5-9 — Barbados Open Water Festival, Carlisle Bay barbadosopenwaterfestival.com
CULTURAL
1 — Independence Lighting Ceremony, National Heroes Square, Bridgetown
30 — 59th Independence Day Parade, Garrison Savannah
NATIONAL HOLIDAYS
30 — Independence Day (public holiday 1 December)
DECEMBER
RUNNING
6-7 — Run Barbados Marathon Weekend
HORSE RACING
26 — Boxing Day at the Races, Garrison Savannah barbadosturfclub.org
NATIONAL HOLIDAYS
25 — Christmas Day
26 — Boxing Day
BIBA Ben Arrindell Charity Golf Tournament
BCIC Rally Barbados
CONTENTS
12 - Business Barbados Editorial Board 2025 14 - From the Editor
18 - Barbados: A Business Hub Empowered by its People
- Connie Smith
22 - Driving Innovation: Barbados as a Rising Hub for Commercial Development
- Giles Carmichael
- Niara Fraser
28 - Barbados Continues to have a Dynamic Real Estate Sector
- Sir Paul Altman
38 - Barbados: A Conducive Environment for High-Net-Worth Individuals
- Chris Sulaiman
42 - Business Barbados Buzz - Mark Maloney
48 - Making Residency a Reality in Barbados
- Melanie Jones
54 - Business Barbados Buzz - Paul Hawtin & Martina Toby
64 - Barbados – Still Open for Business in a Maturing Tax Environment
- Grant McDonald, FCPA, FCA
72 - On the Horizon: Transfer Pricing Insights and Impact
- Tamika Cumberbatch
76 - Boardrooms for the Future: Responsibly Integrating Disruptive Technology into Corporate Governance
- Ava-Marissa Lee
84 - Powering Barbados: The Strategic Push for Renewable Energy and Battery Storage Integration
- Jamalia Wyllie
- Ramiro Gomez Barinaga
- Julio Mateo
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CONTENTS
88 - Solar Success in Barbados: Our Journey to Energy Independence
- Tim Clarke
92 - Business Barbados Buzz - George Connolly
96 - Barbados: From Offshore Pioneer to Global Business Hub - The Evolution and Future of Global Business
- Carmel Haynes
100 - BIBA
104 - The Barbados–Panama Connection Growing Trade and Investment Opportunities
- HE Ian Wendell Walcott
- HE Xiomara Pérez Rodriguez
110 - Barbados’ Economic Renaissance: A Return to the Global Innovation Index and the Road Ahead
- Mark Hill
116 - Protecting Our Traditional Rum Making Methods
- Richard Seale
122 - Business Barbados Buzz – UWI Mosquito Control Innovation
126 - In Focus - Barbados’ Budding Film Sector - Kaye-Anne Greenidge
128 - The Value of the Third Sector - Sheri Hord and Peter Boos
130 - Barbados Fast Facts Guide
Standing, left to right: Carmel Haynes – Executive Director, BIBA; Trisha Tannis – Chairman, Barbados Private Sector Association; Marilyn Husbands – Tax Partner, EY Barbados; Ava-Marissa Lee – Manager, Tax & Legal Services, PwC.
Seated, left to right: Giles Carmichael – Managing Partner, Chancery Chambers; Peter Boos – Chairman Emeritus, EY Caribbean and Founder, Peter & Jan Boos Family Foundation; Connie Smith – Managing Director, Vistra Group, Barbados; Jean-Paul Cumberbatch, Manager, Research & Development, Invest Barbados; Danielle Miller – Editor, Business Barbados; Andrea Burgess – Deputy CEO (Ag.), Export Barbados (BIDC); Dion Greenidge, Executive Director & CEO, Sagicor Cave Hill School of Business & Management, The University of the West Indies, Cave Hill Campus; Tara Collymore-Kirton – Director, Tax & Legal, Deloitte; Ryan Forde – CEO, Barbados Hotel & Tourism Association; Keith Miller – Publisher, Business Barbados.
Absent: Grant McDonald – Office Managing Partner and Caricom Head of Tax, KPMG
Danielle Miller Editor, Business Barbados
TECHNOLOGY DRIVEN –EMPOWERED BY PEOPLE
When the Business Barbados Editorial Board met in October 2024 to discuss this year’s edition of the publication, there was a real sense of energy and action in the room, reflective of the energy and action in Barbados right now. As we went around the table and each person shared their thoughts and insights, the sheer volume of transformative projects and initiatives underway across the island was staggering and inspiring.
Construction projects that have been ‘proposed and discussed’ for years have broken ground, from hotels backed by international brands to multi-use urban spaces that reimagine how we live, work and play in the environment around us. Real Estate in Barbados is booming with record-breaking sale prices at one end of the spectrum, and innovative low-cost sustainable housing at the other end.
Legislation addressing Pillar
Two of the Base Erosion and Profit Shifting (BEPS) Initiative has been implemented – with Barbados as one of the early adopters – removing the corporate tax uncertainty for global businesses operating here. One of the next things on the agenda is transfer pricing regulations to ensure that
we are fully aligned with global tax standards and attracting the right high-quality foreign investment.
With the tax playing field being levelled, it’s clear that Barbados must up its game elsewhere. And the public sector is responding to calls to improve business facilitation to ensure we are truly competitive and attractive in the global arena.
A vital tool in staying competitive is technology. In this issue we showcase examples of how technology is being leveraged in construction, corporate governance, renewable energy, vector control, the insurance industry and beyond.
In 2025, technology is ubiquitous. However... behind every new development, ambitious project or scientific breakthrough, you’ll find the intellect, creativity and leadership of individuals and teams. From the leadership of our Prime Minister the Honourable Mia Amor Mottley, with reform of the global financial architecture, to visionary investors and entrepreneurs, to the highly skilled Barbadian workforce, it’s about the people who invest their time, their energy, their reputation, and their money into the development and success of Barbados.
This symbiotic relationship is one that businesses worldwide are
grappling with. It is undeniable that technology enables development, but the vision and catalyst comes from our people.
So, in this edition we highlight some of these people. Investors in construction, property development, tourism, global business, healthcare, renewable energy and more. The success of Barbados is thanks to our homegrown talent, and also the calibre of people we attract from overseas. Our Welcome Stamp programme has been hugely successful at attracting people to inject foreign exchange into the economy, without affecting the local job market. Similarly, the Special Entry and Reside Permit encourages High Net Worth Individuals (HNWI) to invest in Barbados, bringing their experience, their ideas and their energy.
Welcome to the 2025 edition of Business Barbados: Technology Driven – Empowered by People. As you turn the pages, you’ll encounter stories of collaboration, innovation and vision – driven by technology, but empowered by people. I hope it sparks ideas, debate, and helps to fuel the collaborative energy within us that is the driving force behind Barbados’ success.
Enjoy reading.
Barbados a business hub empowered by its people
Small island nations like those in the Caribbean often operate from a position of resource constraints –whether it’s limited size, economies of scale, financial capacity, or climate and investment challenges. These are undeniable realities. Yet Barbados, by any credible metric, defies assumptions about the capacity of developing countries to excel globally, leveraging its most valuable asset: human capital.
Without abundant natural resources (the country extracts only about 2,000 barrels of crude oil annually), Barbados has leaned heavily on the education of its people to fuel its post-independence development. Tourism and hospitality, thriving on the island’s beauty, have been mainstays, but investment in education has provided a stable foundation for growth. Barbados’ commitment to providing free education from nursery through university, at the point of source, combined with access to scholarships, ensures that opportunities are available to a wide socio-economic range of individuals. This equitable approach strengthens the nation’s human capital by fostering diversity in ideas and perspectives, which contributes
to a richer and more competitive workforce.
Over the past decade, billions of dollars have been allocated to education, amounting to about four percent of GDP annually. In the 2024-2025 budget alone, $131.1 million was designated for the University of the West Indies (UWI), covering tuition for Barbadian students and fuelling the island’s development through intellectual investment.
To sustain this trajectory, significant reforms in education are underway, focusing on STEM to prepare young people for a competitive global landscape.
The Ministry of Education, Technology, and Vocational Training’s “Reimagining Education in Barbados” emphasizes developing “global citizens rooted in Bajan values” who are ready for lifelong learning and emerging careers.
Junior Colleges of Excellence for students aged 11 to 14 will integrate information technology, coding, and robotics into core curricula, strategically equipping the next generation for a highly technological world.
However, Barbados invests in holistic education that extends beyond academics. Programmes
in leadership, soft skills, cultural studies, and community engagement cultivate well-rounded professionals. The island is focussed on instilling values, critical thinking, and adaptability through national initiatives as it enables Barbadians to thrive globally and return value to their homeland. To this end, Barbados has a culture of lifelong learning, where individuals are encouraged to continually enhance their skills. Launching the National Training Initiative, for example, affords unlimited free access to a plethora of online courses intended to provide every Barbadian a chance to broaden their mind, challenge their limit and continuously transform into their best self.
Barbados has fostered a supportive environment for entrepreneurs, encouraging innovation in sectors like technology, fintech, and renewable energy. Added to this are opportunities to access critical financing for start-ups. Through the Barbados Business Trust young entrepreneurs can access up to $25,000, while Fund Access provides various business boost funding packages at concessional interest rates. There is also a small but growing venture and angel investing community with players such as the Barbados Business Enterprise Corp and the Barbados Investment Fund, which is co-funded by the Central Bank of Barbados and the Caribbean Financial Services Corporation. This entrepreneurial spirit not only strengthens the economy but also attracts global interest and drives unique homegrown solutions.
With increasing opportunities at home, many Barbadians who gained experience abroad are being encouraged to return to contribute their expertise locally. Initiatives encouraging diaspora engagement, such as specialised roles, startup funds, or academic positions, reflect Barbados’ real aspiration of reversing brain drain into brain gain.
Barbados’ educational foundation has produced notable figures on the
world stage. Alan Emtage, educated in Barbados before attending McGill University, conceived Archie, widely regarded as the world’s first internet search engine. Likewise, Rihanna’s journey from a Barbadian education to global business icon shows the transformative power of the country’s educational investments.
In finance, Dave Dowrich serves as Senior Executive Vice President and CFO of the Teachers Insurance and Annuity Association of America; in science, Barbadian-born Dr Juliet Daniel, now a Canadian-based researcher, has pioneered work on Triple Negative Breast Cancer, earning recognition as a Black Innovator in Research and Medicine by the Canadian Intellectual Property Office.
The contributions of Barbadians reach further still: Prime Minister Mia Amor Mottley is a global climate champion. She has successfully promoted the Bridgetown Initiative which seeks to transform the international financial architecture. The Prime Minister was also presented with the 2021 Champions of the Earth Award, the UN’s highest environmental honour, for her policy
leadership.
Barbadian National Hero Sir Garfield Sobers remains a cricket legend, and Niel Harper, an expert in cybersecurity, contributes to the UK Cyber Security Council. This list of high achievers illustrates how a 166-square-mile island can cultivate talent capable of global impact.
Barbados has evolved into a formidable player in the global business arena, ranking seventh globally for captive insurance companies and continuing to attract multinationals seeking offshore advantages. While some jurisdictions import expertise, Barbados has cultivated a skilled local workforce, including attorneys, accountants, compliance and finance professionals, and technology experts. Foreign expertise is welcomed, yet there is an expectation for knowledge transfer to highly trainable locals, enriching the skill base on the island.
When Barbados is mentioned, images of sun, sea, and sand may first come to mind. However, this island is more than a destination; it’s a business hub empowered by the intellect and resilience of its people.
Lenstec Inc.
Peter Odle MANGO BAY HOTEL GROUP
Best known as a hotelier, Barbadian entrepreneur Peter Odle also has business interests in other sectors, including catering, restaurants, sports bars, real estate and property holdings. A former Chairman of the Barbados Tourism Authority, President of the Caribbean Hotel Association, and Chairman of Barbados Port Inc., Peter Odle is a recipient of the Order of Freedom of Barbados, the country’s highest honour.
PETER ODLE
I am an instinctive entrepreneur, quick to spot an opportunity and willing to take calculated risks. That’s how I started 48 years ago, and I still operate that way today. There has been significant development in Barbados during my time, which has created lots of openings. And, with the country poised to continue developing, I am still looking to expand our business, but now supported by the young members of my family working in the group. As well as investing in several new properties, we also intend to start producing our own brand of some of the basic products that are heavily consumed every day in our hotels.
Looking forward, I have the utmost confidence in this country. In fact, I can’t think of any better place to do business. Barbados offers a welcoming, safe, financially sound, well-regulated environment for investors, both local and international alike. Plus we don’t have capital gains or inheritance taxes.
On top of all that, Barbados is such a fantastic place to live. My advice to any potential investor is to take the first step by coming here to meet some people and experience our happy and healthy lifestyle in person.
mangobaybarbados.com
DRIVING INNOVATION Barbados as a Rising Hub Commercialfor Development
“In Barbados, we are committed to building the kind of education, business and investment ecosystem that will make the small size of our land space almost irrelevant. As we invest in our people, our potential for transformative growth becomes endless….”
As global transformation accelerates, Barbados stands at the edge of innovation, channelling investment into talent and technology to forge a progressive future. Ranking 77th among 133 economies in the 2024 Global Innovation Index and 26th for foreign direct investment as a percentage of GDP, Barbados shines as a leader in human capital, research, and business sophistication – outpacing many of its Caribbean and Latin American peers.
Commercial real estate is emerging as a driving force in Barbados’ economy, fuelling growth and reshaping the landscape. As reported by the Governor of the Central Bank, 2024 has brought robust expansion in construction. Take a drive around the island’s 166 square miles, and you’ll witness new developments with heavy machinery and cranes shaping the skyline – a testament to the island’s upward momentum.
Investment Climate
Barbados has built a proinvestment climate that’s catching the attention of the international market. Forward-thinking policies like foreign currency control relaxation, tax incentives, and a commitment to sustainable development signal a warm invitation for global business and real estate investors.
Prime Minister Mottley’s vision – to make Barbados resilient, inclusive, and globally competitive in innovation – takes shape in reimagined commercial districts with new office complexes, tech parks, and mixed-use developments. Strategic moves such as the 2019 relaxation of foreign currency controls, which now allow residents to open foreign accounts, make Barbados an attractive venue for international investment.
The island’s tax incentives are powerful differentiators: with a corporate tax rate as low as 5.5% for small businesses, capped at 9% for
other business and no capital gains tax, Barbados is positioned to attract regional headquarters and high-value commercial projects. Local banks, too, are ready to support growth with rates as low as 3.5%, offering competitive financing options that appeal to developers and investors alike.
Barbados has also embraced intellectual property and tech, introducing a patent box regime with a preferential 4.5% tax rate on qualifying IP income. This attracts tech-forward developers and companies eager to leverage Barbados as a base for IP-driven projects.
Sustainability is at the core of Barbados’ development goals, with a target to reach 100% renewable energy by 2030. This focus opens new avenues in commercial real estate, driving projects centred on eco-friendly construction and energy efficiency – appealing to tenants and investors with green priorities.
Legal and Regulatory Strengths
Barbados offers a reliable, investor-friendly legal framework grounded in English common law. Recent regulatory enhancements in data protection, anti-money laundering, and IP law have further strengthened the island’s appeal as a transparent, compliant destination for international investment.
In a critical development, Barbados was recently removed from the FATF Grey List, bolstering confidence that the island meets global standards for financial transparency. With its improved legal environment, Barbados offers developers and investors security and stability, essential for anyone considering long-term investment in commercial real estate.
Showcasing Innovation-Driven Projects
Barbados is redefining itself with projects that underscore its commitment to an innovationled economy. The Newton Life
Science Park and Digital Innovation Hub, designed to attract top-tier technology firms and research institutions, will offer cuttingedge facilities and incentives for companies driving advancements in AI, biotech, and clean energy. This project is expected to create jobs and cement Barbados’ role as a tech innovation leader.
The Bridgetown Mixed-Use Waterfront Project reflects the government’s balanced approach to growth, revitalizing historic capital spaces while modernizing infrastructure for tourism, hospitality, and retail. This initiative brings commercial appeal while preserving cultural legacy.
In renewable energy, Barbados is making strides with new solar farms and green energy projects. This commitment to sustainability is creating valuable opportunities for clean energy and eco-conscious investors, positioning Barbados as a leader in Caribbean renewable energy.
The hospitality sector is also experiencing a boost, with several new hotels under construction or renovation that are set to add hundreds of rooms to the market. The high level of foreign investment in these projects serves as a strong endorsement of Barbados’ investment potential.
The soon-to-be-completed Welches Plaza stands as a flagship of Barbados’ forward-thinking approach to sustainable commercial development. This mixed-use project, spanning over 200,000 square feet, exemplifies the island’s commitment to environmental
innovation. With a renewable energy capacity supporting up to 1.5 megawatts of photovoltaic energy production, Welches Plaza is set to reduce its carbon footprint significantly. Purpose-built for resilience, the development includes a sophisticated water drainage and collection system, enabling bathrooms and irrigation to be serviced by harvested rainwater. Welches Plaza is a clear testament to Barbados’ dedication to eco-friendly infrastructure, attracting tenants who value sustainable practices.
A Future Built on Vision and Innovation
Barbados’ ascent as a commercial hub reflects strategic policy shifts, a robust legal and regulatory foundation, and an unwavering commitment to sustainable, innovation-led growth. From foreign currency flexibility to competitive tax advantages and targeted incentives for green and tech industries, the government has created an environment that welcomes global investors.
Investors across technology, renewable energy, tourism, and finance are finding in Barbados a stable, forward-thinking market. With numerous high-impact projects underway, a focus on sustainability, and a long-term growth vision, Barbados is rapidly emerging as a commercial and innovation powerhouse in the Caribbean. For those ready to invest in a dynamic, globally connected market, Barbados offers unparalleled opportunity.
Architectural render for Welches Plaza
An affiliate of Chancery Chambers, Chancery Corporate Services Limited offers corporate managerial services and guidance on all aspects of doing business in Barbados.
An affiliate of Chancery Chambers, Chancery Corporate Services Limited offers corporate managerial services and guidance on all aspects of doing business in Barbados.
We offer a seamless professional service to our local and international clients, facilitating your business needs from incorporation to dissolution, and everything in between.
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Founded by Chairman Bernie Weatherhead in 1982, the familyowned Sun Group Inc. comprises multiple companies offering services in a broad range of sectors – including hotels and other accommodation, airline GSA, ground transportation, destination management, retail, travel, and insurance. Sun Group employs over 950 people, operating 51 offices in 10 countries throughout the Caribbean and in Miami.
BERNIE WEATHERHEAD
People talk about ‘vertical expansion’, but I just call it good business. When I launched my first company I was working as a hotel manager. Our guests wanted to tour the island, so I started a car rental company. Just common sense. Then I bought the hotel. Things carried on from there and we grew to where we are today. All of our businesses are inter-linked. Fortunately, I get a lot of support from my two sons, Alfredo and Rod, and my nephew Aldo, who are Managing Directors for sizable divisions of the operation, as well as my wife Marilda. Our grandson Jacob led our recent venture at Haymans Market, where he has been joined by our other grandchildren Christian and Vanessa. I like balancing my experience with innovative youngsters.
Barbados is a wonderful place to live, but it also gives people a chance to work at the highest level. We are the biggest agency for American Airlines, so Alfredo gets to deal directly with their top people. When Virgin Atlantic decided to close their regional reservation system, they offered it to us. Rod runs that operation and every reservation in the Caribbean goes through us, a Barbadian company.
Being headquartered in Barbados has definitely been good for our business. Having that secure foundation and solid financial base has enabled us to expand throughout the region, including St Lucia where we have made our second largest investments.
sungroupinc.net
Barbados continues to have a Dynamic Real Estate Sector
Barbados is a soughtafter destination for both investors and homeowners.
Understanding the short, medium and long-term trends in the real estate market gives them confidence, especially when reflecting on the market’s rapid expansion over the past fifty years.
Current State of the Barbados Real Estate Market
As of 2024, the real estate market has experienced steady growth, particularly in the luxury and tourism-related sectors. This has been largely driven by the island’s consistent appeal to foreign buyers, particularly in the high-end residential market; and the robust demand for rental properties, spurred by recent government policies welcoming long stay visitors.
Foreign buyers, especially those from the UK and Canada, have historically been a significant part of the Barbadian real estate landscape. In recent years, Barbados has introduced several initiatives to make real estate more accessible to international investors. For example, Government’s Barbados Welcome Stamp allows foreign nationals to live and work remotely from the island for up to twelve months. This has encouraged an influx of long-term renters and property purchasers. Many who sign up for this package decide to extend.
The tourism industry continues to be one of the main drivers of real estate demand, particularly in coastal areas like the West Coast (often referred to as the ‘Platinum Coast’), where high-end villas and resorts are located. Additionally, there is growing interest in ecotourism, as visitors choose to live outside the main tourism areas. However, despite the positive
trends, the market also faces challenges such as: the high cost of construction and rising construction material prices; limited land availability in prime areas; and concerns about inflation. All of these will push house prices up.
Short Term Trends 2024 – 2025
In the short term the Barbados real estate market is expected to remain resilient, with moderate growth in property prices and steady demand for both residential and commercial real estate.
1. Increased demand from approximately 3,000 plus Welcome Stampers
This is a key driver of short-term growth. Many professionals from North America and Europe are choosing to live and work from Barbados due to our climate, well developed infrastructure, and all that Barbados has to offer as a quality ‘lifestyle island’. Many who start as Welcome Stampers decide to make Barbados their permanent home and buy properties here. One interesting observation is that, by definition, remote workers are a non-competing part of our working community and are younger than the average tourist. They see Barbados as home and can afford to have a greater positive impact on the wider population’s quality of life.
2. Tourism Recovery
As international travel continues to increase, there is growing demand for short-term rental properties, particularly in popular tourist areas. This demand is likely to support the rental market and influence property prices, especially in prime locations close to the beaches. The
Sir Paul Altman CEO, Altman Real Estate Group
redevelopment of our towns has been spurred by this demand for accommodation.
3. Government Incentives
In the immediate term, the government’s focus on attracting foreign investment and boosting the local economy is likely to spur growth in the real estate sector. Incentives such as tax relief for developers, streamlined permitting processes, and the expansion of infrastructure in key areas are likely to contribute to the continued appeal of the market to both local and international investors.
Medium-Term Trends 2026 –2030
Over the medium term, the real estate market in Barbados is likely to see a few key developments that will shape its growth trajectory.
1. Gentrification and Urban Development
Bridgetown and surrounding districts are undergoing gentrification as young professionals, digital nomads, and retirees from abroad seek more affordable living options compared to high-end coastal areas. The medium term will likely see the development of more mixed-use projects that combine residential, commercial, and leisure spaces, catering to the growing demand for vibrant urban living in the island’s capital.
2. Commercial Real Estate Boom
While residential properties remain the core of the market, there is likely to be increased investment in commercial real estate. As Barbados continues to position
itself as a business hub in the Caribbean, the demand for office spaces, retail outlets, and mixeduse developments in strategic areas will rise. The government’s push for foreign direct investment (FDI) could also lead the development of new business parks and infrastructure projects.
3. Real Estate Investment Trusts (REITS)
In the medium term, the introduction or growth of Property Funds or REITs in Barbados could provide a new avenue for both local and foreign investors to access the real estate market, allowing individuals to invest in diversified property portfolios without the need to directly own or manage properties. This could attract more institutional investors to the island’s real estate and is seen as a leading opportunity into the long-term plan for Barbados’ real estate market.
Long-Term Trends 2031 and Beyond
Looking beyond 2030, the Barbados real estate market is poised to experience continued growth. The key to this growth will be driven by economic stability both locally and globally.
1. Diversification of the Real Estate Market
Long-term trends indicate that the real estate market in Barbados will become more diverse, with a broadening of property types, including mixed-use developments, luxury retirement communities, and purpose-built properties for sustainable living. Additionally, the development of digital infrastructure and
smart city technologies could lead to an increasing number of technologically advanced properties, attracting high-networth individuals seeking modern, state of the art living spaces. Coastal towns are seen as the most attractive location for this expansion.
2. Population Growth and Urbanization
Barbados’ population is expected to continue growing, though at a modest rate. The urbanization trend, particularly in Bridgetown and Carlisle Bay, will lead to higher demand for urban housing and infrastructure. This is already pushing the real estate market to adapt to a more densely populated environment, with vertical developments becoming increasingly accepted.
Real Estate Trends
These real estate trends have continued to influence rapid expansion in the following key areas:
Bridgetown The Pierhead
Located on a UNESCO World Heritage site in Bridgetown, The Pierhead can be best described as ‘Transformational’. When completed it will lead the redevelopment of Bridgetown. The investor, Neville Isdell (former Chairman of Coca Cola), is quoted as saying, “The Pierhead will be world class.” Waterfront, with boat berths, The Pierhead is also beachfront and includes the only Drydock/Screw dock remaining in the world. To get the full story of this mixeduse waterfront/beachfront town development, one would have to take a tour of the site, currently under construction. It is a ‘Wow’ project that incorporates heritage, water taxis, boat dockside arrivals, beachfront, restaurants and shops. This is all best described as urban beachfront lifestyle. 170 apartments in three buildings will allow a select few to call The Pierhead home.
A view of The Bridge House (left), House of Pillars (middle) and Steel Building (right).
rbbbinfo@rfhl.com republicbarbados.com
Barbados
SpeedBird House
This project will complement The Pierhead with parking just across the street for some 400 cars. SpeedBird House will provide all of the support services for The Pierhead. Planned as a ten-storey tower, SpeedBird House will contain some 60 apartments with sea and country views. Carlisle Beach access is across the street. SpeedBird House will offer services such as: banking, street food, retail shops, pharmacy; laundromat, and more. It is described by Keith Downer – who aims to start this signature project in 2025 – as, “an affordable lifestyle next to the best beach and more.”
The Hyatt
This branded, 367-room hotel is earmarked to be completed in 2027. It will include some 28 condominiums.
In addition, several condominium projects are under construction in close proximity to Bridgetown, including the former Paradise site where work has started. This area will support a major tourism expansion.
Holetown
Limegrove
Limegrove has set the standard for luxury, offering global brands in a setting best described as ‘Chic Historic’. Historically modern and set in our own first town Holetown – which will be celebrating four hundred years in 2025 – this lifestyle centre encourages patrons to ‘Live, Work and Play’. Limegrove boasts of one of the few Maison Cartier stores in the world. 2025 will see five new signature cinemas and a selection of new restaurants. Also under development is the new Limegrove Hotel and Apartments.
Further development is expected around The Royalton Chic (The Old Discovery Hotel), and the Government-owned old Police Station site.
Speightstown
Careful attention is being given
to maintaining the character of this northern town. It is expected to witness small, unique redevelopment of its existing streetscape. To the north of Speightstown, a major hotel/ tourism development is underway starting with the new Pendry Hotel.
Warrens
As a non-coastal town, some new expansion is underway in the form of The W Plaza office accommodation just north of Warrens at Welches. The W Plaza has completed Phase 1. This new shopping / office / food experience features large box outlets surrounding a 500-space car park. There are also plans to include a state-of-the-art hospital. As we move more into the area of residential and themed developments:
Apes Hill
Apes Hill has established itself as one of the three recognized high end golf communities. Construction has peaked with over 50 villas completed or near completion.
Royal Westmoreland
Royal Westmoreland continues to expand having announced its latest phase of some 70 homes which will bring this well-established community to a total of 311.
Sandy Lane
Almost completely built out, Sandy Lane remains the signature high-end residential golf estate. It is almost 70 years since it was started and a recent trend to rebuild on the estate has gathered momentum, with one such property setting a new trend as a speculative investment listed for sale.
Beachfront Communities and Single Residences
These remain highest on the
demand list and this is reflected in premium pricing. The highest priced beachfront property listing currently on the market is Chateau Emerald – a most impressive, fivestorey building. Each floor contains just one apartment – average size 14,000 sq ft – and its own swimming pool. Common facilities are endless and the look of the building reflects Barbados, especially the towering coral stone arches. Price is on request!
The East Coast
The East Coast continues to attract buyers, and The Crane has become a landmark property. If you circle beyond The Crane, Cattlewash has two signature properties on the market:
- an ultra-modern, Doug Lukedesigned five-bedroom beachfront showhouse with its own pool and some of the most unique features and finishes.
- a beachfront day house in a setting fitted out by New York Interior Design Specialist Robert Stern, and it comes with a 100-acre hillside park directly across the road!
Conclusion
The real estate market in Barbados is poised for steady growth in the short, medium and long term; driven by factors such as the island’s appeal to foreign investors, a booming tourism industry, and a growing focus on sustainability. While there are challenges, such as rising construction costs and limited land availability in prime areas, these can be mitigated by strategic government policies and innovative development strategies. As the market continues to evolve, real estate investors and developers must stay attuned to both local and global trends to ensure continued success in this thriving market.
Chateau Emerald
Bjorn Bjerkhamn BJERKHAMN CONSULTING
Having launched in excess of forty successful companies, the accomplished Barbadian entrepreneur, Bjorn Bjerkhamn, has the distinction of delivering several of the island’s most iconic landmark properties – notably Port St. Charles Resort and Marina, St. Peter’s Bay Condominiums, Port Ferdinand Resort and Marina, and Palazzate Beachfront Residences. Using the strong financial foundation of his past success as a launch pad for future growth, Bjorn continues to invest in Barbados.
BJORN BJERKHAMN
Ever since I started my first business at age 26, I have continuously reinvested my profits into new ventures or purchasing land for future development. I really believe that people who made good money during the boom years of Barbados should be investing it in the island today. And I put my money where my mouth is by building up the physical infrastructure, which helps develop the country by employing people and bolstering the economy.
Barbados is sufficiently developed that anybody can live a decent life here, but there are still plenty of investment opportunities out there. You just have to look around and see what is most needed. The island is water scarce, so I am planning to put up a desalinisation plant. We need improved food security, so I am investing in agriculture. The country needs more affordable housing, so I am building houses and creating small towns. And so on.
But I still retain a focus on my area of strength, which is developing high-end product in the luxury living sector. My most recent residential project, WestBeach Barbados, seems destined to be another success story. So, why wouldn’t I reinvest my money in Barbados?
westbeachbarbados.com
A TROPICAL ESCAPE AWAITS
Now selling off-plan, luxury 2 and 3-bedroom condos on the prestigious Platinum Coast. Under construction, with completion by October 2026. Developed by the team behind the recently sold-out Coral Beach.
Two bedrooms starting at USD$515,000
Three bedrooms starting at USD$600,000
Contact a Terra agent at: +1 246 421-HOME (4663) or infobb@terracaribbean.com
Barbados: A Conducive Environment for High-Net-Worth Individuals
High-net-worth individuals (HNWIs), and sophisticated investors, face a myriad of challenges when managing their wealth. From stringent regulations and burdensome compliance requirements to the ever-present threat of asset erosion, these challenges are becoming increasingly common worldwide. HNWIs are constantly seeking solutions to protect and grow their assets. One such solution gaining prominence is Barbados, renowned for its favourable tax regime, political stability, and stunning natural beauty.
A
Tropical Paradise with a Tax Advantage
One of Barbados’ most significant draws is its favourable tax regime for individuals. The island’s personal tax system is designed to attract foreign investment and HNWIs. Tax residents can benefit from:
I. Double Taxation Treaties: The availability of several Double Taxation treaties, with countries including Canada, the United Kingdom and the United States of America, provides added benefits for HNWIs to reduce any exposure from paying tax in two jurisdictions on the same income (i.e., minimizing double taxation issues);
II. No Capital Gains and Wealth Taxes: No application of capital gains tax on profits earned from the sale of capital assets and no application of wealth or inheritance taxes;
III. Remittance-based Taxation for Non-Domiciled Individuals: Taxation on a remittance basis
Chris Sulaiman Senior Manager, Tax & Legal, Deloitte
Located in the Atlantic Ocean, Barbados enjoys a strategic geographic position. Its proximity to major North American and European markets, coupled with direct flights to most developed countries, makes it easily accessible for HNWIs.
for any income earned outside of Barbados, meaning that only income that is remitted to Barbados is subject to personal income tax. Income earned abroad and not remitted to Barbados will not attract Barbados personal income tax; and
IV.
Foreign Currency Earnings Allowance
(“FCEA”): The FCEA allows residents of Barbados, who earn income from sources outside of Barbados, and transfer it through the banking system of Barbados to claim an allowance of up to 65% of the income tax payable on that income –effectively reducing their tax liability.
All of these factors contribute to the attractive tax environment that makes Barbados a compelling choice for HNWIs seeking to optimize their wealth.
A Secure and Stable Jurisdiction
Barbados places a strong emphasis on asset protection. The island’s robust legal framework safeguards the privacy of individuals and their financial information. Asset protection vehicles, such as trusts and limited liability companies, offer HNWIs effective tools to shield their assets from potential legal challenges. This secure environment provides peace of mind for those seeking to preserve their wealth for future generations.
Investment Opportunities
Barbados offers a diverse range of investment opportunities, catering to the varied interests of HNWIs. Real estate is a particularly attractive sector, with opportunities for residential and commercial property development. The island’s renowned
tourism industry and increasing demand for luxury properties have fuelled significant capital appreciation.
Beyond real estate, Barbados also presents opportunities in other sectors, including:
• Captive Insurance: On a global scale, high net worth families can benefit from their own captive(s) to mitigate risk and cash flow challenges. Barbados’ stable economy and favourable regulatory environment make it an attractive location for those in the captive insurance space. In tandem with the Financial Services Commission that regulates captives, there are several captive and business managers to help support feasibility studies and ultimate investment management.
• Tourism and Hospitality: The island’s thriving tourism industry offers potential for investment in short and mid-term stays, hotels, resorts, and related businesses. Barbados’ pristine beaches, worldclass amenities, and vibrant culture make it a popular destination for visitors from around the globe.
• Renewable Energy: Barbados has been at the forefront of renewable energy development in the Caribbean. Investments in solar, wind, and other renewable energy projects can be both financially rewarding and environmentally sustainable. The island’s commitment to clean energy aligns with the global trend towards sustainable development.
• Technology and Innovation: The government of Barbados has been actively promoting technology and innovation, creating opportunities for investment in startups and tech companies. The island’s focus on digital transformation and entrepreneurship has attracted
a growing number of tech-savvy individuals and businesses.
The Barbadian government actively supports foreign investment and has implemented policies to encourage economic growth. This favourable business climate creates a conducive environment for HNWIs to invest and expand their businesses.
Immigration and Residency Options
Barbados provides several immigration and residency options for HNWIs seeking to relocate or establish a presence on the island. The Barbados Welcome Stamp programme is a popular choice for individuals who meet certain financial criteria and wish to obtain a temporary residency permit. This programme offers a streamlined application process and allows individuals to work remotely from Barbados while enjoying its relaxed lifestyle and world-class amenities. In addition to the Welcome Stamp programme, Barbados also offers a Special Entry & Reside Permit (SERP). The SERP enables HNWIs, as well as their spouses and dependents to obtain immigration residency status in Barbados by meeting specific criteria. SERPs are generally issued for (and renewable for) five years, although the duration may vary depending on the applicant’s age at the time of application.
A Compelling Proposition for HNWIs
Barbados presents a compelling proposition for HNWIs seeking to optimize their wealth and lifestyle. Its favourable tax regime, stable political environment, and investment opportunities make it an attractive destination for those looking to grow their assets. By working with a professional adviser – whether an accounting or law firm, family office, or investment advisers –individuals can explore the various options available in Barbados and tailor a solution that aligns with their specific needs and goals.
M-Jet FBO – Welcome to Barbados
A PEOPLE -CENTRIC ODYSSEY
Mark Maloney’s Visionary Leadership
When compiling any list of great business leaders in the Caribbean, one would have to include Mark Maloney, a luminary who exemplifies the essence of entrepreneurial zeal and transformative leadership. In chronicling his journey as an industrialist, developer, innovator and champion of people, we see a narrative not merely of business success, but of cultivating human potential and envisioning what’s possible when innovation and community converge.
The Formative Years and the Genesis of a Vision
Mark Maloney’s story begins with a leap of faith – leaving formal education at the age of sixteen to embark on a career in the construction sector in Barbados. This bold move wasn’t driven by necessity, but rather an insatiable curiosity and a desire to build something meaningful. Very few could have predicted that this young dreamer would, within a few short years, spearhead Preconco Limited – a company dedicated to revolutionizing construction with high-quality precast and prestressed concrete products. By the age of 52, he had not only taken ownership of Preconco but had grown it into the anchor of the Maloney Group Inc., a multisector powerhouse with a robust presence across the Caribbean, Central America, South America and North America. Under his visionary leadership, the Maloney Group successfully operates in industries as diverse as manufacturing, construction, real estate, heavy equipment, automotive, distribution, retail, finance, aviation, hospitality and tourism – all testament to Mark’s astute business acumen and strategic foresight.
Crafting a People-Centric Enterprise
The Maloney blueprint for success deviates from traditional business models. Whilst profit and expansion are crucial, Mark’s true legacy is in nurturing a people-centric corporate culture that balances monetary success with human development.
His businesses are more than profit machines; they are engines of opportunity, providing sustainable growth and employment across multiple markets.
At the helm as Group Executive Chairman, Mark is a relentless innovator who champions advanced technology adoption and process efficiency. Despite his impressive resume, Mark’s approach to leadership remains humble and inclusive. He eschews rigid hierarchies, preferring instead to place himself among his team, investing personally in the development of his employees.
“I’ve always had an enterprising attitude from very early on,” Mark recalls, pointing to a pivotal stint in Florida where a garden maintenance business taught him invaluable lessons in customer service and hard work. Growing up in a family that cultivated positivity and integrity, led by his father who exemplified these traits, he learned to look forward while valuing the collective wisdom around him. Mentors such as Sir Charles Williams and Bjorn Bjerkhamn played pivotal roles in honing Mark’s abilities, equipping him with insights into navigating complex business landscapes.
Navigating Challenges and Building Resilience
Mark Maloney’s journey was not without its trials. Early on, he encountered the harsh realities of business, witnessing how egos and power can complicate relationships. These experiences were instrumental in shaping his fundamental philosophy: “You can’t
control the wind, but you can direct the sails.” This metaphor became the cornerstone of his approach – embracing adaptability and resilience in the face of adversity.
This adaptability is mirrored in the Maloney Group’s innovative culture, where learning is pivotal. Through continuous training, Mark ensures that each team member is well-versed in applying data and technology to yield optimal results. Recognizing that numbers alone do not forge success, Mark emphasizes understanding the story they tell –an approach that drives the Group’s relevance and transformative impact across industries.
The Social Skills Academy: a Legacy of Learning
To further fortify his peoplecentric ethos, Mark is launching a Social Skills Academy, providing schooling at various levels to nurture personal and professional growth. This initiative focuses on enhancing emotional intelligence, fostering more harmonious interpersonal interactions, and resolving conflicts with creativity and precision. It’s about crafting a workplace that thrives on positive and creative tension and camaraderie – a workplace where everyone, regardless of role, feels empowered to contribute with emphasis on attention to detail which is at the centre of most conversations within his group.
Mark’s spirit of inclusivity and developmental focus has borne fruit in a capable team of young leaders who now steer the Maloney Group’s individual enterprises. Among these
Architectural render of Hyatt Ziva
rising stars is Mark’s son, Justin, demonstrating that leadership within the Maloney Group is not merely inherited but earned through merit and hard work.
Strategic Growth and Community Impact
The Group’s structure is a masterpiece of strategic coherence and entrepreneurial flair. Each venture, whether in aviation, real estate, or heavy equipment, complements the others, creating a powerful synergy. For instance, their foray into aviation has grown from practical necessity into a full-fledged enterprise, generating income and creating new opportunities.
The Maloney Group’s impact isn’t
confined to commercial success. Mark takes immense pride in leveraging the company’s resources for societal good through the Maloney Charitable Foundation. Initiatives like Adopt-a-Kilometre, Adopt-a-Beach, and support for the Ocean Acres Animal Sanctuary symbolize his commitment to environmental stewardship and community welfare, embodying his philosophy that business should be a force for good.
A Relentless Passion for Life
Away from boardrooms, Mark Maloney exudes an undying passion for life itself. Whether traversing nature trails, engaging in fitness pursuits or indulging in motorsport,
his energy is infectious. But, at the core, it’s Mark’s dedication to dreaming big – envisioning new horizons and inspiring others to join him on this journey.
Mark Maloney’s narrative is more than a chronicle of accomplishments, it is a testament to the power of vision, resilience and the indomitable human spirit. He has succeeded not just in building an empire, but in cultivating an army of motivated, empowered people who are set to carry his legacy forward. For Mark, business isn’t merely about transactions, it’s about crafting a world where every individual can rise to achieve their fullest potential. This, indeed, is his people-centric triumph.
Below: M-Jet FBO • Bottom: Preconco Limited
BEYOND PAPER CLARITY LIFE’S VISION FOR TRANSFORMING WEALTH MANAGEMENT
Nikita Gibson Senior Vice President, Clarity Life
The Drive for Digital Transformation in Wealth Management
Private Placement Life Insurance (PPLI) has emerged as a pinnacle of global wealth management, uniquely blending life insurance protection with access to diverse investments, tax planning, and estate management. This powerful combination makes PPLI an essential tool for high-net-worth individuals and families worldwide. Clarity Life Insurance Ltd. (Clarity Life), a trusted offshore PPLI carrier based in Bridgetown, Barbados, has been delivering bespoke wealth solutions to clients globally for over a decade. As the financial landscape evolves, so must our approach. With a commitment to becoming fully digital by Q2 2026, Clarity Life is embracing a transformation aimed at boosting efficiency, security, and client empowerment. This shift will harness the power of digital compliance, real-time data access, and automated services – creating an empowered and streamlined client experience tailored to the needs of today’s high-net-worth individuals.
The Shift to a Fully Digital System: What It Means for Clients
In today’s world, “time is money” has never rung truer. Our upcoming digital transformation will allow
clients to handle essential processes seamlessly, from secure digital onboarding and KYC submission through our e-portal to the digital notarization of key documents. With automation in place for contract creation and financial illustrations, Clarity Life’s digital transition isn’t just about improving efficiency; it’s about saving clients valuable time and ultimately, money. This is the kind of progressive service that resonates with our clients’ dynamic needs in a fast-paced world.
Empowering Business Decisions with Real-Time Data Access
In a landscape defined by rapid change, access to real-time data and regulatory updates is critical to sound financial planning. With our digital transformation, clients will gain instant access to policy details and investment accounts, allowing them to make timely, informed decisions. For high-networth individuals who operate on an international scale, staying updated on regulatory shifts – such as changes to the UK’s tax regulations for non-domiciled individuals – is paramount to optimizing wealth management strategies. Clarity Life’s future-ready systems will equip clients with the tools they need to navigate such complexities, helping them align their PPLI structures with evolving global regulations.
A Case for Client Empowerment: How Digital Transformation Benefits High-Net-Worth Individuals
Imagine Mr Clarke, a high-networth client with assets in the UK, the US, and the Caribbean, focused on long-term wealth preservation and legacy planning. With Clarity Life’s envisioned digital framework, he will soon have access to a techenabled service model that aligns with his diverse needs.
Through a secure online portal, Mr Clarke will be able to access policy information anytime, anywhere. Whether reviewing updates on the latest tax changes for UK nondomiciled persons or checking his investment portfolio, Mr Clarke will find the information he needs at his fingertips, empowering him to make informed decisions efficiently.
In the near future, adding assets –such as a new property in New York – will be a seamless process, with digital notarization allowing him to submit documents directly through our platform. This eliminates the need for physical paperwork, accelerating updates to his portfolio while ensuring cross-jurisdictional compliance. This forward-thinking approach underscores Clarity Life’s dedication to providing a flexible, client-centered experience from a global perspective, right from our base in Barbados.
Looking Ahead: The Future of PPLI in a Digital-First World
The future of PPLI is marked by continuous adaptation to global regulatory changes and enhanced capabilities for asset management. A recent example is the UK’s new tax reforms for non-domiciled residents, which will shift from the remittance basis to the foreign income and gains (FIG) regime and apply inheritance tax (IHT) more broadly. PPLI can serve as a powerful tool to address these changes, enabling high-net-worth individuals to structure assets efficiently within local regimes.
As a Barbados-based PPLI carrier, Clarity Life offers a strategic offshore location for clients who value both tax deferral and asset protection. For instance, under PPLI, gains can grow tax-deferred until a chargeable event occurs, such as policy surrender or maturity. If the policy is held within a non-UK trust, the policy’s value may be excluded from the settlor’s estate for IHT, potentially reducing the tax burden on heirs. Additionally, PPLI’s flexibility supports a wide range of investment types, from real estate to intellectual property and digital assets, allowing clients to diversify beyond traditional options.
In the face of ongoing global changes, Clarity Life stands as a partner dedicated to crafting
innovative, tailored solutions that adapt to each client’s needs.
A Partner in the Digital Age of Wealth Management
Barbados is a country on the cusp of transformation, and with its strong financial services industry and strategic location, it offers highnet-worth individuals an ideal base for offshore wealth management. As a digital-first, solution-driven PPLI carrier, Clarity Life embodies the forward-thinking approach that today’s discerning clients seek. With Clarity Life, high-net-worth clients are not just investing in an insurance policy – they’re partnering with a company committed to transformation, efficiency, and strategic insight. As a cornerstone of wealth and estate planning, Clarity Life is poised to empower clients around the globe, navigating today’s complexities and tomorrow’s possibilities from our vibrant home in Barbados.
Clarity Life Insurance +1 (246) 537-4138 info@claritylifeinsurance.com claritylifeinsurance.com
Image: Port St Charles, St Peter
Making Residency a Reality in Barbados
During the COVID-19 pandemic, Barbadian Prime Minister the Honourable Mia Amor Mottley launched the Barbados Welcome Stamp, allowing working nomads to live and work on island for a limited time, in year-long increments. Unsurprisingly, given the sublime quality of life in Barbados, a taste of residency led many “welcome stampers” to aspire to residency in the longer term. Fortunately, Barbados’ Special Entry and Reside Permit (“SERP”) can make residency a reality for persons who meet the financial and prudential qualifiers.
Special Entry and Reside Permit (“SERP”)
The Barbados SERP contemplates a range of applicants including professionals, entrepreneurs, retirees and real estate investors.
The SERP programme is framed around the following candidates:
• Applicants who have made investments of US$2,000,000 or more in Barbados with foreign funds derived from outside of Barbados and transmitted into Barbados.
• High-net-worth individual (HNWI) applicants with at least US$5,000,000 in net assets.
• Applicants under 60 years of age who own real estate in Barbados worth at least US$300,000 and who qualify
for a Category 2 SERP which is renewable every 5 years up to 60 years of age.
• Applicants over 60 years of age who own a property in Barbados worth at least US$300,000 who qualify for a Category 2 SERP which is indefinite and will not expire (as described below).
There are two categories of residence permits: Category 1 and Category 2. The key differentiators are permit duration and eligibility to work.
Category 1 SERP
Foreign nationals can effectively attain indefinite residency via a Category 1 SERP. They must invest a minimum of US$2,000,000 in Barbados, from foreign-sourced funds, and certify to net worth exceeding US$5,000,000. Foreign nationals over the age of 60 pay a non-refundable application fee of US$5,000 while those under the age of 60 pay a non-refundable application fee of US$3,500.
The Category 1 SERP holder is automatically entitled to a work permit, provided that a work permit application is duly submitted to the Immigration Department. The associated fees are US$15,000 (for those over 60) and US$20,000 (for those under 60). The Category 1 SERP is the obvious choice therefore, for non-nationals who desire freedom to work, while living in Barbados.
Melanie Jones Managing Partner, LEX Caribbean
Category 2 SERP
Applicants must invest at least US$300,000 in real estate from funds sourced outside of Barbados and prove they can sustain themselves and their dependents financially, for the duration of the SERP.
Category 2 SERP applicants pay an initial SERP fee of US$5,000 per adult and, subsequently, a US$5,000 SERP renewal fee, if they choose to renew for another 5 years.
Those who apply for a Category 2 SERP at age 60, or older, will be eligible for an indefinite SERP. Category 2 SERP holders are not eligible for work permits. This SERP is therefore ideal for retired persons with local real estate investments and financial planning which renders them demonstrably self-sustaining, for the duration.
Supporting Documentation Requirements (applicable to all Applicants unless otherwise stated)
• Completed “Application under section 13(3) of the Barbados Immigration Act, Cap. 190 for permission to Vary Period of Stay in Barbados - Form B” for each applicant.
• Two (2) passport sized photographs.
• Birth Certificate.
• Any Marriage Certificate.
• Any previous Marriage Certificate and/or Death Certificate-if applicable. Original and copy.
• Certified copy of the Bio-Data page of valid passport.
• Police Certificate of Character (PCC) from all jurisdictions (except Britain) in which the applicant has resided for 6 months or more in
the last 3 years.
• Enhanced Disclosure issued by the Disclosure and Barring Service in lieu of PCC for British applicants.
• Title Deeds and most recent Land Tax Bills. Original and copy. (For Category 2 applicants only).
• Proof of the requisite financial resources (e.g. Bank Statements, Pension Documents, Proof of Real Estate ownership) Originals and copies.
• Health Insurance with minimum per annum coverage of US$500,000, valid in Barbados for the duration of the SERP period.
• Proof of relationship with dependents where applicable (i.e. birth certificates, legal documents).
• Certified translation (by an appropriately qualified translator) of documents which are not in English.
Lifestyle
SERP holders become entitled to enjoy an unsurpassed island lifestyle in Barbados. Safety and security, rich culture, sophisticated amenities, clean air and extraordinary natural beauty are part of the everyday experience.
Family and Education
Familial inclusion is a cornerstone of the SERP programme. Dependents include children under the age of 18, or older dependents attending university and financially supported by the main applicant. Barbados is renowned for its diverse schooling opportunities, including public schools which non-nationals may attend at modest cost, and
private schools which provide international programmes such as the Baccalaureate and A-Level programmes. The University of the West Indies Cave Hill Campus offers numerous programmes taught by leading academics in the region and beyond.
Fiscal Benefits and Business Arena
Residents enjoy valuable fiscal benefits, including freedom from capital gains and inheritance tax. SERP holders may also enjoy a tax credit on assessable income derived from sources outside of Barbados transmitted into Barbados’ banking system. Barbados offers a vibrant business sector, supported by a welleducated workforce and a cadre of skilled professional service providers. The political arena is stable, and the rule of law is upheld. Modern legislation caters to international investment. Essential utilities, worldclass connectivity and bandwidth can also be relied upon.
Ease of Travel
Barbados is optimally located with direct flights available from major cities including London, Manchester, New York, Boston, Miami, Toronto, Panama, Frankfurt and other Caribbean islands.
Business and lifestyle travelers relish the chance to reside in Barbados and their presence adds diversity and eclecticism to the social fabric, generating important opportunities for networking and collaboration.
Creature of Policy
The SERP programme is governed by policy not specific enabling legislation. The Chief of Immigration has the power to amend or re-shape policy. The SERP programme’s features have evolved over time and are subject to change. Applicants should take advice on any modifications to policies or requirements. The regime is best navigated with the advice of sophisticated professionals, typically local lawyers or other immigration practitioners.
GOLF FOR ALL. WOMEN INCLUDED!
Jina Scheper CEO, Barbados Golf Club
When you think of golf, do you picture a group of women of all ages hitting the green, aiming to beat their personal best? Maybe not. For many, golf is still a man’s game, but times are changing. Women are increasingly taking to the fairways all over the world, finding a place in this traditionally male-dominated sport and bringing style, strength and a passion for the game.
This cultural shift isn’t just happening at the professional level. While LPGA players continue to push boundaries, local golf clubs in Barbados are seeing a rise in women participants. Women’s clinics and workshops are fully subscribed, as coaches respond to demand for more inclusive opportunities. Women are discovering the camaraderie, competition and thrill golf offers, finding that it’s the perfect blend of strategy, skill, and social interaction. Golf provides a unique space to connect, socialize, and play, allowing women of all
fitness levels to enjoy a competitive yet friendly and safe environment.
Golf’s inherent challenges –persistence, focus, adaptability – make it both frustrating and rewarding, a balance that keeps players coming back. For women, these experiences debunk outdated ideas of who “should” play golf, proving it’s a sport for everyone. The rise of women players is also reshaping the game’s culture. Gone are the days of limited attire and sparse women’s events. Now, there are golf socials, ladies’ groups, and gear designed specifically with women in mind, all encouraging a community spirit.
As more women participate, the benefits extend beyond the course. Traditionally a networking space for men, golf now serves as a valuable opportunity for women too. Professional connections, mentorship and friendships are fostered amid the game’s relaxed yet competitive atmosphere.
Perhaps most importantly, the changing culture of golf inspires the next generation. Young girls can see female golfers excelling on local courses and international stages, encouraging them to chase their dreams. One of our local girls, Emily Odwin, is currently attending university in the USA on a scholarship with dreams of joining the LPGA Tour. Many clubs have even introduced programmes for young female players, offering an inclusive environment to build their skills.
So, next time you picture a golf course, imagine a group of women strategizing their next shot, sharing laughs, and soaking in the joy of the game. Golf isn’t just for men; it’s for anyone ready to take on the challenge and celebrate the journey. Women in golf are here to stay, reshaping the game, one swing at a time.
GOLF – “Gentlemen Only, Ladies Forbidden”. Not anymore!
Emily Odwin
FINDING BALANCE AND BUSINESS SUCCESS IN BARBADOS
Paul Hawtin & Martina Toby
For Paul Hawtin and his wife Martina Toby, relocating to Barbados was about more than escaping cold British winters – it was about finding balance between work, family, and the lifestyle they wanted. Originally from the UK and Trinidad, respectively, the couple made the decision to move to Barbados with their two sons, Toby and Ethan, in mid 2024. Now fully settled on the island, they are embracing the opportunities and lifestyle that Barbados offers while successfully running their pharmaceutical business remotely.
From Dream to Reality
“We’d been toying with the idea of moving to Barbados for quite a while,” Paul recalls. “I’ve been visiting the island since 1995 with my parents and siblings. We’ve actually spent more Christmases here over the years than in the UK.”
“It wasn’t an easy decision,” Martina admits. “My sister and best friend, and Paul’s siblings, all live really close to where we were in London. But when we weighed up the pros and cons, Barbados had so much to offer, so we took a leap of faith. It’s a safe, Englishspeaking island, has excellent schools and medical services, is easily accessible from the UK and Trinidad where some of my family are, and importantly, somewhere people are happy to come and visit us.”
Settling in as a Family
With their sons’ education and well-being as top priorities, the couple did their research on schools before relocating. “The boys were excited but a bit nervous,” Martina explains. “We knew that if they didn’t like their new school or struggled to settle in, we’d have to reconsider.”
Fortunately, the transition has gone smoothly. “They absolutely love their school here,” Paul says. “In fact, it offers a few things their school in the UK didn’t. They’ve also joined a local cricket club and are enjoying the outdoor Barbados lifestyle – playing football in the garden, snorkelling the shipwrecks in Carlisle Bay – they’re loving it all.”
The family pet, a Giant Schnauzer, called Winter, also made the move with them. “The process of bringing her over went really well,” Martina notes. “It was a relief to have everything fall into place so easily.”
Their positive relocation experience was also thanks to smooth banking, real estate and immigration processes.
“We found our Barbados home online, before leaving the UK”, says Martina. “And then when we came out here for a recce in May and saw it in person, it just felt like home”.
“When we went to the bank, the premium banking team had everything ready for us to sign, and it seemed like they really wanted our business – it was so refreshing,” says Paul.
Martina explains that as a CARICOM national, she applied for a CSME (CARICOM Single Market & Economy) Skills Certificate, which was a relatively straightforward process, with the rest of the family as her dependents.
Martina’s Mission to Improve Women’s Health
Martina is a medical doctor – a menopause specialist, women’s health GP, and Genitourinary Medicine Physician, and recently started working at BioConnect Medical, in Canewood, St Michael.
“There’s a huge stigma around menopause in the Caribbean,” Martina explains. “I’ve been warmly welcomed by the healthcare community here, and the fantastic team at BioConnect. My goal is to treat women, raise awareness and reduce that stigma. Hopefully one day soon we’ll have a Caribbean Menopause Foundation.”
Running a Global Business from Barbados
Paul and Martina’s business, Venture Healthcare, was established in 2015. The medical device company supplies saline solutions for respiratory conditions to the NHS in the UK. They also manufacture menopause supplements drawing on Martina’s expertise, under the brand Esme, which are exported and sold globally through Amazon. Despite moving to the Caribbean, they’ve kept the business running smoothly.
“There were some unknowns, but so far, everything has worked perfectly,” Paul says. “We live in an era of digital connectivity, so we’ve taken steps to ensure business continuity like installing Starlink and a generator, and working remotely feels just like being in London. I answer emails and messages really early in the morning since the UK is a
few hours ahead, and if I need to be in London for a meeting tomorrow, I can easily hop on a flight.” The couple says that the business is thriving, particularly with the growing demand for Esme supplements in the United States. “Our warehouse and logistics operations run from the UK, but we sell globally, so from a business perspective, it doesn’t matter where we are.”
Exploring New Business Horizons
Beyond their existing ventures, Paul and Martina are looking at investment opportunities on the island. “There’s a real entrepreneurial spirit here,” Paul says. “It’s a pleasant surprise how many business opportunities exist. We’re excited to explore ways we can invest and grow.”
Paul’s passion for aviation has also sparked ideas. A licensed helicopter pilot, he dreams of reviving helicopter services on the island. “There’s potential for search-andrescue operations, medical transport, and even sightseeing tours,” he says. “With helipads at Port St. Charles and in Bridgetown, it could be an exciting opportunity – especially if we find the right investors.”
A New Beginning
For Paul and Martina, the move to Barbados has been everything they hoped for. “We are really making the most of the Barbados lifestyle,” Paul reflects. “We love socializing, cycling, going to the farmers’ market on Saturday mornings, and just being outdoors a lot more. It’s a quality of life we couldn’t have imagined back in London.”
Martina agrees. “We see Barbados as not just a place to live; but a place for our kids to grow up, and our business to grow from … with some special memories and experiences along the way.”
Peter V. Harris PVH GROUP INC
Peter Harris is the Founder and Executive Chairman of PVH Group Inc., a privately owned Barbadian company with interests in Insurance, Real Estate, Automotive, News & Online Media, Tourism, Property Development and Healthcare.
PETER HARRIS
Fortunately, I’ve had the opportunity to invest in several key industries in Barbados, thereby helping to create jobs and drive economic growth. Furthermore, the companies I’ve either founded or co-founded continue to play a role in advancing the lives of Barbadians and our Caribbean neighbours.
For example, my investments in healthcare are aimed at providing quality private medical services at an affordable price. I have recently made a significant investment to expand Bayview Hospital’s operations with the construction of Bayview Urgent Care – including a 24/7 Urgent Care department supported by an emergency ambulance service, a Level Two Intensive Care Unit, a new asthma bay, a new CT machine, and a full range of radiology and laboratory testing services. Two of my other investments, Diagnostic Radiology Services and Bayview Laboratory, will move into this flagship medical facility to provide patients with a full circle of care. As well as providing much-needed relief to an overburdened public healthcare system, this expansion will position Barbados as a regional healthcare hub, with consultants further expanding our services to provide a realistic medical tourism element.
In my opinion, Barbados is ripe with opportunity, especially for those willing to innovate. The financial institutions are flush with cash, the corporate tax rates are low, the Government is business friendly, and there are attractive incentives for entrepreneurs.
pvhgroupinc.com
DR GIOVANNI FERRANDO INTERNATIONAL EXCELLENCE, ISLAND COMFORT
Barbados, renowned for its tranquil beauty and warm hospitality, is fast becoming a premier destination for medical tourism. Among the global experts leading this transformation is Dr Giovanni Ferrando, a distinguished plastic and reconstructive surgeon with over 30 years of experience.
Reputation for Skill, Compassion, Results
Dr Ferrando’s journey is a testament to excellence. After completing rigorous training at the prestigious universities of Genoa and Rome, he refined his expertise across Europe and the United Kingdom, working alongside some of the most esteemed names in his field. Today, his reputation is recognised worldwide, particularly for introducing his own techniques for closed and open rhinoplasty, deep-plane facelift, abdominoplasty with abdominal muscle wall reconstruction and hernia repair, reconstructive and functional surgery and many more. With practices in London, Rome and Barbados, Dr Ferrando offers a full range of cosmetic and reconstructive procedures including facial rejuvenation, rhinoseptoplasty, breast augmentation and reconstruction, and body contouring. He also offers less invasive treatments such as Botox for excessive sweating and aesthetic procedures including Botox to remove wrinkles, fillers, threads, and nanografting. His expertise includes removing skin cancers, particularly in areas such as the face, where he performs the procedure with minimal scarring. His philosophy combines artistry with innovation, tailoring each procedure to the unique goals and proportions of his patients for optimal results.
East Caribbean Plastic Surgery
Due to demand and to better serve his patients, Dr Ferrando will soon offer a consultation space for his Barbados practice, East Caribbean Plastic Surgery, on the West Coast of Barbados, in addition to Windsor Medical where he currently practises. Surgical procedures take place at the stateof-the-art Bayview Hospital with highly skilled medical staff.
Barbados’ serene setting creates an ideal environment for postoperative recovery, blending expert care with the restorative benefits of its natural beauty. Patients also enjoy bespoke support, thanks to the personalised attention of Dr Ferrando’s wife, Laura, who coordinates travel, accommodation, and aftercare for international clients.
For local patients, and those who call Barbados home on a temporary basis, choosing Dr Ferrando offers the benefits of world-class care without having to travel. This not only saves time and expense but also provides access to cuttingedge procedures and personalised care right here on the island. The presence of a highly skilled surgeon like Dr Ferrando enhances the local medical landscape, fostering trust and convenience for the Barbadian community.
Advancing Excellence in Plastic Surgery and Education
Dr Ferrando’s commitment to his field and continuous education is noteworthy. In addition to serving local and international patients, he mentors young Barbadian doctors, shares his expertise, and supports healthcare initiatives aimed at strengthening the island’s medical sector. He is a regular contributor to the Aesthetic Plastic Surgery
Journal and a member of several globally-recognised plastic surgery associations. Dr Ferrando is currently writing a book on rhinoplasty, focusing on the different approaches to the procedure for different ethnicities.
Dr Giovanni Ferrando Barbados is a very special place to me and my wife Laura. We’ve invested in a home here and invested in growing my practice here, creating opportunities to welcome both my long-standing international patients and new patients on the island. My goal is to provide world-class services, tailoring each procedure to the unique needs of my patients and ensuring the highest standards of care.
In Barbados, I am able to offer cutting-edge techniques and personalised attention to my patients in a setting that supports optimal recovery. My commitment goes beyond individual treatments – I strive to elevate the level of care available on the island and inspire confidence through exceptional results.
Whether you’re seeking reconstructive solutions or a renewed sense of confidence through cosmetic enhancement, Dr Giovanni Ferrando and his team are dedicated to delivering exceptional results that leave a lasting impact.
Dr Giovanni Ferrando
East Caribbean Plastic Surgery
drgiovanniferrando.com
info@drgiovanniferrando.com
WhatsApp: +447576150084
Instagram: @dr_mr_ferrando
MANNA ADVANCED AESTHETICS
PIONEERING AESTHETIC AND REGENERATIVE MEDICINE
IN THE CARIBBEAN
Barbados now stands at the forefront of aesthetic innovation, thanks to Manna Advanced Aesthetics – the Caribbean’s first and only clinic offering revolutionary treatments like Cynosure Potenza for radiofrequency microneedling, MP Gun for hair restoration, Morphiya exosome therapies, and Exocube for harvesting autologous exosomes and stem cells. This clinic not only transforms patient care but also serves as a premier training hub, drawing doctors from the Caribbean, Latin America, and beyond.
Cutting-Edge Technology and Expert Care
At the heart of Manna Advanced Aesthetics is Dr Nadia Manna, Medical Director and aesthetic physician. Dr Manna is passionate about delivering scientificallybacked, advanced treatments to her patients. “I’m dedicated to staying current with the latest developments in technology, techniques, and products,” she explains. This commitment ensures that Barbados has access to the same state-ofthe-art treatments offered in global aesthetic centres.
The clinic offers a comprehensive range of treatments, including:
• Botox and Dermal Fillers for facial rejuvenation
• Hair Restoration using innovative technologies like the MP Gun
• Luxury Facials and Laser Hair Removal
• Microneedling and Exosome Therapy for skin regeneration
Every treatment plan is customized to meet the unique needs of each patient, ensuring results that are both effective and natural-looking.
Barbados as a Leader in Medical Tourism and Training
Manna Advanced Aesthetics is positioning Barbados as a premier destination for medical tourism and training. As the only Cynosure Laser Training Academy Centre in the Caribbean, the clinic provides handson training in advanced aesthetic techniques. Visiting doctors and medical professionals learn directly from Dr Manna, gaining the skills to bring world-class treatments back to their own practices.
This initiative aligns with Barbados’s strategic investment in medical technology, pharmaceuticals, and education, further boosting the island’s reputation as a hub for aesthetic and regenerative medicine. By providing specialized training to doctors, Manna Advanced Aesthetics enhances the quality of care throughout the region.
Transforming Patient Care and Experience
Since its official opening in April 2024, Manna Advanced Aesthetics has been met with overwhelming support, including the attendance of Her Excellency The Most Honourable Dame Sandra Mason at the launch ceremony. “The response to our opening has been incredible,” shares Christopher Clarke, Managing Director and Dr Manna’s husband. “We’re so grateful for the community’s support.”
The clinic’s services are designed to fit modern lifestyles, offering everything from quick treatments like the Glow On Facial, perfect for corporate patients during their lunch break, to longer, more
pampering facials like the Platinum HydraFacial for those who want to unwind and relax. They also offer comprehensive skincare regimens for patients looking for a more detailed approach. For ultimate convenience and luxury, the clinic’s concierge service provides treatments in the privacy of patients’ homes, villas, or hotels, ensuring a tailored and seamless experience.
Driving Economic Growth Through Medical Tourism
In partnership with the Barbados Hotel and Tourism Association, Manna Advanced Aesthetics is boosting the island’s appeal as a medical tourism destination. The clinic offers packages for visiting doctors, including accommodations, transport, leisure activities, and expert training with Dr Manna. This combination of top-tier care and hospitality makes Barbados a prime destination for both patients and professionals, supporting local economic growth.
Building Global Partnerships and Expertise
Manna Advanced Aesthetics collaborates with leading brands like Cynosure, ZO Skin Health, Morphiya, MP Gun, and Lipocube, ensuring access to the best products and technologies.
As a recognized Key Opinion Leader and international trainer, Dr Manna’s expertise attracts doctors from around the globe. By sharing this knowledge, the clinic is building a community of skilled practitioners and enhancing patient care across the Caribbean.
Barbados – Still Open for Business in a Maturing Tax Environment
How did we get here?
In 2013, the Organisation for Economic Co-operation and Development (OECD) and G20 countries adopted a 15-point action plan to address tax base erosion and profit shifting (BEPS) around the world. This project created a single set of consensus-based international tax rules to protect tax bases while offering increased certainty and predictability to taxpayers. In 2016, the OECD and G20 established an Inclusive Framework (IF) on BEPS to allow interested countries and jurisdictions to work with OECD and G20 members to develop standards on BEPS-related issues. Barbados joined the IF in 2017 as the 101st member and currently over 140 countries are part of the framework.
Since joining the IF, Barbados has implemented numerous tax
changes, including repealing the International Business Companies regime, implementing economic substance requirements, establishing country-by-country reporting rules and more. In 2024 a series of tax measures became law, including both domestic tax reform and socalled “top up tax” (Pillar Two).
And there is more to come:
• the 2023 Budget announced that transfer pricing legislation would be modeled on the OECD guidelines, which provide for the consistent application of the arm’s length principle. We anticipate this will be passed into law very shortly and become effective for 2025.
• the 2024 Budget announced that the double taxation agreements Barbados currently has in place will be modernized
Grant McDonald, FCPA, FCA Country Managing Partner for KPMG in Barbados and the Eastern Caribbean, and Head of Tax for KPMG in CARICOM
and new treaties will be negotiated with other global trading nations to make the country even more attractive to foreign investors. This effort is already underway.
• the 2024 Budget also noted that the economic substance rules would be amended to reduce some of the current reporting obligations that are no longer considered necessary as a result of modernizing the tax system. We expect these changes to be effective in 2025.
The government has also been focused on ensuring Barbados is no longer viewed as “non-cooperative” by bodies such as the European Union and the OECD. Implementing robust rules around anti-money laundering, exchange of information with other nations and other actions have resulted in the country no longer being “blacklisted”. It is the objective of the government to ensure this remains the case.
These current and proposed changes demonstrate the “maturing” of Barbados as a developing nation and provide a necessary level of certainty and transparency for both current and potential investors. Combined with the other attributes that make Barbados an attractive location in which to do business, these should ensure the continued growth of the country. Key factors which contribute to this include solid economic fundamentals, a welleducated workforce, stable political leadership, reliable communications and an accessible network of air links to major cities in North America and Europe.
Tax Reform in Barbados – what does it mean?
Domestic tax reform
The most important change to the Income Tax Act1, effective for 2024 is the new 9% corporate tax rate. This replaces the previous sliding scale, which ranged from 5.5% on taxable income up to BDS $1 million, dropping to 1% on taxable income over BDS $30 million.
Some exceptions apply to the flat 9% tax rate:
• Small businesses – a company with gross revenue of BDS $2 million or below will now be subject to a tax rate of 5.5%. This is consistent with many other countries to help facilitate the growth of the small and medium enterprise sector.
• Insurance companies – the corporation tax rate applicable to insurance business will continue at 0% for class 1 insurance business and 2% for class 2 insurance and class 3 business. This is an important component of the financial services sector in Barbados, although the largest companies in this sector will be subject to top-up tax.
• International shipping – this sector will continue to be taxed based on the current sliding scale tax rates. This exception is consistent with the OECD carveout for such companies and will assist this element of the local economy.
• Companies with an intermediate or ultimate parent entity in a country not implementing the global minimum tax in 2024. These companies continued to
benefit from the previous sliding scale for 2024 only.
The amendments to the Income Tax Act contain two additional measures also effective for 2024: a so-called “patent box” regime, and the re-introduction of “group relief” for the surrender of losses between corporations in Barbados.
The patent box rules result in the income earned from qualifying intellectual property being taxed at one-half the new domestic corporation tax rate, i.e., at 4.5%. This will be attractive for smaller companies, although for entities subject to global minimum tax in Barbados, their overall tax rate will be “topped up” to 15%.
The group relief provisions allow the trading losses of a “surrendering company” to be set off against the profits of a “claimant company”, subject to satisfying several technical requirements. Barbados previously had group legislation, so re-establishing this feature of the tax system is welcomed by many.
Global Minimum Tax
Under Pillar Two2, in-scope multinational enterprises (MNEs) are those with annual revenue over EUR 750 million and their Barbados entities will be subject to the global minimum tax rate of 15% i.e., effectively “topped-up” from the domestic tax rate of 9%.
The top-up tax is generally effective for taxation years commencing on or after January 1, 2024. However, for 2024 only the top-up tax effectively does not apply where the group is not subject to Pillar Two in its headquarters country.
The legislation provides a detailed set of rules based on the OECD guidelines, generally applying International Financial Reporting Standards (IFRS) accounting standards and enabling the consolidation of income and losses for constituent entities based in Barbados.
Qualifying refundable tax credits
Panel discussing Pillar Two at Global Business Week 2024
are available to eligible corporations, including a jobs credit (up to 100% of eligible payroll expenditures depending on the number of employees); and a research and development (“R&D”) credit of 50% of eligible expenditures on qualifying R&D activities.
So, what does all this mean for companies operating in Barbados?
The overall tax burden of MNEs operating in Barbados is expected to increase, however many companies that are subject to global minimum tax at the parent level in another country have taken the positive attitude that because top-up tax has to be paid somewhere in any case, it might as well be paid to Barbados.
PROPOSAL
Technological
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This is consistent with the goals of BEPS to more evenly distribute global taxes.
The cash flow of many companies will also be impacted by the changes both due to the higher domestic tax rates in many cases but also arising from the imposition of new rules requiring monthly prepayments of corporate income tax.
Barbados has somewhat softened the blow of the higher domestic and top-up tax rates, not only by implementing the qualified jobs credit and R&D tax credit noted above, but also by proposing additional credits in the 2024 Budget. These are summarized below and reflect the broader policy direction of the government to
attract greater domestic and foreign investment in a number of sectors considered either high-growth or important to address issues such as climate change.
With the implementation of this new corporate tax regime, Barbados should be viewed as a country which has recognized that to remain globally competitive it must adapt to the new world order for tax certainty and transparency. Barbados continues to be a global destination of choice, not only for its attractive lifestyle, but by ensuring that its policy and legislative frameworks are at the leading edge. While there is more to come, Barbados remains “open for business”.
• 100% tax credit for local companies digitising and/or reengineering their business processes and upgrading their systems up to June 30, 2025, for use within the same income year on completion
• 50% tax credit for centres offering artificial intelligence, coding, robotics and digital training
• 50% tax credit for construction of laboratories
• 50% tax credit for the provision of elderly care facilities and hospices
• 75% tax credit for the provision of educational and life skills facilities for persons with special needs
• 50% tax credit for the provision of educational centres for gifted persons
• 50% tax credit to boost investment in sports venues, ensuring world-class facilities for our athletes and affirming Barbados as a premier sports tourism destination
• 50% tax credit for the provision/development of entertainment and sports venues
• 50% refundable tax credit for the purchase of local art up to $1 million for the outfitting of investment projects
• 50% refundable tax credit for projects resulting in net zero emissions in Barbados
• 50% tax credit for beach rehabilitation, coral reef restoration and other marine conservation works approved by the Coastal Zone Management Unit
• 25% non-refundable tax credit to boost the 50% research and development tax credit, for projects related to the Ocean and to the Greening of the economy
• 50% refundable tax credit for investments in projects identified and approved by the Government in the context of the National development strategy.
Damian McKinney DIONILIFE
Born and raised in Kenya, educated in the United Kingdom and a former Royal Marine Commando, Damian McKinney is a citizen of Barbados who has lived on the island for almost 20 years. During that period, Damian first ran his own company, McKinney Rogers, before selling the business in 2017, and later accepting an invitation to become the Global CEO of the internationally acclaimed Stoli Group. In both cases, Damian managed operations from his home base in Barbados. After stepping down from his position at Stoli, he launched DioniLife, a company specializing in non-alcoholic adult beverages.
DAMIAN MCKINNEY
My career had reached a pivotal point where I wanted to build a profitable company that could improve people’s quality of life, not just focus on commercial success. So, I created DioniLife with the goal of developing a new mindset, whereby choosing a non-alcoholic beverage is not just a way to protect our health and wellbeing, but also a cool thing to do. Life is for living, so let’s live longer and have fun along the way.
To raise the capital to get the new company up and running, I had to sell our house, so it made business sense to relocate to the UK for a few years where I could immerse myself in the market and build the necessary momentum. Moving to Barbados is one of the best decisions I ever made, and our young family has its roots in Barbados, so none of us wanted to leave, but it had to be done. Fortunately, that is a temporary measure.
My plan is to bring DioniLife back to Barbados.
linkedin.com/company/dionilife/
CARTIER REOPENS ITS DOORS IN BARBADOS
Cartier represents over 170 years of history and passion. Over the years the French Maison has opened up to the world and explored new territories. Building on a 10-year relationship in Barbados, in July 2024 the Maison envisioned a new future in Holetown, welcoming guests back to its newly renovated Cartier Boutique in Limegrove Lifestyle Centre.
The Maison’s jewellery, watchmaking, accessories and fragrance collections are all on display in a stunning and expansive space, with a private appointment area for VIP clients to have a more intimate experience. The full range of Cartier creations is available, from iconic collections including Santos de Cartier, Tank, Trinity, Love, Juste un Clou, Panthère de Cartier and
Ballon Bleu de Cartier, to the refined duality of Clash de Cartier.
Inspiration drawn from local elements of the marine environment and lush tropical gardens of Barbados can be seen throughout the boutique. The soft colour palette imitates the calm ambience of Barbados, with touches of gold reflecting the sun. A spectacular main-focus wall with panthers intertwined in waves, wall coverings mimicking seashells, and a luminous rotunda evoke memories of the sandy beaches.
In partnership with Diamonds International, the complete refurbishment of the more-than180-sqm retail space is a testament to strong investor confidence and the commitment that Cartier and Diamonds International continue
to show in Barbados. The exquisite infrastructure and physical space are complemented by the high calibre of service that is offered in Barbados, exemplifying the Cartier global brand.
“This investment speaks to our commitment to creating spaces where our clients can experience the elegance and heritage of the Maison Cartier in an environment that celebrates the beauty and culture of Barbados. Together, Diamonds International and Cartier are proud to contribute to the island’s dynamic retail landscape, offering our clients world-class luxury in an unforgettable destination.”
– Jacob Hassid, Managing Director of Diamonds International
cartier.com
Left to right: Jacob Hassid, Managing Director of Diamonds International; Mehdi Sqalli, CEO & President of Cartier South America
DEMOCRATIZING THE CAPITAL MARKETS WHY ENHANCED INVESTOR ACCESS BENEFITS INDIVIDUALS,
Stock exchanges, from their earliest iterations in the 1600s, have been an enduring mechanism for economic growth and wealth creation. Why? Centralized markets elevate both sides of the stakeholder dichotomy: not only are businesses able to raise and allocate capital for development and expansion; ordinary persons – not just the wealthy elite – are provided with investment opportunities via the ability to trade ownership stakes in companies.
Exchanges however, must evolve. This point is particularly relevant with the rise of technological innovations like digital banking, decentralized finance (DeFi), artificial intelligence (AI) and more. Now more than ever, both businesses and consumers enjoy contemporary access to a range of opportunities – the capital markets however must always be one of them.
How Technology is Changing the Landscape
Technological development has already made dynamic contributions to the capital markets, making them more accessible, efficient, and decentralized. The scale of its impact however ranges from stakeholder to stakeholder. With this in mind, some clear distinctions should be made, particularly between traditional players like stock exchanges and emerging upstarts in the capital markets. On a fundamental, legal basis, traditional capital markets rely on mandated intermediaries like brokers, banks, and exchanges. Further, as established incumbents, they benefit significantly from established trust and regulatory stability. However, those mandated intermediaries mentioned earlier can delay market access and increase costs for investors. Additionally,
traditional capital market players do face challenges adjusting their legacy systems to adapt to new tech-driven models.
In contrast, fintech, digital platforms, and blockchain are lowering barriers to entry, enabling a broader range of investors to participate in the market. These new entrants offer innovation, greater accessibility, and lower costs. They generally however encounter risks related to regulation, security, and volatility.
Collectively, both stakeholders are adapting to a constantly changing financial landscape. While they each present distinct advantages and limitations, businesses and investors alike would do well to consider a blended approach to their adoption and use.
The Wisdom of a Blended Approach
Deciding between the use of the incumbent players and leadingedge tech platforms need not be a zero-sum exercise. In fact, for both investors and businesses, a blended approach that incorporates both legacy players and emerging technologies offers a strategic advantage to:
• Investors, who benefit from diversified risk and the ability to capitalize on growth opportunities without sacrificing security; and
• Businesses who, in turn, can leverage a mix of institutional funding, retail investment, and innovative digital platforms to raise capital quickly, efficiently, and in a more scalable manner.
This hybrid strategy combines the stability and regulatory certainty of traditional markets with the speed, cost-effectiveness, and inclusivity of emerging fintech platforms, positioning both investors and businesses for long-term success.
The Benefits of Greater Democratization
While innovations like fintech and blockchain have revolutionized
access to capital markets, traditional capital markets are also evolving to increase inclusivity while preserving their key strengths—investor protection, transparency, and liquidity. From the embrace of digital platforms to strategically integrating technologies like blockchain, traditional financial institutions are broadening the pool of investors who can participate in the market, without sacrificing safety or trust. This blended approach offers a robust, diversified financial system where both new and traditional investment options complement each other, democratizing access while keeping investor protections intact.
The Barbados Stock Exchange is Ready for the Future
The Barbados Stock Exchange, as a trusted and legacy player within Barbados and CARICOM, has already taken steps to further open access to its markets. We’ve modernized our value propositions; three of note include: i) investing in the development of a mobile app, ii) collaborating with key governmental and regional stakeholders to develop our Innovation and Growth Market for small and mediumsized businesses (SMEs), and iii) partnering with digital companies to prepare for blockchain-backed securities markets.
We believe that enhancing investor access to the capital markets will greatly benefit not only investors and businesses, but also the wider economy. This is our raison d’être. To that end, we thank all of our stakeholders for their continued partnership in positioning our markets as the hubs for Caribbean capital.
On the Horizon Transfer Pricing Insights and Impact
As Barbados prepares to implement transfer pricing legislation to align with global tax standards, it is essential for businesses, particularly multinational enterprises (MNEs), to understand how these new regulations, though not yet in force, can potentially impact them. From compliance costs and operational strategies to new tax liabilities, this understanding is imperative to enable businesses to proactively adapt and position themselves to ensure sustainable growth in an increasingly regulated international market.
A Global Perspective
Over the past 10 years, we have seen a significant shift in the way business is conducted in the global economy. With rapid business expansion and increases in intergroup and intra-group trade, the Organisation for Economic Co-operation and Development (OECD) and the Group of 20 (G20) countries joined forces and adopted the Global Anti-Base Erosion Rules (GloBE rules) or a 15-point Action Plan to address Base Erosion and Profit Shifting (BEPS). Since 2013, there have been ongoing efforts by the OECD to bolster equitable tax practices globally and maintain fair competition, such that we see transfer pricing comprising a significant portion of this expansive plan. The BEPS Actions 8 to 10 outline the standard to align transfer pricing outcomes and value creation, and Action 13 outlines the requirement for MNEs
to prepare and submit a country-bycountry report of certain indicators of economic activity, their income, and the taxes paid. The ultimate objective of these Actions is to align the place where income is reported for tax purposes, with economic activity and the place where value is created.
Why the proposed rules?
For Barbados, the implementation of transfer pricing regulations represents a strategic next step toward fully aligning with global tax standards, attracting high-quality foreign investment and protecting national revenue from tax avoidance schemes. While these rules may present a fresh set of compliance challenges for businesses aiming to remain competitive, they can be considered essential to safeguard the country’s tax base.
What then can we expect?
Although the exact details of the transfer pricing regulations in Barbados are still in the pipeline, we can expect key elements such as:
• an increase in the required level of documentation surrounding transfer pricing methods used,
• required evaluations of combined controlled transactions, and
• the inclusion of domestic transactions and guidelines surrounding the attribution of profits to permanent establishment arrangements. More importantly, we can expect a focus on the “arms’ length” principle in alignment with the OECD Model.
Tamika Cumberbatch Manager, Global Compliance & Reporting, EY
The “Arm’s Length” principle explained
Transfer pricing refers to the pricing of goods or services, and intangible assets transferred between subsidiaries, divisions and associated companies. Specifically, transactions are ‘priced’ as if the parties were independent of each other or ‘at arm’s length’.
The regulations will determine how much profit should be reported in each jurisdiction, to ensure that each is allocated their fair share of the MNEs profits based on the perceived economic activity and value creation.
For example, without transfer pricing rules, Company A, a subsidiary of an MNC in Jurisdiction A sells product at $500 to Company B, its parent company in Jurisdiction B. In Jurisdiction A, the $500 sale price minus $400 cost of goods equals $100 profit. Company A would report a low profit in Jurisdiction A.
In Jurisdiction B, the $1,000 sale price at market rates minus $500 cost of goods equals $500 profit. The parent company sells it for $1,000, keeping most of the profit from the sale of goods in Jurisdiction B. With transfer pricing rules however, Company A would sell product to Company B at the “arm’s length price” of $850, ensuring that the transaction reflects a fair
market price. In Jurisdiction A, the $850 sale price minus $400 cost of goods equals $450 profit. Company A would report a higher profit in Jurisdiction A.
In Jurisdiction B, the $1,000 sale price minus $850 cost of goods equals $150 profit. By enforcing the ‘arm’s length’ principle, Jurisdiction A can collect tax on $450 of profit, instead of $100, ensuring that it benefits fairly from the economic activity within its borders.
Potential Impact
With new compliance requirements on the horizon, businesses will need to provide detailed documentation to show how prices are determined for intragroup transactions. This could mean more time, resources and costs to ensure compliance. Failure to comply could result in potential fines or audits for non-compliance.
Transfer pricing can also impact day-to-day operations by requiring businesses to meticulously track and record intra-group transactions, analyze financial and operational data, and consistently monitor market trends to ensure pricing strategies of intra-group transactions stay within the new guidelines.
One of the elephants in the room is how it will affect the bottom line for businesses. While the initial impact may result in increased
compliance costs and increased tax liabilities, the long view projects a level playing field for businesses operating across borders, and positions Barbados as a globally compliant, investment-friendly country.
Steps to get ready
As the legislation is expected to come into force in 2025, businesses will need to:
• re-examine their tax planning strategies, review current pricing strategies and practices,
• strengthen related party documentation and agreements,
• improve budgeting and planning strategies to help mitigate additional costs,
• stay informed by monitoring updates from the Tax Authority,
• leverage technology to automate data collection and reporting, and
• seek expert advice to navigate the changes smoothly.
Existing businesses and potential investors have a unique chance to forge ahead by proactively adapting to the proposed rules. While the new regulations may present new demands, they equally offer businesses a distinctive opportunity to align with global standards, enhance credibility, and play a part in building a fairer international tax landscape.
Hunte’s Gardens
BOARDROOMS FOR THE FUTURE
RESPONSIBLY INTEGRATING DISRUPTIVE TECHNOLOGY INTO CORPORATE GOVERNANCE Ava-Marissa Lee Manager, Tax and Legal Services, PwC
Barbados’ history of success in the global business arena is no secret. For decades, the island has been revered by investors and partners for its well-established legal system, robust regulatory framework, expansive treaty network, and its commitment to international best practice standards across all areas of its global business sector. In the face of unprecedented challenges, Barbados continues to refine and redefine what it means to be the premier global business hub in the Eastern Caribbean.
In 2023, the Financial Services Commission (FSC) issued a Corporate Governance Guideline aimed at cultivating a business environment within the non-bank financial sector that is rooted in accountability, transparency and trust. By aligning these comprehensive requirements and recommendations with those established by the OECD and the Basel Committee on Banking Supervision, Barbados stands on an equal footing with internationally recognised standards, and demonstrates to foreign investors and multinationals that its financial services sector is committed to the highest standard of ethical, transparent and sustainable business practices.
The
FSC’s Guideline at a glance
At the core of the FSC’s Guideline is a strong sense that financial institutions must not only be regulated, but empowered to thrive in global spaces. Central to the Guideline is the critical role which the board has to play in promoting the long-term stability of any financial institution. Boards are tasked with setting strategic direction, overseeing executive management, managing risks and protecting shareholders’ rights, while balancing the competing interests of a wide range of stakeholders. The Guideline calls for boards to be composed of an appropriate balance of relevant skills, diversity and independence to promote the kind of decision-making
that encourages more inclusive, innovative, and ethical practices.
Effective corporate governance equally hinges on the board’s resilience and adaptability. In a nod to the future, the Guideline highlights the value in ensuring that boards are equipped to adapt to modern challenges, including new regulations and emerging risks of all kinds, through ongoing training and periodic assessments of performance.
The Guideline is nothing short of a powerful call to action for entities to transcend regulatory compliance and adopt effective corporate governance practices that maximise long-term success and build investor confidence. While all financial institutions within the FSC’s regulatory jurisdiction are required to implement a comprehensive corporate governance framework that ensures compliance with the Guideline, the Guideline emerges as a blueprint for other businesses in Barbados seeking a roadmap for a sustainable and effective corporate governance.
The case for integrating disruptive technology into corporate governance
With the increasing complexity of the regulatory and business environment, there is a compelling case for boards in Barbados to integrate disruptive technologies such as artificial intelligence (AI) into their corporate governance policies and practices. Opportunities abound for boards to use AI to make datadriven decisions that support their strategic objectives and improve the efficiency of their oversight functions; but the significant threats of AIrelated risks cannot be overstated – especially if boards fail to integrate AI into corporate governance responsibly.
Responsible integration of AI into corporate governance is a dual exercise of using AI responsibly in the exercise of governance and operational functions, while simultaneously ensuring that frameworks are created to govern
its use. Future-thinking boards, alongside management, must assess and determine the avenues through which AI can deliver meaningful value in the context of their business activities, corporate structure, stakeholder interactions, and the specific regulatory environment in which they operate. As businesses navigate the tidal wave of digital transformation, it is incumbent on the board to set clear, ethical standards for AI usage at all levels of the organisation, with principles of transparency, accountability and integrity at the heart of this exercise. With the right frameworks in place, boards can then leverage AI-driven tools in furthering their mandate, to allow for enhanced data-driven decision-making and efficiency.
Barbados is off to a commendable start in crafting the legal, regulatory, and tax frameworks to support the integration of AI into businesses, and ultimately into boardrooms where the future must be top of mind. With data privacy legislation in place, there exists a framework to safeguard and guide the use of personal and sensitive data. Coupled with this, Barbados proposes to offer tax credits for centres offering AI and digital training, in order to attract businesses and investors seeking to offer services on island.
Ultimately, for Barbados, the dual integration of AI into corporate governance is not merely a value add – it is fundamental to ensuring effective corporate governance and long-term success. Through innovation, modernised legislation and guidelines that encourage the highest ethical standards, Barbados can reinforce its reputation as a future-focused, global business destination, poised to attract the right investors on the path to safeguarding the future success and viability of its global business sector.
Chiryl Newman CHAMPERS RESTAURANT
Having first ventured into the world of restaurant ownership over 40 years ago, Chiryl Newman has established herself as one of the most accomplished and highly regarded Barbadian entrepreneurs in the hospitality sector. One of the key factors behind her enduring success has been a ready willingness to reinvest in the business. Chiryl’s current establishment, Champers on the island’s south coast, is consistently rated amongst the very top restaurants in Barbados.
CHIRYL NEWMAN
Without boasting, I have a lot confidence in what I can do, so I never think about failing. I evaluate everything carefully, make a qualified decision, then make it work. And that includes reinvesting to grow the business by improving our product and developing the brand.
When we bought our building about 18 years ago, we were undercapitalized and had no money to improve the property the way it needed. Then, just as we took the plunge and refinanced to undertake some serious redevelopment, along came the pandemic and shut down tourism. Nevertheless, at a time when many businesses cut back drastically, thanks to excellent guidance from our financial advisor, we forged ahead and did more than we had planned. By the time the world got back to normal, we had a bigger restaurant and a better financial standing.
I have to say, Barbados is blessed with an abundance of very good professionals in financial and legal services – the kind of people you can actually trust to do a good job, producing documents that any international agency will take at face value. That is one of the reasons why this country is a safe, secure and sound place to invest.
champersrestaurant.com
CARINA COCKBURN INTRODUCING THE IDB’S NEW COUNTRY REPRESENTATIVE
FOR BARBADOS
As the Inter-American Development Bank (IDB) charts a new strategic course to support Barbados’ growth and development, it does so with a new leader at the helm. Ms Carina Cockburn assumed the role of Country Representative for Barbados on October 1, 2024, bringing an impressive background, a deep understanding of Caribbean economies, and a strong vision for sustainable development. Her appointment is timely, given Barbados’ prominent position in the push for reform of global financial architecture and the need for adaptive, locally-driven initiatives.
Describing herself as a ‘proud daughter of Jamaica’, Cockburn’s IDB career began in her homeland, where she worked with the Multilateral Investment Fund – now IDB Lab – to support Micro, Small, and Medium Enterprises (MSMEs) and foster innovative development programmes. She then moved to Washington DC as a senior advisor in the Caribbean department, visiting Barbados regularly as part of her role. Her next assignment took her to Trinidad and Tobago as Chief of Operations before being appointed Country Representative in 2021. As she embarks on her second tour as a Country Representative here in Barbados, she shares her vision for her tenure.
The Role of the IDB in Barbados
The Inter-American Development Bank’s work in Barbados is very broad. The Country Office supports Barbados’ goal of transitioning to renewable energy, while fostering fiscal sustainability, safeguarding social outcomes and promoting higher productivity and competitiveness to enhance the country’s growth potential. Examples of IDB’s public sector programmes here include financing in the renewable energy, water and sanitation sectors, technical support in the face of climate change and assistance with de-risking finance for MSMEs through a guarantee programme with the Central Bank of Barbados.
On the private sector side, IDB is providing technical assistance to the government of Barbados on strategies to grow and diversify the economy through mechanisms that will support innovation –such as a regulatory sandbox and accompanying risk capital fund, a research and development roadmap, and a life sciences strategy.
Also, IDB Invest is financing the construction of an additional berth and purchases of equipment at the Bridgetown Port which has also received technical assistance from the IDB’s PPP unit.
IDB Lab in Barbados is fostering a HealthTech Ecosystem that will invest in health innovations in the public sector. Additionally, IDB Lab is administering a number of regional programmes from Barbados, such as the CARIBEquity Facility in partnership with the European Union. CARIBEquity is building the capacity of innovation ecosystem actors, deploying blended finance to Caribbean founders and startups, and fostering knowledge sharing and networking across the region.
The Compete Caribbean programme in partnership with the Governments of the United Kingdom and Canada and the Caribbean Development Bank is also operated
out of IDB’s Barbados office and provides technical assistance to 13 countries, including Barbados, for private sector development with inclusion and climate resilience.
Top of Cockburn’s to-do-list is crafting the IDB’s new Barbados Country Strategy 2025-2030. She is leading a comprehensive consultation process with government leaders, civil society, and the private sector. This strategic document, expected to be released by May 2025, will outline the IDB’s commitment to supporting Barbados’s goals and priorities, serving as a roadmap to guide impactful development in the coming years.
Carina Cockburn: A Vision for Barbados at a Crucial Time
“Having completed one tour as a Country Representative, I’m happy to now be in Barbados where the IDB is the largest multilateral donor. We have a really mature relationship with the Barbados Government and across different sectors.
And of course, Barbados is at the forefront of the push for multilateral reform. As a citizen of the Caribbean, I want to show how multilateral institutions can still deliver on their mandate, for Caribbean countries in particular. I think it’s a great and exciting time to be present here in Barbados and collaborate on that agenda.
Our President – Ilan Goldfajn – has indicated that he is open to change and reform. So what that looks like on the ground is trying to be more agile, responsive, listening more to what our clients are saying they need. Instead of just replicating cookie-cutter projects into a new environment, we need to customise a set of solutions that are integrated across all ‘windows’ of the Bank: IDB, IDB Invest and IDB Lab.
We strive for programmatic solutions that work for the government, the private sector, entrepreneurs and small businesses,
and society as a whole, which also reflect our values as an organisation. We care about climate change. We care about gender equity. We care about strengthening institutions. So these things have to permeate the things we’re doing in a country.
We’re still in the early stages of consultation for the new strategy. We need to create a strategy that aligns with Barbados’ national priorities. We have already identified some focal points and areas of overlap where we can add value. One of the things I can share is that there will be a cross-cutting theme of innovation. We need to try things in new ways and cement Barbados’ place as a leader in innovation, both in the Caribbean and beyond. We also need to be more resilient in the face of climate change, and we need to lay the groundwork for a more diversified economy, which can be sustained even in the face of shocks like Hurricane Beryl in July 2024.
A robust private sector is crucial for economic growth, and we need candid dialogue with these stakeholders. We need to do more listening, and I’m currently consulting with various business groups to understand the challenges and opportunities they see. If anyone reads this article before I’ve had the chance to meet with them, know that I’m coming to speak with you or feel free to reach out. I’m here to listen, to understand, and to collaborate for a brighter future for Barbados.”
IDB Country Office in Barbados +1 (246) 627-8500 IDBBarbados@iadb.org iadb.org
Image: Renewstable Barbados, a green hydrogen power plant to be constructed in St Philip, with funding from IDB Invest.
POWERING BARBADOS
THE STRATEGIC PUSH FOR RENEWABLE ENERGY AND BATTERY STORAGE
As Barbados sets its course towards its firstever Battery Energy Storage System (BESS) competitive procurement process, a new chapter of opportunities is opening for the country and its people.
Heavily dependent on fossil fuels – over 90% of power generation is thermal – the shift towards a cleaner and more sustainable energy system supports higher energy sovereignty, reducing the burden of global oil market shocks on the local economy and the vulnerability to supply chain disruptions that have increasingly affected the global economy in recent years.
Moreover, it will contribute to cheaper electricity bills for households and businesses, curb imports and better protect the nation’s natural resources by reducing the risks of oil spills that could devastate the tourism industry, the main source of foreign exchange earnings for the island.
Even though Barbados’ share of global emissions is modest, the country has been a powerful voice highlighting the vulnerability of Small Island Developing States (SIDS) to climate change. These vulnerabilities include rising sea levels, extreme weather events, and their resulting social and economic impacts, which threaten the livelihoods and infrastructure of island nations. In response, Barbados is committed to reducing its emissions by 20% by 2025 and 35% by 2030, including a 100% renewable energy target1.
Strong Adoption of Solar Energy Across Sectors
In the process of scaling renewable energy solutions, Barbados has seen an unprecedented adoption of solar energy over the past decade, with residential and commercial photovoltaic (PV) installations totalling 117.36 MW on the Barbados Light and Power Company’s (BLPC) grid, which has 249 MW of thermal generation capacity.
Once considered a luxury, solar energy is now accessible to average citizens due to the falling price of technology, economic stability, and the Government’s commitment to benefits such as duty-free concessions for renewable energy equipment. Moreover, local financial institutions provide low-interest financing, making renewable energy attainable for all Barbadians.
Grid Capacity Challenges – the Case for Energy Storage Solutions
With its non-interconnected grid, Barbados faces pressing challenges in scaling renewable energy due to grid stability concerns. Solar energy is most abundant during the day, often producing more electricity than is immediately needed, while evenings see higher demand met by costlier (and polluting) thermal generation, in the absence of solar supply. With BESS, the grid could fully benefit from the excess energy generated during the day. This solution would address the mismatch between supply and demand, enhancing grid stability and enabling greater reliance on
Jamalia Wyllie Country Energy Expert (Barbados), RELP
Ramiro Gomez Barinaga Director of Country Delivery, RELP
Julio Mateo Technical Programme Manager, RELP
renewable energy.
In late 2023, new solar PV connections were paused because of grid stability concerns, underscoring the need for modernisation and integration of storage. BESS will enable excess energy to be stored during peak production and delivered during high-demand hours. Otherwise, the grid faces limitations in supporting additional renewable energy sources, despite their cleaner, safer and more costeffective benefits. To fully harness its resources, Barbados needs a resilient grid infrastructure to accommodate and balance the influx of renewable energy.
Navigating the Path Forwards – Key Players and Next Steps
Barbados is investing in BESS through strategic planning. In May 2024, the Ministry of Energy and Business (MEB) partnered with RELP, an international nonprofit, to lead a multi-year BESS procurement programme. As a transaction advisor, RELP is leading the process and other partners, such as Global Energy Alliance for People and Planet (GEAPP), InterAmerican Development Bank (IDB), and the National Renewable Energy Laboratory (NREL), are assisting the Government of Barbados to design and implement the country’s first competitive procurement programme for utility-scale BESS. This implementation effort is also supported by local stakeholders, including the FTC and the Central Bank of Barbados, both of which are committed to the success of the process, as well as BLPC in its role as grid system operator.
RELP’s Guiding Role in Barbados’ Energy Transition
RELP is an international independent non-profit organisation that supports governments in emerging and developing countries in accelerating the deployment of renewable energy and BESS at scale. It focuses on designing and implementing competitive
Call for
Request for Information Press Conference, November 2024, with Minister of Energy & Business, Senator Lisa Commins; IDB Representative Carina Cockburn, RELP officials, and other key public and private sector stakeholders.
procurement programmes and credit enhancement mechanisms to de-risk projects. RELP is fully funded by philanthropies, including The Rockefeller Foundation, Ballmer Group, Quadrature Climate Foundation, Climate Breakthrough, European Climate Foundation, David & Lucile Packard Foundation, OAK Foundation, and Good Energies, enabling it to provide pro-bono support.
RELP’s inspiration comes from Argentina’s RenovAr programme which drove large-scale renewable energy deployment between 2016 and 2019. RELP’s team, then acting as public officials, implemented four successful public tenders and a renewable corporate PPA market. As a result, 210 projects were mobilised (161 already commissioned and 49 under construction), attracting over US$11 billion in private investment and adding 8.7 GW of new generation capacity while achieving up to 31% cost reduction in procurement, making Argentina the most attractive renewable market in Latin America and the Caribbean, according to Ernst & Young’s Renewable Energy Country Attractiveness Index (RECAI, 2019). RenovAr has saved over US$4.7 billion in fuel imports and system costs and avoided 34.5 million tonnes of CO2e emissions while creating over 22,000 new jobs – an experience that aligns with Barbados’ goals of promoting investment, economic growth, and sustainability.
In the Caribbean, RELP has been supporting the Generation
Procurement Entity of Jamaica since 2023 in the design and implementation of its first 100 MW renewable energy auction, reaching RELP’s first milestone in the region, and supporting Jamaica in achieving its long-term renewable energy goals, while they are looking forward to continuing to provide support in the upcoming second tranche.
The End Goal – Reducing Costs and Carbon Emissions
Barbados is making strides towards a more sustainable power market, with broader integration of Independent Power Producers (IPPs), unlocking new investment opportunities and creating a competitive landscape. Accelerating renewable energy adoption is crucial for the environment and delivers significant long-term economic and social benefits. Transitioning from costly and volatile fossil fuels to cleaner, more sustainable sources improves energy affordability, enhances sustainability, and strengthens energy sovereignty. This shift supports business prosperity, elevates households’ quality of life and lays the foundation for a more resilient and prosperous future.
In this context, RELP is fully committed to the people of Barbados, by establishing a longterm BESS competitive procurement process to fully harness the country’s renewable energy potential, aiming to lower energy costs, increase access to clean energy, narrow the gap towards Barbados’ 100% renewable energy goal by 2030, and secure a resilient future for all.
Transforming Africa’s Trade
Afreximbank champions Africa’s long-term growth and prosperity.
For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa.
Subsidiaries:
Specialized Initiatives:
Solar Success in Barbados: Our Journey to Energy Independence
When we bought our home in Barbados on December 6, 2021, we knew the roof had reached the end of its life. As part of our refurbishment plans, it seemed like a good time to consider installing a solar photovoltaic system. Why? Even before the energy crisis fully unloaded, we believed it made sense to invest in something that would reduce our future costs – even if it bumped up our budget. Beyond the financial aspect, the environmental benefits of cutting energy consumption were clear. If you can afford it, reducing your energy usage and carbon footprint is a no-brainer.
Choosing the Right Solar Setup
Having made the decision to go solar, the next step was figuring out the best system for our needs. We had two main options:
1. Grid-tied feed-in solar scheme
– This setup lets you sell excess energy back to Barbados Light and Power through a feed-in tariff. In this arrangement you might have solar panels without batteries. These would generate electricity during the daytime but not at night where you would have to rely on the grid. It works well if you can shift most of your energy usage – like running pool pumps and washing machines—to daytime hours, which is when it is generated from the sun.
2. Solar with battery storage – This option allows you to store energy generated during the day, by charging the batteries, and use it
at night, reducing dependence on the grid. The way it works is that power from the solar panels will go to an ‘inverter’, a box that then powers your house directly from the sunlight. If there is any power left over it can then charge your batteries. If, for any reason, your batteries get low due to clouds blocking out the sun, you can charge the batteries from the grid.
We chose the second option, which included battery storage. One of the biggest consumers of power in a home is the air conditioning systems, and you are more likely to use this at night, together with lights and cooking appliances. With battery storage, we could run the air conditioning and lights at night without worrying about outages or energy bills. While it’s still possible to sell excess power to the grid, we chose not to.
Building an Energy-Efficient Home
Working with a fantastic local company, Solar Watt, that specializes in the installation of photovoltaic systems, we installed 16 solar panels and paired them with a 22 kWh battery system. Most days, the batteries charge by early afternoon, and we rarely use more than half the stored energy overnight. Only on very wet and cloudy days do we need a little backup power from the grid. On those occasions, the system automatically pulls what’s needed. Of course, we couldn’t look at the solar system in isolation—we also upgraded the house to be more energy-efficient:
Tim Clarke
British entrepreneur and Barbados homeowner
• A variable-speed pool pump replaced the old model, reducing energy consumption by over 75%.
• Inverter air conditioners were installed, offering a 50% improvement in efficiency while being quieter and more flexible to use.
• New LED lighting and more efficient refrigeration further cut down our energy use.
The result? Our electricity bill is now nearly zero most months, and we enjoy the peace of mind that comes with knowing we are mostly self-sufficient.
Navigating Installation Challenges
Installing solar panels came with a few challenges. The residential community where we live has strict rules about modifications, and many homes there don’t have roofs ideally suited for solar installations. Luckily, our roof’s orientation worked in our favour, and the panels are practically invisible from neighbouring properties.
We also wanted the panels to blend into the roof aesthetically. Instead of mounting them on top of the shingles—where they might look uneven and jagged—we chose an integrated installation, with the panels set flush with the roof. This gave a sleek finish but required raising the roof to ensure airflow beneath the panels, adding to the
expense.
Another hurdle was increasing the electrical capacity of the house. The battery system needed a 200-amp supply, but the house was wired for only 100 amps. We had to upgrade the meter and install a new cable, which wasn’t a major issue since we were already rewiring the house as part of the renovation.
Tips for Going Solar
For anyone thinking about installing solar panels and battery storage, here are a few things to keep in mind:
1. Get permissions early: Some homeowners’ associations or planning authorities have strict rules about solar installations.
2. Position your panels carefully: South-facing roofs are ideal, but even our west-facing setup works well, generating power from 9 a.m. each day.
3. Calculate your energy needs: Track your energy use over time or ask a solar provider to log it for you. This will help determine how many panels and how much battery storage you need.
4. Plan for electrical upgrades: If your batteries require more power than your current setup can handle, you may need to upgrade your electrical system.
5. Invest in energy-efficient appliances: Inverter air conditioners and variable-speed
pool pumps can drastically reduce energy consumption, complementing your solar system.
Cost and Return on Investment
Our system, including the solar panels and batteries, cost about BDS $60,000. This doesn’t include additional costs like upgrading the electrical supply or raising the roof for ventilation.
The estimated payback period for us is around 15 years. However, the average usage in our residential community is three times ours and so the payback period for typical users would be just five years. Our goal was to future-proof the home and contribute to a more sustainable way of living.
A Smarter Way Forward
Reflecting on this journey that we’ve been on, I’m pleased that our energy bills are practically nonexistent, and we rarely worry about power outages. Knowing that we’ve reduced our carbon footprint is equally rewarding.
For other homeowners or businesses in Barbados, I highly recommend considering solar power. The combination of lower utility bills, increased energy independence, and environmental benefits makes it a smart investment. With the right planning and setup, solar isn’t just a short-term upgrade – it’s a long-term solution for a more sustainable future.
EMPOWERING PEOPLE THROUGH SUSTAINABLE ENERGY SOLUTIONS
George Connolly Solar Dynamics
Barbados has a long and distinguished history in the quest to effectively utilise solar energy on a viable commercial scale. Following on from individual innovation as far back as the 1930s, through valuable research by McGill University in the 1960s, the country’s first company manufacturing solar hot water systems was initiated in the 1970s by Christian Action for Development in the Caribbean. Based in Barbados, Solar Dynamics was launched under the leadership of CEO James Husbands. Over the course of the next 50 years, Solar Dynamics established itself as the #1 manufacturer and supplier of solar hot water systems in the Caribbean, at the same time positioning Barbados as an early global leader in sustainable alternative energy solutions. In October 2024, it was announced that Solar Dynamics had been acquired by Barbadian investor and entrepreneur George Connolly.
George Connolly
Over the course of my career, I have been fortunate to gain invaluable experience in executive positions in a broad range of industries, while working in largescale jurisdictions and learning from inspirational mentors. Along the way, I generated sufficient personal income to allow me to actively seek potential investment opportunities. My priority was to find a business that I could develop to make a real difference in the world. One of the companies I had been observing was Solar Dynamics. When, by chance, I met James Husbands at an overseas conference we had a meaningful conversation, during which I told him that if he was ever considering selling to call me. Several years later, he did just that and we settled on a deal in May 2023.
At the time, Solar Dynamics was already a strong brand with an excellent track record throughout the region, as well as parts of Africa and the United States. But I thought their product offering was limited, and they could do a lot more in their core business. Also, they were still using very similar technology to how they started 50 years ago. To me, given where we are in the world today with the impact of climate change, it was obvious that the business had enormous untapped potential, especially since the technology will continue improving. My instant vision for Solar
Dynamics was to expand both the product selection and sales capacity. We need to develop new systems that can deliver a wider range of sustainable energy solutions. And we need to open up new markets outside the Caribbean, while also increasing penetration in existing markets. The biggest challenge is capacity. The external demand is greater than we can supply, so we are working towards scaling up our production levels to meet that demand in the future.
For sure, we have a number of challenges running a manufacturing business in Barbados, and there are things we could do better as a nation, but the current administration, under the leadership of Prime Minister Mia Mottley, has done a phenomenal job in reinforcing our platform for green energy development. By raising the profile of Barbados in this space, it makes it easier for us to engage with international agencies. Essentially, Barbados is still that little country that punches above its weight in terms of being a voice for change and an innovator in the alternative energy sphere.
I am a proud Barbadian, I love the quality of life we enjoy here, and I don’t want to live anywhere else. But, to contribute to the economic growth and social development of this country to a significant degree, we need to be exporting manufactured goods to international markets. Thankfully, it is possible
to run a successful business from Barbados, but then also operate production and supply facilities outside the country as well.
The solar hot water units are still by far our most popular system, so we will continue to focus on that core element of our business, but also gradually launch new products.
In particular, I am very excited by the potential of our new eco-friendly, solar-powered air-conditioning units. Even though we are still in the early stages of production, we have already made several significant improvements to the design of the system, including using a modular lithium battery and a smart controller which vastly improves efficiency and sustainability. We are offering solar AC systems at both ends of the scale, with more affordable smaller units for homes, and high-volume, centralized commercial systems for office buildings, hotels and so on.
We also have another new product that I am especially excited about, which is a photovoltaic metal panel that can be used to face the exterior walls of a building. With the entire facade of the building generating solar energy, this will revolutionize how we power our homes and offices. We are now the agents for this product for all of Latin America and the Caribbean. This will go a long way towards achieving my goal of developing major export sales. In simple terms, if we can win just 1% of those markets, that’s equal to 500% of what we do here in Barbados. The goal is to continue producing here at maximum capacity until we don’t have enough scale, and then we’ll build plants in other markets. And that might include Africa, where we already have interest from potential partners in countries like Liberia, Malawi, Ghana, Nigeria and Togo.
At the end of the day, I want to build a business which can produce sustainable applications that add comfort to people’s lives. That’s why we want to make our systems as affordable as possible, to empower people
BARBADOS: FROM OFFSHORE PIONEER TO GLOBAL BUSINESS HUB
The Evolution and Future of Global Business
Over the past five decades, Barbados has evolved into a thriving global business hub. The sector has grown from around 20 international manufacturing entities in the 1970s to over 2,300 corporations deriving 100% of their income from foreign sources, alongside approximately 1,000 entities servicing a mix of domestic, but primarily international clientele.
Early Foundations: Industrialisation by Invitation
In the 1970s, Barbados embraced the economic strategy of industrialisation by invitation, conceptualised by St. Lucian Nobel Laureate Sir Arthur Lewis. This marked a shift from low-tech, masslabour markets to a knowledgedriven economy. Tax holidays, duty-free concessions, and low-cost factory spaces attracted North American manufacturers, laying the groundwork for a service-driven
global business ecosystem in the 1980s and 1990s.
At the heart of this transformation to an international business and financial services jurisdiction was Barbados’ highly educated workforce. A cadre of legal and accounting professionals marketed the island’s skilled talent as ideal for the emerging knowledge industries. By the 1990s, Barbados thus became a prominent international business and financial hub, especially for Canadian and U.S. corporations, thanks to a growing network of double taxation agreements and bilateral investment treaties. This success was reflected in a shift from reliance on aid to foreign direct investment (FDI), which accounted for nearly 30% of Barbados’ GDP in the 1990s. For almost four decades, Barbados was the third-largest recipient of Canadian Direct Investment globally, after the United States and the United Kingdom.
Carmel Haynes Executive Director, BIBA
Navigating Challenges and Global Compliance
Barbados’ success as a global business hub hasn’t come without challenges. From the Organisation for Economic Cooperation and Development’s (OECD) tax blacklisting in the 1990s to European Commission (EC) and Financial Action Task Force (FATF) scrutiny in recent years, the island has continuously refined its corporate tax and regulatory frameworks. Today, Barbados is fully compliant with OECD, EC, and FATF standards. The introduction of a 9% corporate tax rate in January 2024, along with the adoption of a 15% tax rate for multinational companies in scope of the OECD Global Corporate Minimum Tax, positions Barbados as a proactive leader ahead of the January 2025 global implementation deadline.
A Jurisdiction of Substance
For decades, Barbados has touted itself as a “low tax” but not “no tax” jurisdiction, emphasising its status as a jurisdiction of substance. Prior to the introduction of the new global minimum tax regime, Barbados had increasingly prided itself on a well-educated, highly-skilled local workforce that obviated the need for global companies to bring in a depth of high-cost expatriate talent to operate their Barbados-based subsidiaries. Unlike other similar global business jurisdictions in the region, local talent hold many of the upper level and board positions in these companies, equipping them to comply with the old Canadian ‘mind and management’ standard and the more recently enshrined OECD
economic substance tests to prove that the core income generating activities of the company were actually being carried out by real people in real offices on the island. However, as the global minimum tax levels the playing field, Barbados recognises that superior talent and quality of life alone will not be enough to continue to keep the existing global businesses or attract new ones to our shores.
Enhancing Efficiency for Global Business
For close to nine months the Barbados Government, along with private sector partners including BIBA, have laboured to bring to life a new statutory corporation: Business Barbados (not to be confused with this stellar magazine), designed to sit at the nexus between Invest Barbados and Export Barbados, ensuring a seamless experience for global businesses, from preincorporation to dissolution. At the time of writing this article, legislation establishing Business Barbados has passed, office space has been secured, and staff transitions from the Corporate Affairs and Intellectual Property Office are underway, with the blessing of the trade unions. Under the leadership of a private-sector-experienced CEO, the autonomous, self-financing entity promises a premium, techdriven experience with turnaround times benchmarked against global competitors.
Expanding Beyond Traditional Markets
It is no secret that Barbados is increasingly looking to Africa and
the Middle East for potential new business even as our traditional source markets in North America and Europe become increasingly focused on plugging any leaks in their treasuries. Barbados is living by its ‘friends of many, satellites of none’ ethos, by strengthening diplomatic and economic ties with emerging sources of capital investment, including Abu Dhabi, Dubai, Ghana, Kenya, Nigeria, and Rwanda. The Government’s Treaty Negotiating Team, on which BIBA also sits, is finalising new bilateral investment treaties with the United Arab Emirates, Ghana and Rwanda. Simultaneously, it is formulating a new model double taxation treaty with a developmental component to ensure that the economic benefits brought by new foreign investment remain sustainable.
A Resilient and Diversified Sector
The Barbados global business sector remains the most resilient and robust net-contributor to the island’s Gross Domestic Product. Initially a solution for global manufacturers looking for low-cost assemblies; to becoming a player in increasingly sophisticated financial planning and wealth management strategies; to equipping ourselves for a future that is increasingly cyber, Barbados can continue to play a pivotal role in optimising the profitability of companies that operate on a global scale. The diversity of industries within the sector makes it a powerful feature of Barbados’ economic risk mitigation, as was witnessed during the COVID-19 pandemic when the global businesses were for the most part able to operate seamlessly despite shutdowns and without any major staff losses.
Having weathered the last 50 years with adaptability and perseverance, we will continue to balance compliance with innovation for sustainable growth to ensure that the future remains global for many generations to come.
Export-Import Bank of the United States (EXIM) President and Chair Reta Jo Lewis with Prime Minister Mia Mottley after signing an MOU for up to US$500 million in financing.
BIBA, the Association for Global Business
WHO WE ARE
In 2020 the Barbados International Business Association 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 around 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, 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”.
WHY JOIN BIBA
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.
OUR GOALS
• 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.
GLOBAL BUSINESS WEEK
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.
Global Business Week 2025 – 19-25 October
BIBA also hosts the Barbados Risk & Insurance Management (BRIM) Conference each March and throughout the year we stage professional development events 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
BUSINESS LISTINGS
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Bar bados, West Indies Tel: Fax: +1 (246) 431- 0 076 contact@ccslbb.com
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Melanie Jones Managing Partner
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Corporate Services
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246 539 1000
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The Barbados–Panama Connection Growing Trade and Investment Opportunities
HE Xiomara Pérez
Rodriguez Panama Ambassador to Barbados
Barbados and Panama, two dynamic economies strategically positioned in the Caribbean and Central America respectively, are experiencing a burgeoning trade and commerce relationship. This partnership, fuelled by historical ties and a shared vision for economic growth, presents a wealth of opportunities for international investors seeking to capitalize on the unique advantages of both nations.
A History of Collaboration
While formal diplomatic relations between Barbados and Panama were established relatively recently, in 1982, the historical links between the two nations stretch back centuries. Shared experiences as British and Spanish colonies, respectively, laid the groundwork for cultural exchange and, eventually, economic cooperation.
It is important to acknowledge that many labourers who constructed the Panama Canal originated from Barbados and other Caribbean islands. From 1904 to 1916, Barbados provided approximately 19,900 workers, constituting 44.1% of the Caribbean labour force,
HE Ian Wendell Walcott
Former Barbados Ambassador to Panama
which totalled 45,107 workers. (Maloney, Gerardo “The Panama Canal and the Antillean Workers”). Consequently, both Panama and its Barbadian residents express pride in this contribution to the project, and the legacy left for subsequent generations as contributors to what is now considered the first natural resource at the region’s service.
To provide further historical context, it is important to make known that remittances from Panama sent by that workforce during the early XX century gave way to creating a robust middleclass in Barbados. Additionally, it is worth acknowledging that while many Barbadians returned to their homeland, a significant number remained, enriching the multicultural fabric of Panama.
The establishment of diplomatic missions in both capitals has significantly enhanced our bilateral relations. Barbados established its mission in Panama in 2019, and Panama’s recent inauguration of its first embassy in Barbados has further invigorated political diplomacy. There is a mutual desire to strengthen commercial and economic ties, complementing existing cooperation in education and tourism, a key sector for Barbados and a burgeoning industry in Panama.
Current Status and Mutual Advantages
Today, Barbados and Panama enjoy a strong and growing
relationship characterized by increasing bilateral trade and investment flows. With its renowned Canal and logistics infrastructure, Panama serves as a crucial gateway for Barbadian goods to access Latin American markets. Conversely, Barbados, with its stable political environment, robust financial sector, and skilled workforce, offers an attractive destination for Panamanian businesses seeking to expand their reach into the Caribbean. The mutual advantages are clear.
For Barbados
Access to Panama’s extensive logistics network facilitates the efficient movement of goods, reducing transportation costs and enhancing competitiveness in regional markets. Furthermore, Panama’s thriving financial sector provides opportunities for Barbadian businesses to access capital and expand their operations. And there are outstanding benefits to doing business in Panama:
• Attractive tax benefits
• The Colon Free Trade Zone
• The Panama Pacifico Free Trade Zone
• The Panama Canal
• A Dollarized economy
• Panama offers some of the most attractive corporate tax benefits globally
• It is one of the few countries governed by the principle of territoriality, meaning only income generated from operations
consumed or improved within Panamanian territory is taxed.
For Panama
Barbados’ reputation as a well-regulated and transparent jurisdiction with a strong legal framework provides a secure environment for Panamanian investment. Additionally, Barbados’ skilled workforce and focus on innovation offer valuable resources for Panamanian companies seeking to enhance their capabilities. With COPA’s four weekly flights, Panama has become one of the more important shopping destinations for Barbadians.
Bridging the Caribbean and Latin America
Panama and Barbados are collaboratively establishing a framework to facilitate Caribbean entrepreneurs’ exploration of business opportunities within both countries and potential expansion into other Latin American markets. The Barbados Chamber of Commerce, Invest Barbados, and the Barbadian Tourism Marketing Inc., with the collaboration of ProPanama, organized a successful inaugural trade mission to Panama in October 2024, which has generated significant interest among businesses in exploring commercial opportunities in both nations.
ProPanama is the Authority for the Attraction of Investments and the Promotion of Exports of Panama, which develops and implements strategies to attract investments and promote exports in Panama.
Opportunities for International Investors
The strengthening ties between Barbados and Panama have created a compelling proposition for international investors. Key opportunities to invest in both countries include:
• Logistics and Transportation: Investors can capitalize on Panama’s strategic location and well-developed infrastructure to
establish regional distribution hubs, facilitating trade between the Caribbean, Latin America, and beyond.
• Financial Services:
Barbados’ robust financial sector, with its strong regulatory framework and tax advantages, provides a fertile ground for investment in banking, reinsurance, biosciences, and fintech.
• Tourism and Hospitality: Barbados and Panama are renowned tourist destinations. Investors can leverage synergies between the two countries to develop innovative tourism products and experiences, attracting visitors from across the globe. There are also opportunities for Panama’s national airline, COPA, to cooperate with Barbados to access our multiple weekly flights to the UK.
• Renewable Energy: Both nations are committed to sustainable development. Interested parties can contribute to this goal by supporting renewable energy projects, capitalizing on the abundant solar and wind resources in the region. Panama offers enormous potential in hydro-energy.
• Technology and Innovation:
Barbados’ burgeoning tech sector, coupled with Panama’s strategic location as a digital hub, presents opportunities for investment in areas such as software development, artificial intelligence, cybersecurity, e-commerce, and digital infrastructure.
The Future of Barbados-Panama Relations
The potential for continued growth in the Barbados-Panama relationship is immense. Several factors point toward a bright future:
• Increased Air Connectivity: Expanding direct flights between Bridgetown and Panama City will further facilitate trade, tourism, and investment flows. There are currently four weekly flights with prospects of increasing this to a
daily flight.
• Enhanced Trade Agreements: Negotiating and implementing comprehensive trade agreements will reduce barriers and stimulate bilateral trade. It should be noted that both embassies have already laid the groundwork for a partialscope trade agreement.
• Joint Ventures and Partnerships: Encouraging joint ventures and partnerships between Barbadian and Panamanian businesses will foster innovation and create new opportunities in diverse sectors. Barbados has been participating in Panama’s biggest trade fair, ExpoComer, for the past eight years and has already recorded significant breakthroughs in the Panama market.
• Cultural Exchange: Fostering cultural exchange through dedicated programmes will strengthen interpersonal connections and enhance mutual understanding, thereby establishing a solid foundation for future collaborative endeavours.
In recent years, Panama has become the favoured destination for Barbadian secondary schools’ Spanish language immersion programmes. Furthermore, the Embassy in Barbados is actively strengthening its ties with the University of the West Indies. The Barbadian government is also exploring the prospect of adopting Spanish as a secondary official language.
In conclusion, the burgeoning trade and commercial relationship between Barbados and Panama presents a significant opportunity for international investors. By capitalizing on the distinctive advantages of each nation, investors can access new markets, diversify their investment portfolios, and contribute to the economic development of both countries. As Barbados and Panama continue to strengthen their bilateral ties, the future holds immense promise for those who seize the opportunities presented by this dynamic partnership.
Barbados’ Economic Renaissance A
Return to the Global Innovation Index and the Road Ahead
In today’s global economy, innovation is essential for competitiveness, growth, and resilience. For Barbados, it represents a path to transformation, helping the island navigate challenges and seize new opportunities. Barbados’ return to the Global Innovation Index (GII) in 2024, after an eight-year absence, is therefore a critical step in this transformative period for the economy. Its ranking at 77th worldwide and 9th in Latin America and the Caribbean highlights the country’s shift towards an innovation-driven economy, propelled by a strategic focus on resilience and future growth. The return to the GII is the result of a national effort advanced by Export Barbados (BIDC), in collaboration with the Corporate Affairs and Intellectual Property Office (CAIPO) and other partners, to encourage creative and technology-based approaches across industries and cultivate a culture of innovation that is aligned with global standards.
Sectoral Innovation: Where Creativity Meets Market Readiness
Barbados’ innovation-led strategy emphasizes sectorspecific advancements, especially in manufacturing, marine industries, and agro-processing to foster export-led growth. For example, the International Food Science Centre (IFSC), launched in 2022, aids local food producers by offering artificial
Mark Hill, CEO, Export Barbados
intelligence tools to meet global export standards and thereby empower Barbados as a competitive player in niche, high-value food markets. Additionally, Barbados’ “Beyond the Blue” initiative supports sustainable marine industries, tapping into the blue economy by promoting eco-friendly products derived from the island’s marine resources.
A Socially Inclusive Innovation Ecosystem
Barbados has also prioritized social inclusivity within its innovation ecosystem, targeting opportunities for youth and women entrepreneurs. In alignment with the GII’s 2024 theme of “Unlocking the Promise of Social Entrepreneurship,” the country is actively fostering growth opportunities for underrepresented groups. Moreover, digital transformation initiatives are enabling small businesses to adopt e-commerce strategies to enhance their reach in global markets and strengthen Barbados’ role as a hub for digital enterprises.
Reimagining Barbados’ Global Identity Through Innovation
Barbados’ return to the GII has significant implications for the country’s global standing and competitiveness, reassuring investors and trade partners that the nation is ripe for business and high-value exports. Moving beyond a reliance on tourism, Barbados is capitalizing on emerging fields like biotechnology, renewable energy, and agro-processing to diversify its economic portfolio.
This transformation also includes
a resurgence in intellectual property activity with Barbados ranking first globally in patent families and PCT patents by origin and fourth in resident patent applications, a clear signal of robust intellectual property development. Additionally, the country’s third-place global ranking in national feature films per capita points to a blossoming creative economy. These achievements demonstrate that Barbados is crafting a global identity where creativity, technology, and sustainability converge.
On the global stage, Barbados aligns its innovation initiatives with regional and international objectives, including the United Nations’ Sustainable Development Goals (SDGs). This alignment enables Barbados to contribute to regional resilience and global partnerships, particularly within the Caribbean Community (CARICOM) and supports sustainable economic growth in alignment with the Bridgetown Initiative.
What are the Implications for Barbados?
Barbados faces growing competition in the global innovation landscape, necessitating strategic improvements to climb the GII rankings. Key areas for advancement include boosting R&D investment, fostering digital transformation, and enhancing public-private collaboration. Innovation holds transformative potential for Barbados, enabling diversification beyond tourism and financial services into high-growth sectors such as agritech, fintech, renewable energy, and health technology.
Investment in digital and sustainable solutions could position Barbados as a regional leader in climate resilience and digital services, generating new export opportunities and facilitating a shift toward a knowledge-based economy poised for sustainable growth. This strategic focus on innovation-centred development will empower businesses to create products with global appeal, attract foreign investment, and generate entrepreneurial growth, charting a path where progress, sustainability, and global competitiveness meet to usher in an era of prosperity that transcends borders.
The Path Forward: A Vision for the Future
To facilitate a coordinated alignment of innovation efforts across ministries and industries, Export Barbados has proposed the formation of the Global Innovation Index Task Force (GIITF). This interministerial task force aims to streamline innovation efforts across government institutions, industry stakeholders, and civil society. In collaboration with the World Intellectual Property Organization (WIPO), the GIITF will ensure that national policies are informed by global best practices while fostering a cohesive approach to long-term innovation-led development.
Barbados’ return to the GII is not merely a milestone but a testament to the nation’s ability to harness the power of innovation for lasting impact. With the coordinated efforts of Export Barbados, CAIPO, and other stakeholders, the country has laid the groundwork for sustainable economic development, fuelled by technological advancement and creative enterprise. Through partnerships and targeted investments, Barbados is on track to become a beacon of sustainable innovation in the Caribbean, poised to unlock new opportunities and secure its position on the global stage and build a brighter future for generations to come.
Prof. R. Clive Landis with the first vehicle powered by renewable energy gas derived from sargassum seaweed
TECHNOLOGY-DRIVEN EMPOWERED BY PEOPLE
James Peirce Group Broking President, Lynch Caribbean Insurance Brokers
The Caribbean insurance industry is standing at the crossroads of transformation, driven by technological advancements and evolving customer expectations. Once reliant on paper-heavy processes, the industry is now part of a digital ecosystem where innovation is the currency of progress. However, at the heart of this revolution lies a compelling paradox: while technology has undoubtedly increased efficiency and accuracy, its true value emerges in how it empowers professionals to deliver their best work with greater empathy and precision.
The Evolution of Insurance through Technology
AI automates claims management, with filing an insurance claim in minutes via a smartphone, tracking its progress in real-time, and resolutions arriving within days. For instance, AI algorithms can assess damage from a car accident through image recognition, expediting claims processing from weeks to hours. Underwriting also benefits from predictive analytics, a subset of AI, which enables insurers to anticipate risks and offer tailored policies, and model future risk. This is evident in products like the Regional Economic Agri-insurance Program (REAP), which uses historical CHIRPS data to model risks and provide coverage for events such as high winds, drought, and excess rainfall.
Internet of Things (IoT) devices like telematics and health trackers provide real-time data, supporting usage-based insurance models. For instance, safe driving habits monitored through telematics could lower premiums. This is currently in place for a few insurers in Barbados and other Caribbean territories in a limited way using basic data like usage time, volume, speed and sharp braking. However, it is not yet fully integrated into premium calculations or models.
Blockchain technology also plays a pivotal role – strengthening data security and transparency by creating immutable transaction records, simplifying claims, and reducing fraud risks.
Empowering Customer Experiences
Digital technologies have redefined customer expectations, prompting insurers to deliver seamless, personalised experiences. AI-powered chatbots handle routine inquiries, allowing human agents to focus on complex cases.
Self-service portals, like those available via the Lynch Insurance Brokers Customer App, empower users to manage their policies, file claims, and access essential information independently. These tools enhance accessibility and convenience, fostering stronger customer relationships.
Embedded insurance is another emerging trend shaping the industry. It simplifies the customer journey by integrating coverage into the purchase process, such as offering auto insurance at car dealerships. However, compliance hurdles in the Caribbean limit this to quote provision. Quote engines like BestQuote and CRM platforms like ApplyOn address these challenges, providing end-to-end solutions that meet regional regulatory requirements. Governments in the Caribbean must balance fostering innovation with maintaining robust regulation to support this evolution as done recently in St. Lucia. Many others, however, are still imposing Anti-Money Laundering regulations on General Insurers which hampers technology uptake – unlike most developed countries.
Strengthening the Role of Professionals
While technology streamlines repetitive tasks, it empowers professionals to focus on highvalue activities. Predictive analytics enables underwriters to refine risk assessments, while AI insights help claims adjusters resolve cases more efficiently.
Digital collaboration tools enhance connectivity, ensuring expertise is applied effectively. This infrastructure helps insurers adapt to emerging challenges and opportunities.
Navigating Challenges with a Balanced Approach
The integration of technology into insurance operations is not without its challenges. Cybersecurity remains a critical concern, as
broader digital footprints increase the risk of data breaches. Insurers must still adopt disciplined risk management strategies, such as reviewing coverage terms and exploring cost-control measures like higher deductibles. These approaches mitigate risks while fostering innovation.
The Human Touch
in a Digital Age
Despite its transformative potential, technology complements rather than replaces human expertise. Complex claims and nuanced customer needs demand the empathy and judgment that only skilled professionals can provide. For example, while AI might expedite the processing of routine claims, a skilled human broker and adjuster are essential in navigating the intricacies of a major loss with care and understanding.
This synergy between technology and human expertise ensures that insurers remain responsive, customer-focused, and resilient in an ever-changing landscape.
Looking Ahead: Technology and Humanity in Harmony
The Caribbean insurance sector’s future hinges on embracing digital transformation while retaining its human element. By leveraging technology to enhance efficiency and empower professionals, insurers can deliver not only better services but also deeper connections with their clients.
As the industry evolves, its success will be measured not just by the speed and accuracy of its processes but by the strength of the relationships it fosters. In this balance lies the true promise of a technology-driven, peopleempowered insurance sector.
Protecting TraditionalOurRum Making Methods
Rum makers face the following refrain:
“The truth is that the future manufacturers of rum need a clear scientific roadmap to grow their future market and future industry” ….. “Let’s boost the science behind our rum industry. Let’s get that right.”
Notwithstanding the reputation for global excellence, there has been a longstanding perception that Barbados Rum making is antiquated. It is true that Rum making proudly adheres to longstanding traditional processes and favours sense driven organoleptic testing over dispassionate, clinical analytical testing. Protecting these methods and processes has been a challenge to industries such as rum in the developing world where wellmeaning bureaucrats, desperate to promote economic advancement, can have an unfortunate long term negative influence.
The business world of wines and spirits is notable for the strength and prominence of long held family businesses ably competing against brands held by corporate giants. Family controlled entities will often take the ostensibly irrational, passionate decisions that an MBA educated board will never contemplate.
Traditional methods, though costly, are now valued higher than ever before. From Cuban cigars to Champagne, affluent consumers will pay the premium for skilled artisanal products. No matter how skilled the MBA or the accountant, no level of efficiency can overcome the intrinsic high costs of manufacturing in Barbados. However, authentic, traditional methods delivering excellence have proven we can deliver a viable export rum product despite our cost handicap.
Economic forces make change inevitable, no matter how passionate
producers want to cling to traditional practices, and rum making has undergone change. The modern Barbados style was developed at the turn of the 20th century with the advent of selected yeast fermentation and continuous distillation. However, Barbados Rum is notable for retaining small copper batch (pot) distilled rum as an indispensable component.
Challenges to Fermentation Methods
Challenging traditional practices in rum is nothing new. Leonard Wray in his seminal work, the ‘Practical Sugar Planter’ published in 1847 related:
“It is not more than a few days ago, that I was asked by a person why yeast was not used by our sugar planters as ferment intimating in very significant terms, that he considered all the West India distillers a very choice pack of fools.
The prescient Wray also stated:
“No foreign agent — such as yeast — is necessary. Nay, further, that such is extremely undesirable; as it would change altogether the character of the fermentation”
The first serious challenge to the traditional approach would come from Jamaican chemist Percival H. Greg. Greg was strongly influenced by the work of Emile Hansen and travelled to Copenhagen to work at the Carlsberg laboratory. Greg became convinced of the merits of isolating, selecting and pitching a strain of yeast as was now becoming practice in breweries and distilleries around the world. Writing in ‘The Sugar Cane’ in 1893, Greg advocated:
“Not only must we do away with spontaneous fermentation by using a ‘pitching’ yeast, as brewers term it, i.e. adding some previously prepared yeast to set our vats in fermentation at once, but I strongly recommend the selection and cultivation of a suitable type of yeast in a state of
Richard Seale Distiller, Foursquare Distillery
absolute purity”
The challenging economic environment for colonies in this period (occasioned by the sugar beet ‘bounties’) resulted in serious challenges to the traditional methods. The Jamaica Board of Agriculture in 1903 published:
“On the advice of the Board, the Governor asked the Legislative Council to vote the amount necessary to obtain the services of a specialist in fermentation to cooperate with the Chemist in the study of the conditions of the manufacture of rum; in the investigation of means of increasing the yield and improving the quality; in the study of the types of yeast operating in successful and unsuccessful fermentations and the practical application of such information”
The Carlsberg Lab would revolutionise brewing and methods of adding selected yeast strains would become the standard, and today almost all beers, wines and spirits on the market proceed in this way as outlined by Hansen in the 19th century. Selected yeast strains are used to generate efficiency and consistency.
At Foursquare we practice both modern (i.e. 19th century) fermentation and traditional fermentation methods (dating to the mid 17th century). Under the modern method, fermentation proceeds by the addition of a commercially produced yeast strain to molasses from a central sugar factory. Fermentation efficiency is high and completion over two to three days is an order of magnitude better than traditional methods typically measured in weeks. Results are consistent.
The traditional method proceeds entirely from sugar cane juice milled on site at Foursquare. No exogenous yeast is added. Fermentation proceeds entirely from the naturally occurring yeasts and bacteria within the freshly milled juice. The process takes weeks and requires considerable experience and know-
Right: Section of a column still at Foursquare Distillery
how to manage.
With traditional fermentation, there is little sense of manufacturing control. Nature is in control. The terroir of the cane and the vagaries of the climate (i.e. the vintage) come to the fore. The skill in managing the process, which can only be learned through experience, does allow us to nudge, cajole, persuade, inveigle these natural processes. Keeping these links to nature are what make our rums unique and valued greater than ever.
There is a role for science. We understand our natural processes so much better than our predecessors, thanks to advances in biology, and our methods of ‘persuasion’ are greatly informed both by this better understanding of biology and by the use of modern analytical laboratory methods to monitor our wholly natural process.
Advent of Continuous Distillation
As discussed in my 2023 article, Barbados Rum making was radically changed at the turn of the century by the advent of continuous (column) distillation.
Despite its superior efficiency, distillers, no doubt responding to the demands of the blenders, never gave up on their pot stills. Modern Barbados Rum is a blend of pot and column distilled rums. Pot still rums are today considered an indispensable component of the Barbados Rum style.
The remarkable preservation of these methods cannot be understated. By the 1950s all three remaining distilleries (from 158 distilleries in 1856) operated a continuous (column) still. The 1954 Advocate Year Book described rum making in the following context:
“For many years, Rum was made
in a crude manner in small stills on various sugar plantations.”
The Year Book described the first continuous column still distillery as “specially organised so that every step of the manufacturing process was scientifically controlled” and kept “up to date” by the “constant addition of the most modern equipment”.
Nevertheless, the pot still survived. It was not the bureaucrats, the accountants, nor the boards of directors that saved it. It was the irrational and stubborn decision making of men like Darnley Ward at Mount Gay. A 1980 New York Times article informed readers that:
“The original type of rum is the preferred drink of Darnley D. Ward of Bridgetown. It is one of the few companies in the West Indies still making the old redistilled rum.”
At Foursquare we also operate a continuous column still, but we have two batch copper pot stills. Here again, the preservation of the method is one thing, but it is how we embrace and adapt technology to this process that is more notable. Copper was chosen for still making because it was malleable and an excellent heat conductor, but it also introduced scale to still making. Scale of production made rum (and all distilled spirits) possible for social drinking. The advent of a (relatively) large 500 gallon copper pot still on a sugar plantation meant making enough rum not just for the plantation but enough to send to Bridgetown. Ligon (1647) describes:
“This drink is also a commodity of good value in the Plantation for we send it down to the Bridge, and there put it off to those that retail it. Some they fell to the Ships, and is transported into foreign parts, and drunk by the way.”
But as those who tried to substitute copper with modern materials discovered, it did more than offer scale. During distillation, copper catalyses reactions that remove unpleasant Sulphur compounds from distilled spirits. A still made of copper is essential to making quality spirits.
Following many years of research, in collaboration with us and the University of Siena in Italy, Green Engineering developed and patented the first nano-copper surfaces to be used in distillation. The practical effect of these copper surfaces is to improve the catalytic effect of the copper. In this way, the traditional thermodynamic process is unchanged, but the discovered beneficial effect is improved. Modern material science improves our 17th century rum making method.
Striking the Balance
At Foursquare, I like to think of us as striking the right balance. We actually loathe words like ‘innovation’ or ‘experimentation’. They are very popular in the marketing departments of many spirit makers, but those words imply change is desirable. We are proud of what we do and the legacy we have inherited. Our job is not to innovate or experiment. Our job is to protect our legacy and to do it well. That is the framework in which we embrace technology and the framework by which the passionate people are the ones empowered.
Section of a pot still at Foursquare Distillery
THE SPIRIT OF BARBADOS
As the world’s oldest running rum distillery, established in 1703, Mount Gay embodies the very spirit and essence of Barbados. Today, with over 320 years of dedication and craftsmanship, Mount Gay blends heritage with modern innovation and sustainable practices, preserving the legacy of rum and ensuring a prosperous future for Barbados.
From Soil to Sip
In every drop, Mount Gay continues to shape a sustainable and thriving legacy, securing its place as both an icon of Barbadian culture and a leader in responsible rum-making. In crafting world-class authentic Barbadian rums, exported to over 70 countries globally, Mount Gay recognises the challenges of operating on a small island. In every step, from soil to sip, Mount Gay champions environmental stewardship, working towards carbon neutrality, refining logistics, implementing efficient packaging, transitioning to cleaner fuels, and harnessing renewable solar energy.
On the Mount Gay Estate sustainable farming practices such as crop rotation, using organic fertilisers and composting, enrich soil health, while food forests, orchards and bee-friendly gardens support local biodiversity. Through its 14 apiaries and annual planting of 1,000 trees, Mount Gay is committed to
preserving the local environment for future generations. Repurposing vinasse, a by-product of distillation, for fertigation, Mount Gay provides essential nutrients and water to the soil, closing the production loop sustainably.
Mount Gay’s environmental efforts also include eco-friendly packaging and a bottle recycling initiative launched in 2023. Mount Gay partners with local schools and universities to foster local education, support responsible consumption campaigns, and partner with authorities for beach clean-ups, actively protecting the island’s natural beauty and resources.
Single Estate Series 24_02
The terroir-driven Single Estate Series epitomises Mount Gay’s dedication to the future of Barbados rum-making. In this second release, the Single Estate Series 24_02_ Vt18d2 celebrates Mount Gay’s roots, using molasses exclusively from its 2018 sugarcane harvest at the Mount Gay Estate in the north of the island. Crafted by Barbados’ first female Master Blender, Trudiann Branker, this vintage expression captures the vibrant character of Barbados, an exclusive release recognised with Double Gold at the 2024 San Francisco World Spirits Competition.
Single Estate Series 24_02 is crafted with 100% estate-grown sugarcane, distilling the terroir of Barbados into every sip. The rum undergoes nine days of fermentation, developing pineapple and guava notes, then matures in American oak barrels, offering a rich, multi-layered profile. Aligned with Mount Gay’s eco-conscious approach, Single Estate Series is packaged in bottles made from 70% recycled glass, featuring minimal ink and a distinctive Caribbean blue label.
Tours & Experiences at Mount Gay
Visitors are invited to experience the Mount Gay magic firsthand, immersing themselves in its rich history and pioneering spirit through a variety of curated experiences.
Guests have two locations to choose from, inclusive of the Mount Gay Distillery in the north of the island, on the exact location where everything started more than three centuries ago, and the Mount Gay Visitor Centre, conveniently located near Bridgetown.
Guests at the Mount Gay Distillery can join the Signature Distillery Tour, a comprehensive experience exploring every step from fermentation to aging and closing with a tasting of Mount Gay’s signature rums. For connoisseurs, The Premium Rum Flight Experience and The Connoisseur Experience offer exclusive tastings of Mount Gay’s rarest rums, and The Storied Dinner event combines fine dining with Mount Gay’s exquisite blends, perfect for small groups or private occasions.
At the Mount Gay Visitor Centre, just outside historic Bridgetown, the Signature Tasting Experience offers a taste of Mount Gay’s history along with a sampling of four signature rums. The Lunch & Rum Tasting Experience pairs rum with a Bajan-themed lunch, while The Cocktail workshop offers a refreshing hands-on mixology class. At sunset, An Evening at Mount Gay includes a tasting and cocktail-making experience, finishing with a light dinner to close the perfect day.
To find out more about Visitor Experiences and join the Mount Gay community visit: https://www. mountgayrum.com/tour-mount-gay/ or scan the QR code:
For more information on our rums and to learn more about our commitment to our communities, our planet, and the future, visit www.mountgayrum.com
@mountgayrum
@mountgayrumbdos
@MountGayRum Please Drink Responsibly
Trudiann Branker, Master Blender at Mount Gay
KILLING THE BUZZ! HOW REST IS SILENCING MOSQUITOES FOR A GREENER BARBADOS
Dr Kirk Douglas Director,
Centre for Biosecurity Studies, Faculty of Social Sciences, The University of the West Indies, Cave Hill Campus
The hum of mosquitoes and sandflies, especially in tropical regions like Barbados, is more than a nuisance. These pests carry diseases like dengue, Zika, Chikungunya, and Oropouche fevers, posing health risks to locals and tourists. With the island’s reliance on tourism, ensuring an environment free from these vectors has become a priority. Yet, given the adverse effects of chemical pesticide use, the need for sustainable solutions has grown. Enter the Renewable Energy powered Silent Terminator (REST) – an innovation from the Centre for Biosecurity Studies at the University of the West Indies (UWI), Cave Hill Campus, sending mosquitoes and sandflies to their permanent rest.
Innovation for Revenue Generation at the UWI
The UWI Triple A Strategy conceptualized in 2016 had at its core, a 10-year vision for The UWI to be transformed into a highly respected global higher educational institution that is financially sustainable and contributing to the revitalization of the development and growth of Caribbean economies. Phase I (2017-2022) was focused on using the existing resources and capabilities to advance the global reputation of the University in order to assist in the revitalization of Caribbean development.
Phase II of the Triple A Strategy (2022-2027), is focused on monetizing the strong reputation to generate revenue to turnaround the financial position of the institution. The goal is to raise a net of US$250 million over the next five years. The University itself is a non-profit
organisation. As a result, there are several commercial entities that are emerging out of the various UWI campuses, focused on incomegeneration. Biosecure Inc. is a commercial company within the Centre for Biosecurity Studies.
The Genesis of REST: Innovation for a Healthier Environment
Developed by Biosecure Inc., with funding from CIBC Caribbean and Export Barbados, REST embodies eco-friendly mosquito and sandfly control. Unlike conventional solutions that use chemical pesticides, REST operates a fan-driven vacuum powered by renewable energy, capturing mosquitoes and sandflies. It employs chemoattractants and heat to lure pests into a trap, where they are dehydrated. This
Image: Dr Douglas inspects REST second prototype without lid
chemical-free approach ensures no toxic residues remain, safeguarding beaches, coral reefs, and marine ecosystems from potential harm. REST’s continuous 24-hour operation creates a protective barrier around mosquito-prone areas. For Barbados, a Small Island Developing State (SIDS), REST is a step forward in balancing public health and environmental preservation.
The team from the Faculty of Social Sciences, the Centre for Biosecurity Studies, Sagicor Cave Hill School of Business and Management, and Biosecure Inc. includes Professor Troy Lorde, Dean, Faculty of Social Sciences, Ms Ayanna YoungMarshall, Lecturer, International Business and Entrepreneurship, and myself. Our team was awarded the Most Promising Innovation award (BBD$8,000), during an inaugural UWI Innovate Cave Hill competition in 2022 focused on developing innovations by UWI staff to generate creativity and potential revenue streams.
REST’s Place in the Fight Against Vector-Borne Diseases
Barbados’ tropical climate and tourist traffic contribute to the spread of mosquito-borne diseases. Traditional chemical pesticides, which have led to increased insecticide resistance, degrade air quality and pollute nearshore waters, harming marine biodiversity. REST offers a sustainable alternative, targeting primary disease vectors like Aedes aegypti and Aedes albopictus mosquitoes. As a renewable-energypowered device, REST aligns with Barbados’ 2030 carbon neutrality goals and serves as a model for other SIDS.
A Collaborative Vision: The Role of the Centre for Biosecurity Studies
The Centre for Biosecurity Studies at UWI Cave Hill Campus has played a key role in developing REST as part of its mission to tackle biosecurity challenges in the Caribbean. The Centre combines research and practical solutions to enhance public
health and the economy. With a team of experts in biosecurity, infectious diseases, and tourism, REST is poised to be a flagship solution, reinforcing the Caribbean’s commitment to sustainability.
The Broader Impact of REST –Benefits Beyond Mosquito Control:
REST’s design provides several benefits:
• Systematic Removal: Targets adult mosquitoes and sandflies, reducing disease transmission in real time.
• Chemical-Free Operation: Dehydration method avoids pesticides, minimizing health risks to humans and ecosystems.
• Environmental Safeguarding: Prevents harmful runoff that can affect marine life, protecting the economy and ecology.
• Cleaner Air Quality: Reduces chemical fogging and spraying, contributing to healthier air for residents and visitors.
REST and the Future of Sustainable Tourism
Barbados, known for its beaches and culture, faces persistent concerns over mosquito-borne illnesses. Without vaccines for many of these diseases, controlling mosquito populations is essential. REST’s ecofriendly design supports sustainable tourism practices. By adopting REST, businesses can ensure a safer experience for guests, demonstrating a commitment to health and sustainability. This aligns with the island’s 2030 carbon neutrality vision, reducing pesticide use, improving air quality, and supporting marine life—a win for residents, visitors, and the environment.
REST: Setting a New Standard in Mosquito Control for Small Islands
For SIDS like Barbados, balancing growth with environmental protection is crucial. REST represents a new
approach to mosquito control, combining renewable energy with eco-friendly methods. It meets immediate public health needs and sets a standard for sustainable innovation. As climate change impacts disease patterns, adaptive and resilient solutions like REST will be essential. With plans to include IoT technology for real-time monitoring of vector populations, REST is a forward-thinking solution that supports a serene, vector-free Barbados.
A Sustainable Path Forward
REST presents a compelling solution to persistent challenges in tropical regions. Biosecure Inc. and the Centre for Biosecurity Studies have combined innovation with environmental stewardship to create a product supporting health, tourism, climate adaptation, and biodiversity. As Barbados embraces REST, it strengthens its position as a leader in sustainable tourism and environmental preservation, setting an example for SIDS worldwide. REST promises a safer, cleaner, and healthier future – where mosquitoes no longer disrupt the island experience.
And REST not only positions Barbados as a leader in sustainable innovation but also holds significant commercial potential. The phase-two prototype is currently being refined in collaboration with the London School of Tropical Hygiene and Medicine, and is ready for investment.
As a scalable and marketable solution, the intention is for REST to be exported to other tropical and subtropical regions worldwide, offering opportunities for revenue growth and economic development while promoting eco-friendly practices in global vector control.
In focus Barbados’ Budding Film Sector
Kaye-Anne Greenidge CEO, Invest Barbados
Known for its alluring vistas, Barbados has long provided filmmakers with unique backdrops suitable for all film genres. Dating back to the 1950s, the island’s captivating shores featured in select scenes of Island in the Sun, starring acclaimed actors Henry Belafonte and Joan Fontaine. This early use of the island as a filming location not only showcased its natural beauty but also highlighted its appeal to wellknown international talent. Decades later, Barbados remains a favoured location that continues to enchant filmmakers and actors alike.
Many might also remember the days of the popular soap opera, The Bold and the Beautiful, a few episodes of which were filmed on set in Barbados during the 1990s.
The storyline, featuring Ridge Forrester’s search for Brooke Logan along Barbados’ scenic beaches, brought added global attention to the island’s cinematic potential. More recently, scenes from the popular action-adventure series Outer Banks were filmed on Barbadian shores, further positioning the island as an attractive filming destination.
Barbados has also seen success in local film productions, with talented Barbadian production companies and actors showcasing their skills in films like Hit for Six, Hush 1 ,2 and 3, Chrissy, and Into the Darkness, as well as the popular television series Keeping up with the Joneses.
The 2024 release of Camouflage, premiering in the UK, underscores the growing international appeal of Barbadian cinema.
A Growing Industry
Filmmaking can be a lucrative business. In 2023, the global film and television industry grew to
an impressive US$285.62B and is projected to reach US$390.76B by 2028, according to The Business Research Company.
The pandemic was a classic example of how the film and television industry thrived, while many other sectors suffered during that period, due to low or non-existent sales. The COVID-19 pandemic illustrated the resilience of this industry, as it thrived while many others faced downturns. With audiences worldwide seeking entertainment during lockdowns, streaming platforms surged in popularity, further boosting demand for content.
Barbados’ film industry has steadily developed over the years and now features established production studios capable of producing high-quality films and short features. Additionally, the island is home to studios focused on television and advertising content, showcasing the sector’s diverse capabilities.
Recognising the significant growth potential of the film industry and its multiplier effect on other sectors, the Barbadian government is committed to advancing the sector through enhanced legislation and strategic support. This approach aims to provide benefits to both local and international stakeholders, driving economic growth and industry sustainability.
Government Support and Investment Facilitation
Together with the enhanced legislation, the Government has also identified Invest Barbados, its national investment promotion agency, to spearhead the investment attraction thrust in the area of film. This initiative gives foreign
filmmakers the certainty that they will have the necessary support as they explore the island as a filming location, as well as access to a team who can facilitate their longer-term investment needs. In this regard, Invest Barbados’ mandate will include the identification of both individual investment opportunities; joint venture engagements, partnership and strategic alliances with local production firms, ultimately fostering an environment conducive to collaboration and innovation.
Collaboration among stakeholders is undoubtedly paramount to the film sector’s success. The Barbados Film and Television Association, a non-profit established in 2007, promotes and develops the local audio-visual industry. Key partners include the Ministry of Culture, the National Cultural Foundation, and the Barbados Tourism Marketing Inc., alongside a range of private sector service providers.
A Compelling Value Proposition for Filmmakers
Barbados offers an attractive value proposition for film production, including:
• Experienced Crews: Professionals skilled in working on international productions.
• Top-Quality Equipment and Services: Availability of rental houses and suppliers offering high-standard equipment.
• Connectivity: An international hub with direct flights to major global cities and proximity to other Caribbean destinations.
• Modern Infrastructure: Reliable fibre optic network, Wi-Fi, and high-speed 4G data services.
• Favourable Climate: A warm, stable climate suitable for year-
round shooting.
• Safety and Hospitality: A safe, welcoming environment for cast and crew.
Education and Skill Development: Building a Workforce
Investment in education and training is critical to ensuring a steady pipeline of talent for the film industry. Barbados offers several relevant programmes at its tertiary institutions. The Barbados Community College provides a full-time Associate Degree in Theatre Arts, while the University of the West Indies offers a Film specialisation within its Bachelor of Fine Arts Programme. Additionally, private institutions have introduced specialised courses such as 2D Animation for Film, equipping aspiring professionals with valuable skills for the industry.
Barbados Welcomes Film Industry Investment
With its supportive infrastructure, strategic government initiatives, and established educational programmes, Barbados is wellpositioned to attract filmmakers and investors seeking to contribute to and benefit from its evolving film sector. The island invites stakeholders to capture its cultural essence, invest in a growing industry, and create stories that resonate with audiences worldwide. Through every frame, Barbados stands ready to showcase its advantages and become a prominent player in the global film industry.
To learn more about investment opportunities in Barbados’ film sector, contact Kaye-Anne Greenidge, CEO, Invest Barbados at kgreenidge@investbarbados.org.
The Value of the Third Sector
The Barbados Government will not be able to afford all social services to its residents in the not-so distant future. Dwindling economic reserves, the pressures of an ageing population, and rising health concerns such as diabetes and other chronic illnesses indicate that this situation will likely intensify in the near future.
Multiple interviewees agreed on this point in the initial stages of our research project, Building a Better Third Sector in Barbados. The Third Sector Organisations (TSOs) encompassing non-governmental, non-profit, and community organizations, have become vital components in safeguarding the well-being of the future of Barbados. They are characterized as helping the public good. Saving the island in a time of need is a compelling argument to support the Third Sector. There is another more fundamental reason; it is who we are. There is a rich culture of giving on the island and numerous organizations are dedicated to helping the less fortunate. This spirit of generosity and social responsibility is part of what makes the island not just a tourist destination, but also a compassionate community admired worldwide.
In the world of business, value is not always measured in financial terms. It encompasses experiences, community impact, and the wellbeing of stakeholders. In this definition of value, the third sector has a lot to give. The Building a Better Third Sector in Barbados project aims to strengthen the capacity of the Third Sector Organizations (TSOs) by removing barriers to growth and fostering
collaboration. This will enable TSOs to maximize their impact and provide even greater value to the communities they serve. The value they provide to our community needs to be measured, acknowledged and paid for.
High-Impact Examples of TSO Contributions
There are highly visible examples of TSO impact in Barbados. In early October, in a sea of pink shirts, thousands participate in the Walk for the Cure in support of breast cancer awareness. The fundraising walk leverages the backing of CIBC Caribbean as a sponsor and garners significant attention.
However, behind the scenes, much of the work is sustained by volunteers, including administrative staff and medical practitioners. This illustrates how TSOs create both economic value by hiring staff and social value by ensuring that preventative healthcare services are accessible to people across all demographics.
There are many more TSOs that are much less visible yet provide value to those that they reach. The ASPIRE programme encourages a cohort of TSOs to build foundational pillars of governance, financial management, human resources, strategic planning, and communications. The incubator programme enables these TSOs to expand their reach and impact and add even greater value to the people that they serve.
A tangible example of this would be the Schoolhouse for Special Needs (Schoolhouse), whose mission is to educate, motivate, inspire, and enrich the lives of children and young adults with special needs. The school uses a variety of modalities
Sheri Hord and Peter Boos
On behalf of the Peter & Jan Boos Foundation
that are student-centred and focus on social inclusion and emotional well-being. Their focus on lifelong learning benefits the students and their families for years to come. For the Schoolhouse, a well-established institution with 18 years of service, ASPIRE’s Foundation Program acts as a vital system of checks and balances. ASPIRE ensures that the Schoolhouse is adhering to best practices in governance while meeting routine operational procedures, ultimately fostering a strong foundation for the Schoolhouse’s ongoing mission to improve the lives of students and, by extension, adults with special education needs while continuing to contribute to our community at large.
Addressing Funding Challenges
A significant challenge for TSOs in Barbados is the lack of consistent funding. Many organizations struggle to secure the financial resources needed to operate sustainably. Recognizing this issue, the Peter and Jan Boos Family Foundation has introduced innovative approaches to philanthropy. Through The Barbados Carers Circle (TBCC), the Foundation connects donors with individuals and organizations in urgent need of assistance. This model ensures that resources are allocated efficiently and where they are needed most.
In one example highlighted in The Foundation’s Giving Report, a recipient suffering for four years received the necessary medical care thanks to timely financial support. This intervention allowed the individual to resume a normal life, demonstrating the profound impact that targeted assistance can have. To further expand its reach, the
Foundation is currently exploring the use of renewable energy as a sustainable source of funding. A feasibility study is underway to determine how income generated from renewable energy initiatives can support a broad range of TSOs, ensuring long-term financial stability for these organisations.
A Call to Action
The Third Sector offers immense value to Barbados, not only through the direct services it provides but also through fostering a sense of community and resilience. Supporting these organizations is not just beneficial – it is essential for the island’s future. As economic pressure continues to mount, it is in the best interest of both the government and citizens to collaborate and invest in the Third Sector. The time to act is now. By creating an enabling environment for TSOs, through funding, capacity building programmes, and publicprivate partnerships, Barbados can empower these organizations to thrive. This will ensure that the Third Sector continues to play a pivotal role in enhancing the well-being of the population and maintaining the island’s reputation as a communitydriven and compassionate society.
The Third Sector is poised to grow and deliver value to all who reside in Barbados.
We invite you to become part of the team to volunteer and donate to this vital developmental initiative.
For further details on ASPIRE please contact Beatrix Holder at beatrix@aspirebarbados.org.
To get further information on the Barbados Carers Circle, please get in touch with Natasha Boos at pm.pnboos@gmail.com.
BARBADOS FAST FACTS GUIDE 2025
FAST FACTS GUIDE
Our Fast Facts Guide is independently checked and verified each year by EY Management Ltd. All the information in this guide has been carefully collected and prepared, but it remains subject to change and correction. Use these contents for general guidance only and seek assistance from a professional advisor regarding specific matters.
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 (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 267,310 as at March 2023. 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 of 2023, the labour force was estimated at 135,100.
The weekly working hours for office personnel vary between 35 to 40 hours, while a 40-hour work week is normal for manual workers. Work undertaken in excess of the basic work week 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 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 2025 PUBLIC HOLIDAYS:
New Year’s Day – January 1
Errol Barrow Day – January 21
Good Friday – April 18
Easter Monday – April 21
National Heroes Day – April 28
May Day – May 1
Whit Monday – June 9
Emancipation Day – August 1
Kadooment Day – August 4
Independence Day – November 30
Independence Day Holiday – December 1
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
FMH Emergency Medical Clinic - (246) 228-6120
Sandy Crest Medical Centre - (246) 419-4911
Coverley Medical Centre - (246) 627-1000
Urgent Care – (246) 538-3838
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 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.
Global Business and Financial Services
Competitive tax rates, double taxation agreements and exchange of information treaties, have provided Barbados with an ideal environment for its development into a major global 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, pharmaceutical products, 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 global 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 Barbados Stock Exchange
The Barbados Securities Exchange was established in June 1987 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 to facilitate the establishment of a securities commission with 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 are seven companies listed on the International Securities Market. Mutual funds are reported and captured 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.
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 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 GLOBAL BUSINESSES
The Government has established a separate Ministry to facilitate the development and expansion of the global 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.
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 takes 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 is 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
Foreign Currency Permit
• holding company business
• intellectual property holding business
• distribution and service centre business
• such other activities as may be prescribed
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.
On 24 May 2024 the Income Tax (Amendment and Validation) Act, 2024 and the Corporation Top-Up Tax Act, 2024-16 was enacted, effecting the following corporate tax changes:
The standard corporation tax rate has been increased to 9% with effect from income year 2024, commencing 1 January 2024.
International shipping entities will be subject to tax at the graduated rates below:
The graduated rates above are applicable to some in-scope MNEs in income year 2024, with the corporate tax rate of 9% being applicable to all companies in 2025.
In addition, a company that is registered as a small business under the Small Business Development Act and has a gross income below USD$1 million will be subject to a corporate tax rate of 5.5%.
Insurance companies continue to be taxed in accordance with the table illustrated below based on the Class of licence which the company obtains.
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. Other provisions of the corporation tax regime in compliance with Pillar Two as follows:
1. From Income Year 2024, with effect from 1 January 2024, Barbados imposed a Qualifying Domestic Minimum Top-Up Tax which brings the effective tax rate applicable to in-scope multinational enterprises to 15%.
2. There are qualifying refundable credits available including a “Qualified Job Credit” and a “Research and Development Credit”.
3. From 1 January 2024, in-scope multinationals transitioned 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.
Personal Income Tax
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$12,500 (and first US$ 22,500 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.
Property Transfer Tax and Stamp Duty
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 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.
There are no capital gains taxes levied in Barbados, and gift, inheritance, and estate taxes are not applicable.
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 do 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 21 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 & Shared Accommodation Levies
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:
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:
Austria Italy* Seychelles
Bahrain Luxembourg Singapore
Botswana Malta Slovak Republic
Canada* Mauritius* Spain
CARICOM Mexico Sweden
China Mainland* Netherlands Switzerland*
Cuba* Panama United Arab Emirates
Cyprus Portugal United States
Czech Republic Qatar United Kingdom*
Finland Rwanda Venezuela*
Iceland San Marino
Awaiting a Date for Entry into Force
The Barbados/Slovak Republic DTA was signed on 28 October 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 6 December 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.
Villas
3.75% of the nightly rate (maximum $17.50 per night)
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).
Product Development Levy
In July 2018, a product development levy was introduced and applied to direct tourism services. Effective 1 April, 2019 the levy is applied at the rate of 3.75% of the cost of the Direct Tourism Service.
Awaiting ratification
Two (2) DTAs and one Protocol await ratification and are outlined below:
The Protocol to the Barbados/Botswana DTA. This was signed on 4 September 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 11 December 2019 and is awaiting ratification.
The Republic of Ghana did not complete the ratification process of the 2008 signed agreement and has asked to negotiate a new DTA.
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 1 April 2021.
Bilateral Investment Treaties
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.
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
• 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 Luxembourg and is 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 in the case of registered land the minimum fee for the sale of registered land is 2/3 or 1/3 of the cost for a normal conveyance (above) 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 a 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 global 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. There are three FBO facilities offering services to private jets.
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.
INTERNATIONAL FLIGHTS TO BARBADOS
Note that this is only the minimum fee that may be charged.
Barbados has non-stop daily scheduled airline services to major business hubs including New York, Miami, Toronto, London and the Caribbean islands. There are also regular non-stop scheduled airline
services to other major markets including Frankfurt, Charlotte and Panama. Airlines that fly to Barbados include American Airlines, Air Canada, British Airways, Caribbean Airlines, Copa Airlines, Jet Blue, LIAT, Virgin Atlantic, West Jet, Lufthansa, Intercaribbean Airways and several charter flights companies. 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 have expanded 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 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.
CONTACTS
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
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
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
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
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
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
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
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
BIBA – The Association for Global Business
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)
