BANK (BARBADOS)

BUSINESS BARBADOS 2024

Simply put, at Sagicor Bank, we know that digital is the future of banking.

According to the United Nations, digital technologies have advanced more rapidly than any other innovation in history, impacting approximately 50% of the developing world and transforming life as we know it, in just two decades.

Given the world’s current trajectory, we can only expect our lives to become more digital, at an increasingly rapid pace. This certainly comes with many

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implications, and of course, hesitations as well. In a world of deep-fakes, Instagram filters and widespread misinformation largely disseminated via online platforms, sometimes digital transformation can feel extremely daunting.

But that’s why at Sagicor Bank (Barbados), the region’s first digital bank, we know that going digital does not mean losing our humanity. Yes, we do indeed believe the future of banking is digital, but more importantly, we believe that it is

people-focused and human-centred.

While banking is our business, improving the day-to-day lives our of clients is our raison d’être. And it starts by meeting our clients where they are. We know that a 100% digital bank (neobank) is a new phenomenon for many in this part of the world. Moreover, Barbadians are extremely discerning, so it’s imperative that we make an excellent case for them, and very clearly articulate the benefits of a fully digital banking experience.

SAGICOR BANK

WhatsApp, Instagram and Facebook.

Furthermore, per a recent local newspaper report, in Barbados broadband penetration is over 70%, and mobile phone penetration almost 100% across the adult population. We are also busier and have less time to spend in bank lines, in front of bank tellers or waiting for loan approvals.

At Sagicor Bank, we are designing a banking experience that speaks to the needs of the modern Barbadian consumer, operating in a modern, global and

inclusive world. Our solutions are fit for purpose and progress, and we will amaze and delight you by putting your bank Sagicor Bank - in the palm of your hand.

The future of banking is officially right here, right now —and it’s Sagicor Bank (Barbados) Scan here for info on Limited!

Business Banking Products

BUSINESS BARBADOS 2024

In addition, we keep our clients safe and secure, by obsessively focusing on managing and mitigating cybersecurity risks.

Barbadians have long been on the path towards a digital revolution. It might seem counter intuitive, but we are already extremely digital. Obviously, we know this is true of Gen-Z and Millennials, but it is also true of Gen-Xers and Baby Boomers.

Though you might be more likely to find Gen-Z on Snapchat and TikTok, GenXers maintain a very robust presence on

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BIBA, the Association for Global Business WHO WE ARE In 2020 we rebranded as “BIBA, the Association for Global Business” to signal that we embrace all companies in Barbados both domestic and international, that service global markets, and to align with Prime Minister Mottley’s expressed goal to cement Barbados as a global business hub.

Our current membership comprises over 140 companies from Canada, the US, the UK, Latin America, Europe, and Barbados in banking and wealth management, insurance, fintech, manufacturing, logistics, legal, accounting, tax, and corporate service providers, and many more.

OUR VISION

“To work, as a trusted strategic partner of members and stakeholders, for the advancement and sustainability of global business conducted in and from Barbados”.

BUSINESS BARBADOS 2024

• To be the industry voice to the Barbados government and community.

• To provide a forum for exchanges of information and ideas among members.

• To ensure our members’ professional and personal interests are adequately served.

• To be the catalyst for creating and maintaining private and public sector unity in the effort to develop Barbados.

• To liaise with and facilitate the work of the relevant government ministries, statutory bodies, and other organizations involved in the development and regulation of global business in Barbados.

• To be a major point of contact for helpful advice and orientation of new investors to the island.

WHY JOIN BIBA

GLOBAL BUSINESS WEEK

We are the voice for the development of global business in Barbados.

Membership benefits include: • Ability to offer input into laws, regulations, and policy decisions affecting global business • Access to valuable sources of information and analysis of developments in the global business sector • Attractive medical plan available to all members in good financial standing • Evidence of substantive involvement in the business community in Barbados • Listing in the online BIBA members’ directory • Being kept informed of local and selected international fora on current topics of relevance to the global business sector • Networking opportunities with local and global contacts • Ability to post free vacancy advertisements • Ability to post press releases of business or corporate developments on BIBA’s website at preferential rates • Discounted rates on advertisements of items or services on offer • Access to group Health Insurance • Opportunities to attend local and selected international fora on current topics of relevance to the global business sector at preferential rates.

• Opportunity to vote and also become a member of the Board of Directors • Opportunity to sit on BIBA working committees.

Every October BIBA hosts its flagship Global Business Week (GBW) to focus national attention on the nature, importance, and contribution of the global business sector. Our Business Conference hosts a mix of local, regional, and global speakers and facilitators – all business leaders with strategic knowledge and experience operating in global markets.

The week also includes targeted outreach activities to secondary and tertiary level students to equip them with the knowledge, skills, and tools to secure a career in the sector as our highly skilled local workforce remains a comparative advantage for Barbados.

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OUR GOALS

Global Business Week 2024 – 20 - 26 October BIBA also hosts the Barbados Risk & Insurance Management (BRIM) Conference each March and throughout the year we stage Business Luncheons with specially invited speakers, regular Networking Mingle evenings and charity events.

BECOME A BIBA MEMBER Information, subscription fees and membership forms are available on our website. Or contact us using the details below. We look forward to welcoming you into the BIBA family.

19 Pine Road, Belleville, St. Michael, BB11114, Barbados Telephone: (246) 537-2422 Email: biba@biba.bb Website: www.biba.bb

BIBA BUSINESS LISTINGS

Chancery House High Street Bridgetown, BB11128 Barbados, West Indies Tel: +1 (246) 434-3400 Fax: +1 (246) 431-0076 contact@ccslbb.com ChanceryCorporateServices.com

The Corporate Centre, Bush Hill & Bay Street, St. Michael BB14038, Barbados Tel: 246 430 5320 Fax: 246 429 7996 Email: concorde@concordebb.com “Global Experience, Wealth Management, Custodian & Administration of Corporations”

BUSINESS BARBADOS 2024

Concorde Bank Limited

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BIBA BUSINESS LISTINGS

Colin Mitchell - President Great Pacific Management Limited.

4th Floor, Williams Tower Warrens, St. Michael, BB22026 Barbados, W.I. Tel: 1 (246) 417 3405 Fax: 1 (246) 425 1133 Email: CMitchell@GreatPacificGroup.com A Jim Pattison Group Company

Colin Mitchell - President Great Pacific Insurance Management Ltd. 4th Floor, Williams Tower Warrens, St. Michael, BB22026 Barbados, W.I. Tel: 1 (246) 417 3405 Fax: 1 (246) 425 1133 Email: CMitchell@GreatPacificGroup.com

BUSINESS BARBADOS 2024

A Jim Pattison Group Company

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Managing Partner Legal Services Corporate Services Listing Sponsor Services

Grant McDonald, FCPA, FCA Country Managing Partner and Caricom Head of Tax KPMG Hastings Christ Church Barbados BB15154

GROUP

T +1 (246) 434 3941 F +1 (246) 427 7123 M +1 (246) 233 7866 grantmcdonald@kpmg.bb www.lexcaribbean.com

(traditional and tokenized listings)

BIBA BUSINESS LISTINGS

Melanie Jones

246 539 1000 246 539 3797 246 430 3899 The Goddard Building, Haggatt Hall, St. Michael BB11059, Barbados melanie.jones@bb.lexcaribbean.com

KPMG is a Barbados and Eastern Caribbean partnership.

Stephen L. Greaves, President

DARREN TREASURE, CPA, CFA

Executive Director – Caribbean E: insurance@londonandcapital.com 1st Floor, One Welches, Welches, St Thomas, Barbados BB22025

Platinum International Business Solutions, Inc. Radley Court, Suite #2, First Floor Lower Collymore Rock, St. Michael BB14004 Barbados, W.I. Tel: (246) 537-8294 Mobile: (246) 232-0861 E-mail: stepheng@platinumintl.business www.platinumintl.business Value added expertise.… over 30 years of global directorship services incl. serving on board committees, business oversight and corporate governance

Ross Parker Territory Leader Office: 1 246 626 6841 Email: ross.parker@pwc.com PricewaterhouseCoopers The Financial Services Centre Bishop's Court Hill, St. Michael BB14004, Barbados

BUSINESS BARBADOS 2024

http://www.pwc.com/bb

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S Mark Hill CEO, Export Barbados

ituated on the far eastern fringes of the Caribbean, Barbados, renowned for its storied history, serene waters, and warm hospitality, defies superficial judgments. No longer confined to its idyllic reputation as a playground for the affluent, Barbados has, in the wake of the COVID-19 pandemic, experienced an unexpected and remarkable transformation. Propelled by dynamic leadership, innovative problem-solving, and an unwavering commitment to sustainability, this ongoing metamorphosis has positioned the island as a technological hub.

Private innovators in Barbados have exemplified their capacity to engineer globally relevant solutions.

Spearheading the national drive to future proof Barbados is the Ministry of Industry, Innovation, Science and Technology (MIST), with one integral component being Export Barbados, a government agency overseeing industrial development and export promotion.

While MIST predominantly concentrates on national digital transformation, Export Barbados operates diligently behind the scenes to overhaul Barbados’ industrial landscape, seamlessly transitioning it into the fourth industrial revolution by leveraging advanced technologies.

Pioneering this transformation, Export Barbados has already initiated the integration of artificial intelligence (AI), robotics, and automation into its daily operations. Employing AI to optimize property management, the company employs Innovative Industrial Estates, or INEZ, as a tool to streamline, automate, and digitize routine functions, including lease payments, contract issuance, renewal, and the facilitation of online

payments directly to the company’s account. This marks just the initial phase of our ambitious programme.

Export Barbados manages over six million square feet of land and more than one million square feet of office space in 13 estates. Collaborative robots (cobots) play a vital role in maintaining physical infrastructure and simplifying space allocation processes. Plans are in progress to deploy grass-mowing bots equipped with sensors to monitor and trim grass when it exceeds a specified height, reducing manual labor and the potential for allergies and injuries.

Future programme phases promise virtual reality tours of lettable space, electronic locks to enhance tenant management, electronic asset tracking, energy-efficient smart buildings equipped with hazard-detection sensors, and predictive maintenance capabilities to preemptively identify and mitigate potential issues with buildings and utilities.

As a crucial element of the industrial ecosystem, Export Barbados is committed to providing the necessary infrastructure for local companies to thrive. Specific industrial estates are earmarked as designated hubs, such as Harbour Estate, set to transform into a technology hub for future tech and robotics companies, with plans in progress to elevate its infrastructure to global standards. Similarly, Newton Business Park will serve as a hub for medical tech firms, and a marine biotechnology park is planned for Colleton, St. Lucy.

Export Barbados has embraced cobots to work safely alongside humans, equipped with sensitive sensors that shift into a safety mode when interrupted,

T R A N S F O R M AT I V E I M PAC T O F A I A N D R O B O T I C S

The Transformative Impact of AI and Robotics

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EMPOWERING ECONOMIC GROWTH AND DEVELOPMENT IN BARBADOS

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High-precision robotic tool at Lenstec Barbados

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ensuring worker safety. In contrast to traditional robots, which may pose risks, cobots enhance workplace efficiency by handling tasks that could jeopardize lives and well-being. This allows staff to concentrate on higher-value tasks.

Export Barbados recognizes the substantial potential for productivity, safety, and security improvements through the integration of cobots in the Mechanics Bay and Spray Booth.

Following staff programming, cobots are tasked with activities like spraying, stripping, and sanding, effectively shielding workers from hazardous compounds and eliminating exposure to solvents, paint fumes, and dust.

Cobots also find application at the International Food Science Center, protecting the intellectual property of food manufacturers by handling proprietary recipe and formula details in an encrypted manner accessible only

to cobots. These cobots ensure precise quantities, ratios, and mixes throughout the production process without human intervention, safeguarding recipe integrity and intellectual property.

Export Barbados is not solely focused on future-proofing Barbados but is actively shaping a narrative of innovation, efficiency, and growth. By embracing the dynamism of robotics and AI, Barbados sends a resounding message to investors: it is not merely a tourist destination but a burgeoning hub for industry and innovation.

Nonetheless, securing Barbados’ future requires unwavering political commitment transcending election outcomes.

Substantial investments in technology, a challenge for a small island developing state like Barbados, necessitate access to international funding, robust regulatory frameworks, strategic knowledge transfers, and the ability to attract and

retain future tech companies. These are pivotal factors in maintaining Barbados’ status as a technology hub in the Caribbean.

Barbados has set the stage for a technological transformation that promises to redefine industries and catapult the island onto the global stage.

The nation’s significant progress stands as a testament to its commitment to progress and technological advancement. Despite its small geographical footprint, Barbados is bridging the gap between tradition and innovation, attracting global attention with anticipation of what lies ahead.

Empowering workers with creative and solution-focused tasks enriches their work, fosters personal development, and encourages diversity and flexibility in the workplace. These factors enhance employee engagement and productivity, making the workplace more appealing and vibrant.

Barbados is Life represents our unwavering dedication to a liveable tomorrow, where the spirit of innovation flourishes. We are artisans of change, crafting innovative products and services that not only enhance human lives but breathe new vitality into the Earth.

Beyond our golden sands these 166 square miles promote and facilitate global growth and profitability, boasting a well regulated, transparent, and supportive environment for investment.

With a global vision deeply rooted in Environmental, Sustainable, and Governance investment, we are meticulously reshaping the industrial and export supply chains, driven by the goal of creating value for Citizens, friends of Barbados, as well as all living beings.

Embrace the journey with us.

exportbarbados.org

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A

Alan Emtage Barbadian Computer scientist and inventor of Archie, the first Internet search engine

ttention.

That’s what it seems everything to everyone is looking for these days.

From the over-the-top “influencers” of social media to the clickbait that even the most reputable news sources seem to traffic in these days, overused superlatives, hype and exaggeration is everywhere, all the time.

So when the rare, but truly revolutionary and world-changing event comes along, it can be difficult to recognise it, but trust me when I say that this is what’s happening right now in the long-suffering world of Artificial Intelligence (AI).

As many of you will know, November 2022 saw the announcement and released by Open AI of a Large Language Model (LLM) called ChatGPT. While it’s easy to get buried in the acronyms, most simply put an LLM is algorithm (computer program), which uses various techniques to “converse” in human languages such as English, Hindi or Chinese and while there is no actual “intelligence” behind them, their capabilities are nothing short of remarkable. In parallel we are seeing the rise of Generative AI, the ability of technology to take a natural language description and transform it into utterly realistic images or video, to replicate your voice perfectly, and to comprehend human speech in almost any language.

And that’s even before we get to its ability to quickly design drugs for very specific purposes, to recognize patterns in vast amounts of data that humans and previous technology couldn’t detect, to translate ancient languages, and in the

more disturbing applications, even take a pretty good guess at reading your mind.

Literally.

But before we get to that, and their application in the Barbadian context, I’d like to back up to the early 1990s, to a similarly revolutionary period which I was deeply involved with, as I believe our experience and history with that transition holds important lessons for us today.

The technology that underlies the Internet was originally created in the late 1960s and the technology was deployed and improved relatively slowly through the Seventies. By the mid-1980s it was being used by dozens of larger universities and research organizations, first in the US and then Canada and Europe. Transmission speeds were torturously slow by modern standards, but the ability to communicate instantaneously via email, log in remotely to distant servers and transfer files between them opened all kinds of avenues for collaboration and cooperation.

In 1986 McGill University, where I was studying and working, got connected to this growing network and by 1989 I had privately developed what would go on when we made it public, to become Archie, the world’s first Internet search engine. About the same time Tim Berners-Lee was developing the World Wide Web and these and other technologies went on to fuel an explosive growth of the Internet - a technology that is so ingrained now, some 30 years later, that it’s impossible for many of the 5.3 billion people (65% of the world’s population in 2023) who have access to

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Revolution

BUSINESS BARBADOS 2024

Talkin’ Bout a

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it, to imagine living without it.

In a generation the Internet has transformed almost every aspect of modern life. It has eliminated or significantly reduced the need for certain jobs. For example, when’s the last time you had to use a travel agent or a bank teller for routine travel or banking?

Or made a long-distance telephone call? It has made tele-education, teleconferencing and tele-medicine a reality.

It has utterly transformed both the news and entertainment media, shuttering many local newspapers while making giants out of streaming services like Netflix and Spotify. One almost has the combined total of human knowledge, from Do-It-Yourself home improvement to quantum theory through online resources like YouTube and Wikipedia. It has fundamentally change our lives, our knowledge of the world and the ways we interact with it and one another.

And now along comes another revolution. Tim Urban is an author who created a website (and book) called WaitButWhy and he has two graphs that well illustrate how most of us perceive the current point in technological history.

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However the reality of where we currently are looks like this

In my view, we are now at an even more significant point in history with the rise of the New AI – far more worldchanging than even the Internet, and I see many parallels in that transition.

We cannot see into the future, but intuitively we extrapolate from what has come before to imagine what it will be like. However the reality is that this intuition fails us during periods of explosive technological growth and leaves us unprepared for the very rapid changes coming in the near to mediumterm.

Whole swaths of the world’s economies are going to be transformed by AI, and much sooner than we imagine.

Call centers employing hundreds of employees are going to rapidly become a thing of the past as voice recognition, speech generation and LLMs combine to produce virtual customer service representatives that are highly knowledgeable, speak almost any

language you can imagine, work 24 hours a day, never need a vacation or a sick day.

Jobs often based on pattern recognition like in medicine with reading radiological scans and in pathology will be automated, with doctors taking a supervisory role, presumably then needing far fewer of them. Fashion photoshoots will be created by providing a description of precisely what is wanted, eliminating the stylist, makeup artist, set designer, location scout, lighting director, art director, photographer…and the models themselves, and weather will no long be a confounding factor.

The technology’s ability to craft specific, individualized communications at scale will transform the marketing and advertising industries.

And all of this is possible right now and no field will be spared its revolutionary effects.

So, how does this affect Barbados, and what actions should be taken to embrace and prepare for this technological revolution?

Well, firstly nothing can meaningfully be done until all of the stakeholders, both in the public and private sectors, familiarize themselves with what this technology is, and what it is capable of.

This is true even in those areas where these changes are likely not to have a major impact in the near future, as the future has a nasty habit at coming at you faster than you might expect.

Seminars, some of which are already occurring, which employ experts to educate and demonstrate what will be required, particularly those targeted at

Internet speeds besting many places in the developed world. Regular scheduled direct air links to New York, Miami, Washington DC, London, Amsterdam and Frankfurt make for efficient access to the island and with the Caricom and Welcome Stamp programs facilitating the relocation of non-Barbadian digital nomads and others to live and work on the island, it can be at the forefront of this revolution.

But ignoring or falling behind on educating ourselves, exploring and utilizing this technology where appropriate is not an option, for surely in a globalized economy our competitors will do so, and we will be the poorer, both literally and figuratively, for it.

This is an AI generated image prompted by typing in the words “History of the internet” to Adobe’s Firefly which is a generative machine learning model that is currently used in the field of design.

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require education and training in vulnerable sectors such as banking, anywhere that personal information is stored, and in infrastructure critical areas such as the hospital, the electricity grid and the gas, sewage and water systems.

The government should make the investigation of the integration of AI, and the execution of that into the educational system and economy, where appropriate and cost effective, a top priority.

The great thing for Barbados is that it is well positioned to take advantage of this transition.

Barbados has a highly literate and educated workforce, an excellent telecommunications infrastructure both domestically and internationally with

BUSINESS BARBADOS 2024

key sectors of the economy: tourism, banking and other financial services, agriculture and construction as examples.

The training of teachers and the revamping of education curricula for secondary and especially tertiary levels will be essential to equip the upcoming students with the understanding necessary to navigate this new world.

And all of this will require constant updating as to keep up with the technology itself as it evolves.

Sadly, like any technology, AI can be used for evil as well as good. Guarding against AI-generated misinformation, scams and cyber attacks will become increasingly important as they become increasingly sophisticated. This will

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STEM

Potential STEM-Based Economic Growth Opportunities for Barbados

Professor Cardinal Warde Interim Executive Director of the Caribbean Science Foundation, Professor of Electrical Engineering, MIT, Cambridge, MA USA

Dinah Sah Co-Executive Director of the Caribbean Science Foundation, Biotech Executive

BUSINESS BARBADOS 2024

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ike most of the smaller Caribbean countries, the Barbados economy is firmly grounded in tourism and to a lesser extent in financial services. Developing an additional economic pillar that is less susceptible to geohazards, pandemics, international politics and terrorism is a must for Barbados, if sustainable and reliable economic prosperity is to be achieved going forward.

The Caribbean Science Foundation (CSF) has long been concerned about these vulnerabilities and was formed to assist with the challenges of developing the human capital needed to build a viable and significant economic pillar based on science and engineering to diversify the economy. Opportunities abound in the information and communications technology workspace (especially in software and robotics, including machine learning and artificial intelligence technologies) as well as in the biotechnology industry. However, a welltrained workforce and much more foreign investment, along with mentoring of our technology entrepreneurs are needed to take full advantage of these technologies to develop new competitive products and services for global markets.

The CSF (caribbeanscience.org) is an independent, private, non-profit non-governmental organization founded in 2010. Its mission is to assist with the diversification of the economies of the Caribbean Region by harnessing science and technology for economic development, thereby helping to raise the standard of living. Helping to build and train a modern-day, knowledgebased workforce is therefore a focus of the CSF. CSF programs aim to:

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STEM BUSINESS BARBADOS 2024

stimulate greater student interest in STEM (science, technology, engineering and math), increase the numbers of students pursuing advanced degrees in science and engineering, encourage more technology entrepreneurship, and promote science popularization. The CSF philosophy is to “teach our people to fish rather than giving them fish.”

The Barbados government, like other small Caribbean governments, is faced with a small operating budget which creates significant challenges for longrange planning and investment in the development of any new economic pillar.

To assist in achieving some of the above objectives, the CSF currently runs four major educational programs: the Student Program for Innovation in Science and Engineering (caribbeanscience.

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Students as SPISE

org/spise/), the Barbados Junior Robotics Camps (caribbeanscience.org/ barbados-junior-robotics-camp/), the Caribbean Computer Coding Workshops (caribbeanscience.org/coding-workshop), and the Caribbean STEM Olympiads (caribbeanscience.org/cso/).

The Student Program for Innovation in Science and Engineering (SPISE) is an annual, 5-week residential enrichment summer program launched in 2012 for the most gifted Caribbean high school students in STEM. SPISE is modeled after the MITES program at MIT and is hosted on the Barbados campus of the University of the West Indies. SPISE students are totally immersed (24/7) in university-level calculus, physics, biochemistry, computer programming (Python), entrepreneurship, and a hands-on project in electronics.

The SPISE environment discourages

rote learning and instead teaches students how to focus on understanding and applying the fundamentals to achieve mastery, and thus the ability to solve complex problems. The value of teamwork (learned in the hands-on projects) is emphasized, along with proactive time-management skills.

Instructors for SPISE include professors from the Caribbean and the Diaspora (including MIT), and senior management professionals from leading biotechnology companies.

Since 2012, 225 students have graduated from SPISE. Of these, 25 SPISE graduates have or are currently enrolled at MIT in undergraduate or graduate programs. Similarly, several others have or are enrolled at Caltech, Harvard, Stanford, Princeton, Columbia, Cornell, Yale, Dartmouth, Carnegie Mellon, U Penn, Howard University, McMaster and UWI.

STEM Students as SPISE

programming languages, and thereby help train the technology workforce of the future, (2) assist with training of women (goal is a 50/50 gender balance) and persons with disabilities, (3) stimulate more technology-based entrepreneurship by encouraging the formation of more globally competitive ICT companies, (4) stimulate increased interest in science and engineering careers, and (5) generate further student interest in going beyond programming and into the field of advanced computer science. The Workshops offered to-date have been on Python and website development.

A near-term goal is to encourage the Region to move away from testing our CSEC students in Pascal to the adoption of a more modern language, such as Python. Python was chosen because it is a relatively easy language to learn and it has numerous libraries that are used for applications such as computer games, robot manipulation, and machine learning and artificial intelligence applications, including big-data processing. The C3W are offered on Saturday mornings during the school term for 14 consecutive weeks. Since 2018, the C3W has served approximately 400 participants. The CSF truly believes that “there is no reason why the next Google cannot start in the Caribbean”.

The Caribbean STEM Olympiads (CSO) are annual competitive events for students between 12 and 21 years of age. The CSO comprises Math, Computer Coding, and Robotics Olympiads in three different age ranges. The CSO showcases and celebrates the most outstanding STEM students in the Region and encourages more youth to embrace science and engineering. This science popularization initiative is effective at engaging students, parents, teachers, and the public in STEM. In addition to

sharing the above goals of the C3W, the CSO: (a) tests the competitors’ creativity, critical thinking, problem solving ability, leadership, and teamworking skills, (b) ignites and nurtures STEM inventiveness in our youth while encouraging informal learning opportunities in STEM, (c) gives our medalists a competitive advantage on their university applications, and (d) provides a launchpad for Caribbean teams to compete in international STEM Olympiads. Medal certificates and cash prizes are awarded to the winning teams or individuals. In 2023, 215 Caribbean students participated in the CSO. The CSF also intends to assist more directly with fostering an entrepreneurial culture by helping with the launch and growth of technology-based Caribbean start-up businesses, having recently established CaribVenture (caribbeanscience.org/caribventure/).

More CSF publications on proposed action plans that can help with technology development in Barbados and the Caribbean can be found at caribbeanscience.org/publications/.

Interested investors can assist Barbados with the proposed STEM economic transformation by collaborating on the development of its knowledgebased workforce in a friendly, emerging technology hub that is ripe for win-win commercial investment.

BUSINESS BARBADOS 2024

Regarding the stellar accomplishments of these students, one SPISE alum is now a Rhodes scholar, and numerous others are currently in PhD programs at Harvard, Stanford, Princeton, Johns Hopkins University, Carnegie Mellon University, Dartmouth College, Northwestern University, University of Pittsburgh, and University of Toronto, in addition to MIT. All SPISE students pledge to give back to the Region at some point later in life.

The Barbados Junior Robotics Camps (BJRC), launched in 2015, are annual, 5-week summer enrichment programs for young Barbadian students interested in robotics. Students from low-income households are encouraged to apply and a balanced class of 50% girls and boys is targeted. The curricula are designed such that while having fun building their robots, the students learn engineering design principles, enhance their computer programming skills, and explore examples of how science and math are applied to solve everyday problems. Teamwork is emphasized, and its value is highlighted.

The BJRC offers robotics at four different levels between 10 and 18 years of age.

Levels I & II are for children who have little or no previous STEM, programming, or robotics experience. Level III and IV students include high-level programming and micro-controllers within their robots.

All students have the use of a 3-D printer to create custom parts as needed. To date, 280 students have participated in the BJRC, in addition to 5 primary school teachers. The BJRC are conducted in partnership with the UWI Cave Hill Campus.

The Caribbean Computer Coding Workshops (C3W) were launched in 2018 and are open to persons who are more than 15 years old. The goals of the C3W are to: (1) help increase the low number of persons in the Region who have competency with modern computer

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Future Proofing Barbados Rum

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BARBADOS RUM BUSINESS BARBADOS 2024

Richard Seale, Distiller, Foursquare Distillery

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BARBADOS RUM

Richard Seale

BUSINESS BARBADOS 2024

Distiller, Foursquare Distillery

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Lesson to be Learned from the Past The Myers rum brand was created by Fred Myers in Jamaica in 1879.

In the period from the 1920s through the 1950s, it was arguably the most famous and most prestigious of all Jamaica rum brands. It produced a range of Jamaica aged rums including releases over 40 years old. Myers’ prominent advertising indicated that the rum was matured solely in Jamaica under “the eyes of Government”, and that such supervision was an “assurance of purity and genuine age”. The brand was bottled in Jamaica under bond and only “pure water and caramel [colour*]” were allowed to be added in accordance with Jamaica Excise law. Caramel colour is not to be confused with caramel used in baking and confectionary. The colour is used to adjust the colour of spirits for consistency between batches.

The brand was sold in the 1950s to the Canadian Seagrams corporation which migrated maturation and bottling operations outside of Jamaica. Since leaving Jamaica, the brand has been on a slow decline in quality, if not in volume, and today the brand has no aged rum releases and sells but a token amount in Jamaica. The Seagrams operations were acquired by DIAGEO in 2001. In a letter of October 2008, the legal representative for DIAGEO requested a US Customs classification ruling of ‘rum’ for: “The subject merchandise consists of two rum products to be imported from Canada in bulk (over 4 litres). Both of the products will have the same ingredients.

In addition to rum, the products will include a flavor enhancer (neutral grain spirits, quinine, propylene glycol and water) and Canadian Fortified Wine (“CFW”). The flavor enhancer and the CFW will represent less than 3.5 percent by volume of the finished blend. Both of the subject products will be further processed after importation and will be bottled and sold as [100% FINE JAMAICAN] Myers Rum.” From “pure water and caramel (colour)” to added flavour enhancer.

From matured and bottled in Jamaica under bond to bulk export to Canada.

From indigenous value added product

to neo-colonial export business model.

How could this happen? And could it happen here?

Barbados Rum Exports In 1980, Rum exports were just 3.5 million dollars and lagged far behind exports of sugar (over 100 million dollars), molasses, margarine, food & beverages, chemicals, electrical components, clothing, even sports equipment, and almost all of that was in bulk form for value added outside of the Island. The production of bulk rum for the Malibu flavoured rum brand in the early 90s saw Barbados rum exports increase significantly. But, with little value added earned in Barbados, the economic impact was minimal. The Malibu brand was sold in 2002 for USD 800 million. The Barbados Distillery, still with Malibu production contract in hand, in a deal comprising a rum brand and two distilleries, was sold in 2017 for a reported USD 12.5 million. You do not need to be a professor of economics to understand where the value of the Malibu brand is earned.

This story is a familiar one in the colonial West Indies. Whether it is sugar, molasses, rum, bauxite or coffee, under the colonial model goods leave as basic commodities for most of the value to be added in the ‘mother’ country. Bulk brown sugar and molasses left in the ships hold to be sold in European supermarkets as packaged and branded granulated sugar and treacle respectively. Rum for most of the near 400 year anglophone Caribbean tradition has been shipped as a commodity to be ultimately sold

by European owned brands. A bulk raw sugar industry which exported more than 100 million dollars in 1980 is now worthless.

Today, with rum exports around 85 million dollars (having now exceeded all other categories), that colonial model is on the reverse. Foursquare and Mount Gay export value added indigenous rum brands produced from sugar cane to bottle on island, and account for about 60% of Barbados Rum exports by value, despite only representing about 20% of distilled molasses production. Moving to robust, extra-regional branded exports is the key defining feature behind the

BARBADOS RUM

The Case of Demerara Historically, the province of Demerara was one of the largest producers of rum in the British West Indies. Until as recently as the 1990s, Guyana’s rum exports were exclusively bulk shipments, primarily to UK owned brands, bottled and sold in the UK. With the privatisation of Demerara Distillers (DDL) in 1988, the sole remaining rum distiller in Guyana then embarked on a brand development strategy to develop branded/bottled rum exports. DDL chairman, Komal Samaroo, reflected recently in an address to the Guyana Chamber of Commerce: “I will venture to say that had DDL not

Sugar cane harvesting at Mount Gay

embarked on a new [brand development] strategy more than 25 years ago, it would have today been in an even worse position than the sugar industry”.

In 2015, for the first time in their history, the value of bottled branded rum exports was greater than bulk exports.

Rules of Provenance The story of Myers is a warning from the past. Today’s value added industry could be reversed as easily as it was for Myers. Maturation and bottling of rum could move offshore (where it is cheaper) and quality compromised as international brands put profits ahead of protecting the reputation of the island’s most famous export. A similar scenario could happen with rum. The more valuable the provenance of Barbados Rum, the more likely the value will be exploited and appropriated. Production volumes may yet increase, but with less and less value added locally.

The rules of provenance within the EU may come as a surprise. There is no assurance that a bottle of ‘Barbados Rum’ or ‘Jamaica Rum’ sold within the EU actually contains 100% Rum distilled from those respective countries. It certainly

gives no assurance on maturation or bottling either. Under Article 14 of the EU spirits regulations, a country of origin is not even required. Moreover, the stated provenance is a rather fluid one – provenance can simply be where its “essential character and essential definitive qualities” took place.

An adulterated Barbados Rum on a shelf in the EU will be legal under Article 14 and won’t violate our EPA trade agreement either. A bulk tanker of Barbados Rum to Europe will need to meet the CARICOM rules of origin to gain tariff free access. But, once further transformed into a bottled spirit product within the EU, Article 14 applies. Value added and cumulation rules are also part of our EPA. This would mean, in theory, that a tank of blended Barbados and Guatemalan rum could enter the EU as a CARICOM product, once it meets the value added rule. That rule would be met once sufficient, but not necessarily all, of the value of the contents came from Barbados.

So there is no existing legal framework to protect Barbados Rum from adulterated products in export markets. There is no legal framework to

BUSINESS BARBADOS 2024

success of rum in comparison to the sugar industry.

The rest of distillation on island remains for low value bulk exports of either unaged rum or neutral alcohol distilled from molasses (unfortunately often incorrectly lumped with rum exports) for value addition abroad. Near to half of the bulk rum exports is for the Malibu brand.

This side of the rum industry has fared little better than sugar, forcing the island’s leading conglomerate Goddard’s to completely withdraw from rum in 2017.

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BARBADOS RUM

Rum storage area at Foursquare Distillery

protect maturation, branding, bottling or management operations to remain in Barbados. And Government remains seemingly oblivious.

Reversing or reducing local value added is not just a threat to local manufacturing but also increasingly seen in our other forex generating industry, where rapacious cruise lines and hotel chains demand to market and exploit the Barbados destination free of taxation, while using business schemes to shift income offshore. On achieving office, our Prime Minister lamented that despite record levels of tourism arrivals, income from tourism was less than it was a decade ago. Despite the observation, as far as I am aware, nothing has been done to reverse it.

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Future Proofing Barbados Rum

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Barbados Rum can be protected.

And the tool for protection is to register ‘Barbados Rum’ as a Protected Geographical Indication (PGI) in export markets. When a PGI is registered in an export market, a technical file is submitted outlining how the product is made and the required quality and integrity standards. Registration supersedes local generic rules, such as Article 14 or the value added provisions of broad trade agreements.

It was once Government policy to seek the registration of a Protected Geographical Indication (PGI) for Barbados Rum with the local Intellectual Property office (CAIPO). Much fanfare and a press-release surrounded the

application by the BIDC with CAIPO back in 2016, the first PGI application to be submitted under the relatively new Barbados Geographical Indications Act. During a ceremony organised to celebrate the application the Minister for International Business, commented: “We also recognise the tremendous economic benefit to Barbados that will be derived from such, and that is why we are forging ahead, taking this as the first one” Since 2018, the new Government has apparently abandoned the process and our producer-led applications with CAIPO (filed in 2020) have largely been ignored.

Demerara Rum was the first product registered under the new Guyana Geographical Indications Act in 2017. In 2021, recognition in the European Union was secured. With applications in the European Union pending for Venezuela and Cuba, in addition to the already secured registrations for Demerara, Martinique and Guadeloupe, Barbados risks being left behind.

PGIs generally apply to agricultural products, in particular, wines and spirits. A PGI says the origin of this product is more than simply the location of the factory.

If you were to move the equipment at Foursquare to another country, the same output cannot be achieved. That is because the rum is markedly influenced by the local microflora and microfauna, and the climate in which it is produced.

The growing of the cane, the mineral quality of our water, the microflora of fermentation and the climate of maturation all shape the flavour and

quality of the rum.

Generally, the developing world has been slow to register and protect the Intellectual Property of its Agricultural Products. The Europeans have been leaders in this area. ‘Scotch Whisky’ a whisky made in Scotland, ‘Cognac’ a Brandy made in the Cognac commune of France, or ‘Champagne’ a sparkling wine made in the Champagne region of France, are all examples of protected domains that have been successfully developed into billion dollar export industries.

A PGI for Barbados Rum will be the tool by which we can reverse the colonial economic model. We can shift rum production from un-aged to aged. From bulk sales to packaged brands bottled in Barbados. It can be the tool by which we can cease importing molasses to once again rely entirely on local sugar cane.

Today, the market demands and rewards authenticity. We can deliver this and communicate these distinctions using the PGI. The PGI will be the tool which will make Barbados Rum immune to whether the brands are foreign or locally owned. It will be the tool that will ensure only firms of the right ethos will desire to invest in Barbados Rum. Most importantly, it will anchor the production of indigenous brands to the island, and it will protect the integrity and quality of products bearing the marque of Barbados Rum.

M O U N T G AY

THE SPIRIT OF BARBADOS As the world’s oldest continuously running rum distillery, crowning Barbados as the birthplace of rum, Mount Gay exemplifies the spirit of the island. The embodiment of national pride and industry, a cultural icon, celebrating 320 years of heritage and expertise, Mount Gay’s mission remains true to their roots, whilst pioneering spirit innovation and sustainable practices, to ensure the longevity of rum and Barbados.

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From Soil to Sip

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Mount Gay has not only mastered the art of rum-making but is at the forefront of the commitment to environmental sustainability and community investment.

As a business reliant on the importation and exportation of goods on a small developing island, Mount Gay is cognizant of its direct and indirect carbon emissions and is working assiduously towards its goal of carbon neutrality, through its investments in process efficiencies, improved logistics and packaging, cleaner fossil fuels and, significantly, renewable solar energy. To close the loop, vinasse, the distillation residue of approximately 90% water with some macro and micronutrients, is repurposed in fertigation as a source of water and nutrients. Sustainable agricultural practices have been employed such as crop rotation for soil health and the

use of 100% organics fertilisers. Mount Gay is also committed to enhancing the biodiversity within its ecosystem through its food forests, orchards and hedge-rows, while bee-friendly gardens and apiaries have been implemented to protect the endangered bees.

Beyond its environmental commitments, Mount Gay is deeply intertwined with the local community, through initiatives focused on food security, education programs and economic empowerment. Their “drink responsibly” campaign spread around Barbados over the past years acts as a catalyst for positive change. With a strong sense of corporate citizenship, employee and community engagement are encouraged through diverse initiatives that directly address identified needs.

Single Estate Series From sourcing locally bred sugarcane varieties to the utilization of renewable energy sources, Mount Gay illustrates the fusion of tradition and innovation. The birth of the Single Estate Series, made from molasses derived from sugarcanes exclusively harvested at the Mount Gay Estate, represents a significant milestone showcasing how heritage and sustainability can harmoniously coexist.

In 2015, Mount Gay purchased its original 324-acre estate in St. Lucy. For

the first time since the 19th Century, Mount Gay is a fully integrated operation from cane to bottle, embodying the true essence of Barbadian terroir. As Barbadian as rum can be, every element of the Single Estate Series rum-making process takes place in St Lucy: from the Barbadian sugarcane to molasses, to long fermentation and distillation in copper potstills, all pioneered by Mount Gay and Barbados’ first ever female Master Blender, Trudiann Branker. By sourcing all ingredients locally and adhering to strict environmental standards, Single Estate Series not only celebrates the richness of Barbados’ natural resources, but also supports local farmers and artisans. It also champions the use of eco-friendly packaging, further reducing its ecological impact.

Mount Gay’s commitment to sustainability permeates every facet of its operation through the preservation of a beloved legacy of rum-making and the protection of the natural beauty of Barbados, while ensuring a sustainable future for generations to come.

@mountgayrum @MountGayRum www.mountgayrum.com Please Drink Responsibly

Scan for tasteful cocktails

TASTE THE GOOD LIFE

©2023 Mount Gay Distilleries Ltd., Mount Gay Rum®. PLEASE DRINK RESPONSIBLY.

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BUSINESS BARBADOS 2024

H AY M A N S M A R K E T

HAYMANS MARKET

A WORLD-CLASS DESTINATION LEADING THE REGENERATION OF ST PETER

BUSINESS BARBADOS 2024

Left to right: Jacob Weatherhead, Bernie Weatherhead, Alfredo Weatherhead

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Part of the Sun Group Family

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Walking into Haymans Market, you’ll be forgiven for momentarily forgetting you’re in Barbados. The scale and impressiveness of the newly opened multi-use ‘market space’, and the diversity of what’s offered onsite are unlike anything on the island. The concept takes inspiration from some of Europe’s famous markets, from San Miguel in Madrid to Spitalfields in London.

But as your eyes move through the space, drawn to the familiar views of undulating agricultural land, and further down to the iconic Barbados west coast, it becomes apparent that this could be nowhere else on earth.

Haymans Market opened its doors in December 2023, and is a vibrant new destination offering something for everyone – from early morning coffee to late night cocktails, with a plethora of products and services in between. The dynamic space spans and seamlessly flows between retail, dining, offices, residential, community and cultural / entertainment facilities. Located in the heart of St Peter, above Speightstown, it is part of the exciting redevelopment of the north of the island, and one of the largest regeneration projects in Barbados.

Haymans Market is one of the latest acquisitions for Sun Group Inc., a Barbadian family-owned group of companies established in 1982 that now spans 11 countries with offices in Florida and throughout the Caribbean, employing over 950 people. At the helm is Group Chairman Bernie Weatherhead, with his sons Alfredo and Roddy and nephew Aldo as directors of various divisions of the business. The group’s portfolio encompasses accommodation, transportation, tours, destination management services, airline GSA services, retail, and travel services. This latest undertaking at Haymans Market has been led by Alfredo’s son, Bernie’s grandson – Jacob Weatherhead, making Sun Group a truly multi-generational family affair.

“The business has always been a huge part of our family life. We work well together and have built a company that continues to expand into new areas with the help of dedicated management across our group of companies. With this project, we have now added a third generation as my son Jacob and daughter Vanessa are now on board at Haymans.

We decided to buy Haymans because we saw on opportunity to develop something completely new for Barbados – building on our strengths and expertise in tourism, retail, accommodation and more.” – Alfredo Weatherhead

Honouring Haymans’ History Haymans Factory was for decades an integral part of Barbados’ historic sugar industry – producing sugar for export and at times rum. For decades it was abandoned and was then used by the Barbados Agricultural Development and Marketing Corporation (BADMC).

“It may have been easier, to demolish the factory and start with a blank slate, but for us it was a priority to preserve and showcase the factory’s history and create a legacy that lives on in this new chapter. The restoration process has been an exciting journey. It’s about honouring the building’s past but giving it a new purpose and direction for the future.”

– Jacob Weatherhead Several features from the factory can be seen such as the impressive crane that

was used to move machinery around the factory. Natural light floods into the lofty structure with exposed industrial steel and original rough stone walls juxtaposed with modern décor and finishing touches.

Visitors can take a self-guided tour to learn about the history of the factory and the production of sugar and rum in Barbados.

Meet, Eat, Shop, Work, Live The market is a hive of activity every day of the week. There is a bakery, art gallery, coffee shop, rows of boutiques showcasing local brands – from clothing to candles, and market stalls with fresh produce, food and artesian creations.

One of the first things you’ll notice is the huge 22-foot screen, streaming live sports fixtures, movie nights and other events that draw a crowd, complemented by the roof-top restaurant and bar – The Haymans Social – with the stunning aforementioned views.

Food options range from pop-up fishcake stands to fully-kitted-out restaurants, with some of Barbados’ wellknown chefs branching out with a second space at Haymans.

The upper-level hosts commercial office space, occupied by local and international companies and on the lower level there will be a 24-hour gym and fitness centre. For parents of little ones, the onsite nursery school offers drop-in crèche facilities. And just outside the main building are 18 modern and beautifully finished apartments available for long- and short-term rent.

Bringing People Together Haymans Market is committed to the positive impact it can make on the local community. They welcome local famers and vendors to come into the market, offering a space to sell their produce.

And for tenants with long-term spaces, affordable rent encourages small businesses to grow and expand: “It’s been fantastic getting to know our traders and seeing their visions come to life. For many of them, this has been the launchpad to scale up their businesses – taking them from home-based or Instagram-based, to having a shopfront where they can interact with customers face-to-face.” – Jacob Weatherhead

H AY M A N S M A R K E T

For patrons, Haymans is designed as a flexible space to serve different groups and group sizes – from intimate team building activities, to large-scale events that take over the whole venue. There are two impressive open-air decks facing the sea – perfect for hosting corporate events with separate facilities offering privacy from the main market space.

Haymans has already hosted a New Year’s Eve Party, the National Cultural Foundation’s Ceremonial Delivery of the Last Canes, and is set to host the ACT (Arts and Culture, Community and Technology) Festival in 2024.

Looking to the Future Historically, development and commerce in Barbados has centred in the south and west of the island.

The Weatherhead family are proud

that Haymans Market is one of the major projects on the forefront of the redevelopment and regeneration of the north of Barbados.

“My first job was managing the Sandridge Hotel in St Peter, which I later purchased, just 10-minutes’ drive down the hill from Haymans Market. So this area is important to us, as a family and as a business. It’s exciting to be leading the regeneration of this beautiful part of Barbados, with something that is creating jobs and bringing visitors and locals alike up here. There are a number of large developments planned for the area, and this is one of the first.” – Bernie Weatherhead The spaces we live, work and play in are adapting and evolving. Instead of under-used and wasteful single-purpose units, we need to focus on sustainability,

maximizing functionality and engagement with the people that use them. Haymans Market has created a ‘space’ that blurs the lines between traditional notions of what we do, and where we do it. It offers something for everyone, from fruit vendors to renowned chefs, from visitors to locals, and from families grabbing breakfast to corporate enterprises entertaining clients.

Meet, eat, shop, work, live. www.haymansmarket.com

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Ryan Forde CEO, Barbados Hotel and Tourism Association

Embracing Technology and Data Investing in the way we analyze the business of tourism and the opportunities that are on the horizon is key to informing the way we develop our infrastructure, our source markets and marketing.

Understanding the type of traveller, their push buttons, our strengths, and areas for improvement is critical as we map out our way forward. Across the various tourism entities and partnering sectors, we shall continue to deep dive into the data to see what truly sets us apart as we seek to broaden our reach, increase the average spend on island and diversify the type of visitors we are attracting.

Continuously educating and opening avenues for their development at a faster pace than we are accustomed to so that they become leaders within our workforce and most importantly, becoming Owners of Capital. Diversifying our leadership and ownership portfolio aids in sustainability by the true essence of why Barbados is loved. It is our people that make this island sparkle in the eyes of dreamers.

The culture, the history and the Bajan vibes make people fall in love. Angela Davis beautifully expressed, “We have to talk about liberating minds as well as liberating society”. She is right. We must liberate our people beyond a tunnel vision approach to our economy but towards how we can form linkages and remove the leakages, and how we can diversify our offering within those industries and how do we become leaders and owners of our fate.

Diversifying Brand Barbados

Investing in Our People

The opportunity to diversify the tourism industry over the next 10 years is here. The creative mindset towards the infrastructure build out must take us into the future and not just for the moment.

Using green and sustainable methods while pushing the envelope in terms of creativity and offering is essential to position Barbados for the next 50 years.

Special Interest Tourism broadly speaks towards what Barbados truly has to offer.

We can explore niches such as Health & Wellness, Adventure, Dark Tourism, Food, Spiritual/Religious, Rural, Sport etc. Three examples of opportunities are:

The ongoing work to diversify our tourism offering is much more than just tweaking the product or how we market it. Instead it’s about how we invest in tourism sustainability through our people.

1. Dark Tourism. Let’s not shy away from educating people about our history.

We can tell the story of slavery and, for instance, Glendairy Prison in later times.

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s the world around us transforms and pivots post Covid-19, so too must Barbados – our 166 square miles of beautiful people and landscapes.

This change must no longer be one that is led but be one that leads the way into the future for our people. Prime Minister, Rt. Hon. Mia Amor Mottley is quoted saying “regardless of the obstacles and the challenges that face us, we shall remain focused on achieving what we must achieve as one of the smallest nations of this world but as one of the proudest and most capable nations of the global community.”

This is why I consider the next 10 years ahead of us to be the “Decade of Change”.

CHANGE FOR BARBADOS TOURISM

Decade of Change for Barbados Tourism

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New Zealand’s rally superstar Hayden Paddon won the 2023 edition of Sol Rally Barbados in front of record crowds.

2. Sports. Youth and masters’ categories in sports and beach sports can be explored. These are the most frequent events throughout the year which attract families and communities and utilize our natural resources – the sea and sand.

3. Health & Wellness Tourism. This is in high demand as people are searching for a better way to live their life physically, mentally, and emotionally.

BUSINESS BARBADOS 2024

The above are distinct types of tourism targeting unique demographics but still connect with our History, our People, and our Surroundings. They also have the potential to increase revenue.

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Expanding our Reach Barbados has begun looking at non-traditional source markets such as Latin America, Gulf States and Africa.

With the Latin America focus, it makes geographical sense as they are our neighbours with a shorter or potentially shorter direct trip than some of our

traditional source market cities. We now have direct flights to Latin America and there are discussions underway to establish air-links with Africa. Building out the linkages between those regions and Barbados is key to how we transform our economic performance through tourism to be a high performer 12 months of the year. Creating Seasons of Experiences that entice different demographics throughout the year is essential over the next decade, should Barbados wish to remain a leader in Tourism.

For example, we should be attracting visitors from Latin America during our summer months, which is their winter. The financial power within these three nontraditional source markets is paramount in our future and there is an appetite for Barbados.

As Tourism Leaders we must continue to work together stronger, share data and engage alongside each other more. The opportunity over the decade ahead will allow for our future generations to reach beyond their dreams. Madam CJ Walker

exclaimed, “Don’t sit down and wait for the opportunities to come. Get up and make them”. Use these next 10 years to invest analytically and financially in this next wave of “build out” of our people, product, and paradise destination.

For those looking in at Barbados, it is much more than just the Gem of the Caribbean Sea. It is the most beautiful place to invest your efforts, time, and financials as it is rich with culture, history, energy, and drive to become the leader in not just the western hemisphere but in the world per capita. For those who doubt us, remember that over the last 50 years Barbados has created many great leaders from Sir Garry Sobers (Cricketer), Rihanna (Entertainer/Entrepreneur), Prime Minister Hon. Mia Amor Mottley (Leader of the Bridgetown Initiative) and Alan Emtage (Inventor of the First Search Engine).

The great Nelson Mandela mentioned, “It always seems impossible until it is done”.

The Decade of Change starts now.

Coco Hill Forest

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BARBADOS GOLF CLUB

GOLF COURSE MEETINGS ENHANCING BUSINESS CONVERSATIONS

Jina Scheper CEO, Barbados Golf Club

In the realm of corporate decisionmaking and relationship-building, the conventional boardroom has long served as the hub of essential discussions and negotiations. Nonetheless, a growing recognition suggests that, under certain circumstances, conducting business on the golf course presents a distinctive and highly effective alternative.

The game of golf, often regarded as a gentlemen’s sport, has witnessed a deluge in popularity in recent years, with over 25.6 million new golfers joining the ranks in the past two years alone.

This resurgence has transcended the notion that golf is solely the pastime of retirees, attracting a surge in middle-aged players and heightened interest from women. Many have come to appreciate the challenges and enjoyment this sport offers. But why should conducting business on a golf course be preferable to the conventional boardroom?

Fostering Openness and Building

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Relationships in a Relaxed Atmosphere: The rigid formalities of a boardroom environment can be intimidating to some participants. In contrast, the golf course provides a relaxed and informal setting that encourages open and candid conversations. The rules of the game promote camaraderie and offer insight into the personalities of those in your foursome, eliminating the constraints of conference tables and suits, and making it easier for individuals to express their thoughts and ideas.

Assessing Character Under Pressure: Within the crucible of a business meeting, it can be challenging to gauge a person’s character under pressure. Golf, with its inherent challenges and frustrations, offers a unique window into behaviour when facing adversity. How one copes with the ups and downs of the game can reveal much about their temperament, resilience, adaptability and most important Integrity – qualities that are critical in business partnerships.

Stimulating Creativity through a Break from Routine: Stepping outside the confines of the office can inspire fresh thinking. The golf course provides an opportunity to escape the familiar work environment, creating a mental break that often results in more creative problemsolving and innovative ideas. The change in scenery allows participants to view challenges from a different perspective.

Real-World Decision-Making: The golf course presents an opportunity to make business decisions under real-world conditions. Assessing risks and selecting appropriate strategies on the course closely parallels the decision-making process in the boardroom. Moreover, these decisions often yield immediate

consequences, enabling participants to witness the outcomes of their choices.

Extended Time for In-Depth Discussions: Traditional boardroom meetings are constrained to schedules, leaving limited time for in-depth discussions. In contrast, a game of golf, on average, spans several hours, providing ample time for meaningful conversations and relationship building. Participants can explore topics with more intensity without the constraints of a ticking clock.

Networking Opportunities: The golf course is a haven for businessmen seeking to connect with the right contact. While on the course, conversations within your team may be limited, but post-game refreshments in the clubhouse serve as an ideal backdrop for forging valuable business connections.

In conclusion, although the boardroom remains a crucial space for business negotiations, the golf course might be an effective alternative. The golf course serves as a dynamic setting for assessing character under pressure, making decisions, and escaping distractions. Even the length of time required to complete a round of eighteen holes can be beneficial for discussions and networking possibilities; what more of a compelling argument is needed in modern business interactions.

Ultimately, the golf course’s unique combination of factors renders it a powerful platform for successful business meetings. It is also a huge asset for anyone travelling or who has moved abroad to network and meet the local community, as we have seen at the Barbados Golf Club where many Welcome Stampers now play golf and connect with the local players.

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Barbados as a Healthcare Hub

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H E A LT H C A R E H U B

M Professor Jocelyn Brookes, MB, BS, FRCR, FRCP.

BUSINESS BARBADOS 2024

Consultant Endovascular Radiologist

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y Father was professor of Anatomy at Guys Hospital, London, and in 1971 he undertook to spend a semester teaching at the University of the West Indies in Kingston, Jamaica. For us four little kids and my mother tagging along, we had a magical family experience unheard of within our UK background, which left me with a strong emotional connection to the Caribbean.

Life was kind to me, and I became Consultant Vascular Radiologist at The Middlesex Hospital (UCL), London. After marrying Emma, we soon had three pups of our own. Emma is fearless and she persuaded me to take a sabbatical, but where should we go with three kids all under five? To the Caribbean of course!

We had fond memories of a short holiday in Barbados and after meeting UWI Dean, Henry Fraser, who was in London to visit his old Alma Mater, UCL, the plan was formed. I took a post as Associate Lecturer at UWI Cave Hill for a year. The best decision we ever made.

My first task was to get licensed by the Barbados Medical Council, and I was helped greatly by the generous welcome

of the Barbados medical community at Queen Elizabeth Hospital (QEH) and Bayview Hospital. Interventional radiology was new to the island at the time (2007/8), and anything I could do with what was available was gratefully received and encouraged.

In 2001, I had established the first Endovenous laser service for varicose veins and ulcers in the UK – developing out of my research into laser ablation of cancer secondaries – and had a laser unit shipped out to set up the first such service in Barbados, thanks to the encouragement of Mr Chris Warner, General Surgeon at Bayview Hospital, who is my ‘Barbados Mentor’. Since this new way of treating varicose veins is light of touch – ultrasound-guided and without scarring – it is a great step forward from the old ‘strip surgery’. And because it requires less resources, hospital beds, etc, it can be delivered more affordably, eliminating ‘lifesores’ and daily pain for more people.

The treatment of fibroids is another significant area where we have been able to contribute to progress. Fibroids are a scourge of women in the Caribbean, affecting up to 75% to some extent, causing excessive menstrual bleeding

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I was able to facilitate the training of a QEH manager at Royal Free Hospital, London.

The general infrastructure and availability of highly educated people already makes Barbados a healthcare hub in the Eastern Caribbean with an established reputation, and its location and ease of access to the USA also opens up potential for participation within that medical market. Examples of such practices in Barbados are established, including my own, and prove the principle, but the possibilities are much greater with suitable organisation, investment and collaboration of resources.

Barbados is a small island from a medical viewpoint and provision of specialist services depends on a robust network of international connections, just like such services are provided in larger countries with concentration of rarer and more complex services in university hub hospitals. With the advent of better digital communication, such networks can support the provision of specialist

services locally when possible – expert discussion of individual cases via regular portal meetings – and the easy exchange of patients and staff when necessary to provide the best possible and affordable treatment.

Such a network structure, with established specialist service providers internationally, supports the local medical services, maintains standards and provides access to expertise and training that cannot be provided locally.

The benefits to the local and regional population are manifest in supporting a robust and sustainable healthcare system.

This would be the firm foundation on which services could be developed in the form of Medical Tourism to bring further investment into the Barbados Healthcare economy.

I am planning to extend my periods of stay and widen the scope of what I can offer. I also hope to participate in what could be a time of growth and development for Barbados healthcare both locally and internationally.

BUSINESS BARBADOS 2024

leading to anaemia, excessive, long and painful periods, and other miseries that can reduce fertility. Rather than resorting to hysterectomy or partial hysterectomy with all that entails, we now offer light-touch, minimally invasive Fibroid Embolisation (aka Uterine Artery Embolisation) at Bayview Hospital where full medical backup is available to International standards.

Over the fifteen years of my medical service in Barbados, I have also continued to assist at QEH when required, such as implanting dialysis (venous access) catheters, and I maintain friendly and collegiate links with that vitally important institution.

Barbados has an unparalleled tourism brand status in the UK, where it is considered a ‘dreamplace’ on everyone’s bucket list. All my team at University College are sweetly jealous of my connection with Barbados in the most positive way and would take little persuasion to increase the medical connection for training, exchange and education purposes. Reciprocally, in 2018,

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B AY V I E W U R G E N T C A R E

BARBADOS WELCOMES BAYVIEW URGENT CARE

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A N E W E R A O F ACC E SS I B LE H E ALT H C A RE

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B AYV IE W U RGE N T C A RE

Julie Reid

Hospital Administrator

For over three decades, Bayview Hospital has remained committed to providing its patients with exceptional healthcare along with flexible and affordable payment plans. Since its rebrand in 2014, it has invested in stateof-the-art upgrades, including a level two Intensive Care Unit (ICU), to aid with the care of its critically ill patients. This has helped to firmly establish its status as the premier private hospital in the region.

Now, just a decade later, Bayview is set to undergo a significant transformation to its operation, that will improve access to quality and affordable healthcare on the island.

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Bayview Urgent Care

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With the official opening set for April/May 2024, Bayview Urgent Care will be operated by its team of experienced medical professionals. This technologically advanced facility will feature a 24-hour on-site laboratory, ambulance services, an additional operating theatre and diagnostic radiology services, including a new Computerized Tomography Scanner (CT), and an X-ray machine.

Hospital Administrator, Julie Reid, a registered nurse with over 30 years of international healthcare experience is enthusiastic about the expansion of Bayview’s services. Alongside Assistant Hospital Administrator, Major

Marilyn Patrick, and other invaluable and experienced long-standing staff members, they eagerly await its opening.

“The opening of the new Urgent Care Centre will truly make Bayview a 24/7 operation. In the event of an accident or if you’re not feeling well, you can simply come to our facility for the necessary treatment. For more complex conditions that may require additional care, we can refer you to a specialist physician who practices at Bayview Hospital for admission and management. Bayview Hospital has an extensive list of specialist consultants that hold practicing privileges.

Our diverse team includes general and specialist surgeons, internal medicine and intensive care specialists, obstetricians and gynecologists, cardiologists, dental surgeons among other specialists supported by full laboratory, diagnostic radiology services and experienced physician nursing support. Your care will be in safe hands.”

This state-of-the-art upgrade complements the cutting-edge treatments the Hospital has become known for throughout the region, from Orthopedic and minimally invasive surgery procedures such as the Kidney Suite to the newly refurbished Intensive Care Unit.

Quality Healthcare In 2018, Bayview took a pivotal step towards advancing patient care with the opening of its own level 2 Intensive Care Unit. Outfitted with ventilators, cardiac monitors and other medical equipment used to provide treatment to critical patients, this upgrade made Bayview the sole private hospital in Barbados with such facilities.

Pulmonologist Dr Dawn Alleyne, a valued member of the Bayview team since 2015 leads an experienced emergency and intensive care team of Senior House Officers, who specialize in offering care to patients who have had heart attacks, strokes, kidney failure or other life-threatening conditions.

“We offer patients one-on-one care – one doctor and nurse per patient. We are also close to the patient’s relatives, so we can give regular updates,” Alleyne shares.

She adds that the overall mission of the ICU is to attempt where possible to “fix all

conditions and try to bring patients back to a state of normalcy.”

Reconstructive Surgery With a focus on patient care, the internationally renowned, wellsought-after plastic & reconstructive surgeons have brought many new procedures to Bayview Hospital including abdominoplasty, rhinoplasty, blepharoplasty, labiaplasty, breast enlargements and reductions, face and neck lifts, liposuctions, and tummy tucks.

Beyond personalised pre-operative consultations, the comprehensive services include meticulous post-operative and thorough follow-up care, ensuring seamless patient recovery.

Orthopaedics One of their many specialist Orthopaedics surgeons, Dr Tamara Nancoo is another shining example of the caliber of physicians with practising privileges at Bayview Hospital. Drawing from her fellowship training, the department has introduced advanced techniques such as ligament reconstruction, joint replacement, lower limb and arthroscopic (knee and hip) surgery and a range of other treatments that were previously unavailable in the Caribbean. They have successfully used hamstring tendon grafts, a minimally invasive procedure that reconstructs knee ligaments through three or four tiny holes around the joint, ensuring minimal discomfort for patients.

Their surgical process begins with a consultation. During the operative stage, the patient is provided with a tour of the facility and a detailed explanation of the procedure. This ensures that patients are well informed and know what to expect on arrival.

Urology Leading Urologist Dr Jerry Emtage has also enjoyed a long association with Bayview Hospital, delivering stateof-the-art treatments for obstructive prostate disease, prostate cancer and dysfunctional bladder as well as outpatient treatments for kidney and bladder stones. This equipment is housed at the hospital, and of note, the Stone Clinic located at Bayview Hospital has

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been making strides in the healthcare system.

The introduction of this Kidney Stone Suite provides patients suffering from the often-debilitating condition with access to advanced medical technology which enables precise and efficient diagnosis, treatment and follow-up care. The suite is equipped with high-resolution imaging equipment that allows the physician to accurately pinpoint the size, location and composition of the kidney stones.

Image Guided Surgery Continuing with the trend of minimally invasive procedures, Dr. Jocelyn Brookes, one of Bayview’s visiting surgeons has made significant strides in the treatment of varicose veins and uterine fibroids. He pioneered the use of endo-venous laser ablation and radiofrequency ablation techniques in his home country, the United Kingdom. These techniques, which are minimally invasive procedures, use laser energy to close varicose veins from the inside. This innovative technique offers virtually no scars, less bruising and a quicker recovery time has become the standard.

Engineering Services (MES). From regular maintenance to timely repairs, MES is responsible for ensuring the equipment remains in optimal condition to effectively meet the needs of patients. In Barbados, most healthcare providers are faced with a significant challenge as many of the equipment manufacturers were solely based in the US, Trinidad or Jamaica.

This changed when Medical Engineering Services, which supports Bayview Hospital, Diagnostic Radiology and Bayview Laboratory along with several other medical institutions on the island was formed.

Bayview Laboratory Providing 24-hour support services from the Hospital, Bayview Laboratory is a state-of-the-art medical lab which focuses on molecular testing. Starting with COVID-19 PCR and Rapid Antigen Testing, they have expanded their menu to incorporate a wide range of testing which includes STIs, HPV and the Tropical Fever Panel (Dengue, Chikungunya, Zika and West Nile). The lab will be expanding its services to chemistry and hematology,

making the support all around for the Hospital.

Medical Concierge at your service New to the Bayview Group is the medical concierge team, My Health Options (MHO), led by Medical Business Development Executive, Varsha Soomai.

MHO seeks to simplify the healthcare process by designing tailored packages to meet patient needs. In addition to maternity, orthopedics and diagnostic radiology services, they can assist businesses with the facilitation of Executive Medicals, and preventative care packages for employees.

Bayview Hospital extends its specialised services not only to the Barbadian public, but also to individuals seeking medical assistance from other destinations. As they expand their facilities with the introduction of the new Bayview Urgent Care, they remain committed to providing quality health care and maintaining their reputation as a premier private hospital in the Caribbean. bayviewhospital.com.bb

Birthing at Bayview The highly experienced and trained midwives and Obstetricians at Bayview Hospital provide a source of support for expectant mothers and their loved ones during an exciting yet challenging time.

The Maternity Unit features two labour rooms, suite options that can comfortably accommodate the partner and both private and semi-private rooms. The suite at Bayview Hospital is usually a popular choice, as it comfortably holds mom and partner against the backdrop of the beautiful Caribbean Sea. For the care of newborns and children requiring medical attention, there is a dedicated team of experienced Paediatricians that practice at Bayview Hospital. They oversee the well-being of babies from birth and manage medical admissions for children. For cases requiring surgical intervention, there is also an experienced Pediatric Surgeon.

Medical Engineering Team Bayview’s state-of-the-art medical equipment is in safe hands with Medical

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D R . G I O VA N N I F E R R A N D O BUSINESS BARBADOS 2024

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COSMETIC AND RECONSTRUCTIVE CARE IN BARBADOS DR. GIOVANNI FERRANDO

Thanks to its ideal climate, beautiful natural environment, healthy outdoors lifestyle and welcoming friendly people, Barbados has long been an aspirational vacation destination for visitors from all around the world. More recently, with the continued development of the country’s sophisticated international business sector, Barbados has also become a preferred jurisdiction for international investors. Charmed by the numerous advantages that living on this remarkable island can offer, many of those investors eventually purchase a home and spend all or part of the year living here.

In the case of Dr. Giovanni Ferrando and his wife Laura, after falling in love

with Barbados some fifteen years ago, they have not only invested in their own Barbadian ‘home away from home’, but also established a medical practice, East Caribbean Plastic Surgery, which specializes in Cosmetic and Reconstructive Care.

Having spent thirteen years studying and training at two of Italy’s most prestigious universities, Genoa and Rome, Dr. Ferrando then spent a further five years perfecting his art at several of the world’s leading medical institutions, where he honed his Plastic and Reconstructive skills while operating alongside some of the profession’s most gifted surgeons.

Today, with over thirty years’ experience, Dr. Ferrando is an eminently qualified and highly regarded Cosmetic and Reconstructive Surgeon, licensed by the local government medical authorities in Europe, the United Kingdom and Barbados, as well as being a member of The American Society of Plastic Surgery.

In addition to managing his own private hospital in Italy and a clinic in London, Dr. Ferrando has also opened a thriving practice in Barbados, where he performs his surgical procedures at the modern, privately owned Bayview Hospital.

Over the years, Dr. Ferrando has become renowned for his exceptional skills in a wide range of surgical procedures, including facial rejuvenation, breast surgery – both aesthetic and reconstructive – and body contouring.

His meticulous attention to detail, artistic sensibility, and unwavering commitment to patient safety have earned him the trust of both patients and colleagues alike. Dr. Ferrando has also been actively involved in medical research and his innovative techniques and forward thinking approach have paved the way for safer and more effective procedures, helping to shape the field of Plastic and Reconstructive Surgery.

Dr. Giovanni Ferrando My wife Laura and I both feel very happy and ‘at home’ whenever we are in Barbados. It is a wonderful island for enjoying the simple pleasures of life.

The more we came here, the more we wanted to stay, so it always seemed like a good idea to set up a practice. But what really convinced us to go ahead is that Barbados has all the required conditions, such as a sound national infrastructure and worldwide travel connections, to enable a hospital like Bayview to become a hub for medical tourism and a centre of excellence in all sectors of medicine.

And, at the same time that Barbados was willing to welcome me and my wife into their community, I wanted to give back to the country by contributing to the development of the local healthcare sector. Not only by offering my professional services to Barbadians and visiting international patients, but also by sharing my expertise and extensive knowledge with young Barbadian doctors, as well as general mentorship programmes, educational initiatives and charitable support.

Having become accustomed to working in different kinds of environments and countries, I can attest that Bayview Hospital is an excellent facility, with stateof-the-art technology and top of the line medical staff that allow me to concentrate solely on the wellbeing and satisfaction of my patients. And that is essential for me, because taking good care of my patients is a top priority. Throughout my 30-year career, I have always worked hard to provide first-class service, including regularly checking up on my patients following surgery, sometimes for weeks or months depending on the demands of the specific procedure.

Postoperative recovery time can differ between surgeries, and that is one of the reasons why people should seriously consider coming to Barbados for Reconstructive or Cosmetic Surgery.

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extra assistance. My wife makes sure they have as comfortable and relaxing an experience as possible, by looking after all of their needs from travel arrangements, to accommodation, food requirements, home care, and any other customised requirements they request.

For my part, I take great satisfaction from Reconstructive Surgery because it repairs a patient’s body that has been affected by birth defects, developments of diseases, or results from injuries.

Equally, Cosmetic Surgery gives a patient

a new sense of self-confidence, which is also very rewarding. Either way, making people happier is what gives me the greatest joy. Ultimately, I feel privileged to do what I love every day and to witness the positive impact it has on the lives of my patients. www.drgiovanniferrando.com

BUSINESS BARBADOS 2024

In addition to the availability of skilled surgeons and exceptional medical staff, Barbados offers a wonderfully relaxing and enjoyable environment where patients can rest and recover in peace.

This also provides an attractive advantage for any friends or family members accompanying the patient.

I feel very fortunate to have Laura managing the day to day aspects of East Caribbean Plastic Surgery, especially for the excellent work she does liaising with those patients from abroad who need

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SAGICOR

WEALTH MANAGEMENT AND YOU

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– www.forbes.com

Dexter Moe Vice President, Investment Management Services Sagicor Asset Management Inc. dexter_moe@sagicor.com

Michael Millar Head of Wealth Management Sagicor Asset Management Inc. michael_millar@sagicor.com

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One of the most important elements of this statement is the word “your”, because the definition of wealth depends not only on who you ask, but also when you ask. The truth is, every individual has the freedom and opportunity to define what “wealth” looks like for them, and typically that definition will evolve as you move through the various stages of your life.

What should you look for in a Wealth Manager? www.forbes.com states, “When choosing a wealth manager, it is important to find a professional who is reputable and has the right licenses and expertise to give you sound guidance for your unique needs”.

Following this advice will most certainly lead you through the doors of Sagicor Wealth Management, a company backed by more than 183 years of strength and stability of the Sagicor brand. An expansion of Sagicor Asset Management Inc. (SAMI) – Sagicor Wealth Management offers expertise, knowledge, and guidance on investment management services.

Sagicor Wealth Management is committed to providing customized portfolio management and risk assessment to our clients, by offering the highest standards of professionalism.

With over $1.4 Billion (BDS) in assets under management, Sagicor Wealth Management is well established and capable of managing the diverse needs of today’s investors. Our client-centric approach hinges on a comprehensive understanding of the client’s total wealth, desired return objectives and risk tolerance.

Our personal and individualized approach includes a determination of our client’s ability and willingness to take the optimal level of risk, their current financial circumstances, any liquidity needs, and tax considerations, leading to the establishment of a well-defined, and frequently reviewed Investment Policy Statement to guide the management of the client’s portfolio.

Financial security brings independence and peace of mind. Well informed and articulated decisions can help you reach your goals faster and with less costly mistakes or financial loss.

Let Sagicor Wealth Management manage your money for a prosperous tomorrow.

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F U T U R E P R O O F I N G R E A L E S TAT E

The Real Estate Experience

F Terry Hanton Managing Director, Property Consultancy Services

uture proofing is the process of anticipating the future and developing strategies to minimize the impacts of shocks and stresses.

When that is applied to an economy, it implies the employment of strategies which minimize risk and seek to pursue imaginative ways to grow those economies by examining the likely outcomes in years to come. The avoidance or minimizing the impact of exogenous shocks is paramount to any such strategy.

Three years ago our planet went through an exogenous shock when the COVID-19 pandemic threatened to decimate our global population as millions of people perished. In response, the governments of the world stepped in to provide a social safety net. Barbados was no different. Our government stood up to those responsibilities when many employers could not do so. These lessons remind us that we cannot have a working assumption that the future is automatically going to be rosy and that our economy is going to continuously grow.

Another exogenous shock bears down on us today in the form of global warming. Small island states which depend on tourism are particularly vulnerable – and Barbados is one of them. So the concept of looking at the future and devising a plan which is robust enough to withstand exogenous shocks is the current focus of our policy makers and our social enterprises.

The COVID shock had two somewhat opposing effects on tourism and real estate. Firstly, tourism arrivals dropped significantly, initially during the April to June 2020 lockdown which Barbados

underwent, and in the following twelve months. This came on the heels of a record year 2019, which surpassed all prior years for tourism arrivals to the island. In 2023 arrivals were almost back to those record levels.

But the second effect, which proved to be very positive, was the introduction of the Barbados Welcome Stamp. This innovative visa programme, announced on all major media around the world, allowed visitors to live on island whilst working remotely without any Barbados tax consequences. Thousands of ‘stampers’ took up the opportunity and this boosted rental accommodation occupancy across the island which would have hitherto been taken up by tourists.

This phenomenon filled up housing stock, especially apartments, at a time when the expansion of the second home market was at record levels. There are now more beds in apartments, condos and townhouses than there are in hotels.

Paradoxically, developers continued unabated with their expansion plans.

Online travel agents, such as booking. com, airbnb.com and expedia.com, have grown in prominence, and developers can easily access these portals via channel manager software to optimize occupancy and yield.

In many respects, the pandemic made offshore buyers and renters more conscious of the comparative safety of Barbados with its outdoor lifestyle than their own domiciles, and their choice to stay in rental housing stock was a reflection of the need to be in a safe environment. So, development has continued unabated and new-starts targeted at the tourism market are at record levels.

The Apes Hill Barbados golf

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Future Proofing Barbados

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Apes Hill Barbados

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community is an outstanding example of developer success. Newly revamped after a change of ownership, it has enjoyed unprecedented success in selling a record number of new homes in just over a year, with a value in excess of US $150m.

Furthermore, Apes Hill won four major awards at the 10th Annual World Golf Awards in Abu Dhabi in October 2023, including ‘Best Golf Course in Barbados’, ‘Best Golf Course in the Caribbean’, ‘Best Golf Real Estate Venue in the World’, and ‘World’s Best Eco-Friendly Golf Facility’.

It has to be noted that Apes Hill has embraced a sustainability ethos, which is of growing importance in real estate.

One of its winning strategies has been to pursue ‘farm to table’ programmes, with many bee hives and fields of banana trees being evident around the golf course.

The Apes Hill developers recognize that today’s buyers are conscious of

sustainability.

Tourism remains the largest single contributor to the economy and the sector continues to grow. New hotels with international brand affiliations are under construction, including an Indigo and the recently completed 420-room Wyndham.

A Royalton hotel will follow in the coming months.

The Bridgetown waterfront will soon be transformed by the Pierhead project, a 230,000 square foot, mixeduse development which will bring life back to the city. It will offer apartments, restaurants, shops, museums and tourist attractions.

Barbados offers attractive tax concessions for development of rental villas, apartment complexes and new hotels, and these concessions have been a major stimulus to the development sector.

Responsible sustainable economic and environmental strategies are a current recurring theme in Barbados for the country to grow its GDP and future proof its economy in an uncertain world. And real estate is a critical component of this strategy.

EAST RESORT

A NEW HORIZON IN LUXURY LIVING ON BARBADOS’ EAST COAST Crane Resorts, the renowned developer and operator of Barbados’ historic Crane Resort, has unveiled a new standard in luxury living with the transformation of its second oceanfront resort community.

Formerly known as Beach Houses, it now stands as the rebranded and alluring East Resort.

A secluded, low-density, and ecoluxury villa resort community overlooking Skeete’s Bay Beach and Culpepper Island, East Resort, or simply EAST, has been intentionally designed to celebrate the property’s exclusive location on the 1% of the East Coast that sits outside of Barbados’ National Park. Known for its dramatic limestone cliffs, endless beach expanses and a slower pace of life not seen since days gone by, the East Coast is where generations of Barbadians have gone to find serenity in beautiful seclusion.

Phase 1, which opened in November 2020, showcased the debut of 10 Clifffront Villas. Now, EAST proudly presents pre-construction sales for Phase 2, featuring the exciting addition of 20 luxurious, semi-detached one- and twobedroom Hillside Villas. EAST is also introducing The Culpepper Collection, offering 12 exclusive land lots with breathtaking views of Culpepper Island, allowing buyers to customise their dream homes with the expertise of an in-house

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team of architects and builders.

John Doyle, Director of Business Development at Crane Resorts, shared the vision, stating, “Our goal has always been to create an eco-luxury villa resort that celebrates one of the most spectacular coastlines in the Caribbean. With our rebrand to East Resort, we are paying eponymous homage to the island’s East Coast – offering a luxuriously laid-back lifestyle in seclusion, space, and serenity.”

At EAST, thoughtful architectural design choices sustainably enhance, rather than detract from, the natural surroundings. In the community’s terraced, single-story design, landscape displacement is virtually unnoticeable.

Each villa’s footprint has been moved to the ‘green roofs’, revealing clear sightlines as the development recedes from view.

Beyond aesthetics, these ‘green roofs’ also mitigate each villa’s heating loads, reducing A/C and power consumption.

Each generously scaled villa features meticulously curated natural interiors, open-plan spaces, and floor-to-ceiling glass windows, which simultaneously allow for natural cross-ventilation and reduce the need for artificial light during the day, while revealing 180° ocean views.

Other sustainable measures include the use of LED lighting throughout, waterefficient kitchen and bathroom fixtures as well as rainwater collection and the

treatment of wastewater for irrigation use.

East Resort offers owners and guests privileged access to the amenities and services of The Crane Resort and dining delivery from its acclaimed restaurants, including Zen. As the community reaches completion, it will offer a diverse range of on-site resort amenities, such as an organic greenhouse, a farm-to-table café, a destination spa, a rooftop restaurant and bar, a fitness centre, tennis courts, and more.

Ownership at EAST is hassle-free, as the developer can manage each villa when not in use. With the option also available to participate in Crane Resorts’ historically successful rental programme, these villas are effortless to own – whether intended for personal use or as an investment. Additionally, astute investors will appreciate the pre-construction offer of flexible staged payments based on construction milestones such as Foundation, Watertight, Structure, and Practical Completion.

The Cliff-front Villas are being offered exclusively for Fractional Ownership starting at US$16,895/week. Preconstruction prices for Hillside Villas start at US$745,000, and the villas of The Culpepper Collection begin at US$1.9 million.

For more information on vacation rentals and villa ownership, visit eastresort.com.

Workspace Transformations Reveal Golden Opportunities

Part of Lex Caribbean office space

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W O R K S PAC E T R A N S F O R M AT I O N S

I Melanie Jones

BUSINESS BARBADOS 2024

Managing Partner, Lex Caribbean Group

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was inspired to write this article by our transformative experience with our office move. After twenty years in a space configured in the “traditional” fashion for law firms, we engaged in deep reflection and discussion throughout the organisation, and ventured to effect a radical change, in 2023.

Our modern office took us eight months to conceive, design and implement. It features a café-lounge co-working space (offering great sunset views from elegant banquettes, comfortable chairs and couches). Across the floor, past the practice group anchor rooms, pinwheel desk clusters and private comms booths, is the quiet co-working space (with lovely morning light). Here the right to absolute silence is respected, and tech stations with multiple screens and height-adjustable desks cater to any task. Natural light suffuses the space through swathes of tinted glass. Trees and the old windmill provide welcome optical relief via regular glances away from bright screens.

Since COVID times we embrace the hybrid-working approach as one of our pandemic-driven successes. Having maintained excellent remote productivity during the pandemic’s isolation phases, we share a deeper bond of trust. Rigidly commanding people into office, seems a silly preoccupation with form over substance. Notwithstanding our preexisting flexible approach, most of us meet and work frequently now in our reimagined, vibrantly collaborative space. A few months after moving in…we are in our bliss. Our aspirational workplace evolution has been a miraculous journey for us all.

The outcomes of our own workplace transformation underscore a propitious opportunity. Stewards of the office-based workforce in Barbados face an imperative to mindfully adopt a fresh approach to workplace design. We should embrace the post-pandemic era and nurture a healthier, happier, more productive and committed human capital complement, leading to more robust and profitable enterprises.

What are some of the hallmarks of progressive office design? A plethora

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colour selection impacts energy and outlook and may even dispose persons towards greater diligence, focus, honesty and commitment; incorporating shady, green outdoor spaces for staff enjoyment add precious health and wellness benefits.

Extrapolating from all of this an opportunity also materializes for the revitalisation of the local commercial real estate sector. By leveraging workplace design strategy to reinvigorate a growing inventory of empty office spaces, we can innovate the way in which those spaces can be monetized.

Currently about 50% of office space globally languishes unoccupied. To capitalize on this phenomenon in Barbados the landlords cannot depend on the tenants of yesteryear, who took larger spaces, wasting much in underused board rooms, locking up the perimeters with exclusive use offices, while light-starved internal areas were congested with bullpens or clusters of heavily partitioned workstations. Nor is it profitable for owners to hold out for tenants who might once have taken an entire segment of the accommodation and confined it to a single use.

Today’s working-world order craves productive spaces that are designed for flexibility, multiple and frequently changing uses, cutting edge tech deployment, and rich and random instances of spontaneous engagement and co-working. These principles create

the perfect environment for us to leverage innovative office spaces of this kind, instead of what prevailed, pre-pandemic.

Pragmatic investors, developers, realtors and end users could converge on a mutually beneficial sweet spot, bringing the nascent opportunity to fruition.

All of this will require a continuing cultural shift. It also depends on access to relevant goods and services. As mentioned above the necessary services are readily available from outstanding local players. I have canvassed various of them and found that brilliance and talent abound. As to goods, there is a cornucopia of construction supplies, and suitable FF&E available on island, with several specialist retailers and designers who can special-order product from overseas. Skilled local artisans also produce quality custom items and restore and repurpose existing pieces.

Reflecting one last time on the remaking of our own office space: one especially treasured element was the conscious rejuvenation of our art programme. Another golden opportunity arises in the context of workplace transformation: to support Barbados’ creative industries through building more corporate art collections, which feature exquisite pieces created locally, to beautify office spaces and delight the people who work within them.

Copyright 2024 Melanie Jones

BUSINESS BARBADOS 2024

of information exists online, but expert advice tailored to particular needs is best. Barbados has a rich cadre of skilled professionals in the architecture, workplace design strategy, procurement, project management and construction fields. These resources can ably advise, design, build, finish and furnish innovative office projects.

From consultation with many, common themes emerged: grounding each project in a purpose-driven design strategy, formulated after consultation with staff and management, is essential; smart design reduces rent by revealing spaces smaller than old-school alternatives, yet accommodating more people in a flexible system and offering better amenities; combining multiple complementary open spaces and encouraging posture change and free movement, increase wellbeing, spontaneous and deliberate collaborative activity, productivity and camaraderie; acoustic management in open plans is achievable through sound masking and ceiling features; maximizing natural sunlight lifts moods and sanitizes; integrating beautiful exterior views and gracing interiors with original art refreshes minds and infuses creativity and interest; a scaleable, modular approach to furniture and fittings optimizes the adaptability of a space to multiple uses and users; avoiding physical barriers and heavy visual loads enhances connection among employees, a sense of freedom, bonding and community; enlightened

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BLUE PRINT MANAGEMENT

PIONEERING SOCIAL SUSTAINABILITY Standing at the forefront of the everevolving construction industry, Blue Print Management is a steadfast pillar when it comes to the practice of social sustainability. A name synonymous with quality, high standards and innovation, President and CEO, Josée Atkinson, leads an innovative collective of professionals.

They continue to excel in one of the most sought-after architectural and project management firms across the Caribbean and also embrace and implement a dynamic set of sustainable practices to successfully achieve only the very best results for all involved.

While Blue Print Management’s core specializations lay in project management, architectural and interior design, this award-winning firm offers a comprehensive suite of services that includes procurement and extends further to add the convenience of finding quality fixtures and fittings all in one place – at its sister store, Blue

Josée Atkinson, President & CEO, Blue Print Management

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Print Imports. With expertise spanning more than two decades, the team at Blue Print Management recognises just how far sustainability extends – going beyond increased energy efficiency and reduced carbon footprint to demand a more holistic approach that permeates every facet of their work. Thus, whether conceptualizing the design of residential home projects or coordinating the development and management of some of the Caribbean’s most prestigious, innovative and advanced buildings and spaces, the company takes pride in sourcing and incorporating eco-friendly, green building materials within their projects, wherever possible.

This commitment to social sustainability continues with Blue Print Management’s intentional pursuit of social engagement within their organization and the community, by fostering healthy relationships with likeminded and eco-conscious suppliers, including a

purpose-driven focus placed on female artisans. Further, the company ensures its employees’ health and wellbeing remains joyful and elevated, through a better work-life balance and improved morale; achieved through the provision of a more amenable working environment that incorporates hybrid work hours and an option to work from home.

Armed with the knowledge that better organizational, environmental and employee outcomes can be achieved through more sustainable business practices, and an understanding that such goals are closely interlinked with each other, Blue Print Management successfully achieves their vision for greater social sustainability with an integrated approach that holistically encompasses the core areas of community engagement, economic growth, gender equality and employee upliftment in an inclusive environment.

LY N C H C A R I B B E A N B R O K E R S

CLIMATE RESILIENCE THROUGH RISK MITIGATION

James Peirce

BUSINESS BARBADOS 2024

Group Director of Business Development, Lynch Caribbean Insurance Brokers

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As we in the Caribbean reflect on the passing of another hurricane season we count our losses once again and look to see what we can do better or differently in the coming months and years to better equip ourselves to deal with this ever increasing threat. Such is life on the vanguard of global climate change, where the challenges extend way beyond the spectre of direct weather-related damage from extreme events, but are compounded by vulnerability to other related events such as sea level rise, climate induced sargassum explosion, drought, depleted ground water and crop failure to name a few. The irony of all this, as repeatedly expressed so eloquently by our Prime Minister Mia Amor Mottley, is that the worst equipped to deal with Climate Change are often those who are on its vanguard. Regrettably, one of the main reasons for this, along with their geographical location, is a historical transfer of wealth from these territories to other larger nation states. When you add the legacy of COVID to the two massive wars in Russia/Ukraine and Israel/ Palestine to the mix along with other world events you can see that 2024 is one of severe global challenge.

One emerging tool in this fight to mitigate against the effects of Climate Change is insurance. However, a study in 2022 by the European Insurance and Occupational Pensions Authority (EIOPA) estimated that approximately only a quarter of the total economic losses

caused by extreme weather-related events are insured. This massive gap between insured and uninsured losses is an area that could be addressed to help future proof communities against ever increasing losses. Cover however must be relevant in addressing the risks at hand, and recent experiences in Barbados have caused insurance to be questioned following the industry response to the COVID-19 pandemic, the Soufriere ashfall and the impact from Hurricane Elsa in 2021. In these three examples, coverage was not forthcoming due to a combination of exclusions and policy deductibles.

The challenge therefore is for insurers to look for innovative solutions as well as to leverage their position through for example incentivizing traditional insurance products with climate related risk management options in exchange for lower premiums or discounts. Hence, resilient construction such as anti-flood doors or wind resistant glass panes and roof supports could help close the insurance gap and at the same time make properties more resilient. Policies also need to be tailor made to suit the emerging risks and cover for traditionally excluded perils needs to be looked at.

Thus, revolutionary products such as the Lynch Caribbean Agri-Insurance parametric solution provide excellent mitigation of the uncertain future presented by Climate Change. The need for such a product was championed at a Caricom level as far back as 2005 by the Hon. Dr. Bharrat Jagdeo in his seminal work known as the Jagdeo Initiative, and we now see one of his main pillars, Agricultural Insurance, coming to fruition.

This insurance will serve to help future proof farmers through de-risked lending for farming and fisheries sectors, reduced budget volatility through transferring climatic risk to the private sector, reduced shock to the sector following droughts, storms, or other climate events, food security for nations and job creation through stability and security for the sector. All of this is possible through the coming together of the Government and Private Sectors using the latest computer and weather technology to assess weather data at the smallest of levels to reduce basis risk and ensure easy access between farmers, the Governments and

“The challenge therefore is for insurers to look for innovative solutions as well as to leverage their position through for example incentivizing traditional insurance products with climate related risk management options in exchange for lower premiums or discounts.” the insurance product.

Similar alternative approaches to insurance need to be explored for individuals and businesses to thrive in the coming years, and all as part of a disciplined risk management process.

This process starts with consulting your risk advisors and conducting a thorough analysis of your risk profile to ensure that it meets the demands of the new realities. A full review of your coverage terms needs to be done so that plans can be made for any gaps. Review your insurers financial position ensuring that they remain stable given the environment and can respond in your time of need.

Obtain and analyze alternative options to help you manage costs, once you have good control over the risk assume higher retentions/deductibles or self-insure. The peace of mind from your thorough risk management programme will allow you to focus on those growth and investment opportunities and ultimately thrive.

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entrepreneurial citizens.

3. By 2030, ensure that every Barbadian has equitable and reliable access to clean water and nutritious food that are affordable.

4. By 2030, create a society that prioritizes wellness and happiness.

Improve public health and safety, leading to a 50% reduction in new cases of non-communicable diseases and a 50% reduction in crime.

Trisha Tannis Chairman, Barbados Private Sector Association

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n the first of May 2023, the leaders of the government of Barbados, the private sector and the labour movement, each electronically signed the Declaration of Mission Barbados. This document outlined six broad goals or “missions” which the tripartite Social Partnership in Barbados has agreed to achieve by 2030. These goals are designed to be the catalyst for sustainable and inclusive economic growth in Barbados. The six missions under the Deceleration of Mission Barbados as agreed by the Social Partnership are: 1. By 2030, become a clean and beautiful large-ocean state, championing sustainable development locally and globally – with the goal of all domestic activities becoming 100% sustainable by 2035.

2. By 2030, transform Barbados into a country of active, involved citizens. All Barbadians will feel empowered and engaged in the social, economic, and cultural development of the country as confident, creative, compassionate and

5. By 2030, empower and enfranchise all Barbadian workers and families by creating opportunities for ownership and wealth creation that enable Barbadians to take better care of themselves and each other and reduce the rate of poverty by 50%.

6. By 2030, transform Barbados to be a high-functioning, resilient society with seamless access to services and meaningful digital inclusion for all Barbadians.

The economic plan related to how Barbados intends to pivot its economy to achieve these goals is referred to as the Barbados Mission Economy. The Barbados Mission Economy is key to all potential investors in Barbados as it outlines the development and economic priorities of the people of Barbados. It is expected that the government of Barbados will increase its investment promotion activities in the areas of environmentally sustainable industries, the cultural and creative industries, agriculture, health and wellness, cooperative investment schemes and digital technologies since these are the six main economic sectors which are expected to drive the economic growth trajectory in Barbados under this framework. Though not articulated as yet, it is expected that some degree of incentives, regulatory, financial or both will be announced by the government of Barbados’ in these areas. As a result, Barbados is expected to be a more

attractive domicile for companies with sustainable and inclusive business models.

Given that the mission economy agenda is designed to increase economic growth, then the participation and buy-in of the private sector is critical to the success of this initiative. The board of the Barbados Private Sector Association (BPSA) has holistically embraced this framework and has supplied the government of Barbados with an extensive submission on businessfriendly means to execute this agenda.

However, for many members of the BPSA this is merely an endorsement of their existing business models. For example, many financial institutions have been offering preferential interest rates on green investments to ensure Barbados can achieve its goal of becoming carbon neutral. Similarly, enterprises in Barbados have been empowering their employees through profit sharing initiatives. With the implementation of the mission economy initiative, these schemes and others like them are expected to expand.

As noted, the BPSA has already identified a number of ways to maximize the benefits of this initiative. These suggestions are broad-based policy reforms as well as Public Private Partnerships which aim to ensure that investors can receive stable returns over the long to medium term in a predictable and transparent manner through the pursuit of these missions. However, the full implementation of this policy will require specialist skills and a quantum of investment beyond the current limitations of the Barbadian economy. Therefore, foreign direct investment will be a key component of this strategy. In this regard, the BPSA encourages potential external investors to monitor official channels for changes in the regulatory environment as well as publications on solicitation of investment in the key sectors identified by the relevant authorities.

THE MISSION ECONOMY BUSINESS BARBADOS 2024

The Mission Economy A Bold Vision for Sustainability and Economic Growth

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EMBRACING PERSONS WITH DISABILITIES

by Embracing Persons with Disabilities for a Just Society

BUSINESS BARBADOS 2024

Future Proofing Barbados

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EMBRACING PERSONS WITH DISABILITIES

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n any effort to ‘future proof’ Barbados, it is crucial to consider the needs of Persons with Disabilities (PWDs).

The Barbados Government has therefore opened for public discussion its new policy document: The 2023-2030 National Policy for PWDs, which has recently been approved by Cabinet.

The 2023-2030 National Policy for PWDs

Peter N. Boos FCA Founder, Peter & Jan Boos Family Foundation

The 2023-2030 National Policy for Improving the Lives of Persons with Disabilities represents one of the most progressive, multifaceted, and targeted efforts to advance the full rights and fundamental freedoms of PWDs in Barbados. At its core, this policy aims to promote, advance, and protect the full human rights and fundamental freedoms of all persons with disabilities in Barbados.

The policy’s definition of PWDs is comprehensive, encompassing those with long-term or short-term impairments, whether physical, mental, intellectual, developmental, or sensory. When coupled with societal barriers, these impairments often hinder full and effective participation in society on an equal basis with others.

The current environment for PWDs falls well short of this urgent laudable vision.

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The Central Role of the Barbados Council for the Disabled

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In getting traction on implementing the desired changes outlined in the policy, the role of the Barbados Council for the Disabled (BCD) is paramount.

“Barbados Council for the Disabled is the Non-Governmental umbrella body partnering with all sectors of the community and international agencies to effect change and champion the rights of all persons with disabilities, ensuring their full and effective integration into society.”

“The Barbados Council for the Disabled remains committed to seeing lasting change for Barbadians with disabilities. In this regard, we were once again extremely delighted to have been a key component in the Government’s work towards disability legislation and policy.

As was the case in the past when a

government contemplated such legislative change, the BCD and its affiliates were invited to review and comment.

Several meetings were conducted with representatives of the above and at the highest level, members sat on the committee.

We are therefore eagerly anticipating the debate and enactment of the bill which represents for us the realization of many years of work and consultation.”

- Kerryann Ifill, President of The Barbados Council for the Disabled One of BCD’s recent achievements includes the establishment of The Fully Accessible Barbados (FAB) Programme.

It focuses on enhancing services for PWDs through specific programmes like accessible transportation and inclusive education, fostering an all-inclusive society where PWDs are not only valued customers but active participants in all facets of life. FAB drives structural changes to ensure universal access, making tourist attractions, public spaces, and facilities accessible to everyone.

In the experience of The Peter & Jan Boos Family Foundation, a small Barbadian family-run Not-For-Profit philanthropic corporation, there are many social needs of the poor and disabled that are not being met at present. Due to the high demand, many persons are unable to access Government support services on a timely basis. In such instances persons either continue to be disadvantaged or have to appeal for private interventions.

There is a clear need for greater priority to be given to the needs of all PWDs. The Government is well aware of the needs and is responding within its capacity. A good example is the new Geriatric Hospital now under construction: “The new Geriatric Hospital complex (with 405 beds) will provide comprehensive health care services to older adults with a focus on wellness, community-based health service, non-institutionalised health care, rehabilitation and long-term care for clients whose medical conditions requires hospitalisation. While we focus on rejuvenating Barbados’ age profile, we must concomitantly make plans, keeping in mind that more Barbadians will be reaching their golden years and will

EMBRACING PERSONS WITH DISABILITIES Young dancers from the Gem.in.I Project

The Contribution of Foreign Residents to the Lives of PWDs Thankfully, many foreign residents with homes or connections in Barbados have, over many years, made largeimpact investments in the Social Infrastructure that target PWDs and other disadvantaged persons. The focus has been primarily on children, the elderly, the physically disabled, and the poor.

Major ones include: • The Julia and Hans Rausing Trust has provided major support to the Substance Abuse Foundation for over 20 years.

Marina House was made possible by a gift from The Maria Holder Memorial Trust.

• The Barbados Diabetes Foundation and the Maria Holder Diabetes Centre that was funded by Medicor and The Maria Holder Memorial Trust and are still supported by the Trust. Major funding has gone into this, and diabetes is a severe crisis in the Caribbean, especially in Barbados.

• The Sandy Lane Charitable Trust has a singular mission “helping the underprivileged children of Barbados” by whatever means necessary. Whether it is through health care, education or community programmes. It spends US$2.5 million per annum supporting these initiatives and investing in innovative capital projects, which include the Thelma Vaughn Respite Center for severe brain-injured children, the Thrive Family Centre (the first child purposebuilt psychiatric unit in Barbados), and the Sunshine School (a school for children with special needs from age 1-11).

• The Nightingale Children’s Village was created by the Barbados Children’s Trust (established in 1997 by Sue Magnier, Lady

Carole Bamford, Yvonne Brewer, and Sue Sangster), to provide a caring, safe, and stable residential community for children under the age of 12, unable to live with their own families due to disability, addiction, or family breakdown.

A Global Perspective on Inclusivity It’s worth noting that the policy is not just a local initiative; it aligns with the tenets, principles, and articles of the United Nations Convention on the Rights of Persons with Disabilities.

This alignment underscores Barbados’ commitment to international agreements that promote inclusivity and human rights.

A Vision for a Resilient Barbados The Vision Statement within the policy paints a compelling picture: “A fully inclusive Barbadian society that promotes the self-determination, dignity and equality of all persons with disabilities (free from discrimination) in a way that empowers them to lead safe, productive, and fulfilling lives.”

This vision is not just bold; it’s essential.

It encapsulates the overarching aspiration for Barbados—a place where every person, regardless of their abilities, cannot only thrive but also actively contribute to our society.

While Barbados’ announcement of a 7-year national policy for embracing persons with disabilities is a positive step, several obstacles to its successful implementation may arise. These obstacles could include: • Resource Constraints: Limited funding may hinder support for policy initiatives.

• Infrastructure and Accessibility: Adapting infrastructure for accessibility can be costly and time-consuming.

• Capacity Building: Developing skills and knowledge among stakeholders takes

time and resources.

• Policy Coordination: Ensuring Government departments work together can be complex.

• Public Awareness and Attitudes: Changing societal attitudes may take time.

• Data Collection and Monitoring: Gathering accurate data and monitoring progress is essential.

• Legal Compliance: Ensuring the policy aligns with existing laws.

• Stakeholder Engagement: Engaging stakeholders requires ongoing effort.

• Long-Term Commitment: Maintaining a commitment to the policy is crucial.

• Evolving Needs: The policy must remain adaptable to changing needs.

Addressing these obstacles will require careful planning, collaboration among stakeholders, advocacy, ongoing monitoring and evaluation, and a commitment to the policy’s long-term success. A strong Execution Team should be appointed.

Conclusion The 2023-2030 National Policy for Improving the Lives of Persons with Disabilities is not merely about addressing the needs of PWDs; it’s about shaping Barbados into a more inclusive, resilient, prosperous and Socially Just society. It aligns with international agreements, celebrates diversity, and promotes economic growth and social cohesion.

While challenges exist, the vision for Barbados as a fully inclusive society is compelling and within reach.

When implemented, Barbados will indeed be a place where Social Justice is a priority for all, where inclusivity is not just a policy but a way of life, and where the future is genuinely “Future-proofed” for every citizen, regardless of their abilities.

BUSINESS BARBADOS 2024

require improved access to services.”

- Minister of Health and Wellness Senator Dr Jerome Walcott

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T Jessica Taylor Deputy Artistic Director, Curators International

he international profile of Caribbean art has been rising significantly.

Barbados has incredible talent on the island and across the diaspora. To capitalize on this, there is a need to consider how the commercial sector can meaningfully participate in the growth and sustainability of the visual arts in Barbados.

As a Barbadian-born Deputy Artistic Director of a visual arts charity in London committed to the professional development and visibility of artists and curators from different diasporas, with a significant focus on the Caribbean, I know the commercial sector can sometimes feel like the other side of the coin in our industry. However, when we think about the realities of sustaining a career as an artist, finding a balance between participating in exhibitions with notable and critical institutions like museums, while generating income and market recognition from sales and acquisitions is essential. And there are important examples of artists and artist-led initiatives in Barbados striving to build their own local, regional and international networks, and leveraging pots of funding to deliver programming and undertake projects overseas.

We also need long-term financial investment in the work of local artists, and the development of commercial spaces that are adeptly engaged with the international arts landscape. This would enable our Barbadian arts practitioners to capitalize on this critical moment and participate fully on the world stage.

There is potential – through dialogue with artists and consideration of successful models functioning in the

region – to imagine what a productive and astute commercial gallery could look like in Barbados. Supported by a network of patrons and local and international investors, such a gallery could properly represent the creative and business interests of artists locally, regionally and internationally.

Barbadian artist Sheena Rose spoke to me about her experiences of engaging with the commercial sector. Using social media as a vital tool to disseminate her work and foster new professional connections, Sheena has exhibited with international galleries including De Buck Gallery in New York and Johansson Projects in California. She recognizes the support, consistency, and visibility that gallery representation can provide to an artist, especially if that gallery is willing to invest in an artist’s development and journey. Sheena also acknowledges the role that commercial galleries can play in establishing a market value for an artist’s work. There are also the benefits of the financial backing that galleries can provide towards undertaking impactful showcasing opportunities overseas, such as participating in Biennials and art fairs.

The inclusion of artists from the Caribbean and the Caribbean diaspora is notable across multiple major art fairs and collateral events in the United States, however the number of Caribbeanbased galleries holding booths at these fairs remains low. Initiatives like the Atlantic World Art Fair are utilizing online commercial platforms like Artsy to showcase work by Caribbean artists represented by Caribbean galleries, but the financial and logistical demands of presenting work in international art fairs does continue to restrict that representation on the ground.

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Investing in a Commercial Arts Sector for Barbadian Artists

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COMMERCIAL ARTS SECTOR BUSINESS BARBADOS 2024

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Let’s look at what others in the region are doing. TERN, a contemporary art gallery in the Bahamas, is part of the cohort of galleries engaging with these online spaces, while presenting exhibitions of artists from the Bahamas and the wider Caribbean and supporting these artists as they undertake significant international projects. One example is Blue Curry, a Bahamian artist living in London whose engagement with commercial galleries in the Caribbean only began recently when he started working with TERN. Blue remarked that “historically there have been only a

Sheena Rose

handful of serious commercial galleries in the islands but their scope was limited to their specific local market… and the artists they represented weren’t being pushed properly internationally. This meant that most artists, like myself, had to look outside of that limited system to get ahead.” This is a challenge across the Caribbean.

Blue sees TERN’s model as “a real game changer” in its specific attention to talent from all over the region while investing heavily in securing international exposure for those artists. He continued, “They still show their artists locally in

Nassau and have a strong sales base there, but they know that the international art fairs are now how artists’ careers are made and correct market prices for their work established. What TERN is doing raises the profile of Caribbean art overall by making our art and artists more present and relevant internationally.”

Sheena also paid mention to the industry knowledge that the TERN team has and advocates for local investment in similar initiatives in Barbados which could nurture understanding of contemporary art globally and build skills to navigate the business side of the art scene.

COMMERCIAL ARTS SECTOR

This includes expertise around arts management, marketing and PR, organisational development, as well as knowledge around artwork transport and customs, the international art market, and leveraging financial investment relevant to and aligned with the local context. A new example where Caribbean artists are combining a local initiative with an art fair format is the inaugural FUZE Art Expo as part of the 2023 Bahamas Culinary & Arts Festival, which took place in October 2023. Barbadian artists Akilah Watts, Kia Redman and Versia Harris presented work at the festival, with Redman and Harris’ work being showcased in a booth organized and curated by Barbados’ Fresh Milk Art Platform, a non-commercial venture that holds residencies and

programmes for Caribbean artists, including important opportunities to participate in events throughout the region.

At FUZE, Akilah launched her new conceptual curatorial project Greedy Gift Shop. Offering a range of limited-edition artistic ‘souvenirs’ such as postcards, tea towels and keychains for sale, Akilah is responding to and critically addressing the existing local market, while fostering her own accessible platform for sales. She shared with me that she would welcome a local commercial space that would invest in nurturing a market for conceptual work and reduce the need to leave the island for one-off, often self-funded opportunities.

There are regional and international

models we can learn from and a need for investment in knowledge and infrastructures to support more sustainable artistic and institutional practice through engagements with the commercial sector. Fundamental to this is the need for a more creative and public-spirited exchange between the commercial and non-commercial sides of the art industry.

For investors with an interest in the arts and creative industry in Barbados, opportunities abound. As there is no art market without artists, centering the needs and aims of Barbadian artists in the development of a commercial practice could ensure more impactful reach and representation of their work.

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Akilah Watts

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SECTION HEADER

BARBADOS FAST FACTS GUIDE

FAST FACTS GUIDE ABOUT BARBADOS

Location Barbados, the most easterly of the Caribbean islands, is located to the east of the Windward islands and 460km (285.7 miles) northwest of Venezuela. By air it is about 4.5 hours from New York, 5 hours from Toronto and 8 hours from London. The island’s geographic location makes it very convenient for doing business with North America.

Climate and Geography The topography is relatively flat and composed mostly of coral. The highest point on the island is Mount Hillaby, at 336m or (1,104 ft) above sea level. Barbados has lovely sandy beaches and a pleasant tropical climate that attracts visitors and investors alike. The average daytime temperature ranges between 84-86 degrees Fahrenheit (29-30 degrees Celsius). Barbados has used these resources effectively to develop a viable tourist industry, which now serves as the base for a stable and buoyant economy.

THE GOVERNMENT

Settled in 1627 by the British, Barbados remained a British colony until its independence on November 30, 1966. A voluntary member of the British Commonwealth, Barbados’ constitution is based on the British style of parliamentary democracy, with elections being held every five years. The island has one of the oldest Westminster style Parliaments in the western hemisphere, which has been in existence for over 375 years. Barbados has two houses of Parliament, a Senate and a House of Assembly. Barbados became a republic on 30 November 2021. The President is Head of State while executive authority is vested in the Prime Minister and Cabinet who are collectively responsible to Parliament.

LEGAL SYSTEM

The legal system is derived from English common law and statutes.

The courts administer the laws of Barbados, which consist solely of local legislation. The judicial system comprises a lower Magistrates court and the Supreme Court, which includes a Court of Appeal and a High Court.

The Attorney General is responsible for the administration of the legal and judicial system. In February of 2001, the Heads of Government of the Caribbean Community signed an agreement to form a Caribbean Court of Justice (CCJ). The inauguration ceremony took place on April 16, 2005. At present, final appeal from Barbadian courts is to the CCJ, which is based in Trinidad. Prior to 2005, final appeal was to the Privy Council in England.

POPULATION AND LABOUR FORCE

The resident population of Barbados is estimated at 266,221 as at September 2022. The ethnic mix consists of 93% of African descent, 3.2% European, 2.6% of mixed race and 1% East Indian. The population density is high, with 85% of the population living in urban areas.

Barbados’ high standard of education has produced an easily trained workforce, with an adequate supply of professional as well as skilled and unskilled labour. As at 2022, the labour force was estimated at 136,500.

Owing to the residual effects of the Covid-19 pandemic and the impact that it has had on the tourism sector, unemployment has increased. However, The Central Bank of Barbados Economic Review for January to June 2023 stated that, in the first six months of 2023, higher output of goods and services permeated the economy, bolstering other related economic fundamentals such as growth in fiscal surpluses, improved employment, reduced debt-to-GDP ratio, a narrowing gap between the value of exports and imports and record foreign reserve levels.

The weekly working hours for office personnel vary between 35 to 40 hours, while a 40-hour week is normal for manual workers. Work undertaken in excess of the basic workweek and during public holidays normally attracts premium rates of pay.

Several pieces of legislation are in place to govern labour relations including the Employment Rights Act, the Severance Payments Act and the Holidays With Pay Act. The National Insurance and Social Security Act provides medical assistance for employees in the event of illness, maternity

BUSINESS BARBADOS FACT FACTS GUIDE 2024

leave and accidents. It also makes provision for unemployment, disability and pension benefits. For further information visit www.nis.gov.bb.

The labour movement is represented by four major unions. There have been few work stoppages in recent years, primarily due to the existence of good labour relations.

Barbados has twelve paid public holidays. In addition, all workers have a statutory right to twelve weeks of maternity leave and three weeks of annual vacation with pay, which increases to four weeks after the fifth year of steady employment.

THE 2024 PUBLIC HOLIDAYS: New Year’s Day – January 1 Errol Barrow Day – January 21 Errol Barrow Day Holiday – January 22 Good Friday – March 29 Easter Monday – April 1 National Heroes Day – April 28 National Heroes Holiday – April 29 May Day – May 1 Whit Monday – May 20 Emancipation Day – August 1 Kadooment Day – August 5 Independence Day – November 30 Christmas Day – December 25 Boxing Day – December 26

SOCIAL SERVICES

Education The Barbados educational system is modelled after the British system and is considered to provide one of the highest standards of education in the English Caribbean. The educational system ranges from pre-school to university. School is compulsory up to age 16 and government schools are free at the primary and secondary levels. Educational institutions at the post-secondary level include colleges, a university, vocational and technical training schools. There are also special schools for the mentally and physically disabled.

Health Barbados is recognised as having the most modern medical facilities in the Eastern Caribbean. The life expectancy at birth is 75.83 years for males and 79.73 years for females.

Medical services are provided by two major hospitals and several wellequipped clinics, health centres and nursing homes. The government-run 600 bed Queen Elizabeth Hospital provides several specialist services along with a 24-hour casualty service. The second major hospital, Bayview Hospital, is a private health facility that also provides a variety of medical services.

Queen Elizabeth Hospital - (246) 436-6450 Bayview Hospital - (246) 436-5446 Sandy Crest Medical Centre – (246) 419-4911 Coverley Medical Centre - (246) 627-1000 Island Care Ambulance - (246) 537-9425 or (246) 537-9315

THE ECONOMY

Barbados has a market-based economy with both the private and public sectors actively involved in determining the goods and services made available to consumers. The Barbadian economy has diversified over the last five decades, with emphasis shifting from agriculture towards the provision of services. The economy is driven primarily by the following sectors: tourism, business, financial and general services, agriculture, and manufacturing.

PRIMARY SECTORS

Tourism Tourism provides the main source of foreign exchange, economic activity, and employment. The major elements of Barbados’ tourism product are its

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solid historical and cultural legacy, varied entertainment, and its natural physical attributes. The four major markets for the Barbados tourist industry are the UK, USA, Continental Europe, and Canada.

Accommodation facilities in Barbados include a wide range of hotels, apartments, luxury villas, cottages, and beach houses. Barbados receives just over one million visitors per year, with cruise ship arrivals narrowly surpassing long-stay arrivals in recent years.

International Business and Financial Services Low tax rates, double taxation agreements and exchange of information treaties, have provided Barbados with an ideal environment for its development into a major international business and financial services centre. The key components of this sector are the banking and financial institutions and other global services and trading businesses.

Manufacturing The manufacturing sector comprises mainly of light industry which includes the production of cement blocks, clay tiles, garments and textiles, paint, paper products, furniture, electronic components, chemicals, edible oils, soap, and food products.

Agriculture Sugar continues to be the principal agricultural product. Most of the sugar produced is sold to the European Community at a guaranteed price.

Other products from this sector include root crops, vegetables, dairy products, chicken, and fish.

THE FINANCIAL SECTOR

The Central Bank of Barbados is the main regulatory financial institution in Barbados, and is responsible for formulating, in association with Government, monetary and fiscal policies to assist with local economic development.

Barbados has taken advantage of the expansion in international business, in particular the financial services sector that is now the country’s second major foreign exchange earner. A robust telecommunications infrastructure, a well-trained and English-speaking workforce, and a stable political environment give the country an additional advantage over other, similar destinations. Barbados has also done well from the increased scrutiny and regulation of financial services by international organizations such as the Organization of Economic Cooperation and Development (OECD).

In addition to the above, a number of key factors help keep Barbados relatable to the North American market, thereby increasing opportunities to drive capital into the country. These include an exchange rate tied to the U.S dollar and a roster of regular flights to key North American business centres including Miami, New York, and Toronto.

The Stock Exchange The Barbados Securities Exchange was established in June 1987 in order to create a market to promote trading in financial securities and to encourage investment by the public in business enterprises. Since 2001 this organization became known as the Barbados Stock Exchange.

A company wishing to be listed on the exchange must meet certain criteria established by the Exchange, after which it must submit a prospectus compliant with both the Companies and Securities legislation of Barbados for review. A new Securities Act was passed in 2001 in order to facilitate the establishment of a securities commission and it makes better provision for the regulation of the securities market, the capital market and investors.

Currently there are over 20 listed securities on the regular market on the Barbados Stock Exchange including cross-listed securities belonging to issuers from within CARICOM. There is also one company listed on the International Securities Market. Two mutual funds are also traded on the Exchange. The Securities Exchanges of Barbados, Trinidad & Tobago and Jamaica work closely together, and nationals are eligible to cross trade in each market.

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Mutual Funds Mutual funds in Barbados are governed by the Mutual Funds Act of 2002.

The Act stipulates that authorised Mutual Fund operators require a licence to operate in Barbados and must have a registered office in Barbados.

The Barbados Stock Exchange is responsible for the regulation of both domestic and foreign mutual funds. Exempt or foreign mutual funds can conduct business in Barbados provided they are registered with the Barbados Stock Exchange and have paid an annual registration fee. The minimum number of shares that can be purchased by a prospective investor must be BB$100 (US$50) or its equivalent in any currency. Local investors are also exempt from stamp duty and property transfer tax with respect to transactions involving the ownership or transfer of shares.

Exchange Control The Government has a liberal policy toward foreign exchange controls and is committed to moving towards the elimination of all foreign exchange controls. The Exchange Control Act of Barbados provides for: • Registration and repatriation of foreign investment.

• Remittance of dividends, profits, interest, and rentals from real estate to non-residents.

• Transfer of land and buildings situated in Barbados.

It is possible to buy foreign currency directly from the commercial banks however the Government, through the Central Bank, has imposed limits on the amount of foreign transactions available to residents and nonresidents. A 2% foreign exchange fee is charged on purchases of foreign currency and payments related to foreign currency transactions, provided the transaction is not made from a foreign currency account. Residents are allowed US$10,000 for personal travel, and a higher limit for business travel. Foreign nationals working in Barbados may operate an external account, which can be credited with foreign currency from specific sources, provided that they are not classified as residents.

The Government is seeking to liberalize the Exchange Control regime with a phased approach. As a part of this process, in August of 2019 the Central Bank of Barbados issued guidance allowing all resident individuals and companies to open foreign currency denominated bank accounts locally, and to hold foreign currency which they have earned in Barbados or abroad.

Corporate Law The Barbados Companies Act, which came into effect in 1985, is modelled on the Canada Business Corporations Act. The procedure for incorporating a company is simple and efficient. A company can be established by either residents or non-residents without a license or other authorisation, unless one is seeking to obtain a Foreign Currency Permit or intends to become licensed as an Insurance company or financial institution. There is a minimum of one director required. The names and addresses of the directors must be filed at the Corporate Registry. There is no limit on the amount of authorised share capital and shares are without par value. A company can carry on any type of legal activity, unless its articles of incorporation specifically provide otherwise.

INCENTIVES FOR INTERNATIONAL BUSINESSES

The Government has established a separate Ministry to facilitate the development and expansion of the international business sector.

In addition to incorporated entities, people can organize another legal entity known as the Society with Restricted Liability (SRL). While not a “company” the SRL has many characteristics similar to the limited liability company.

An SRL has the characteristics set out below: • Limited liability • Perpetual duration • The rights, powers and privileges of an individual • Stipulation that the transfer of quotas in a society will not confer on the transferee the right to become a member or participate in the management of the society without the written consent of all the members.

BUSINESS BARBADOS FACT FACTS GUIDE 2024

Organisation for Economic Co-operation and Development (OECD) Considerations Beginning in October of 2017 the OECD, through its Forum on Harmful Tax Practices (FHTP) required Barbados to revise its tax regime in several ways. In addition to abolishing the special incentive vehicles previously offered to conduct exclusively offshore business, there have been requirements to implement economic substance requirements as a result of the reduction of the country’s standard domestic corporation tax rate.

Economic Substance Requirements The Companies (Economic Substance) Act (“The Act”) took effect from 1 January 2019. The Act and its accompanying guidelines require a resident entity that earns income from carrying on relevant activities (see list below) to satisfy an economic substance test in relation to that activity. Note that these economic substance rules took effect for grandfathered international entities (e.g., IBCs and ISRLs) on 1 January 2021.

In order to meet the economic substance requirements entities, including a partnership formed in Barbados which is carrying on one or more relevant activities, will be required to show that, for each relevant activity that it carries on, the core income generating activities of the entity are conducted in Barbados and the company is directed, managed and controlled in Barbados in relation to that activity. This would take into account various factors such as the number of employees, premises used in the business, etc.

Entities that conduct relevant activities must demonstrate compliance by filing an annual economic substance declaration with the Ministry of International Business. Entities that do not conduct relevant activities are not required to comply with the legislation but are however required to file a declaration which would be limited to confirming that the entity conducts no relevant activities. The list of relevant activities currently includes: • banking business • insurance business • fund management business • finance and leasing business • headquarters business • shipping business

• holding company business • intellectual property holding business • distribution and service centre business • such other activities as may be prescribed

Foreign Currency Permit Effective 1 January 2019 all entities which earn 100% of their income in foreign currency are entitled to receive a Foreign Currency Permit (FCP) allowing them the following benefits where certain requirements are met: • Exemption from exchange control • Exemption from payment of ad valorem stamp duty and property transfer tax • Exemption from payment of value added tax and duties on importation of plant, machinery and raw materials • Income tax concessions for specifically qualified individuals

TAXATION

Companies and individuals who are resident and domiciled in Barbados for tax purposes are subject to income tax on their worldwide income whether or not the income is remitted to Barbados. People who are resident but not domiciled in Barbados are taxed on their income derived from Barbados and on any overseas income remitted to (or from which a benefit is received in) Barbados. Non-residents are taxed only on income derived from Barbados.

At the time this publication has been prepared, corporations (including Foreign Currency Earning Banks) are taxed in accordance with the rates illustrated in the table below.

Taxable Income (US)

Rate %

Up to $500,000

5.5

Above $500,000 to $10 million

3.0

Above $10 million to $15 million

2.5

Above $15 million

1.0

In addition, insurance companies are taxed in accordance with the table illustrated below based on the Class of licence which the company obtains (see discussion above regarding classification of insurance licences).

Licences for Insurance Companies

Rate %

Class 1

0.0

Class 2

2.0

Class 3

2.0

Global Minimum Tax Barbados has joined the two-pillar plan to reform international taxation rules. Under Pillar 2, the inclusive framework members have agreed to introduce a global minimum corporate tax rate of 15%, and Global Anti-Base Erosion (GloBE) rules provide for a coordinated system of taxation intended to ensure that MNEs with global revenue exceeding EUR750 million pay a fair share of tax in each of the jurisdictions where they operate. It does so by imposing a top-up tax on profits arising in a jurisdiction whenever the effective tax rate, determined on a jurisdictional basis, is below the minimum rate. The GloBE rules are not mandatory but have been agreed to as a “common approach.” This means that jurisdictions are not required to adopt the GloBE rules, but if they choose to do so, they agree to implement and administer them in a way that is consistent with the agreed outcomes set out under those rules. Even if they do not implement the rules, agreement on a common approach means that one jurisdiction accepts the application of the GloBE rules by another with respect to MNEs operating in their jurisdiction.

Against this background, the Prime Minister of Barbados, the Hon. Mia Amor Mottley S.C., M.P. signaled on 7 November 2023, the following main revisions to the corporate tax regime in compliance with Pillar Two. 1. From Income Year 2024, with effect from 1 January 2024, the standard corporation tax rate will be 9%. This is an increase from the 5.5% - 1% rates which currently apply based on levels of income. There are a number of regimes excluded from the application of this increased rate. These include some “Small Businesses”, “Shipping Entities”, “Insurance Entities” and entities within multinational groups which will not impose an Income Inclusion Rule or Under Taxed Payments Rule.

2. From Income Year 2024, with effect from 1 January 2024, Barbados will also impose a Qualifying Domestic Minimum Top-Up Tax which will bring the effective tax rate applicable to in-scope multinational enterprises to 15%.

3. There will be qualifying refundable credits available including a “Qualified Job Credit” and a “Research and Development Credit”.

4. From 1 January 2024, in-scope multinationals will move to a tax prepayment system which require monthly prepayments. Remaining entities with the exception of qualifying “small businesses” will move to this system of monthly prepayments from 1 January 2025.

At the time this publication has been prepared, a Policy Note and draft legislation to provide detail and give effect to these proposals have not yet been released.

Individuals are subject to income tax at the rate of 12.5% on taxable income up to and including US$25,000, and 28.5% on taxable income exceeding US$25,000. Resident individuals earn the first US$12,500.00 (and first US$ 20,000.00 in case of individuals 60 years of age or over and in receipt of a pension) of their annual income tax free as personal allowance.

There are no capital gains taxes levied in Barbados, and gift, inheritance, and estate taxes are not applicable. Property transfer tax applies to the transfer of property situated in Barbados at a rate of 2.5%. This includes real estate as well as certain leasehold interests and shares. Stamp duty is also payable on instruments executed in Barbados, which relate to any property 145

BUSINESS BARBADOS FACT FACTS GUIDE 2024

situated in Barbados or to any matter or thing done or to be done in Barbados. Generally, stamp duty at the rate of approximately 1% is applied to instruments executing the sale of real estate.

Value Added Tax (VAT) Barbados introduced a value-added tax on January 1, 1997. Generally, value-added tax is levied at the rate of 17.5% on all goods and services supplied in Barbados, and on goods imported into Barbados. However, there is provision for specific zero-rated and exempt goods and services that would not attract the value-added tax. VAT is included in the final price the consumer pays for goods and services. Effective 1 January 2020 the VAT rate for hotel accommodation and certain supplies related to tourism, increased from 7. 5% to 10%. Additionally, the supply of mobile services of voice, data, and text messaging attracts an enhanced VAT rate of 22%.

In 2019 The Value Added Tax Act was amended to apply VAT to online purchases from overseas vendors where the good or service purchased will be consumed in Barbados. Effective 1 December 2019 these overseas vendors are required to charge and collect VAT and remit it to the Barbados Revenue Authority by the 21st January, April, July and October of each year.

Official guidance on the application of this process has not yet been issued by the Barbados Revenue Authority.

ROOM RATE LEVY

In July 2018, a room rate levy was imposed on all tourist accommodation including apartments, guest houses, hotels, vacation rental properties and villas.

Effective April 1, 2019, the room rate levy is as outlined below Accommodation

Rates (US)

Apartments

$4.38

Guest House

$4.38

Hotel “B” Class

$4.38

Hotel “A” Class

$9.63

Hotel luxury Class

$17.50

Vacation rental property

3.75% of the nightly rate (maximum $17.50 per night)

Villas

3.75% of the nightly rate (maximum $17.50 per night)

PRODUCT DEVELOPMENT LEVY

In July 2018, a product development levy was introduced and applied to direct tourism services. Effective April 1, 2019 the levy is applied at the rate of 3.75% of the cost of the Direct Tourism Service.

Shared Accommodation Levy A 10% Shared Accommodation Levy also applies to all fees charged for shared accommodation by providers of such (e.g. AirBnB, Home Away, and others).

DOUBLE TAXATION/INVESTMENT TREATIES

Barbados has entered into Double Taxation Agreements (DTAs) and bilateral investment treaties with the countries as indicated in the table below.

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Austria

Italy*

Seychelles

Bahrain

Luxembourg

Singapore

Botswana

Malta

Slovak Republic

Canada*

Mauritius*

Spain

CARICOM

Mexico

Sweden

China Mainland*

Netherlands

Switzerland*

Cuba*

Norway**

United Arab Emirates

Cyprus

Panama

United States

Czech Republic

Portugal

United Kingdom*

Finland

Qatar

Venezuela*

Ghana

Rwanda

Iceland

San Marino

Awaiting a Date for Entry into Force The Barbados/Slovak Republic DTA was signed on October 28th, 2015.

Barbados and the Slovak Republic have completed their ratification procedures. Barbados is awaiting official notification from the Slovak Republic on the determination of the date for entry into force of the Agreement.

The Protocol to the Barbados/Republic of Mauritius DTA was signed on December 6th, 2017. Barbados and Mauritius have completed their ratification procedures. Barbados is awaiting official notification from Mauritius on the determination of the date for entry into force of the Agreement.

Awaiting ratification Three(3) DTAs and one Protocol await ratification and are outlined below: The Barbados/Ghana DTA was signed on April 22nd, 2008. Barbados has completed its ratification procedures and awaits official notification from Ghana on the status of their ratification procedures.

The Protocol to the Barbados/Botswana DTA. This was signed on September 4th, 2014. Barbados has completed its ratification procedures and awaits official notification from Botswana on the status of its ratification procedures.

The Barbados/Kenya DTA was signed on December 11, 2019 and is awaiting ratification.

Awaiting signature Three (3) initialled DTAs with Malaysia, Belgium and Vietnam are awaiting signature.

In January 2018, Barbados signed on to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Sharing (MLI). Barbados has deposited its Instrument of Ratification for the Multilateral BEPS Convention which has entered into force on April 1, 2021.

Countries indicated with an asterisk (*) above are also signatories of a Bilateral Investment Treaty (BIT) with Barbados. This combination of double taxation, investment treaties and tax incentives make Barbados unique within the Caribbean and particularly attractive to foreign investors. **According to an update from the Norwegian government on the status of its tax treaties, it was decided by Royal Decree on 9 June 2023 to terminate the tax treaty with Barbados with effect from 1 January 2024.

As indicated in the previous table, in addition to its extensive network of DTAs, Barbados also has BITs with several important jurisdictions.

These BITs provide benefits and protections for cross border investments including: • Investment promotion and protection • Provision of compensation for losses

BUSINESS BARBADOS FACT FACTS GUIDE 2024

• The granting of most-favoured nation and national treatment provisions • Protection from unfair expropriation and nationalisation of investment • Procedures for the fair and equitable settlement of disputes arising • Procedures for the timely repatriation of investment and returns • Procedures for prompt transfer of funds • Subrogation.

Note that Barbados has also entered into a BIT with Germany. BITs are also pending with Ghana and Luxembourg and are awaiting ratification.

TRADING PARTNERS

Special trading arrangements have been entered into with other jurisdictions. These can be summarised as follows:

CARICOM

Allows products manufactured in Barbados and other CARICOM member states to be exported among member countries free of customs duty, provided all qualifying conditions are met. In addition, CARICOM has already signed or is currently negotiating trade agreements with the Bahamas, Colombia, Costa Rica, Cuba, Dominican Republic, and Venezuela.

ECONOMIC PARTNERSHIP AGREEMENT

Among other things this agreement removes all quotas and tariffs from Caribbean exports to the EU, with the exception of sugar and rice, both of which will be liberalized over time. The EU has also agreed to open up new markets for Caribbean companies and professionals offering services to Europe, and to permit young services professionals to gain work experience in the European market.

Caribbean countries which are signatory to the agreement have agreed to gradually open their markets to European exports over the next 25 years.

CARIBBEAN BASIN TRADE PARTNERSHIP ACT (CBTPA)

Duty free export of some products to the USA market.

CaribCan (Caribbean-Canada) Duty free export of some products from the Commonwealth Caribbean into the Canadian market.

REAL ESTATE

Buying and selling property in Barbados There is no restriction on the purchase of property in Barbados by persons who are not citizens or permanent residents. These funds must be registered with the Central Bank of Barbados and the permission of the Exchange Control Authority obtained for the sale or purchase of property by a non-resident whether such non-resident is a Barbadian citizen or not.

The sale of property by all persons including citizens or permanent residents is subject to a property transfer tax of 2.5% plus approximately 1% stamp duty. However, the first US$75,000 of the sale proceeds is exempt from Property Transfer Tax provided that there is a building on the property. Attorney’s fees for both the seller and the purchaser are on a sliding scale generally ranging between 1% and 2% depending the sale price of the real estate.

Note that this is only the minimum fee that may be charged.

Note that in the case of registered land the minimum fee for the sale of

depending on if acting for vendor or purchaser. However, the vast majority land on the island is not registered as yet.

The real estate agent’s commission fees are normally 5% of the sale.

Both fees are subject to 17.5% VAT. A deposit of 10% is typically due upon the signing of the purchase agreement with the balance payable on completion of the purchase.

UTILITIES

Electricity Barbados has a reliable supply of electricity. The domestic and commercial supply voltage in major residential areas and in all new developments is 115/230 volts at 50Hz. In Bridgetown and some other areas, the supply voltage is 115/200volts at 50Hz. Water The Barbados Water Authority, a Government statutory corporation, is the sole provider of water services. Water service can be connected within 48 to 72 hours. A monthly payment for continued service is based on the meter system, with garbage and sewage contribution fees also being collected on this monthly bill. The water service in Barbados is reliable and tap water is safe to drink.

Telecommunications Barbados is equipped with a modern telecommunications infrastructure with the latest in digital technology and fibre optics systems including international direct dialling, facsimile transfer and satellite telecommunications which allows for the efficient transmission of electronic data. Internet and e-mail services, as well as express mail and courier delivery, are also available.

Local cell-phone operators are divisions of international telecommunications providers with service offerings that the international business traveller has come to expect, such as the ability to easily roam and the availability of high-speed 3G and 4G data networks island-wide. The International direct distance dialling code for Barbados is (1-246), followed by a seven-digit local number.

TRANSPORTATION FACILITIES

Roads Barbados has an extensive road system of about 1,475 km of paved roads. Highways link the north and south of the island, as well as the west coast and the airport on the south-east coast.

Airport The Grantley Adams International Airport, located about 15 minutes from the capital city Bridgetown, plays an important role as a vital centre and link for international air traffic in the Eastern Caribbean. The main passenger terminal handles in excess of 2 million passengers each year and has been upgraded to accommodate increases in traffic.

Up to Bds $25 000

$750/$1000

On the next Bds $75 000

2.00%

Seaport Barbados has one of the most modern ports in the Caribbean with both a deep-water harbour and a shallow draught facility. There are regular freight sailings to North America, Europe, and the Caribbean. The Bridgetown port is well equipped with container-handling and berth facilities for oceangoing freighters and passenger vessels, including major luxury liners and has undergone recent upgrading to expand its berth and customs facilities.

The port has won awards for the most improved port facility and the most receptive destination.

On the next Bds $100 000

1.50%

INTERNATIONAL FLIGHTS TO BARBADOS

On the next Bds $300 000

1.25%

Thereafter

1.00%

The scale is:

registered land is 2/3 or 1/3 of the cost for a normal conveyance (above)

Prior to Covid-19, there were non-stop daily scheduled airline services to major business hubs including New York, Miami, Toronto, London and the Caribbean islands. There were also regular non-stop scheduled airline services to other major markets including Frankfurt, Charlotte and Panama.

Airlines that flew to Barbados include American Airlines, Air Canada, British Airways, Caribbean Airlines, Copa Airlines, Jet Blue, LIAT, Virgin

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BUSINESS BARBADOS FACT FACTS GUIDE 2024

Atlantic, West Jet, Lufthansa, Intercaribbean Airways and several charter flights companies. With the global Covid-19 pandemic, the airline industry was significantly impacted and, international flights to Barbados were reduced. However, the Ministry of Tourism has been working on increasing airlift to the island including the introduction of new airlines such as KLM and Aer Lingus and return of some old ones such as West Jet. Airlines including American Airlines, JetBlue and Air Canada are expanding flight services to Barbados.

IMMIGRATION AND WORK PERMITS

The Barbados Immigration Act allows non-citizens to work on the island only if they have been granted a work permit. Certain CARICOM skilled nationals may live and work in Barbados without a work permit. The person has to possess a degree, diploma or professional accreditation and an offer of employment or plan to undertake employment as a self-employed person.

There are no statutory restrictions on the number of foreign employees on the payroll of a company at any time. Foreign workers contribute to and are entitled to social security benefits on the same basis as Barbadian nationals.

A work permit is usually processed in about six to eight weeks.

The forms and list of required documentation is available from the Immigration Department in Bridgetown.

Barbados now offers Special Entry and Reside Permits (SERPs) to enter and reside in Barbados with little or no restrictions. These SERPs may either be granted for an indefinite period or for a fixed period, depending on the particular category the individual falls under.

Welcome Stamp On 30 June 2020 the Barbados Government introduced the Barbados Welcome Stamp. This is a remote work initiative which allows non-nationals employed outside of Barbados to work remotely from Barbados without the need to obtain a work permit. Applications for the initiative are made online. After the application is approved and the requisite fee is paid, the applicant and their spouse and dependents can live and work in Barbados for a maximum of 12 months.

Suitable applicants must have a valid passport and health insurance and earn a minimum annual income of US$50,000.00 from a source outside of Barbados. Additionally, the applicant and their family cannot take up employment in Barbados other than the employment sanctioned by the Welcome Stamp.

Welcome stamp residents are not deemed to be tax resident.

Additionally, although the Stamp expires after 12 months, there is an option to renew.

Visa Entry Requirements A valid passport is required by all visitors to Barbados. All visitors are required to have onward or return tickets. Citizens of certain countries will require a visa to visit Barbados. Contact your nearest Barbados Tourism Authority office, one of the Invest Barbados offices or visit https:// immigration.gov.bb/pages/Visa_Requirements.aspx for further information.

Visas are not required for passengers on cruise ships subject to certain exceptions.

CONTAC TS Government Ministries Ministry of Agriculture and Food and Nutritional Security Graeme Hall, Christ Church, Barbados Tel: (246) 535-5100 Fax: (246) 535-5257 / 5258 Email: minister@agriculture.gov.bb Website: agriculture.gov.bb Ministry of Education, Technological and Vocational Training Elsie Payne Complex, Constitution Road, St. Michael, Barbados PBX: (246) 535-0600 Fax: (246) 436-2411 Email: info@mes.gov.bb Website: mes.gov.bb Ministry of Energy & Business Development Trinity Business Centre, Country Road, St. Michael, Barbados Tel: (246) 535-2500 Email: info@energy.gov.bb Websites: https://energy.gov.bb / https://smartenergybarbados.com Ministry of Environment and National Beautification 10th Floor Warrens Tower II, Warrens, St. Michael, BB1200, Barbados Phone: 1 (246) 535-4350 Fax: 1 (246) 535-4377 Email: menb@barbados.gov.bb Ministry of Finance, Economic Affairs & Investment Government Headquarters, Bay Street, St. Michael, Barbados Tel: (246) 535-5300 Fax: (246) 535-5344 Website: bdsfinance.gov.bb Ministry of Foreign Affairs & Foreign Trade 1 Culloden Road, St. Michael, Barbados, BB14018 Tel: (246) 535-6620 Fax: (246) 429-6652 Email: barbados@foreign.gov.bb Website: foreign.gov.bb Ministry of Health & Wellness Frank Walcott Building, Culloden Road, St. Michael, Barbados Tel: (246) 536-3800 Email: ps-secretary@health.gov.bb Website: health.gov.bb Ministry of Home Affairs and Information Ground Floor Jones Building, Webster Business Park, Wildey, St. Michael, Barbados Email: homeaffairs@mha.gov.bb Tel: (246) 535-7260 Fax: (246) 535-7286 Ministry of Housing, Lands and Maintenance National Housing Corporation, Country Road, St. Michael, Barbados Email: pshousing@barbados.gov.bb Tel: (246) 467-7800 or (246) 436-7657 Ministry of Industry, Innovation, Science & Technology 4th Floor Baobab Tower, Warrens, St. Michael, Barbados Tel: (246) 535-1200/1201/1202 • Fax: (246) 535-1284 Email: psmist@barbados.gov.bb Ministry of Labour, Social Security and Third Sector 3rd Floor West Wing, Warrens Office Complex, Warrens, St. Michael, Barbados Tel: (246) 535-1400 Fax: (246) 425-0266 Email: persec@labour.gov.bb Website: labour.gov.bb

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BUSINESS BARBADOS FACT FACTS GUIDE 2024

Ministry of People Empowerment and Elder Affairs 4th Floor Warrens Office Complex, Warrens, St. Michael, Barbados Tel: (246) 310-1600/01/02 Fax : (246) 424-2908 Email: socialcare@barbados.gov.bb Website: socialcare.gov.bb Ministry of the Public Service E. Humphrey Walcott Building, Cnr. Collymore Rock and Culloden Road, St. Michael, Barbados Tel: (246) 535-4500 Website: mps.gov.bb Ministry of Tourism & International Transport Tourism: Lloyd Erskine Sandiford Center, Two Mile Hill, St. Michael, Barbados International Transport: 8th Floor Baobab Tower, Warrens, St. Michael, Barbados Tel: (246) 535-7500 Fax: (246) 436-4828 Website: gov.bb/Ministries/tourism Ministry of Transport, Works and Water Resources Pine East/West Boulevard, The Pine, St. Michael, Barbados Tel: (246) 429-2191 Fax: (246) 437-8133 Website: mtw.gov.bb Ministry of Youth, Sports and Community Empowerment Sky Mall, Haggatt Hall, St. Michael, Barbados Tel: (246) 535-3835 Office of the Attorney General & Legal Affairs Jones Building, Webster’s Business Park, Wildey, St. Michael, Barbados Tel: (246) 535-0467 Fax: (246) 535-0559 Email: ps@oag.gov.bb Website: oag.gov.bb Prime Minister’s Office Government Headquarters, Bay Street, St. Michael, Barbados Tel: (246) 535-5300 Fax: (246) 535-5659 Email: pspmo@barbados.gov.bb

Government Corporations, Depts. & Statutory Bodies Barbados Investment & Development Corporation Export Barbados Pelican House, Princess Alice Highway, Bridgetown, St. Michael, Barbados, BB11000 Tel: (246) 427-5350 Fax: (246) 426-7802 Email: bidc@bidc.org Website: exportbarbados.org Barbados Port Inc. University Row, Bridgetown, St. Michael, Barbados Tel: (246) 434-6100 Fax (246) 429-5348 Email: administrator@barbadosport.com Website: barbadosport.com Barbados Revenue Authority 4th Floor Weymouth Corporate Centre, Roebuck Street, St. Michael, Barbados Tel: (246) 535-8000 Fax: (246) 535-8075 Website: bra.gov.bb Barbados Tourism Investment Inc. Ground Floor, Old Town Hall Building, Cheapside, Bridgetown, St. Michael BB11142, Barbados Tel: (246) 426-7085

Fax: (246) 426-7086 Email: btii@tourisminvest.com.bb Website: barbadostourisminvestment.com Barbados Tourism Marketing Inc. 2nd Floor, One Barbados Place, Warrens, St. Michael, Barbados Tel: (246) 535-3700 Fax: (246) 535-3799 Email: btmiinfo@visitbarbados.org Website: corporate.visitbarbados.org Barbados Tourism Product Authority 1st Floor, One Barbados Place, Warrens, St. Michael, Barbados Tel: (246) 535-3700/467-3600 Fax: (246) 535-3799 Email: btpainfo@visitbarbados.org Website: visitbarbados.org Central Bank of Barbados Tom Adams Financial Centre, Spry Street, Bridgetown, St. Michael, Barbados Tel: (246) 436-6870 Fax: (246) 427-9559 Email: info@centralbank.org.bb Website: centralbank.org.bb Corporate Affairs & Intellectual Property Office (CAIPO) 7th Floor, Baobab Towers, Warrens, St. Michael, Barbados Tel: (246) 535-2401 Email: general@barbados.gov.bb Website: caipo.gov.bb Customs & Excise Department 2nd Floor West Wing, Warrens Office Complex, Warrens, St. Michael, Barbados Tel: (246) 535-8700 / 535-8701 Fax: (246) 421-2029 Email: comptroller@customs.gov.bb Comptroller of Customs: owen.holder@customs.gov.bb Website: customs.gov.bb Financial Services Commission #34, Warrens Industrial Park, Warrens, St. Michael, Barbados Tel: (246) 421-2142 Fax: (246) 421-2146 Email: info@fsc.gov.bb Website: fsc.gov.bb Immigration Department BTI Corporate Centre, Princess Alice Highway, Bridgetown, St. Michael, BB11093, Barbados Tel: (246) 535-4100 Fax: (246) 535-4183 Email: immigration@barbados.gov.bb Website: immigration.gov.bb Invest Barbados Barbados Head Office Trident Insurance Financial Centre, Hastings, Christ Church BB15156, Barbados Tel (Local): (246) 626-2000 Tel (From Canada): 1-647-977-5996 Tel (From UK): +44 (0) 203-318-9036 Tel (From USA): 1-347-433-8942 Fax: (246) 626-2099 Email: info@investbarbados.org Website: investbarbados.org Invest Barbados - Toronto 110 Sheppard Avenue East, Suite 205, North York, Ontario, M2N 6Y8, Canada Tel: 1 (416) 214-9919 Fax: 1 (416) 214-9815 Email: toronto@investbarbados.org 149

BUSINESS BARBADOS FACT FACTS GUIDE 2024

Invest Barbados - New York 820 Second Avenue, 5th Floor New York, NY 10017, USA Tel: 1 (212) 551-4375 Toll Free: 1-800-841-7860 Fax: 1 (646) 329-6758 newyork@investbarbados.org

High Commission for Barbados - United Kingdom 1 Great Russell Street, London WC1B 3ND, United Kingdom Tel: (011 44 207) 299-7150 Tel 2: 0207 299 7150 Fax: (011 44 207) 323-6872 Email: london@foreign.gov.bb

Town & Country Development Planning Office Ground Floor, West Wing, Warrens Office Complex, Warrens, St. Michael, Barbados Tel: (246) 535-3000 Fax: (246) 535-3093 Website: http://www.townplanning.gov.bb

Embassy of Barbados - Washington, DC, USA 2144 Wyoming Avenue N.W. Washington, D.C. 20008, USA Tel: (1 202) 939-9200 Fax: (1 202) 332-7467 Email: washington@foreign.gov.bb

Government Overseas Offices/ Missions Embassy of Barbados - Belgium 166 Avenue Franklin D. Roosevelt, 1050 Brussels, Belgium Tel: (011 322) 737-1170 Tel 2: (011 322) 7371171 Fax: (011 322) 732-3266 Email: brussels@foreign.gov.bb Embassy of Barbados - Brazil SHIS Q1 13 Conjunto 10 Casa 03, Lago Sul, Brasilia, D.F. Cep: 71 635 100, Brazil Tel: (+55) (61) 3526-8310 Tel 2: (+55) (61) 3526-8210 Fax: (55 61) 3546-8310 Email: brasilia@foreign.gov.bb High Commission of Barbados - Ottawa, Canada 55 Metcalfe Street, Suite 470 Ottawa, Ontario KIP6L5, Canada Tel: 1 (613) 236-9517/8 Fax: 1 (613) 230-4362 Email: ottawa@foreign.gov.bb Consulate-General of Barbados - Toronto, Canada 110 Sheppard Avenue East Suite 205 North York Ontario M2N 6Y8 Canada Tel: (1 416) 214-9805 Fax: (1 416) 214-9815 Email: torontoinfo@foreign.gov.bb Embassy of Barbados - China Villa 09-02 Block A, Liang Ma Qiao Diplomatic Compound, No. 22 Dong Fang Dong Lu Chaoyang District 100600, Beijing, People’s Republic of China Tel: 86 010 8532 5404 Tel 2: 86 010 13439791691 Fax: 86 010 8532 5437 Email: beijing@foreign.gov.bb Embassy of Barbados - Havana, Cuba Calle 18 # 715e / 7ma y 31 Miramar, Playa, La Habana, Cuba Tel: (+53) 7 212-5894 Tel 2: (+53) 7 212-5895 Fax: (+53) 7 212-5897 Email: havana@foreign.gov.bb Embassy of Barbados - Ghana 10 Klotey Crescent, Labone, Accra, Ghana Tel: +233 59 699 2942 Email: accra@foreign.gov.bb High Commission for Barbados in Kenya 7th Floor, South Towers, Two Rivers Office Complex, Runda Tel: +254 11 268-9665 Email: nairobi@foreign.gov.bb Embassy of Barbados - Panama City, Panama Ofc 22D, Oceania Business Plaza Torre 2000, Punta Pacifica Cuidad de Panama Panama Tel: +(507) 6099-7071 Email: panamacity@foreign.gov.bb 1 50

Consulate-General of Barbados - Miami, Florida, USA 2121 Ponce de Leon Blvd, Suite 1300 (PH), Coral Gables, Florida 33134, USA Tel: (1 786) 515-1201 Fax: (1 305) 455-7975 Email: miami@foreign.gov.bb Consulate-General of Barbados - New York 820 Second Avenue, 5th floor (Between 43rd and 44th Streets), New York, N.Y 10017, USA Tel: (1 212) 551-4325 Fax: (646) 329-6591 Email: newyork@foreign.gov.bb Embassy of Barbados - Caracas, Venezuela Edificio Los Frailes, Oficina 501, Piso 5, Avenida Principal de Chuao Chuano, Caracas, Venezuela Tel: (+58) 212-710-2180 Fax: (+58) 212 9910333 Email: caracas@foreign.gov.bb Embassy of Barbados in Abu Dhabi, UAE Villa #6, Salalah Street (Muroor Road) Al Nahyan Abu Dhabi United Arab Emirates Tel: +9715513113699 Email: abudhabi@foreign.gov.bb Permanent Mission to the United Nations’ Office & Other International Organisations at Geneva, Switzerland 18 A Chemin Francois-LehMann, 1218 Grand Saconnex Geneva, Switzerland Tel: (011 41 22) 791-8500 Fax: (011 41 22) 791-8509 Email: geneva@foreign.gov.bb Permanent Mission of Barbados to the United Nations, New York, USA 820 Second Avenue, 9th Floor, (Between 43rd and 44th Streets), New York, NY 10017, USA Tel: +1 (212) 551-4300 Fax: (1 212) 986-1030 Email: prun@foreign.gov.bb

Business Associations Barbados Bar Association “Leeton”, Perry Gap Roebuck Street, St. Michael, Barbados Tel: (246) 537-7316 Fax: (246) 538-1739 Email: admin@barbadosbarassociation.com Website: barbadosbarassociation.com Barbados Chamber of Commerce and Industry (BCCI) Braemar Court, Deighton Road, St. Michael, Barbados Tel: (246) 434-4750 Fax: (246) 228-2907 Email: bcci@barbadoschamber.com Website: barbadoschamberofcommerce.com Barbados Coalition of Service Industries (BCSI) Unit 2B, Building #3, Harbour Industrial Estate, St. Michael, Barbados

BUSINESS BARBADOS FACT FACTS GUIDE 2024

Tel: (246) 429-5357 Fax: (246) 429-5352 Email: info@bcsi.org.bb Website: bcsi.org.bb Barbados Estate Agents and Valuers Association Inc. (BEAVA) P.O. Box 130, Worthing, Christ Church, Barbados Tel: (246) 836-0650 Email: admin@beavainc.com Website: beavainc.com Barbados Hotel and Tourism Association (BHTA) 4th Avenue Belleville, St. Michael, Barbados Tel: (246) 622-5041 Fax: (246) 429-2845 Email: info@bhta.org Website: bhta.org Barbados International Business Association (BIBA) 19 Pine Road, Belleville, St. Michael, Barbados Tel: (246) 537-2422 Fax: (246) 537-2423 Email: biba@biba.bb Website: biba.bb BIBA - Canada Thomas C. Sears, Chairman Tel: (905) 800-0548 Tom.Sears@Rogers.com Barbados Manufacturers Association (BMA) First Floor, James Fort Building, Hincks Street, Bridgetown, St Michael, Barbados Tel: (246) 426-4474 Fax: (246) 436-5182 Email: info@bma.bb Website: bma.bb Barbados Private Sector Trade Team (BPSTT) Goddards Complex, Fontabelle, St. Michael, Barbados Tel: (246) 430-6541 Email: info@tradeteam.bb Website: tradeteam.bb Barbados Small Business Association (SBA) Suite 101, Building 4, Harbour Industrial Estate, Bridgetown, Barbados Tel: (246) 228-0162 Fax: (246) 228-0613 Email: theoffice@sba.bb Website: sba.bb Institute of Chartered Accountants of Barbados (ICAB) Room 29, Hastings Plaza, Hastings, Christ Church, Barbados Tel: (246) 429-5678 Fax: (246) 426-0970 Email: admin@icab.bb Website: icab.bb Barbados Stock Exchange (BSE) 8th Avenue, Belleville, St. Michael, BB11114, Barbados Tel: (246) 436-9871 Fax: (246) 429-8942 Email: info@bse.com.bb Website: bse.com.bb

International Agencies Caribbean Development Bank (CDB) P.O. Box 408, Wildey, St. Michael, Barbados, BB11000 Tel: (246) 539-1600 Fax: (246) 426-7269 Email: info@caribank.org Website: caribank.org

Caribbean Export Development Agency (Caribbean Export) Baobab Tower, Warrens, St. Michael, Barbados Tel: (246) 436-0578 Fax: (246) 436-9999 Email: info@carib-export.com Website: carib-export.com Caribbean Tourism Organization (CTO) 7th Floor, Baobab Towers, Warrens, St. Michael, BB22026, Barbados Tel: (246) 427-5242 Fax: (246) 429-3065 Email: ctobarbados@caribtourism.com Website: onecaribbean.org Delegation of the European Union to Barbados, the Eastern Caribbean States, the OECS and CARICOM/CARIFORUM Palm Beach Corporate Centre, Hastings, Christ Church BB15156, Barbados Tel: (246) 434-8501 Email: delegation-barbados@eeas.europa.eu Website: eeas.europa.eu/delegations/barbados_en Office of Trade Negotiations (OTN) 1st Floor, Sky Mall, Haggatt Hall, St. Michael BB11063, Barbados Tel: (246) 430-1670 Fax: (246) 228-9528 Email: communications@caricom.org Website: caricom.org Inter-American Development Bank (IADB) “Hythe”, Welches, Maxwell Main Road, Christ Church BB17068, Barbados Tel: (246) 627-8500 Fax: (246) 429-8869 Email: idbbarbados@iadb.org Website: iadb.org Pan American Health Organization (PAHO) Dayrells Rd & Navy Garden, Christ Church, Barbados Tel: (246) 426-3860 Fax: (246) 228-5402 Website: paho.org/ecc United Nations (UN) UN House, Marine Gardens, Hastings, Christ Church, Barbados Tel: (246) 467-6000 Fax: (246) 429-2448 Email: communications.bb@undp.org Website: un.org

Non-Governmental Organizations Barbados Entrepreneurship Foundation Inc. (BEF) Lex Caribbean, The Goddard Building, Haggatt Hall, St Michael Tel/Fax: (246) 435-3308 Email: info@barbadosentrepreneurshipfoundation.org Website: barbadosentrepreneurshipfoundation.org Future Centre Trust Little Edgehill, St. Thomas BB22118, Barbados Tel: (246) 625-2020 or 836-6187 Fax: (246) 620-2021 Email: info@futurecentretrust.org Website: futurecentretrust.org Tourism Development Corporation (TDC) BHTA Building, 4th Avenue, Belleville, St. Michael, Barbados Tel: (246) 228-8900 Email: tourismdev@caribsurf.com Website: tdcbarbados.com

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LEG A L L IST IN GS Chancery Chambers

Sir Trevor Carmichael, KA, LVO, S.C. Andrew Ferreira, SC. Giles Carmichael Chancery House, High Street, Bridgetown St. Michael, Barbados Tel: (246) 434-3400 Fax: (246) 431-0076 partners@chancerychambers.com www.chancerychambers.com

Clarke Gittens Farmer

BUSINESS BARBADOS FACT FACTS GUIDE 2024

InterCaribbean Legal Attorney- at-Law Karen A Perreira, LLB (Hons); TEP “Palm Court”, #28 Pine Road Belleville, St. Michael, Barbados, BB11113 Tel: (246) 228-7504 Fax: (246) 228-1591 Cell: (246) 231-8453 kperreira@intercaribbeanlegal.com www.intercaribbeanlegal.com

LEX Caribbean Group

Gillian M.H Clarke Partner Parker House, Wildey Business Park Wildey Road, St. Michael BB14006, Barbados Tel: (246) 436-6287 Fax: (246) 436-9812 www.clarkegittensfarmer.com

Melanie Jones Managing Partner The Goddard Building, Haggatt Hall, St Michael, BB11059 Barbados Tel: (246) 539-3797 Fax: (246) 430-3899 melanie.jones@bb.lexcaribbean.com

David King & Co. Attorneys-at-Law

Simon Law

FT Legal Attorneys-at-law

Peter G. Symmonds, S.C., J.P.

Heather Tull, Attorney-at-Law Suite 101, Lauriston Building, Lower Collymore Rock, St Michael, Barbados Tel: (246) 427-3174 Fax: (246) 436-9541 daveking@caribsurf.com www.barbadoscorporatelaw.com

Tara E. Frater LL.B. (Hons), TEP No. 1 Mango Drive, Porters, St. James, Barbados, BB24033 Tel: (246) 422-6482 tara.frater@ft-legal.com www.ft-legal.com

Harridyal Sodha & Associates

Liza A. Harridyal Sodha, LLB (Hons), LLM, TEP Attorney-at-Law The Grove, 21 Pine Road Belleville, St. Michael, Barbados BB11113 Tel: (246) 228-9888 ext 222 Fax: (246) 228-9382 Cell: (246) 231-9609 liza@lizalaw.com www.lizalaw.com

Hastings Attorneys-At-Law

“Chelsea House” Chelsea Road, St Michael, Barbados, BB14022 Tel: (246) 228-9420 Fax: (246) 429-8056 Barry L.V. Gale S.C. bgale@hastings-attorneys.com Jacqueline R.M. Chacko jchacko@hastings-attorneys.com Laura F Harvey-Read lread@hastings-attorneys.com Mawena Maynard mmaynard@hastings-attorneys.com Shirley Beharre Procope sprocope@hastings-attorneys.com Micaela Pile mpile@hastings-attorneys.com

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Andrea R. Simon B.Sc (Hons) LL.B (Hons), Attorney-at-Law “Morningside” Pine Hill Road St. Michael, Barbados Tel: (246) 426-1122 Fax: (246) 436-5979 andrea@asimonlaw.com www.asimonlaw.com

Attorney-At-Law GH House, 3rd Floor, Trents, St. James, BB24017 Barbados, W.I. Tel: (246) 419-4196 Fax: (246) 419-4188 pgsymmondslaw@gmail.com

Versus Legal Attorneys-at-Law

Anthony Francis-Worrell & Graeme Brathwaite Violet House, Upper Collymore Rock, St Michael Tel: (246) 622-1972 info@versuslegallaw.com www.versuslegallaw.com

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BUSINESS BARBADOS 2024

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