The lifestyle your heart desires…
One of the highest-ranked developing countries on the UN’s Human Development Index, Barbados has: a desirable quality of life a longstanding record of political, social and economic stability an excellent education system healthcare that’s amongst the best in the Caribbean direct connections to major international cities world-class telecommunications other reliable utilities island-wide
As a mature jurisdiction with a commitment to international best practices, we have built a strong foundation of treaties, anchored by effective laws and transparent policies and procedures, including a robust structure to enhance your global competitive advantage.
Home to an expanding roster of thousands of transnational entities, the Barbados landscape is vibrant and brimming with opportunities - spanning the traditional sectors to the emerging, with much to offer. Let our team at Invest Barbados be your guidefrom exploration to business establishment and expansion. Invest Barbados is positioned to ensure that Barbados works for you!
…with everything your business needs.
Publisher & Editor: Keith Miller
Publication Manager: Danielle Miller
Design: Neil Barnard at 809 Design Associates
Main Photographer: Jaryd Niles-Morris
Assisted by: Sherika Rice, Anika Millington and Ryan Austin
Illustrations: Nicola Barnard for Business Barbados
Website and E-Book available at BusinessBarbados.com and join the conversation on the following social networks:
Business Barbados is published annually by Miller Publishing Company Limited, 10 Stonehaven, Crane, St. Philip, Barbados
Tel: (246) 421 6700
E-mail: keith@millerpublishing.net
E-mail: danielle@millerpublishing.net
All information in this publication has been carefully collected and prepared, but it still remains subject to change and correction.
Use these contents for general guidance only and seek extra assistance from a professional adviser with regard to any specific matters.
Copyright reserved. None of the contents in this publication can be reproduced or copied in any form without permission in writing from the publisher.
The decisions we make today can impact the quality of life for the generations to come. A better future is entirely possible, but it will require a profound and lasting change in attitudes and behaviors and will depend on sharing knowledge and experience more broadly than ever before.
Deloitte helps organizations progress their journey toward long-term sustainability and value creation. We advise clients to meaningfully embed sustainability into decision-making and operations, redefine business strategies to incorporate Environment, Societal and Governance (ESG), meet disclosure and regulatory requirements and help accelerate the transformation of their organizations.
Together, let’s reimagine the way we work – and build vibrant economies that are sustainable well into the future.
FEBRUARY
BUSINESS
1-3 – World Captive Forum, Miami, FL worldcaptiveforum.com
CULTURAL
12-19 – Holetown Festival holetownfestivalbarbados.org
AGRICULTURE
24-26 – Agrofest, Queen’s Park, Bridgetown basonevoice.org
HORSE RACING
4 – Race Day, Garrison Savannah barbadosturfclub.org
POLO
4 & 11 – Villages vs Barbados, Barbados Polo Club
BUSINESS
27 – BIBA Networking Mingle biba.bb
GOLF
28 – Barbados Golf Club Championship, Barbados Golf Club
HORSE RACING
2, 14 & 28 – Race Days, Garrison Savannah barbadosturfclub.org
POLO
14 – Young Barbados/UK, club match, Barbados Polo Club
21 – Denmark vs Barbados, Apes Hill Polo Club
SAILING
14 – Barbados Sailing Week Junior Dinghy Regatta
17-22 – Mount Gay Round Barbados
Sailing Week, sailbarbados.com
21 – Mount Gay Round Barbados Race
RUGBY
21 – Rugby XVs Renegades vs Tridents, Garrison Savannah
NATIONAL HOLIDAYS
1 – New Year’s Day
21 – Errol Barrow Day
9 – Villages vs Barbados, Apes Hill Polo Club
25 – Cheshire vs Barbados, Barbados Polo Club
BUSINESS
5-7 – Captive Insurance Companies Assoc. (CICA) 2023 Int’l Conference, Rancho Mirage, California cicaworld.com
CULTURAL
15-19 – Barbados Independent Film Festival Barbadosfilmfest.org
GOLF
25-26 – Barbados Golf Club Open
CRICKET
31 – 2023 Regional Police T20 Cricket Tournament
HORSE RACING
4 – Race Day (Barbados Turf Club Sandy Lane Gold Cup), Garrison Savannah
18 – Race Day, Garrison Savannah barbadosturfclub.org
POLO
2 – Cheshire vs Barbados, Apes Hill Polo Club
5 – Cheshire vs Barbados, Barbados Polo Club
11 & 18 – Canada vs Barbados, Barbados Polo Club
16 – Canada vs Barbados, Apes Hill Polo Club
25 – Hickstead vs Barbados, Apes Hill Polo Club
BUSINESS
26-27 – SEO Mastermind, Clifton Hall Great House barbadosseo.com
30 April - 3 May – RIMS 2023 Annual Conference, Atlanta, Georgia rims.org
CULTURAL
7-10 – Oistins Fish Festival visitbarbados.org/oistins-fish-festival
GOLF
27-30 – Sir Garfield Sobers Festival of Golf, Barbados Golf Club, The Country Club at Sandy Lane and Royal Westmoreland
HORSE RACING
1, 15 & 29 – Race Days, Garrison Savannah barbadosturfclub.org
POLO
1 – Hickstead vs Barbados, Apes Hill Polo Club
22 & 29 – Wascosa vs Barbados, Apes Hill Polo Club
27 – Wascosa vs Barbados, Barbados Polo Club
FISHING
11-16 – Sir Charles Williams Barbados International Fishing Tournament, Port St Charles Marina
NATIONAL HOLIDAYS
7 – Good Friday
10 – Easter Monday
28 – National Heroes Day
BUSINESS
9-11 – Caribbean Hotel and Tourism Assoc.’s (CHTA) Caribbean Travel Marketplace, Lloyd Erskine Sandiford Centre, Barbados chtamarketplace.com
GOLF
6 – Barbados Golf Club BGA Championship
HORSE RACING
27 – Race Day (Barbados Guineas), Garrison Savannah barbadosturfclub.org
JUNE
HORSE RACING
10 – Race Day, Garrison Savannah
24 – Race Day (Midsummer Creole Classic), Garrison Savannah Barbadosturfclub.org
MOTORSPORT
3-4 – Rally Show & King of the Hill
10-11 – Sol Rally Barbados rallybarbados.net
NATIONAL HOLIDAYS
29 – Whit Monday
JULY
HORSE RACING
8 & 22 – Race Days, Garrison Savannah barbadosturfclub.org
CULTURAL
2-8 – Crop Over Festival
HORSE RACING
1 – Race Day (Barbados Derby), Garrison Savannah
12 & 26 Race Days, Garrison Savannah barbadosturfclub.org
HOCKEY
20-26 – 38th Annual Barbados
International Hockey Festival, Sir Garfield Sobers Sports Complex
SCUBA DIVING
18 – DiveFest 2023
NATIONAL HOLIDAYS
1 – Emancipation Day
7 – Grand Kadooment Day
HORSE RACING
9 – Race Day, Garrison Savannah barbadosturfclub.org
BUSINESS
22-27 – BIBA Global Business Week biba.bb
26-29 (tbc) – BMEX Trade & Innovation Expo bmex.bb
CULTURAL
19-22 – Barbados Food & Rum Festival
TRIATHLON
22 – 33rd Annual Barbados National Triathlon triathlonbarbados.com
BUSINESS
15-17 – BarbadosSEO Conference, Clifton Hall Great House barbadosseo.com
CULTURAL
1 – Independence Lighting Ceremony, Heroes Square, Bridgetown
30 – 57th Anniversary Independence Day Parade, Kensington Oval
HORSE RACING
3, 18 & 30 – Race Days, Garrison Savannah barbadosturfclub.org
SWIMMING
8-12 – Barbados Open Water Festival barbadosopenwaterfestival.com
NATIONAL HOLIDAYS
30 – Barbados Independence Day
GOLF
16 – Barbados Golf Club Hamper, Barbados Golf Club
HORSE RACING
16 – Race Day, Garrison Savannah
26 – Race Day (Boxing Day Racing) barbadosturfclub.org
RUNNING
TBC – Run Barbados Marathon Weekend runbarbados.org
NATIONAL HOLIDAYS
25 – Christmas Day
26 – Boxing Day
In 1973 a merger between Peat Marwick Mitchell & Co and Ken Hewitt & Co provided the impetus for KPMG’s presence in Barbados. Today, we are proud that we continue to deliver excellence in audit, tax and advisory services to this beautiful island nation.
14 - From the Publisher
16 - Choose Barbados to Invest, Live, Work and Play
Carmel Haynes
20 - Tax Attraction: Barbados Offers Attractive Tax Benefits to Incoming Investors
La-Tanya Phillips
24 - Playtropic Videogame Services
Melanie Jones
28 - UN Sustainable Development Goals
Connie Smith
36 - Ecohesion Joins Integrated Sustainability
42 - Barbados Blue Bonds and Climate Finance in the Caribbean
Chris Brome, Grant McDonald
48 - Property Development in Barbados
Terry Hanton
56 - Apes Hill Barbados
64 - BIBA
68 - Unlocking Africa: Barbados Unlocks African Business and Cultural Wealth
Kaye-Anne Greenidge
72 - Strengthening the Africa-Caribbean Alliance
Joanna Robinson
78 - Investment in the Life Sciences Sector
Kerry Jordan
86 - BioConnect Medical Centre
92 - Barbados Rum
94 - Back to Our Roots
Richard Seale
102 - A First-hand Report from the Barbados Rum Experience 2022
Adam O’Connell
We are unique in the way we combine the scale and capability of a large global bank, with the continuity and genuine commitment to service of a boutique firm.
Our expertise crosses three integrated service areas:
With an uncommon commitment to personalized service, we approach every challenge as an opportunity to make life simpler for our clients.
Let’s connect.
Connie Smith – Managing Director, Tricor Caribbean
Renatta Mohammed - Director, Investment & Marketing, Invest Barbados
Peter Boos - Chairman Emeritus, EY Caribbean
Melanie Jones - Managing Partner, LEX Caribbean
Mark Thompson - Chairman, Tourism Development Corporation
Trisha Tannis - Chairman, Barbados Private Sector Association
Andrea Burgess - Deputy CEO (Ag.), Export Barbados (BIDC)
Keith Miller - Publisher, Business Barbados
Carmel Haynes - Executive Director, BIBA
Tara Collymore-Kirton - Senior Manager, Deloitte
Marilyn Husbands - Tax Partner, EY Barbados
Caroline Belgrave - Senior Manager, PwC East Caribbean
Grant McDonald - Managing Partner, KPMG
Photo location - Regus Business Centre
Left to Right:placing even greater emphasis on our existing digital platforms. Our intention is to provide regular content designed to stimulate ongoing conversations, while facilitating informed insights and analysis from the top minds in business and development. And we are already making that happen.
international community, the bonds were oversubscribed with better pricing than anticipated. A few months later, on the occasion of the 56th Independence Day Celebrations, the Prime Minister reiterated the Government’s five main goals to help Barbados achieve world-class nation status by 2030:
With the release of this 2023 edition of Business Barbados, we have attained the noteworthy benchmark of 25 consecutive years of publication in both print and digital formats. Although that noteworthy achievement might naturally prompt some degree of satisfaction, we prefer to see it as an opportune moment to re-evaluate and improve our position.
Having constantly aspired to make each new edition better than its predecessor, we are acutely aware that there is no room for complacency at any level – especially in today’s rapidly evolving and unpredictable world, when unexpected change seems to be the norm. To survive and thrive in that challenging environment, we have to reinvigorate Business Barbados to better fulfil its primary purpose of promoting Barbados as an attractive investment jurisdiction to as wide an international audience as possible, while also stimulating interest and growth within the domestic business sector.
And we have to do it now.
So, as we move forward with a more dynamic Business Barbados, while retaining the print edition as a core component of the brand, we will now be
In 2022, I was delighted to welcome Danielle Miller onto our team as the new Business Barbados Publication Manager. Having previous international experience in digital and print marketing with two major national brands in London, as well as successfully working as a freelance editor and copywriter in Peru and Barbados for a broad range of business-related clients, Danielle is eminently qualified for her new role. Since joining the team, Danielle has worked productively with colleague Erin Brewster, our web designer /developer, to create a new, more user-friendly website, as well as map out an effective content strategy for our digital offerings including web content, newsletters and targeted social media campaigns.
In short, we are re-building today for better results tomorrow.
At a radically higher level, Barbados also finds itself at a crossroads in a modern world replete with immense change, unprecedented challenges and exciting opportunities.
Confronted by a daunting list of inter-connected global issues including but not limited to the climate crisis and its many implications, renewable energy sources, food and water scarcity, biodiversity and species loss, pandemics and other health issues, wellbeing and education of children, gender and social equality – Barbados has initiated a series of bold initiatives designed to combat these challenges while also stimulating economic development.
In September 2022, under the astute leadership of Prime Minister Mia Amor Mottley, Barbados became one of the first countries in the world to issue Blue Bonds with a pandemic clause included. In a rousing vote of confidence by the
• A ‘Green Barbados’ to ensure the protection of biodiversity and food supply.
• A healthy and safe Barbados for everyone on the island.
• Utilising the platform of education to create a knowledge and innovation hub.
• Leveraging geographical advantages for Barbados to become an entrepot for the western and southern hemispheres.
• Economic enfranchisement of all Barbadians.
Over the course of the last two years, investors have launched a significant number of new projects with the potential to help Barbados attain its sustainable development goals. Most notably in the sectors of sustainable water supplies, renewable energy solutions, green building and property development, sustainable rum production, and life sciences – many of which we have featured in this edition.
Other major investments include the complete rebuild and refurbishment of Apes Hill by its new owners; the construction of several new hotels, condominiums and other tourism related facilities; and large-scale building of affordable homes for Barbadians. Meanwhile, the Government has announced a substantial capital works programme, including a billion dollar, 10-year transformation of the Bridgetown Port, as well as an ambitious tourism development plan for a 9-acre beachfront property at Needham’s Point on the south coast.
In keeping with its longstanding reputation as a reputable investment
jurisdiction offering financial and social stability with well-regulated legislation, Barbados continues to be highly attractive to companies from a governance perspective. By complying with the stringent anti-money laundering and economic substance regulations demanded by organisations such as the OECD and the EU, Barbados can rightfully claim to have one of the best and tightest tax regimes in the world.
Businesses that establish here have access to a steady supply of educated, trainable employees with a good work ethic, including each year approximately 1,500 graduates from the University of the West Indies in biology, chemistry and other sciencebased subjects. It is worthy of note that by recruiting Barbadian graduates, international companies can often fulfil their diversity requirements in one go. Other Barbados advantages include excellent airlift and communications, well-established strategic partnerships around the world, and opportunities to engage in newly developing sectors. Furthermore, Barbados has matured into a cosmopolitan location with a welcoming environment for international businesses and investors, as well as individuals or families seeking a new place to live amongst like-minded people, with a happy, healthy outdoors lifestyle.
Barbados has a real opportunity to implement a transformational phase of economic development that could potentially realize the nation’s aspiration to be world-class. But we cannot become a global success on our own. We need to establish mutually-beneficial alliances with people and businesses of substance who have already attained proven worldclass status, then facilitate them with the appropriate infrastructure to prosper.
And we have to do it now.
Barbados is open for business and ready to work. Bona fide investors welcome!
this prospect of having to raise its tax floor to 15 percent from its current ceiling of 5 percent would cause Barbados to lose its advantage in attracting highearning multinational companies from across the globe. However, this is based on a very narrow view of what Barbados has to offer. Barbados has never been interested in a ‘race to the bottom’ in providing tax concessions.
Carmel Haynes Executive Director, BIBA, the Association for Global Business
Since the global minimum corporate tax rate proposed by the Organisation for Economic Cooperation and Development (OECD) started to gain traction while the developed countries of the world tried to rebalance their budgets in the grips of a global pandemic, the spotlight has been cast on tax competitive jurisdictions such as Barbados. Some have questioned whether
Indeed, Barbados continues to maintain its rank among the top 10 captive insurance domiciles in the world. This is because captive managers are less focused on tax advantages when they choose a jurisdiction, but rather more interested in how Barbados maximises their strategic, financial and operational advantages. Among independent consultants who evaluate these areas, Barbados continues to rank highly for the stability and predictability of its business environment; the speed at which applications are processed; its history of regulatory experience; and how the jurisdiction is perceived (we have been consistently indexed among the lowest territories within the Americas for perception of corruption by the Germanbased Transparency International).
Apart from captive business, these are high-value features for many investors
and business leaders. It is therefore no wonder that Barbados is also the fourth largest recipient of Canadian direct investment in the world, with six of the largest Canadian banks maintaining a presence here, either through their retail banking, wealth management or reinsurance business units. Indeed, BIBA was formed a quarter-century ago through the amalgamation of several representative organisations for Canadian offshore banks, international business companies, and exempt insurance companies, which were domiciled here and still maintain a presence in Barbados to this day in many cases.
Barbados continues to attract business from Canada, many other Commonwealth nations and the United Kingdom, because our legal framework is grounded in English Common Law and our corporate laws are modelled after the Canadian system. Home to a Westminster system of Parliament since 1639, Barbados also holds a solid reputation for political stability, while also enjoying an enviable record of social stability and security relative to many of its neighbours in the hemisphere. Barbados has a strong regulatory framework comprising the Central Bank of Barbados, the Financial Services Commission, the Corporate
Affairs and Intellectual Property Office, the International Business Division of the Ministry of Energy and Business, and the Barbados Revenue Authority, which offer right-sized regulations that comply with international best practice, while being suited to a small, open-economy. Unfortunately, the economic challenges raised by the global pandemic stymied local authorities in their efforts over the past three years to be as responsive to international obligations as has been our reputation, but open dialogue is being maintained with the OECD, the European Commission and the Financial Action Task Force to respond to and remediate any deficiencies that could threaten to place Barbados on another blacklist.
While being a tax competitive jurisdiction is not our only selling point, we do have a deep network of Double Taxation Agreements (DTAs), Bilateral Investment Treaties (BITS) and Tax Information Exchange Agreements (TIEAs) that makes us unique in this hemisphere. At the latest count we have 40 DTAs in force, including the Caribbean Community (CARICOM) multilateral DTA, and key trading partners in the United Kingdom, Europe, North and South Americas, Asia, Africa and the Middle East. Added to that, we have nine BITs and five TIEAs in force in the same regions. These agreements are compliant with the Organization for Economic Cooperation and Development (OECD) Global Forum requirements. Indeed, since our first tax blacklisting challenge in the 1990s, Barbados has taken every challenge by the international regulatory framework as an opportunity to strengthen and improve our compliance efforts and internal regulations to remain a lower risk, high value jurisdiction for investors. Our geographic proximity and various tax agreements with Mexico, Panama, and Venezuela, and our airlift agreement with Copa Airlines, make Barbados a natural gateway into Latin America. For businesses outside of this hemisphere who want to engage with the Latin American markets, but which are cautious of directly exposing themselves
to the political, financial, and other risks that could come through direct investment, a Barbados structure can assist in mitigating against the risk from some of the more volatile situations to which new entrants could find themselves exposed.
Barbados has excellent human resource capital in the form of a well-educated, highly skilled workforce equipped with the knowledge and acumen to support a variety of international business clientele. Barbados presents the right conditions for organic growth through local employment, thus saving international investors high relocation costs associated with bringing in international talent. And it is because of our people that the island is known the world over for not only its welcoming investment climate, but also its welcoming of those who choose to relocate here and make a positive contribution to our society and economy, whether on a temporary or more permanent basis.
By creating the remote worker/digital nomad visa termed the ‘Welcome Stamp’ in late 2020 for overseas middle to high-income earners, the island signalled that it was prepared to embrace and not ostracise thousands of entrepreneurs, business owners and skilled overseas nationals who were uncomfortable or downright scared of seeing out the COVID-19 pandemic in their home countries. The warmth of our hospitality, our climate and the cosmopolitan vibe in an island-setting offered by our urban centres, attracted over 4,000 ‘Welcome Stampers’, who were then given the option to renew their status times at the end of the 12 months or apply for a Special Entry and Reside Permit if they qualified. Once granted an SERP, qualifying high net worth individuals (HNWIs) and their dependents can live in Barbados with few restrictions for an indefinite or a fixed period, depending on the age of the individual and the particular category the individual falls under – a retired person, an employed person or an entrepreneur. Eligible individuals are taxed only on their income
that is generated locally or remitted to Barbados.
Barbados is attractive not only to individual investors or business executives but their families as well because of the quality of life that is available here. The public and private school systems are highly rated across the world and students at some secondary-level schools can even pursue their international baccalaureate qualifications. This allows for a near seamless transfer of students and their grades from Barbados to institutions of higher learning globally. Not only is our education system internationally accredited but so is our healthcare system. Along with our primary public healthcare facility, the Queen Elizabeth Hospital, Barbados also offers 24-hour emergency services at several private clinics across the island. It also boasts an internationally sought after fertility clinic and a new gynaecological clinic specialising in pre- and postmenopausal care that has a growing clientele from Latin America and the wider Caribbean.
With our robust telecommunications infrastructure and continuously expanding international flight agreements, including expansions into the African continent, Bridgetown is well-positioned for connections with many cities across the globe. As we learn to live with COVID, our annual calendar of entertainment activities is ramping back up with events designed to appeal to all ages and cultural backgrounds. The number of flag hotels on the island is growing as the Hyatt and Wyndham hotel groups position themselves to join the Hilton, Radisson and Marriott properties that already enjoy year-round strong occupancy levels. Food culture continues to evolve and the wide variety of culinary offerings, including some Zagat-rated restaurants, can delight a variety of palates.
All of that, added to our geographic position just north of the equator while slightly outside of the hurricane belt, makes Barbados one of the best places in the world to live, work and play for the discerning global traveller.
For many years, Barbados has asserted a value proposition of sun, sea and sand to those who vacation on our shores. For the persons who will eventually leave or perhaps even forfeit the beach in search of investment opportunities, another value proposition arises: Barbados is always open for business. The welcoming environment for investment and business operation is underpinned by a tax regime that offers many attractive benefits and rests on pillars of simplicity, fairness, adequacy, and transparency.
Beginning and ending with simplicity, the Barbados regime does not impose tax on capital gains. Moreover, there are no exit, wealth, inheritance or gift taxes.
Moving to the sphere of income taxes, companies not carrying on insurance business are subject to corporation tax at graduated rates of 5.5% down to 1% depending on their level of income. Most attractive to many multinationals is that income exceeding USD15 million is taxed at 1%.
Entities carrying on insurance business are subject to corporation tax according
to the class of license they hold. Class 1 licensees that underwrite related party business are subject to tax at 0%. Class 2 licensees that underwrite third-party risks are subject to tax at 2%. Finally, Class 3 licensees, including insurance intermediaries, brokers, insurance management companies and insurance holding companies are subject to tax at 2%.
In addition to low rates of corporation tax across all industries, domestic tax legislation makes provision for a participation exemption which allows dividends received by a Barbados company from non-portfolio, nonresident subsidiaries to be exempt from corporation tax. In calculating the income which will be subject to tax in Barbados, a domestic credit is allowed for foreign taxes paid by Barbados resident companies on amounts to be taxed in Barbados. This credit is allowed up to the amount of the Barbados taxes payable on the income, but it cannot reduce the total tax payable by the Barbados entity for that year to less than 1% of its taxable income. An underlying tax credit is also allowed with respect to foreign dividends if the Barbados company owns at least
10% of the capital of the foreign company. Addressing one of the ultimate concerns for investors, the Barbados tax regime elevates its advantages once more. The country acknowledges that a return on investment maintains value with the investor’s ability to receive/ benefit from that return. Therefore, domestic legislation exempts dividends paid from foreign sourced income from withholding tax once remitted to a nonresident of Barbados. For those who opt to finance investment into Barbados via debt, interest paid to non-residents of Barbados is also free from withholding tax.
While there is no doubt that the headline rates of tax in a jurisdiction can be a deal maker or breaker for investors, Barbados acknowledges that the transactional taxes which arise with business operations are an important consideration as these have the potential to impact return on investment. Local indirect and transactional taxes such as Value Added Tax (VAT), Property Transfer Tax (PTT) and Stamp Duty (SD) are applicable in Barbados, with the VAT standard rate being 17.5% and PTT at 2.5%. SD is document determined and, in that regard, international investors
often encounter the 1% duty applicable to assignments etc. While these taxes and duties are important for the sustenance of a small island economy like Barbados, there are opportunities for investors to mitigate their impact.
With effect from 1 January 2019, Barbados introduced a Foreign Currency Permit (FCP) available to entities that earn 100% of their income in a foreign currency. Among the benefits for FCP holders are:
• Exemption from ad valorem stamp duty
• Property transfer tax exemptions
• Exemption from payment of VAT and duties on the importation of plant, machinery and raw materials
• Income tax concessions for specifically qualified employees.
Direct benefits aside, for a tiny 166 square feet island, the ability to network with other countries with similar principles is paramount. Barbados’ treaty network is ever expanding and includes 40+ double-taxation agreements which are extremely advantageous. For the investor who wants to utilize Barbados resident entities to do business in other
countries, these treaties provide the opportunity to:
• Create certainty on tax treatment of income and gains arising from crossborder investments
• Reduce/eliminate withholding taxes on certain types of income
• Eliminate double taxation of income.
Finally, in addition to a robust domestic tax framework and an expansive international tax treaty network, Barbados continues to ensure its presence, participation and contribution at a global level. As a member of the Organization for Economic Corporation and Development’s (OECD) Inclusive Framework, Barbados steadfastly commits to fair taxation and the elimination of Base Erosion and Profit Shifting. In recent years, the introduction of Economic Substance requirements for entities with geographically mobile businesses has reaffirmed the country’s pledge to provide a well-regulated, respected, yet attractive jurisdiction of choice for investors.
In the midst of an evolving global tax environment, Barbados remains agile, attractive and as always, open for business.
DON’T SEE
A CONVERSATION WITH THE FOUNDER OF BARBADOS’ FIRST VIDEO GAME TESTING BUSINESS
After 18 months of assiduous effort, Playtropic Videogame Services (Barbados) Ltd launched in Barbados on August 26, 2022. I met with Joel Benton, the visionary behind Playtropic, the first international videogame business in the Caribbean in December 2022. Our chat left me inspired by his passion as a commercial and social entrepreneur, and his deep appreciation for Barbados and our people.
We began with the challenges and highlights of establishing Playtropic, which is an extension of Joel’s other videogame development businesses in the UK and Europe. Reluctantly, he conceded that investors seasoned in the entrepreneurial environments of the UK and North America would notice facilitation gaps in Barbados, citing the opening of local bank accounts as one of the most arduous tasks. Happily, however, Joel recounted that his rich collaboration with BIDC resulted in securing superb premises; and recognized the pivotal roles played by responsive, solution-driven tax, legal and corporate service providers.
Joel also gave his local recruitment experience rave reviews. The quality of well-educated applicants, keen to convert their love of video games into career opportunities, impressed him. This aligned perfectly with his vision for young Barbadians, because some of the
global gaming industry’s most successful developers got their “start” testing videogames.
To that point, Joel is convinced that Barbados could become a centre for the creation of games. He is in discussions with the Barbados government and the University of the West Indies about building the requisite skills on island through a Playtropic Videogame Skills Academy, including coding, graphic art, game design and production. He is also germinating a concept for a new game which, backed by appropriate investment, could serve as a fertile training ground for local talent.
I asked Joel about his motivation to work with Barbadians. Is diversity relevant? In response he explained his central philosophy:
“My happy place is joining the dots that other people don’t see.”
Expanding on this he explained that although the videogame industry is a global phenomenon, it lacks diverse creative input. He believes that life would be richer if we told more stories, and that our Caribbean people don’t yet have a voice in gaming narratives. Joel wants to incubate talent in Barbados, initially through game testing, but ultimately, through game development. He sees his role like this:
“When we test games we provide picks and shovels for the prospectors - but ultimately it is those creators of successful games that mine the deep veins of gold. My superpower is connecting creators to investors… I’d like to connect the educated youth in Barbados who are passionate about gaming industry careers with developedcountry investors.”
Joel contemplates enormous potential being unlocked in the region, as we participate in a videogame sector which has a current market size of US$200 billion, with revenues projected to exceed US$583 billion by 2030.
This sounds fantastic, but are there threats or obstacles to overcome before this industry can flourish and grow
exponentially in Barbados? The answer was unequivocal. Yes. In a digital world, fairly-priced bandwidth is everything. Playtropic needs to download multiple unoptimised game builds, of hundreds of gigs each, to be able to test them for clients. Not having adequate bandwidth for these purposes presents extreme difficulties. Apparently, given the dependence upon local internet service providers, this remains a work in progress. Discussion turned to nomadic entrepreneurs; and wisdoms that emerged from pandemic life. Never before have we put such a high value on having a base from which it is profoundly enjoyable to live, but also efficient to work. I asked Joel to compare Barbados’ attractions as a hub for global businesses with traditional urban centres in the West. Joel chose the UK and Canada as examples, noting they both have established video game sectors and that commuting between each of them and Barbados is easy. He described Barbados as uniquely beautiful, sunny and safe, with decent everyday infrastructure, excellent human capital, competent professional advisors and hospitable people. He distilled his analysis to its essence when he said emphatically, “Barbados is the ideal hub for any business.”
I asked Joel about Playtropic’s goals. He replied with the force of absolute conviction: “to be the best video game testing company in the world, the best employer in Barbados, and to make a tangible and sustainable impact on the socio-economic development of Barbados”.
I’m not a gamer, but as a child I dabbled with Donkey Kong. Borrowing from gaming parlance of that time, I have to say … with Playtropic in our mix, Barbados just levelled up.
together with other private sectors heads, challenged to examine different SDGs and what Barbados can do to call attention to, as well as focus on the island’s actions to achieve these goals. For the purposes of this article, let’s place the spotlight on SDG 7, which seeks to ensure access to affordable, reliable, sustainable and modern energy for all.
The Agenda for sustainable development was adopted by all United Nations Member States in 2015. At its heart are the 17 Sustainable Development Goals (SDGs), which are an urgent call for action by all countries - developed and developing - in a worldwide partnership for peace and prosperity for people and the planet, now and into the future. Creating and building an awareness around the importance of the SDGs has become a global imperative.
As such, I am humbled and pleased to have been appointed to the UN Business Advisory Group for Barbados,
Decades ago, climate and environmental concerns were viewed as esoteric subjects, and simply the expressions of ‘armageddonists’ seeking to restrain the pace of global industrialization. Today, there is an acceptance that humans have the capacity to both advance mankind’s progress using science and technology, while also protecting the world we live in for generations to come.
We have reached a level of recognition that sustainable human development and capitalist pursuits can coexist and not be antitheses. In fact, more political leaders and captains of industry have a much better understanding of their responsibility to act and are being called upon by more activists both young and old. Few, if any, corporates or political leaders want to be remembered for their degradation of the planet or ambivalence to the dangers of the climate crisis that is evidently upon us. Thankfully, most of the public postures have reflected increasing political and financial commitments, as well as environmental, social and governance (ESG) pledges.
In Barbados, we have had the honour of being led by a woman who has made it her goal to bring change to the global status quo. Prime Minister Mia Amor Mottley has become little Barbados’ big voice, not only on the urgency of climate action but on the concomitant demand for financing to support these necessary adaptations. Prime Minister Mottley has not only pleaded the case for Barbados, but for all Small Island Developing States (SIDS) around the world that face similar challenges.
SIDS can positively impact global policy decisions on how we treat a range of environmental and climate issues. For context, Barbados’ role in drawing attention to sustainable development needs was first highlighted in 1994 when the island hosted the first International Conference on Small Island Developing States, attended by 125 countries. Out of it came the Barbados Programme of Action.
Our island’s profile as a leading voice on sustainable development was again showcased at the United Nations Conference on Trade and Development (UNCTAD 15), staged here in October 2021. It was attended by UN SecretaryGeneral António Guterres, Prime Minister Mottley, Kenyan President Uhuru Kenyatta, and UNCTAD Secretary-General Rebeca Grynspan. As our Prime Minister reminded attendees, “UNCTAD was formed to give voice and protection to developing nations. If ever there was a
Connie Smith Managing Director, Tricor Caribbean Limitedtime for that voice to be heard on issues of trade and development, it is now.”
The most pressing areas of SDG 7 for us in Barbados relate to the international financial flows to developing countries for renewables, as well as the level and pace of renewable energy consumption. In its status update, the UN said financing to developing states for renewables fell from US$24 billion in 2017, to US$14.3 billion in 2018, to just US$10.9 billion in 2019. And though renewable energy consumption increased by 25 percent between 2010 and 2019, renewables represented just 17 percent of total energy consumption.
Since the compilation of the data above, Barbados has made climate financing a top priority and the impact of the country’s high-level advocacy is bearing fruit. For developing countries to adequately respond and make the kind of commitments necessary for climate resilience, financing is critical. And in her usual forthright approach to issues, Prime Minister Mottley has stressed that, “While we pray, prayer and hope are not strategies to combat this climate crisis”.
The Green Climate Fund (GCF), an agency of the UN Framework Convention on Climate Change established by 194 governments, seeks to reduce greenhouse gas emissions in developing countries and help them adapt to the impact of climate change. Out of those efforts has come the recent Blue Bond Issue, a groundbreaking debt conversion transaction, that has unlocked some US$50 million to assist Barbados in protecting a significant percentage of its marine ecosystems.
The audacious project allows island nations to refinance a portion of their national debt in a way that cuts their debt burden and also funds conservation activities, such as improving fisheries management and climate change adaptation. This in turn helps to improve
food security and the quality of life on the island.
Another example of the real impacts from the GCF has been the almost US$40 million in grant financing provided to the Barbados Water Authority. The funding will, among other things, help to upgrade the Bridgetown Sewage Treatment Plant to a tertiary treatment system and install wastewater treatment systems in two Zone A areas of the island to harness water to recharge the underground aquifers and provide agricultural irrigation.
The progress being made at the national level is also translating to greater awareness among the local private sector, with financial institutions placing greater focus on special funding for alternative energy projects. Even more important has been the commitment given by some leading Caribbean businesses to incorporate sustainability as part of their corporate culture and business practices.
This was demonstrated, for example, when the Republic Bank Group recently committed to ensuring a sustainable future and becoming a signatory to the UN’s Principles for Responsible Banking and the Net-Zero Banking Alliance. The regional bank has pledged to lend and invest US$200 million by 2025, to support actions that would help achieve major climate finance goals.
At the culmination of COP 27 in Egypt in late December 2022, Prime Minister Mottley championed a radical global initiative, developed by Special Envoy to the Prime Minister of Barbados on Investment and Financial Services, Professor Avinash Persaud, coined the Bridgetown Initiative. This is a proposal to reform the world of development finance, particularly how rich countries help poor countries cope with and adapt to climate change. The initiative includes three key steps:
- Changing some of the terms around how funding is loaned and repaid. The aim is to stop developing nations spiralling into a debt crisis when their borrowing is forced up by successive disasters like floods, droughts and storms.
- Asking development banks to lend US$1 trillion to climate-vulnerable developing countries at discounted rates, to allow them to focus on building their climate resilience.
- Setting up a new mechanism to fund climate mitigation and reconstruction after a climate disaster.
Encouragingly, at the time of writing, the Bridgetown Initiative is gathering increasing global support and steam. Also in late December 2022, the World Bank announced that it had agreed to lend Barbados US$100 million in funding, which Prime Minister Mottley advised would allow Barbados to advance its efforts to achieve climate resilience, including continuing our shift to clean energy, which is inextricably linked to Barbados’ economic recovery.
The small physical stature of Barbados is not an impediment to our country making a big impact on the world in which we live. Teenaged Barbadian environmentalist Maria Marshall – a UN Development Programme Future Fest winner in 2020 when aged just 11 – articulated in her UNICEF campaign Voices of Youth, ‘Little Thoughts on Big Matters’, children and adults, no matter where they reside, have “ideas that can make a great impact on our environment”.
Ending poverty and other deprivations must go hand-in-hand with strategies that improve health and education, reduce inequality, and spur economic growth. As Prime Minister Mottley implored in her Opening Ceremony message at COP 27, “We have the power of choice. We must choose to act.”
And we must act without any further delay.
The time is now.
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair.” – Charles Dickens, A Tale of Two Cities.
Energy plays a vital role in the economic development of any society: Energy is the engine for the production of goods and services across all economic sectors. Barbados, like most CARICOM countries, is dependent on imported oil and petroleum products for more than 90% of its energy services. Collectively, our countries account for less than 0.2% of global oil imports. The region is therefore a very small and insignificant market within the context of the global oil demand and the heavy reliance on fuel imports exposes us to a high degree of supply and price volatility.
The uncertainty and impact of commodity – especially oil – price volatility, over the past two decades, has established energy security as the number one issue for leaders worldwide.
Emerging risks and the resulting need to redefine energy infrastructure resilience, changing market designs, evolving business models, and shifting geopolitical conditions, have resulted in a new global energy landscape in which energy price volatility has become the “new normal”. High and generally unpredictable oil prices have consistently retarded the competitiveness of CARICOM produced goods and services – especially our tourism product – and stymied economic growth. It has been estimated that, for small island developing states, which constitute a majority of CARICOM, an increase of US$ 10 in world crude oil price translates to a 1.5% decrease in GDP. But the converse is not true; it has been reported, for instance, that a 10% decline in the price of oil typically produces very little or no impact on growth and levels of employment.
A critical fact is that past efforts to transition CARICOM economies to more sustainable energy use have exposed significant weaknesses in the design and institutional arrangements at the country levels. The legacy framework, despite the millions of dollars in development funding spent by multiple actors over the past decades, did not yield significant results. CARICOM countries, including Barbados, have been at perennial risk of not achieving the sustainable energy goals and targets that they’ve established for renewable energy and, in some instances, energy efficiency. It was for this reason that CARICOM countries, through the Heads of Government, established the Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE), which is headquartered in St. Michael, Barbados, in April 2018. The CCREEE is designed to squarely address what in commonly referred to as an “implementation gap” within the regional sustainable energy landscape by complementing and back stopping the individual and institutional
capacities for sector planning and project implementation within our countries.
The CCREEE has the principal objective of assisting CARICOM countries with navigating what can be best described as a competitive, yet lucrative sustainable energy investment climate. The Centre is already providing reliable and dedicated direct support to the businesses, governments, and civil society actors within the region to, inter alia, transform innovative project concepts and studies into technical proposals and business plans that are capable of attracting financing from a variety of sources. The sector planning, business intelligence, and development assistance functions that are being provided by the CCREEE have the effect of lowering the transaction costs for projects, thereby increasing the number of viable options that are available for implementation within the region. Critically, the Centre is cementing a strong sense of “regional ownership” within the sector, by driving the enhancement of knowledge and improvements in the capacity of Caribbean businesses and citizens. The expectation is that, through deliberate actions, the CCREEE is providing secure and resilient energy solutions that will continually improve the competitiveness of businesses and the quality of lives within the Caribbean.
The CCREEE is guiding the regional energy sector through the best of times, where the confluence of the plummeting costs of some renewable energy technologies provide a window of opportunity for enabling investments, and the worst of times, in which the region continues to face significant economic challenges. But by leveraging the Centre’s key strengths, attainment of desired transformation to affordable, renewable, resilient and secure sources of energy will become more likely in more CARICOM countries.
versus liabilities, and income versus expenses. Be realistic in the estimate of expenditure and factor in a buffer for any contingencies.
The longer you can invest in the market, the more compounded interest you earn.
The tumultuous events of the last two years have forced many Barbadians to re-think the state of their finances, and to question if they can weather another storm.
The short answer is “it starts with budgeting”. A good budget will encourage investing and the development of a diversified portfolio. With the right expertise, budget, discipline and time, you’d be surprised at what you can accomplish.
Things to remember when ready to put your financial house in order.
1. A budget is more than paying bills and saving.
A comprehensive budget involves debt management and devising ways to pay down on debt faster. It includes insurance coverage to protect your assets - your house, contents and vehicle. It also includes health and life insurance. It involves investment instruments like mutual funds that can help finance pivotal milestones, like real estate, developing businesses, covering university tuition, and of course, your retirement.
At Sagicor Asset Management we will start off your assessment with a risk tolerance questionnaire. This helps to assess your investment objectives and constraints from a total portfolio perspective, and allows financial advisors and wealth managers to recommend the optimal asset allocation and investment selection to best achieve your financial objectives.
2. Building the budget.
A comprehensive budget needs to look at an overall assessment of assets
3. Beware of the myth about investing. People procrastinate when it comes to investing, mainly because they feel they don’t have the amount of wealth necessary to invest. This is a myth. Without a clear budget and financial strategy, investing might seem scary and overwhelming. Review your finances and build a comprehensive budget, which will help to better assess available products and allow you to start investing. Mutual Funds are excellent financial instruments to invest in and gain considerable returns.
4. Get help from financial professionals. Sound financial planning is accessible to everyone, and everyone is deserving of assistance in planning their finances. Seek the right help from the right people and achieve more than you could have ever thought possible. With discipline, commitment and guidance, everyone can budget, strategically invest, and reap substantial rewards.
Contact Michael Millar, Head of Wealth Management, today and let him help you put your financial house in order.
Email michael_millar@sagicor.com or call 231-9807.
Nick St-Georges Vice President of International, Integrated Sustainability
After successfully growing our business throughout the Caribbean since 2016, Integrated Sustainability made the conscious decision to commit to the region by moving me and my family, including two young children, down to the region in 2018. We could have picked any Caribbean country to establish our new regional head office, but ultimately chose Barbados. The main factors behind that decision were that Barbados is the only Caribbean country that has established a double-taxation agreement with Canada; the island is outside the main hurricane belt; and it has an international airport that serves as a central hub for the West Indies, which is very important for us considering the amount of inter-
island travel that is necessary to run the business. But, perhaps most important of all for our family, we were moving to a country with an exceptional quality of life, good schools, low crime levels and an abundance of fun activities.
When Integrated Sustainability started pursuing work in the Caribbean in 2016, I had already been working throughout the region since 2006 where I met two of the three owners of the Barbadian company Ecohesion – Sam Neilands and Andre Quesnel – and established a strong relationship with them. Not long after I moved to Barbados in 2018, we began very high-level discussions about a merger because it seemed to be an obvious fit. Integrated Sustainability was offering full turn-key solutions in the water and wastewater sector, including Design-Finance-Construction-Operation & Maintenance (O&M) services, but was
not operating any treatment facilities in the Caribbean. Meanwhile, although Ecohesion was able to provide DesignConstruction-O&M services, their design team was small, and they often needed to partner with other consulting teams to pursue large projects. Therefore, the two companies complimented each other in areas that needed bolstering.
The overall entrepreneurial spirit of the Directors at Ecohesion – with Corey Jackman included – also fits very well with Integrated Sustainability’s culture and senior management. Stuart Torr, the President and CEO of Integrated Sustainability, has always been an entrepreneur, like his father before him, and owned several other companies before starting this consulting firm. The bulk of the leadership team at Integrated Sustainability includes individuals in their late 40’s, so we are a relatively
young team, and this also matched with Ecohesion. Our combined business development network throughout the Caribbean is also complimentary, strengthening our ability to compete against rival local and international companies.
The overall experience to date has been everything we have hoped for and more.
Integrated Sustainability pursues a variety of projects in the water and wastewater sector that often incorporate renewable energy services as well.
Right here in Barbados, we have a very good example of the long-term
benefits our company can deliver to the Caribbean. Located in the Villages at Coverley in Christ Church, the Coverley wastewater treatment plant (WWTP) utilizes an advanced treatment technology called a membrane bioreactor (MBR) that cleans the sewage to the highest level, where it can then be reused for non-drinking purposes such as irrigation and flushing toilets again and again. The reclaimed water from the treatment plant is recirculated within the community of Coverley, using purple pipe to signify that this pipe is distributing reclaimed water, and is not to be confused with the blue pipe that
distributes drinking water. Each home has two water meters, one to track the usage of each type of water. In addition, the Coverley WWTP also includes a reverse osmosis (RO) treatment technology, used in Water Treatment Plants, that removes all the remaining contaminants including bacteria and viruses, leaving a pure water that is circulated into a fish aquarium and used within an outdoor aquaponic system.
This treatment plant is considered to be very advanced by any standards, even for the most developed countries such as Canada, and we should be very proud that Barbados operates such a
sustainable treatment system that is the envy of most water-scarce countries that need to reuse their water.
Some of the projects that we have secured recently include:
Site Study and Conceptual Design for Strengthening Distance Education in the Caribbean Project
Integrated Sustainability was awarded this project by the University of West Indies Open Campus (UWIOC) to complete designs required to upgrade and expand their campuses in Belize, St. Kitts, Dominica, and Trinidad. This very large, multi-disciplinary project was delivered successfully.
Development and Design of National Adaptation Plans for Belize and Cooperative Republic of Guyana
Integrated Sustainability was retained by the United Nations Development Programme (UNDP) to develop National Adaptation Plans related to how climate change is affecting sectors such as the agricultural and water sectors.
Preparation of an Integrated Needs Assessment: Water Usage, Accessibility and Storage in Barbados
Integrated Sustainability was awarded this project by the Caribbean Community Climate Change Centre (CCCCC), in cooperation with the Barbados Water Authority, to design rainwater capture and potable water storage units. Our various design configurations included incorporating solar to eliminate the electrical cost associated with running the pumps for this system.
this Ministry and other stakeholders to develop a new policy framework.
3R’s (Reduce, Reuse and Recycle) for Climate Resilience Wastewater Systems in Barbados
Organized by the CCCCC and funded by the GCF, this project involved completing the conceptual design to upgrade the two wastewater treatment plants (WWTPs) in Barbados – the Bridgetown & South Coast WWTPs – to tertiary (the highest level) in order to improve the infrastructure’s resiliency towards climate change and use the treated reclaimed water for nonpotable use such as irrigation, as well as to consider recharging the existing aquifer. Other aspects of the project also included analysing every aspect of the treatment process for energy recovery and greenhouse gas (GHG) reduction opportunities, especially utilizing the sludge for a potential new biogas facility and/or fertilizer.
Consultancy Services for the Development of a Sustainability Management Plan for the Grantley Adams International Airport, Barbados
The Grantley Adams International Airport (GAIA) selected Integrated Sustainability to develop a Sustainability Management Plan (SMP) for the airport. This project included reviewing GAIA’s policies, strategy, systems, programs, operations, and management review process to determine the state of institutional readiness of the institution for incorporating the SMP into its strategic plan.
Water Storage on Public Buildings in Dominica.
And, worthy of special mention, we are also currently negotiating a large contract with the University of West Indies in Jamaica at their Mona Campus to Design-Finance-Build-Own-OperateTransfer (DFBOOT) their existing wastewater treatment facility. The project would involve taking ownership of their treatment plant and designing necessary upgrades to bring their treatment quality to the highest standards that would allow the treated reclaimed water to be used for non-potable use such as irrigation of neighbouring sports fields. We would also look to integrate solar PV panels to reduce the overall operational costs to run this facility. This exciting and new contract marks a continued business relationship between UWI and Integrated Sustainability.
Our long-term intentions are to continue focusing on the water and wastewater sectors, while providing the DFBOOT model, considering we anticipate the offering to include financing will become increasingly important. The Covid pandemic negatively impacted the economy for most, if not all countries, but especially the Caribbean region that relies so heavily on the tourism market. As such, we anticipate several Governments will need to rely more on the private sector to potentially finance much needed future infrastructure projects. We are eager to provide local assistance by including a local workforce that will stimulate the economy.
of
Integrated Sustainability was retained by the Inter-American Development Bank (IDB). Barbados was the first country in the Caribbean to establish a Ministry dedicated to the Blue Economy. This project allowed us to work closely with
In addition to the above, we have several other projects underway, including operating and maintaining over 30 treatment facilities throughout the Caribbean, in Bermuda, Antigua, St. Lucia, Barbados, Grenada, Guyana and Trinidad. As well as a range of consulting projects such as an Assessment of Marine and Coastal Resources in the Southeast Coast of St. Lucia, and a Technical and Economic Feasibility of Solar Units and
Our debt financing may not be as low as what some Asian markets can offer, but we include a team that employs over 80% local work forces. This creates job opportunities in the design and construction industries that help stimulate the local economy. Surely, this should be seen as being equally or more important than only considering the low interest rates offered by other markets.
integratedsustainability.com ecohesion.bb
ANSA Merchant Bank (Barbados), formerly Consolidated Finance, is a licensed Finance Company and Merchant Bank. Established in 1983, we are a subsidiary of ANSA Merchant Bank Limited, which is based in Trinidad and Tobago. Our Merchant Banking Division caters to corporate and commercial customers who seek financial solutions to grow their businesses. Our Treasury Division transacts foreign exchange and offers investment opportunities not only in local currency, but in the major international currencies. We recently commenced offering Residential Mortgages to customers with best-inclass bundles that are unmatched in the local market.
Barbados’ focus on climate resilience and capacity building has been front and centre for many years. Prime Minister, the Honourable Mia Amor Mottley, has set a target for 100% of national energy usage on the island to come from renewable sources by 2030 to reduce expenditure on imported oil, improve environmental sustainability and achieve greater energy security. Currently over 50% of all homes in Barbados are using solar panels for their hot water, with a growing percentage already using Solar Photovoltaic energy and, to a lesser extent, Wind, for electricity. Nearly 50% of the public transportation buses on the island are now powered by electricity, significantly reducing the fuel and annual maintenance bill for the Transport Board.
ANSA Merchant Bank has spearheaded ‘green’ financing for nearly a decade and established partnerships with renewable energy suppliers from early. In 2014 we launched our first
green financing expo, offering loans for solar PV systems and solar water heaters for residential and commercial use. Barbadians have embraced this economical, sustainable energy option, and solar panels are visible at properties across the island. We invested significantly in renewable energy Solar PV farm projects, with 50% of our 2023 business already in renewable energy projects, providing approximately 17 Megawatts of power to the grid.
As the premier financiers of electric and hybrid vehicles on the island – 25% of our new vehicle loans – we launched the zero emission Electric Nissan Leaf and are promoting the KIA Niro Hybrid – a no plug in vehicle which charges itself whilst driving and reduces fuel consumption –and the MG which is a full 100% electric plug in vehicle.
ANSA Merchant Bank is part of the regional ANSA McAL Group, whose purpose is “Inspiring Better Choices for A Better World”, building more sustainable businesses by prioritising:
• water preservation
• waste reduction
• climate impact
• modern energy
• people and communities
• corporate governance
This has supported our drive to create a radical change in our portfolio mix by the end of 2023 reflecting higher lending in the Renewal Energy space.
In seeking to make a real and tangible change to our Bank’s and the wider region’s impact on biodiversity, in July 2022 ANSA Merchant Bank and ANSA Bank in Barbados and Trinidad and Tobago became signatories to the Natural Capital protocols through the international Capitals Coalition, and in conjunction with NGO The Cropper Foundation. This sealed a robust partnership for sustainable development. Under the Natural Capital banner, the Bank has strongly and with purpose embarked on a course which creates its
own unique space, the Caribbean Natural Capital Hub, to help minimise humanity’s impacts on Nature. This is the only Hub of its kind operating in this region.
The Hub’s expert communities of practice will be made up of progressive and leading private sector companies from around the Caribbean, who are interested in building the knowledge base on accounting and valuing Nature across industries and sectors. It will facilitate a series of practitioner-focused, capacity-building workshops to expand the human resource capacity within the region around mainstreaming reporting for Nature within the private sector. An example of this is our first virtual Global Capitals Coalition Dialogue which took place at the end of 2022. This is a forum for sharing practices on Natural Capital and its applications with the private sector and other key development sectors through expert presenters and panellists.
Grant challenges will be offered which will excite and motivate SMEs, NGOs and innovators in these markets and give them the opportunity and platform to make a real positive change.
Ultimately, the Caribbean Natural Capital Hub aims to enhance the understanding, capacity and inclusion of Natural Capital approaches in business decision-making and planning. As a facilitator for multi-stakeholder involvement, ANSA Merchant Bank will create a progressive and more Nature-positive Caribbean. A deeper understanding of the Hub is provided at Natural Capital - ANSA Merchant Bank:
https://tt.ansamerchantbank.com/
Blue bonds are a relatively new form of debt instrument issued to support investments in healthy oceans and “blue economies”. In September 2022, Barbados announced a blue bond facility of US$150 million. The structure is co-guaranteed by the global environmental organization The Nature Conservancy (“TNC”) for US$50 million and the Inter-American Development Bank for the remaining US$100 million. This dual-currency blended finance deal was arranged jointly by CIBC FirstCaribbean and Credit Suisse and includes the following key features:
1. an extension of the debt profile to 2037
2. US$50 million toward marine conservation
3. capitalization of an endowment to fund marine conservation with the aim to protect 30% of Barbados’ ocean
4. inclusion of a climate clause in the case of a natural disaster, that would permit the deferral of debt payments for two years
5. a unique ‘pandemic clause’ to allow the government to defer debt payments (for up to two years at a time and twice if necessary), in the event of another global pandemic like COVID-19.
Barbados is not the first Caribbean country to issue a blue bond. In November 2021 Belize issued a blue
bond which represented the world’s largest debt restructuring for marine conservation with a sum of US$553 million, reduction in total debt by US$250 million, and debt service savings of approximately US$200 million. This external commercial debt was refinanced and replaced with a $364 million loan financed by Credit Suisse and the US International Finance Development Corporation in conjunction with TNC. The key transaction components were similar to the Barbados blue loan with the exception of the pandemic clause.
While debt restructuring for nature conservation and climate adaptation is not new, it plays a significant role in the Caribbean, where economies face similar challenges including:
— vulnerability to the impacts of climate change such as rising sea levels, biodiversity erosion, and more frequent extreme weather events such hurricanes and tropical storms
— economic dependency on tourism and maritime trades, such as fishing
— high cost of international trade due to transport costs and high dependency on foreign imports
— limited access to reduced interest rates from international finance institutions due to use of gross national income (GNI) metrics
The multidimensional challenges faced by Caribbean nations are exacerbated by
Chris Brome Partner, Deal Advisory, KPMG Grant McDonald Country Managing Partner, KPMGa combination of factors. These include the COVID-19 pandemic, energy and food insecurity linked to the war in Ukraine which are driving an increase in the costof-living, and the climate change crisis. These are some of the drivers behind the recent Bridgetown Agenda.
Presented by Prime Minister of Barbados, The Honourable Mia Amor Mottley, the title of the Bridgetown Agenda is, “Urgent and Decisive Action Required for an Unprecedented Combination of Crises, the 2022 Bridgetown Agenda for the Reform of the Global Financial Architecture”. It outlines three steps for collective action in developing a path towards a new financial system that channels financial resources towards climate action focused on the UN Sustainable Development Goals (“SDGs”).
These include:
1. emergency liquidity
2. expansion of multilateral lending to governments by US$1 trillion
3. activation of private sector savings for climate mitigation and fund reconstruction after a climate disaster through new multilateral mechanisms. These steps aim to support the scaling up of investment in the low-carbon transition in the energy, transport, and agricultural sectors; provide substantial
investment in building climate-resilience and sustainability; and deliver investments in public health and education.
As we assess the current position of Barbados and other small island economies, the importance of a sustainable financing model is key to increasing resilience. Three principles are highlighted:
1. Fiscal prudence: over the last few years, many small island economies have developed a high level of debt and a number of economic metrics that have warranted higher risk being placed on their debt issuances. This has been reflected in external ratings from agencies. The increased risk was also reflected in higher interest rates attached to the bonds.
As observed with both the Barbados and Belize blue bonds, fiscal prudence was exercised by refinancing the more expensive debt with more favourable terms that lowered interest rates and extended the repayment term. The fiscal space this created provides several benefits:
i. lower debt servicing requirements,
ii. more head room since debt to GDP was lowered in some instances,
iii. more cash flow to channel into the
sustainability or conservation funds associated with the bonds
iv. a mechanism to maintain contributions in the “Resilience Funds” over the long term.
2. Wider pool and strong rating for investors: The structures noted above were both guaranteed by the TNC and multilaterals. In all cases, the guarantors have very strong financial ratings. E.g., the Barbados blue bond has a Triple-A rating. This structure created scenarios where the bonds were oversubscribed given the strength of the guarantors. However, equally important would have been the fact that this also created an appetite for a wider pool of investors into the region.
3. Establishment of a Conservation Endowment Fund: The goal of the foregoing structure is to set up a longterm mechanism, such that there will be funds available for conservation policy and project implementation. This will ensure that resilience funding is maintained.
A growing interest in blue bonds highlights a movement toward a sustainable model of collaboration between economic development and environmental protection, and Barbados is helping to lead the way.
Managing uncertainty in our businesses is more critical today than ever before. Balancing opportunities and risks has always been key for our business success. In the wake of the COVID-19 pandemic, and its consequent human and systemic impacts, uncertainty remains a driving theme, and our businesses are evolving with the changing dynamics. As we progress through 2023, we are faced with more uncertainty, inflationary markets, a continued war in Ukraine, financial instability, human and resource challenges, and the impacts of climate change. Those businesses that have systems in place to manage these and other risks will not only survive but thrive.
In Barbados the application of insurance has been questioned in the wake of the industry response to the COVID-19 pandemic, the Soufriere ashfall from St Vincent and the impact from Hurricane Elsa in 2021. Coverage restrictions, and policy retentions, limited the policy response to claims from these recent destructive events. Insurance continues to play a fundamental role in securing your future. However, it is the final chapter in a disciplined risk management process in which
your risks should be prioritized, cost effective controls implemented, and the catastrophic losses that cannot be financed otherwise, transferred to the insurance market. As a financing tool it is not without its limitations, and these must be fully understood and planned for in your approach. For your business, the security that insurance provides allows you to release funding for your investment opportunities.
The insurance industry, like most operating in this difficult environment, is impacted by global uncertainty. Market volatility affects the performance of their investment portfolios established to fund losses. There is a direct correlation in increased likelihood of insurance claims with tough economic times. The costs of claims rise with the inflationary environment, supply chain costs and issues impact the logistics around the settlement of claims. Climate change is leading to increased natural disasters in terms of likelihood and costs. These among other factors have led globally to a current hard insurance market cycle. This cycle is characterized by a reduction to insurance supply as carriers withdraw cover from unprofitable lines of business, specific geographies or sectors, premium increases and more restrictive coverage terms. Reports coming from many quarters suggest increases in property and motor rates of about 10% or more as the year progresses.
Faced with this tough environment, how does one not just survive but thrive? As indicated, insurance must be considered properly as part of a disciplined risk management process otherwise you may be allocating your risk financing effort and funding to noncritical areas. Leveraging your advisors starts with a thorough analysis of your risk profile, the key risks priorities will likely have changed in the current environment and focusing on those most critical will allow you to control costs and resources. Improve your risk profile through cost-effective risk control activities. Commence your insurance renewals 4-5 months in advance and work with your advisors to review your minimum acceptable limits of liability and insurance values ensuring that these are adequate. Further build understanding of your coverage terms and limitations so that plans can be made for any gaps. Review your insurers financial position ensuring that they remain stable given the environment and can respond in your time of need. Obtain and analyze alternative options to help you manage costs, once you have good control over the risk assume higher retentions/ deductibles or self-insure. The peace of mind from your thorough risk management programme will allow you to focus on those growth and investment opportunities and ultimately thrive.
Gregory Rose
Barbados is a global leader in sustainable and environmentally sensitive practices. Our Prime Minister, Mia Mottley, has carried out pioneering work at numerous COP meetings and presentations to the UN regarding the impact of climate change on vulnerable small island states, particularly those dependent on tourism. The ‘Bridgetown Initiative’ adopted at COP 27 provides for “loss and damage” funding for vulnerable countries hit hard by climate disasters.
of the largest companies on the island, Williams Industries, has pioneered the issuance of bonds to the public to fund its renewable energy installations.
The economics of solar are excellent, as the ‘buy/sell’ arrangement with BL&P provides for a higher dollar rate payable by BL&P to private providers of electricity to the grid than the rate payable to BL&P by its customers for electricity consumption. These net returns provide excellent yields to private individuals and corporate bond holders. The public have embraced the opportunities to invest.
Terry Hanton, FCA, MRICS Associate Managing Director, Property Consultancy Services
The Barbados government’s ‘2030 Promise’, which is included in the National Energy Policy, sets out a goal of having the country’s national electricity grid powered entirely by renewable energy sources by 2030. And this is no vague promise. The island’s electricity utility, Barbados Light & Power Company (BL&P), which is Canadian-owned, has committed to a goal of 100% transition to renewable energy and has itself invested in large wind and solar farms on the island. In addition, many private individuals have sought planning consent for solar farms, with many currently in operation or under construction. One
Recently Barbados announced its intention to set up a Green Bank, with funding from the international ‘Green Energy Fund’. The Green Bank will fund initiatives in housing, transportation, water and energy. These are four of the seventeen Sustainable Development Goals agreed by the United Nations member countries in 2015.
Barbados has long been a global leader in domestic solar power generation – approximately 90% of homes heat their water tanks from roof mounted solar panels. The island is also a pioneer in the operation of a desalination plant which converts sea water into potable water.
The custodian of environmental protection for new development rests with the Environmental Protection Department, which applies robust policies to all new development and their policies are embedded in the conditions attached to every planning consent.
Barbados is also a global leader in the management of municipal waste. Sustainable Barbados Recycling Centre (SBRC) is the most advanced waste processing facility in the English speaking Caribbean and processes all of the island’s waste to separate toxic waste and recyclable waste to minimize the requirements of the landfill. The next step is to convert the waste to energy, which is a goal which is yet to be achieved
What does this mean for the future of development in Barbados?
Clearly Barbados practices robust environmental and sustainability environmental policies (ESG’s and SDG’s) and this adds to its appeal as a place to aspire to live. The sensitivity of visitors to the island to these changes cannot be underestimated. Especially so, in the development community.
So, what is trending in the property development world?
Well, the first thing to note is that the interests of developers and buyers are aligned. We are seeing a sea change in the attitudes of buyers of residential homes. Customers are demanding ethical, low resource, energy efficient homes, and developers who recognize that fact are winning the battle in the marketplace. Customers are not only embracing green technologies, they have become critical to their choices.
Buyers want to know that their homes are built from sustainable products and that the home is energy efficient.
Development led demand
Leading-edge design solutions include:
• Collection of roof and hard surface run off water for use in irrigation
• Solar heating of hot water
• Roof and glazing solutions which minimize heat gain and thereby reduce energy consumption
• Energy management systems
• LED lighting
• Low flush toilets
• Sensor activated light and air
conditioning systems
• Waste sorting and management systems
• Electric vehicle charge pointsBarbados has one of the highest per capita rates for electric vehicles in the world
The new developments in Barbados embrace these technologies and recognize the demand for a more holistic experience. A good example is the reincarnation of the Apes Hill Golf and Resort community. As well as being an environmentally sensitive development, it offers ‘farm to table’ cultivation to its home-owners, not just as a source of supply but for its homeowners and guests to practice. They have recognized the demand from their clientele for a more holistic lifestyle, which allows them to interact with nature more than they do in their principal domicile. And it is showing in the success it has had in the second home market in a very short space of time, with Apes Hill being the market leader over the last twelve months.
So, if you are looking for an ethical choice in where to live and recreate, it is hard to beat Barbados.
stand-outs, boasting large private pools set in lush gardens while the majestic penthouses offer exclusive elevator access for a privileged few to private rooftop terraces that command sweeping ocean views complete with covered dining areas and swimming pools.
With the demand for fresh air, open spaces and slower, more intentional lifestyles heightened in the postpandemic era, The Crane Private Residences delivers like no other.
Since 1887, Barbados’ Crane Resort has been famous for the reputed ‘healing powers’ of its pink sand beach and the calming beauty of its surrounding, tradewind-swept coast. Today, enviably located within this legendary resort is The Crane Private Residences – an exclusive residential community offering contemporary-styled residences extending from intimate one-bedrooms of approximately 600 sq. ft. up to grand three-bedroom two-storied penthouses measuring over 3,700 sq. ft.
Residents wake up to a dream as grand primary bedrooms face the same dramatic ocean views as the living spaces, while secondary bedrooms welcome in the greenery of tropical, internal gardens and coastal views. Each bright and expansive apartment features large kitchens, spacious private patios perfect for indoor-outdoor living, and generously scaled natural stone bathrooms with large soaker tubs and glass showers. In a rarity for Caribbean properties, many residences also feature direct-to-foyer elevator access from an underground garage.
The ground-floor residences are
With the development’s promise of resort living perfected, residents will immediately become members of The Crane’s vibrant, cosmopolitan community. An already covetable lifestyle is enhanced by access to world-class resort amenities and services including concierge, duty-free shopping, a grocery store, five restaurants, a café, three bars, a spa, a fully equipped fitness centre, five spectacular pools, a tennis court, a kids’ club, and glass-fronted elevator access to Crane Beach – voted Best Caribbean Beach by USA Today readers, among other numerous global accolades. Each residence in The Crane Private Residences can be managed by the
developer Crane Resorts when not in use by the owner. With the option also available for participation in a historically successful rental management programme, this is an effortless residence or vacation property to own, whether intended for personal use or as an investment. Astute investors and second home buyers will also appreciate the flexibility of the pre-construction offer of staged payments based on construction milestones such as Foundation, Watertight, Structure, and Practical Completion.
Phases 1 and 2 of this master-planned development are sold out, with limited residences remaining in Phase 3. Phase 4 of The Crane Private Residences has commenced sales with pre-construction pricing ranging from US$352,000 –US$1.7M.
For more information, visit craneresidences.com or email property@ thecrane.com
will know if you want to do business with him or her”.
The post-COVID world is thankfully now a different place and golf has been one of the biggest beneficiaries of all sports. Participation levels have increased dramatically worldwide, and more and more young trendy executives are discovering this ancient game that was founded in Scotland.
Roddy Carr Golf ConsultantIt is no accident that some of the greatest sportsmen in the world find golf irresistible as a way to get away from it all and test themselves against themselves for a change. Here in Barbados, Sir Garry Sobers loves his golf and is still playing regularly at the age of 86 at Sandy Lane. Sir Garry strikes the ball so purely he could easily have been a world-class professional golfer. Brian Lara and his cricket buddy Jason Holder can be seen regularly crossing swords at the Barbados Golf Club. Internationally, Michael Jordan, Wayne Gretzky, Stephen Curry, Pete Sampras, Ian Botham and Dan Marino all love playing golf. Jordan so much so that he built his own golf course in Florida and hosts his own Celebrity Golf event.
It’s a way to get away from your phone, in the fresh air surrounded by nature, and one of the reasons that so many of the world’s top corporate executives are also attracted to golf. It is also arguably the best networking sport for business and meeting the right people. Where else can you get four hours with someone you want to do business with and get to know them? Mark McCormack, the creator of sports marketing and founder of IMG said, “After a round of golf with someone, you
The natural bat-ball talents from their cricket heritage makes it easy for Barbadians to take up, play and enjoy golf. It has now been introduced in the schools through a programme at the Barbados Golf Club that is widely recognised as the ‘Home of Golf in Barbados’. The ‘Golf For All’ ethos, which the club was founded on, encourages players to play on a golf course that provides a well-rounded test. The designer Ron Kirby, of Old Head fame in Ireland, created a links-style test for the breeze at Durants that is ideally suited
for single figure golfers, but also for beginners to learn and develop their skills. It’s the only affordable 18-hole golf course in Barbados for locals, as well as visitors staying on the South Coast who want to play golf regularly during their stay in the early morning before retiring to the beach and other activities on the island. The friendly, casual, social atmosphere while mixing with the locals is appealing to many who appreciate being able to get out and about around Barbados.
The other courses on the west coast – Sandy Lane, Royal Westmoreland, and the newly renovated Apes Hill, which has been described internationally as ‘the Caribbean’s New Masterpiece’ –are all truly world-class and as good, if not better, than anything else in the region. All three have different styles and personalities, and for those that can afford them they will not disappoint.
Barbados is now the ‘Hidden Gem’ of golf destinations in the Caribbean.
Set within the undulating topography of the central highlands of Barbados, the newly re-imagined and redesigned Apes Hill Barbados has opened with a breath of fresh air whisking across the beautiful landscape. Since its acquisition in 2019 by Canadian investor Glenn Chamandy, no effort has been spared to make it the Caribbean’s newest masterpiece and best golfing experience.
At 1000ft above sea level, just slightly below the island’s highest point, the magnificent Apes Hill 18-hole championship golf course meanders through natural gullies and native forests. From its elevated vantage point, the Ron Kirby redesigned course provides unmatched panoramic views of both the Atlantic Ocean and the Caribbean Sea.
The new Apes Hill caters to all levels of golfers, with four tee-boxes at various distances on each hole making the game as easy or as challenging as one would like. Yet, golf is only one aspect of the intriguing story of Apes Hill Barbados.
With sustainability being woven into the very fabric of the experience, the resort has been beautifully conceptualized around nature and preservation, With fairways that wind their way through 200ft deep gullies or perch high up on ridges overlooking superb vistas - while surrounded by rich tropical vegetation, rare flora and fauna, fruit trees and spectacular coral
formations – this exceptional golf course is ideally positioned within an enchanting natural wonderland.
Sustainable and responsible practices are evident in the careful selection of drought-tolerant grasses which are irrigated exclusively from a 58 million gallon rainwater reservoir, as well as a plethora of crops and vegetation now planted to replace overgrown areas. Golfers drive around the course in state-of-the-art electric carts, while the architectural concepts and designs of the villas collectively exemplify the resort’s commitment to sustainability and green, environmentally-conscious living.
Offering a ‘Farm to Fork’ Initiative, community outreach programmes, floodlit tennis, padel-tennis, and a stateof-the-art Golf Performance Centre which is the first of its kind in the region, Apes Hill Barbados is much more than a golf resort …. it is a lifestyle.
“I felt that Apes Hill had the potential to create the best golfing experience in the Caribbean. So, I’m very happy to now be a part of it, as I really love the island and the people very much.”
- Glenn Chamandy, owner of Apes Hill Barbados
“We’re located within one of the Caribbean’s most geologically unique and significant elevations, and we have a responsibility to respect, preserve and enhance the rich natural heritage within our 475 acres.”
Since being founded back in 1969 as a sibling company within the C.O. Williams Group, Ready-Mix Limited has constantly upgraded its capabilities to keep up with changing market demands and everdeveloping technology. Which is why today, over 50 years later, Ready-Mix still retains its position as the leading concrete mix producer in Barbados.
Working out of their modern 20-acre facility at Lears and drawing upon five decades of experience at the highest level in the construction industry, Ready-Mix has firmly established itself as the go-to niche supplier of concrete ready-mix, concrete blocks and Omnidec precast floor systems for commercial and residential projects. Specializing in the manufacture of concrete onsite, the company has earned a solid
reputation for its professionalism and ability to provide efficient concrete supply solutions for a wide range of jobs – including the innovative capacity to lay concrete via an asphalt paver to produce a finished wearing surface.
After enjoying a productive year in 2022, Ready-Mix has maintained the positive momentum by investing over BB$6 million into upgrading its facilities, equipment, operating systems and quality-control technology, while also introducing new training schemes and modernizing the concrete and block plants. All with the ultimate aim of achieving even greater efficiency, thereby keeping costs down and passing on those savings to the client in order to remain competitive.
With the construction sector in
Barbados looking forward to a busy 2023 and beyond – driven primarily by government initiated civil works and large private sector developments – ReadyMix is expanding today to prepare for tomorrow. Part of that forward-thinking strategy has been to strengthen the Management Team under the leadership of General Manager Ryan Brooker, and appoint a new Board of Directors, headed by new Chairman Charles ‘Teddy’ Williams, Managing Director Neil Weekes and Director Samantha Nurse. By investing in refurbished plant and equipment, adopting cutting-edge technology and systems, and revitalizing the entire workforce, Ready-Mix has built a strong foundation to continue its long history of excellence well into the future.
Firmly established as a go-to Project Management company – boasting a long list of happy customers in Barbados, Trinidad, Jamaica, St. Lucia, Antigua, St. Vincent & Grenadines, and Canada –international award-winning Blue Print Management also provides services in Feasibility Studies, Architecture, Interior Design and Procurement. As a logical extension of their procurement capabilities, Blue Print maintains an in-house stock of building materials and hardware, a selection of which is retailed through their sales outlet.
Joseé Atkinson, President and CEOOver the last 5-years we have evolved into a one-stop-shop operation that can give our clients exactly what they are looking for, including that vital sense
of confidence and dependability. While we can provide any aspect of project management, many of our clients take advantage of the full turnkey solutions we offer. As well as saving time and money, people value being able to make a single call to get an update on the entire project. This is especially important in the case of procuring fittings and furniture from overseas, which can be a difficult task in a small Caribbean island.
If I had to identify one factor that has contributed most to our ongoing success, it would be teamwork. Within our group at Blue Print, everyone has a crucial role to play. From the architect to the designer, to the engineer, to the project manager, we all have specific responsibilities to make the project successful. But our inclusive approach
goes beyond our own company. The owners we work with are key members of the team. Firstly, by outlining the initial brief, then by providing feedback throughout the evolution of their project. We also team up with trustworthy suppliers and contractors who we can depend upon for good service. We have the best people in the right position for each task, we have each other’s back, and we care about the success of the project. By working with people who share our commitment to 100% attention to detail we can deliver excellence.
Our ultimate goal is to make clients happy by giving them what they dreamed of, at the price they wanted to pay, without any hassle, and on time. We feel confident that we are doing the right thing because so many of our clients come back to us with more work.
In 2020 we rebranded as “BIBA, the Association for Global Business” to signal that we embrace all companies in Barbados both domestic and international, that service global markets, and to align with Prime Minister Mottley’s expressed goal to cement Barbados as a global business hub.
Our current membership comprises over 140 companies from Canada, the US, the UK, Latin America, Europe, and Barbados in banking and wealth management, insurance, fintech, manufacturing, logistics, legal, accounting, tax, and corporate service providers, and many more.
“To work, as a trusted strategic partner of members and stakeholders, for the advancement and sustainability of global business conducted in and from Barbados”.
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.
• 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.
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.
BIBA also hosts the Barbados Risk & Insurance Management (BRIM) Conference each March and throughout the year we stage Business Luncheons with specially invited speakers, regular Networking Mingle evenings and charity events.
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
Concorde Bank Limited
The Corporate Centre, Bush Hill & Bay Street, St. Michael BB14038, Barbados
Tel: 246 430 5320 Fax: 246 429 7996
Email: concorde@concordebb.com
“Global Experience, Wealth Management, Custodian & Administration of Corporations”
Colin Mitchell - President
Great Pacific Insurance Management Ltd.
4th Floor, Williams Tower
Warrens, St. Michael, BB22026
Barbados, W.I.
Tel: 1 (246) 417 3405
Fax: 1 (246) 425 1133
Email: CMitchell@GreatPacificGroup.com
A Jim Pattison Group Company
Colin Mitchell - President
Great Pacific Management Limited. 4th Floor, Williams Tower
Warrens, St. Michael, BB22026
Barbados, W.I.
Tel: 1 (246) 417 3405
Fax: 1 (246) 425 1133
Email: CMitchell@GreatPacificGroup.com
A Jim Pattison Group Company
Platinum International Business Solutions, Inc.
Radley Court, Suite #2, First Floor
Lower Collymore Rock, St. Michael BB14004
Barbados, W.I.
Tel: (246) 537-8294 Mobile: (246) 232-0861
E-mail: stepheng@platinumintl.business www.platinumintl.business
Value added expertise.… over 30 years of global directorship services incl. serving on board committees, business oversight and corporate governance
and business mogul Robyn Rihanna Fenty, to inventor of the world’s first Internet search engine, computer scientist Alan Emtage, and David Dowrich, a global financial services expert and actuary.
These are but a few of the academics, creatives, scientists, and innovators who have joined ordinary Barbadians in contributing to our many national and global advances.
forward several proposals to achieve strengthened relations between African nations and Caribbean countries. At the inaugural CARICOM-Africa Summit, hosted virtually in 2021, the establishment of a regular weekly direct flight was identified by Prime Minister Mottley as a critical point for catapulting this renewed relationship, which holds such enormous potential.
Barbados has enjoyed a celebrated history of achievements, not often aligned with the traditional expectations of a nation so tiny. As a result, the island may shock those who do not fully understand the spirit and tenacity of its people.
Just 56-years-old as an independent sovereign nation, Barbados boasts a parliamentary system that is the third oldest in the hemisphere, established on June 26, 1639.
The ambitions of Barbadians have never been constrained by geographical and population size. The evidence of this is well chronicled. It ranges from the undisputed world’s greatest all-round cricketer and living National Hero Sir Garfield Sobers, to National Hero and self-made female billionaire, entertainer
The island has continuously been among the top tier of the United Nations Human Development Index, which rates the quality of life of a country’s citizens. Barbados has deliberately emphasised the provision of high quality, free education to citizens from pre-school through to university. This has been the bedrock of its development strategy for many decades.
Given its progressive national stance, it should come as no surprise that Barbados would take the lead role in the Caribbean of significantly expanding trade and cultural ties with countries in the continent of Africa.
With the deep historical relationship between Africa and the Caribbean, rooted in the cross section between slavery and economics, the decision by Barbados’ Prime Minister and Minister of Finance, the Hon. Mia Amor Mottley to strategically align the development trajectory of the island with that of African states, was a decision that continues to pay dividends on both sides of the Atlantic Ocean.
As the island was emerging from the worst effects of the COVID-19 pandemic in 2021, Prime Minister Mottley put
However, even before the inaugural CARICOM-Africa Summit in September, the Government of Barbados initiated some strategic diplomatic appointments, which signalled the administration’s strong commitment to this exciting frontier.
Mr. Alexander McDonald was appointed High Commissioner to the Republic of Kenya and Permanent Representative to the United Nations Office at Nairobi, while Mr. Phil Phillips was made Commercial and Cultural Attaché, stationed in the Barbados High Commission in Accra, Ghana.
To prepare the new diplomats for their postings, they participated in orientation sessions conducted by the Ministry of Foreign Affairs and Foreign Trade. In addition, the diplomats engaged in strategic meetings with officials of Invest Barbados, the agency tasked with promoting, attracting and sustaining foreign direct investment in the island. Invest Barbados is headed by Chief Executive Officer, Ms. Kaye-Anne Greenidge and includes an experienced team of experts in a cross-section of economic, business development and
Kaye-Anne Greenidge CEO, Invest Barbadosmarketing fields. Discussions were also held with other leading public and private sector stakeholders.
The past two years have also been marked by progress between the development of ideas and actioning of those plans. During this period, Invest Barbados signed a Memorandum of Understanding with the Rwanda Development Board, as well as with the Ghana Investment Promotion Centre in efforts to strengthen economic ties, exchange best practices and foster investment.
One of the catalysts that propelled movement in Barbados’ relations with Africa was the hugely successful AfriCaribbean Trade and Investment Forum (ACTIF2022), staged at the Lloyd Erskine Sandiford Centre from September 1-3.
Attended by hundreds of representatives from African, Caribbean, Barbadian and diasporic businesses, as well as government, development, and cultural industries representatives, ACTIF2022 was a collaboration between the African Export-Import Bank (Afreximbank), Invest Barbados and Export Barbados.
The historic forum attracted delegates from 45 African countries and participants from the Caribbean, Europe, Asia, as well as North, Central and South America states. It focused on, among other things, business to business engagement, accelerating industrialisation and manufacturing, the development of economic zones, regional integration and creating the conditions for greater private sector investment. Since then, interest in strengthening ties has increased, in Barbados and across several Caribbean Community states.
As Prime Minister Mottley noted during her address to ACTIF2022, “We, children of independence, have determined that we shall not allow another generation to pass without bringing together that which should have never been torn asunder… It is not anticipated that we can reverse centuries in a few years, but it is
anticipated that there are some who must claim the courage to jump off the ship and make it happen.”
In November during an Invest Barbados-led business mission to Rwanda and Kenya, the Foreign Ministers of Kenya and Barbados signed a Bilateral Air Services Agreement and a Sports Cooperation Agreement.
Another significant development that arose from the accelerated BarbadosAfrican relations was the agreement between Rwanda, Barbados and Guyana, which initiated a transatlantic pharmaceutical opportunity to create and manufacture pharmaceuticals for global public health. This pharmaceutical initiative is expected to generate approximately 4,000 jobs for Barbadians.
The Prime Minister disclosed that this first-of-its-kind pharmaceutical initiative could be a “game-changer”, as emphasis will be placed on creating vaccines, cancer treatment medication and drugs for women’s reproductive health.
This initiative also followed the official visit by Prime Minister Mottley to Rwanda in November, which was part of the first official exploratory business mission from Barbados to that country, coordinated by Invest Barbados.
In furtherance of the agreement, officials of the Rwandan Food and Drug Administration were in Barbados for several weeks, while preliminary work with officials from the Barbados Drug Service and Ministry of Health and Wellness was undertaken.
It is important to note that it was a multi-billion dollar arrangement by Afreximbank that allowed several African nations, Barbados and members of CARICOM to access significant COVID-19 vaccines during a period when developed nations were stockpiling the drugs for their own citizens.
Since the staging of ACTIF2022,
Afreximbank announced it has approved some $1.5 billion USD in funding for Caribbean countries. This consolidates the Bank’s efforts to join Prime Minister Mottley in the promotion and development of South-South trade and specifically trade between Africa and the Caribbean, in line with the Diaspora Strategy. Financing focus will be given to identified economic sectors including tourism, healthcare, renewable energy, shipping, mining, agriculture and agribusiness, air links and aquaculture –as well as finance for SMEs.
The dynamics of economic, historical and cultural linkages make it incumbent that relations between Africa and the Caribbean be expanded for mutual benefits.
Africa remains the most resource-rich geographic space on earth and building new partnerships is in everyone’s interest. Barbados, as it has done throughout history, has taken bold and innovative steps, akin to a nation that is far larger and endowed with much greater financial wealth.
Several African leaders have taken notice and over the past four years have made the trip to the Caribbean to experience firsthand what this 166 square mile nation has to offer. These included Rwanda President Paul Kagame, the President of Kenya, Uhuru Kenyatta, Fante King Obrempon Antwi Buabeng XI from Ghana, as well as Ghanaian President Nana Akufo-Addo, who visited Barbados in June 2019, among others.
With Barbados leading the way, South-South relations are also expected to strengthen and grow to the benefit of economies on both sides of the Atlantic.
For more information about Invest Barbados, visit www.investbarbados.org or email info@investbarbados.org
hile Barbados has been making a splash in diplomatic circles in Africa, over the past few years, Amanda and I have been on our own discovery missions in Ghana. Between us we spent over four years living and working there. Amanda provided international tax services to multinational companies investing in West Africa, as well as to local Nigerian and Ghanaian companies expanding into new territories. I was on a secondment to the PwC People & Organisation and Government & Public Sector teams. It’s with that backdrop that we feel well placed to share our views on the opportunities for South-South collaboration, and how to navigate the potential challenges.
Within a few weeks of arriving in Ghana, visitors may hear the term “dumsor dumsor”, which translates to “off-and-on, off-and-on” or load shedding by the local power company. However, they are not likely to experience any major disruptions from the unpredictable power outages, since most commercial buildings, hotels, and middle class homes have back up diesel generators. This is an ESG conundrum, since most of Ghana’s power comes from hydroelectric dams. Therefore, a significant proportion of
Wthe climate gains from using renewable power generation is eroded due to system outages. For Ghana, with an average of 2,377 hours of sunlight per year (Barbados averages 3,000 hours per year), solar power could be a sustainable alternative.
In Barbados, we are spoilt for choice and ahead of our island neighbours in the use of solar power, especially for water heating. According to Solar Heat Worldwide 2022, Barbados was ranked number one in the world for market penetration per capita with 600 kWth/ 1,000 inhabitants, compared to Cyprus, the next highest at 461 kWth/ 1,000 inhabitants. We have the expertise and can leverage successful and mature business models. However, new market entrants to Africa will face the key challenge of achieving competitive pricing. The solution may be to leverage lower cost imports from China and add value in the system design.
Africa has a headstart on Barbados in the Fintech space, especially in mobile money, a one trillion USD industry.
According to Statista, Sub-Saharan Africa accounted for more than 66% of the value and 61% of the volume of global mobile money transactions in 2019. That share of the market rose to 65% in 2021, and is still growing. It fills a critical gap in the financial sector for people who have
Joanna Robinson Partner PwC East Caribbean Amanda Layne Tax Director PwC East Caribbeanbeen excluded from traditional banks and financial institutions due to their geographic location and/or inability to meet the account opening criteria. These may include socioeconomic status, age and gender (with women and youth being disproportionately disadvantaged), lack of proof of address, nationality, residency, etc. Mobile money has allowed this segment of the population to save, make and receive payments, apply for loans and invest in their future. Users benefit from easy registration, quick access, user-friendly and simple interfaces, low transaction fees, instant payment, and wide acceptance and interoperability across networks, on both smart phones and feature phones.
The growth in mobile money has both facilitated and benefited from the growth of the Micro Small and MediumSized Enterprises (MSME) sector in Sub-Saharan Africa. This sector is critical for economic growth on the continent, since it is responsible for over 80% of all jobs and is driving the creation of the most new jobs every year. However, due to the informal nature of most MSMEs, they are highly vulnerable to systemic shocks, as the pandemic demonstrated. Nevertheless, according to a 2022 report by IFC, MSMEs with integrated mobile and digital payments were able to accelerate their growth.
Our progression in Fintech has accelerated too, with the Barbados government undergoing major digitalisation over the past couple of years. This combined with our stellar reputation as a safe and well-regulated jurisdiction, and our access to talent, capital and demand, are some of the key drivers for us to become a best-in-class Fintech hub of the future. But, we can still learn a great deal from Africa and should look to the Continent for their expertise and successes to ensure we stay on the path to meeting our ambition of
becoming the next global Fintech hub.
Rapidly changing technology and geoeconomics have seen a reduction in the traditional operating model of a centralised R&D centre located in the same country as the company headquarters. Emerging instead are models that incorporate a network of R&D hubs in various markets across the globe. This enables multinationals to lower costs of development and tap into skilled resources that exist in new markets.
Barbados has the ability to offer African based multinationals an attractive location for the development of intellectual property and benefit from a skilled workforce, a highly competitive tax regime (including corporate income tax rates of up to 5%), a stable currency and a robust regulatory framework.
Travel visa requirements imposed by transit jurisdictions have historically impeded global mobility and by extension business relations between the two regions. However, Memorandums of Understanding recently signed with Ghana and Rwanda pave the way for direct flights between African nations and Barbados significantly reducing travel time and cost. This enables truly visa-free travel to Barbados.
It is of note that Barbados is one of the few countries that currently welcome visa-free travel with African nations including Nigeria, Ghana and Rwanda. This further lowers the barrier of entry for international expansion with Barbados as a key component in the value chain.
African economies experienced rapid growth prior to the pandemic. In 2020, seven out of ten of the world’s fastest growing economies were in Africa.
Although the impact of COVID-19 and subsequent global economic downturn has interrupted the rate of growth of African economies, it is expected that many African countries should still outperform the rest of the world into the post-pandemic period.
Barbados is a relatively small island. As such, extensive growth can only be achieved for our local businesses by looking beyond our borders. Africa, with its combined GDP of 2.9 trillion USD and a population of 1.4 billion, offers Barbadian businesses exciting new market opportunities.
For such potential to be realised, African nations will need to significantly improve the ease of doing business for non-nationals. The World Bank ranks only two African countries (Mauritius and Rwanda) within the top 50 for ease of doing business. However, other territories in the region are making steps toward improvement. Zanzibar has recently launched a public-private initiative, Silicon Zanzibar, that streamlines the work visa process for skilled tech workers and provides tax exemptions for investment. Further, Silicon Zanzibar aims to build infrastructure to enable foreign tech companies to operate with ease from modern facilities. To fully capitalise on the potential of the continent, more African nations need to embark on such investment initiatives that go beyond tax exemptions and include greater reduction of the administrative and infrastructural barriers to doing business.
Of course the relationship between Barbados and Africa, specifically countries in West and East Africa, isn’t new. But it is only now that those relations have reached a new milestone to help deliver on a mutual ambition of providing citizens with real economic benefit. The scope of opportunities for all involved is nothing short of exciting. When you consider how small Barbados is in size and economy, it’s truly remarkable that year on year it demonstrates its prominence and agility as best-in-class to the world.
In December 2022, the Abed Group acquired mMoney, Barbados’ first digital payments institution.
After its previous operator, Bitt, moved its headquarters to the United States, the Abed Group recognised that it was time to bring mMoney home. This acquisition is a landmark moment in Barbadian financial history, since most of the digital payment products in the Caribbean can be traced back to mMoney’s innovations.
Through the creation of mMoney, Barbados was able to lay the foundations for a regulatory framework that supports
emerging financial technologies, beginning with the Financial Services Commission and the Central Bank’s Regulatory Sandbox. mMoney was the first and only technology company to enter and graduate from the Regulatory Sandbox, partly paving the way for today’s flourishing financial technology environment in Barbados, flush with innovation spanning payments, lending, investment and more.
Building on its mandate to provide Barbados, the Caribbean and the world with safe and scalable solutions to the
challenges faced, the Abed Group is expanding mMoney’s reach into the Barbadian market to become Barbados’ first full-utility digital financial services provider.
mMoney’s utility to Barbados and the wider Caribbean is its potential to connect Barbadians to a truly digital economy through a convenient and accessible wallet application and provide access to democratised financial services.
www.mmoneybb.com
Barbados is pioneering Technology Diplomacy, which leverages technology to position the country on the world stage and redefine the way that small island nations interact with other nations. Technology is an essential tool for Barbados to boost the growth of its economy, expanding its reach, its competitiveness and resilience to climate change and other global challenges.
Technology Diplomacy focuses on building diplomatic relations with other nations by collaboratively finding solutions to global problems using technology and creating bilateral friendships as a result. Barbados is at the forefront of this charge, becoming the first government to adopt metaverse technology for diplomacy in an effort to
create diplomatic parity.
The Metaverse Embassy will be an accessible virtual hub for consular services and the development of new foreign relations, all the while showcasing Barbadian culture and promoting investment in a manner never before seen. The objective is to transcend the geographical constraints typically experienced by small island developing states by extending Barbados’ reach digitally.
Technology Diplomacy is a persistent mission to improve the lives of Barbadians and redefine governance systems through the use of technology. This move embodies the Barbados Expo2020 vision to move forward ‘from sugarcane to blockchain’.
This novel approach to diplomacy has already demonstrated how small and emerging nations can earn a seat at the table, capturing the attention of technology-focused nations like the United Arab Emirates.
Barbados’ leadership in redefining diplomacy will give small nations a voice on the world stage, and a technologyfocused channel to support their sustainable development. The idea of being “friends of all, and satellites of none” will become all the more apparent as we deepen trade relationships, strengthen institutional communication and enhance cultural cooperation with other nation states and citizens via technology.
While perhaps best known for its stunning beaches, rich culture and friendly people, Barbados has recently been focusing more on the advancement and development of its Life Sciences sector. The country’s well-educated, Englishspeaking population, stable political and economic environment, and a strong focus on science and technology make it an ideal destination for investment in this potentially viable sector. As such, investors can play a critical role in advancing the wide array of Life Science subsectors in Barbados, with Wellness, Agribusiness & Blue Economy, and BioPharma & Medical Technology offering particularly attractive partnership opportunities.
Thanks to its high-quality healthcare facilities, skilled medical professionals, and favourable climate, Barbados is an ideal destination for the rapidly growing industry of health and wellness tourism.
According to WHO data, “The wellness economy is a colossal global industry, estimated by the Global Wellness Institute (GWI) at $4.5 trillion and representing roughly 5.6% of global economic output
in 2017. By comparison, global health expenditures were estimated at $8.0 trillion in 2017.” Companies offering health and wellness packages in Barbados could tap into this growing trend of medical tourism.
These packages could include medical treatments and procedures, rehabilitation, and health and wellness programmes.
Given the changing laws and debates within the United States of America at the state and federal level, companies could offer services to attract clients to a market that provides favourable conditions in terms of cost, near travel, language, and year-round sunshine. Companies can take advantage of the country’s favourable environment for health and wellness tourism based on Barbados’ longstanding tried and tested hospitality industry infrastructure. With several medical universities already in place and a well-established network of high-quality medical services in key areas such as Diabetes Treatment and Prevention, Nursing and Dental Schools, Recovery and Rehab, plus recently
introduced Women’s Health Care, Barbados provides a compelling case for wellness investment.
Although Barbados has been historically synonymous with the cultivation and export of sugar cane, the country has recently pivoted from the colonial-era crop to a greater focus on the wider development of its agribusiness. Investment opportunities exist for companies that are developing innovative technologies to improve agricultural processes in key products, many of which have a natural affinity for growth on the island and real potential for export. Further investment opportunities have been created by the country’s focus on the blue economy, particularly in sustainable fishing, aquaculture and mariculture, all sectors with everexpanding global markets. Worthy of note in this connection, in 2019 Barbados became one of the first countries to place a ban on single-use plastics.
BioPharma & Medical Technology represents another promising area for potential investment in the island’s life sciences sector. With a well-established infrastructure, sound regulatory framework, appropriately qualified and skilled local workforce, and attractive incentives already in place, Barbados has long proven to be a solid foundation for incoming companies to flourish and prosper on a global scale. Companies specializing in the development and production of biopharmaceuticals and medical devices could find a profitable opportunity in Barbados.
Additionally, as digital health continues to gain momentum globally, investing in companies offering health IT solutions in areas such as telemedicine, electronic health records, and patient management could offer other lucrative investment opportunities in Barbados.
In conclusion, as Barbados continues to provide the required enabling conditions of sound infrastructure, attractive incentives and well-regulated governance, the country and incoming investors are favourably positioned to capitalize on the attractive opportunities that abound within the Life Science space.
for investment, innovation and collaboration. These opportunities include research and development, manufacturing of pharmaceuticals, biotechnology-based foods and medicines, medical devices, biomedical technologies, nutraceuticals, cosmeceuticals, and food processing.
Focusing on this growing global industry ensures Barbados is at the vanguard of health equity, economic resilience, circularity, and sustainability.
This view is underpinned by the concept of sustainable investment, which is the amalgamation of traditional investing with environmental, social, and governance-related insights to improve lasting outcomes (CFA Institute, n.d.). Put simply, it is an investment strategy focused on benefiting the environment and society.
broad themes: wellness, agribusiness and blue economy, and biopharma and medical technology.
Prime opportunities identified for further development within the wellness industry included women’s health, medical education, recovery and rehabilitation, and plastic surgery. For agribusiness and the blue economy, opportunities included nutraceuticals, mariculture, diabetes management and sargassum seaweed, and sea moss. Biopharma and medical technology opportunities included vaccine manufacturing, data analytics, and optical lens manufacturing.
Since 2021, Export Barbados (BIDC) has embarked on a renewed mission to transform Barbados’ industrial and export landscape through science. This mission is timely, given the health-related challenges Barbados faces. Over the past few decades, it has become increasingly apparent that purposeful investments in health and well-being are vital to combating the growing incidences of lifestyle diseases among our population.
Treatments for diabetes, strokes, heart attacks, cancers, respiratory disorders, and other non-communicable diseases continue to dominate our Government’s annual health-care spend. Because investment enables economic development, it is therefore critical to allocate funds strategically for the common good.
The rapidly expanding global life sciences industry offers numerous opportunities which are being designed
Our island also has a long-established history in food science, from the production of rum to today’s proliferation of seasoning blends and condiments, and it is poised to grow this sector further. The country is also skill-abundant - we churn out approximately 1,500 science graduates annually.
With the existing and potential life sciences-related opportunities available locally, investments in this industry can establish Barbados as a life sciences hub in the Caribbean. To guide this process, Export Barbados (BIDC) engaged the services of Deloitte Barbados to assist in formulating a life sciences industry development road map.
Export Barbados (BIDC) sought to assess the local commercial landscape to identify high-potential areas for industrial development, export growth, and economic diversification. This assessment revealed a commercial context primed for science-driven advancement.
Following comprehensive stakeholder engagements, econometric analysis, and strategic opportunity prioritization, a final road map was devised around three
Following the Deloitte consultancy, one of the measures being undertaken is the transformation of Newton Industrial Estate into a Life Sciences Park. The work on this front has commenced. The first stage was completed in November 2022 with the launch of the Export Barbados (BIDC) International Food Science Center (IFSC). The IFSC is a contract manufacturing and laboratory testing services facility intended to enhance local manufacturing and export capacity significantly.
Guided by the life-centric approach to sustainable investment, Export Barbados (BIDC) will continue its efforts to advance this initiative in 2023. It will engage key strategic partners and create an enabling environment for the industry’s growth and development. To do so will require supportive infrastructure; sustainable talent development for STEM expertise; incentives; policies; regulations; and marketing.
It is envisioned that the life sciences industry will emerge as a central and resilient pillar for the Barbados economy, driving new levels of high-value job creation, export product and service diversification, foreign exchange earnings and population health and wellness for the common good.
In 2022, the BLOOM cluster launched two international acceleration programmes:
The BLOOM Cleantech Cluster is making a vital contribution to Barbados’ sustainability efforts and green energy targets. It feeds into the implementation of the National Strategic Plan 20052025, which aims at making Barbados a ‘green circular economy’ and the ‘most environmentally-advanced green country in Latin America and the Caribbean’.
The BLOOM Cleantech Incubation Programme aims to promote cleantech entrepreneurship and commercialization of new cleantech innovations. It provides various business advisory services for the selected start-ups, including business planning assistance, coaching, mentoring, matchmaking and access to grant, project and private financing. It’s been running for two years and currently has agreements with 14 start-ups. The Cluster is also coordinating global acceleration programmes with its international partners. About 20 start-ups and MSMEs have participated in acceleration programmes organized by BLOOM in 2022. This is an important milestone indicator for BLOOM and provides evidence that high quality incubation and accelerator services are in high demand in Barbados and the Caribbean.
The LIF programme supports entrepreneurs in commercialising their innovations and building scalable businesses to tackle local challenges. There are over 1,400 innovators who have taken part in the LIF programme in the past 7 years, from 19 countries across the world. Approximately 3,500 jobs were created, and $100 million dollars was raised by LIF start-up innovators. LIF Global 2023 kicked-off on 5 December 2022, welcoming 58 entrepreneurs from around the world. The entrepreneurs will benefit from free, bespoke training and follow-on support, including expert mentoring, support resources, networking opportunities and events to refine their pitch decks and better understand product scale and sustainability.
Entrepreneurs and projects selected for the second cohort of LIF Global Barbados in 2023 are: Shamar Ward – Repurpose Cell Phone Information System (RepCIS) Simera Crawford – BitEgreen Market Inc. Jasmine Greene – Private Caribbean Study Goals Online School
Caribbean Circular Economy Accelerator 2022 (CCEA)
In August 2022, the BLOOM Cleantech Cluster launched the first Caribbean Circular Economy (CE) Accelerator in cooperation with SAGANA and Circulate Capital, with financial support from the IDB. It ensures that participating companies are investment ready for preSEED and pre-series A level investments and covers various aspects of business management. 10 CE start-ups and SMEs from Barbados and other countries received course certificates in December 2022. Half of the companies were able to raise 1.5 million USD, including grant, loan and equity financing.
The BLOOM Cluster team had the privilege of attending a Steering Committee meeting hosted by UNIDO on September 6th 2022 in Vienna. The Cluster delegation discussed partnership possibilities with the Regional BLOOM Cluster Programme and the Global Network of Regional Sustainable Energy Centres (GN-SEC). The BLOOM Cleantech Cluster concept was presented for the heads of 10 GN-SEC centres representing 108 developing countries. As a result of this high-level GN-SEC meeting, the Barbados BLOOM Cleantech Cluster was presented as a role model for a global programme by UNIDO.
The Private Financing Advisory Network (PFAN) is a global network of climate and clean energy financing experts, which offers free business coaching and investment facilitation to entrepreneurs developing climate and clean energy projects in emerging markets. Two BLOOM Cluster incubatees, Goodridge Power and Healing Grove Contained Farm, have been approved for PFAN coaching and investment facilitation. PFAN prepares companies to meet investors and, once ready, enables targeted investor introductions. The applied project financing through the PFAN network exceeds 1 million USD.
For more information on the background and evolution of the BLOOM Cleantech project, scan the QR code to read a feature article on the Business Barbados website.
Contact information:
Mr. Mark Hill, CEOExport Barbados • mhill@bidc.org
Dr. Terrell Thompson - BLOOM Cluster Manager • tthompson@bidc.org
Bloom Cleantech Cluster is a sustainable energy and climate technology (Cleantech) cluster established by Export Barbados, formerly the Barbados Investment and Development Corporation (BIDC). The Cluster was officially launched in September 2020 with technical assistance from the United Nations Industrial Development Organization (UNIDO) and is currently managed by the Ministry of Industry, Innovation, Science and Technology.
"The project is part of UNIDO’s Regional Cleantech Cluster Program under the (GN-SEC). In partnership with regional economic communities, the program supports least developed countries (LDCs) and small island developing states (SIDS) in the establishment of Cleantech clusters and associations."
The Cluster has a residential incubation program for start-ups in the sustainable energy sector. Bloom provides individual coaching and financial support for innovative start-ups and entrepreneurs. The Cluster also coordinates and provides business advisory services for its members in project financing, market research, innovation management and product commercialization.
THE FUTURE IS HERE FOR WOMEN’S HEALTH IN BARBADOS
Barbados Prime Minister, the honourable Mia Amor Mottley, has shared her vision for the country to become the life sciences and biotechnology hub of the Caribbean. Through Export Barbados (BIDC), plans are in place to develop this industry, with women’s health identified as one of the key areas for targeted development. Here is a look at one of the pioneering companies they are working with, who are already bringing this vision to fruition.
BioConnect Medical Centre boasts many firsts for Barbados, and for the wider region. It is the first clinic in the Caribbean specifically dedicated to women’s transition through menopause, peri-menopause and post-menopause, with their unique offering of treatments and therapies, utilising state-of-the-art equipment, that is completely new to the region. For instance, the clinic has the Caribbean’s only Echolight Bone Density Ultrasound machine, a more accurate and non-radiation alternative to the traditional DEXA Scan, using REMS technology instead of X-ray technology to measure bone density.
With a holistic approach to women’s health, BioConnect Medical’s mission is rooted in improving women’s lives, and the knock-on effect this has on their families and wider communities. They offer a plethora of treatments and therapies all under one roof. Opening their doors in May 2022, the clinic saw
777 patients that year, with hormone replacement therapy (HRT), treatments for urinary incontinence (pelvic floor) and vaginal atrophy their most sought-after services. They also offer a range of aesthetic skin and body care management treatments to complement the challenges women are facing in this area as they age.
Globally, the population of postmenopausal women is growing. In the last few years there has been a resurgence of research and medical advancement focused on this often overlooked and undertreated, yet vitally important, area of medicine. So much so that there has been a global shortage of HRT medication that many women rely on to ease the symptoms associated with menopause.
BioConnect Medical, working directly with global suppliers, has managed to navigate the supply chain and secure coveted stock. They have been offering telemedicine consultations and shipping HRT treatment elsewhere in the Caribbean, including Jamaica, Trinidad, St Vincent and Grenada to patients who could not source it otherwise.
Not only are their services and treatments being exported, but patients from overseas are coming to Barbados for appointments at BioConnect. Medical Tourism is a growing industry with huge potential for Barbados, and BioConnect Medical Centre is attracting people to our
shores based on its unique and innovative services.
BioConnect Medical is determined to expand the horizons in its field and have a meaningful impact on women’s health in Barbados and the Caribbean. The clinic has launched a new electronic records system and will be working to compile data on bone density, menopause symptoms and other information pertaining to women’s health. The aim is to compile important data on Caribbean women, which will inform their treatment options, rather than relying on global data which does not accurately reflect the ethnic or genetic makeup of women in the region.
BioConnect is a partnership between two pioneering women. Dr Roberta Corona, Medical Director, is Barbados’ first certified menopause specialist. Originally trained in gynaecology and obstetrics, she is a Fellow in Urogynaecology and Endoscopic Pelvic Surgery at the University Hospital of Leuven, Belgium, and a North American Certified Menopause Practitioner. Rachel De Gale, CEO has a background in health management and has been one of the trailblazers in advancing the highest standards of healthcare in Barbados and the Caribbean. Together their focus is on providing solutions for women – finding the root causes of health issues and helping their patients achieve optimal health rebalancing.
“Our focus is to change the narrative attached to ageing from ‘antiageing’ to ‘well-ageing’. We start by reviewing every area of your life and holistically set a roadmap to be the best version of You.”
Dr Roberta Corona
For more than 40 years, Ross University School of Medicine (RUSM), an Adtalem Global Education institution, has been expanding access and opportunity to students on the path to becoming skilled physicians. RUSM and its students are determined to make an impact in global communities, a mission that begins at its campus in Bridgetown.
RUSM has a unique story to tell because we believe that not everyone has the same opportunities in life and those differences have historically precluded
certain aspiring physicians from attending medical school. We exist because there are unmet healthcare needs in communities we care about. Often, those best positioned to fill them are not afforded the opportunity to do so.
With over 15,000 alumni, RUSM opens doors to higher education for underrepresented student populations. The majority of our students come from the US and increasingly Canada, as well as other parts of the world, supporting educational tourism in Barbados. We offer
a medical degree to students who have already earned a bachelor’s degree or higher. To ensure students are prepared to handle the challenges that come with a medical career, faculty and staff meet students where they are, providing them with tailored support throughout their medical education.
What makes RUSM stand out from other medical schools is our commitment to diversity, equity and inclusion, end-toend student support, including Adtalem’s Medical Education Readiness Program,
and early clinical and community experiences in Barbados.
Students who attend RUSM have a rare opportunity to immerse themselves in the warm and friendly culture of Barbados during their early years of medical school, which helps widen their experience in patient care and broaden their world view and knowledge of different healthcare systems. By embracing the power of diversity, equity, and inclusion, RUSM maintains our steadfast focus on helping to diversify the medical profession and improve communities and healthcare systems where our graduates go on to serve.
Now that we are settled into our new campus in Bridgetown, we see the island of Barbados as our long-term home. As part of our emerging focus, we want to have a positive effect throughout the island by making investments that have major impacts on both our students and the local community. By offering employment opportunities and partnering with local organizations on projects that align with our mission – including a strong focus on non-communicable diseases, disaster medicine, and community engagement – we hope Barbadians will continue to benefit from RUSM being in their backyard.
A few ways in which RUSM has engaged with the community include providing Basic Life Support certification training sessions for nearly 100 Barbados Community College nursing students and nursing instructors. Additionally, students and faculty were engaged in a local program targeting the prevention of renal disease in systemic lupus patients and assisted in the distribution of renal kits and counselling patients.
RUSM also partnered with the Barbados Alliance to End Homelessness
(BAEH) to upgrade facilities that provide free medical care. Adtalem and RUSM’s donation will allow for the integration of medical resources, helping the shelter provide a ‘one-stop-shop’ for those in need of healthcare. RUSM partners with urgent care services to bring free weekly medical care to the homeless through its community medicine program and an RUSM student group has collaborated with local physicians to assist in healthcare delivery to senior residents.
Adtalem along with RUSM students, faculty and colleagues took part in a
wide variety of philanthropic activities throughout the year focusing on community medical needs, providing resources for groups in need, and raising awareness of non-communicable diseases and other health risks. Adtalem fosters relationships with local governments, international and regional organizations, and communities to make valuable contributions to the community and support local needs.
Hands-on from the Start RUSM believes early, hands-on learning
is crucial for medical students to gain the experience and confidence needed to become successful physicians. With that in mind, Dr. Rhonda McIntyre, senior associate dean of external affairs and campus dean, developed and led a new program, the Community Clinical Experience. This program allows students to develop their advocacy skills and gives them exposure to administering medical care in a community setting. It is a differentiator in empowering RUSM’s diverse student body to serve local and global communities with a patient-centric, ethical and humanistic outlook.
The Community Clinical Experience program has partnered with community organizations such as Urgent Care Mobile Services, BAEH, Hope Foundation Barbados, Forlam Foundation, A.C. Graham Development Centre and the Barbados Red Cross Society to provide
healthcare and health education to the local community. Since launching in September 2022, nearly 300 RUSM students have spent more than 3,300 hours serving over 1,000 community patients. RUSM students provided patient evaluations, counselling, and conducted physical examinations.
The culminating event for the Community Clinical Experience program took place in November 2022, in Queen’s Park, where RUSM, in collaboration with BAEH, hosted a Health Extravaganza along with 10 other local healthcare providers. This community event offered free health screenings that included blood sugar testing, blood pressure checks, cholesterol tests, COVID-19 vaccines, breast exams, health education and more. Our partnerships with community organizations are so meaningful because these non-profit organizations are right at
the centre of what we are trying to teach our students – the need for advocacy, understanding, and getting up close to patients and communities to understand the social and economic determinants of health.
Embedded in RUSM’s mission is to deepen community engagement and ensure that we are contributing to the communities that we live, work, and learn in. We will continue to integrate into the local community in Barbados and provide students with the foundation they need to pursue successful careers in medicine.
RUSM is accredited by the Caribbean Accreditation Authority for Education in Medicine and other Health Professions (CAAM-HP, www.caam-hp.org), an independent and autonomous body of professionals that only certifies medical schools operating at the highest levels of educational standards.
In 1856, there were 158 distilleries in Barbados. The introduction of still licenses, rum duty and the prohibition of distillers retailing their own rum, all of this together with the economic malaise of the period, would see this number fall to just 23 by 1888. Rum making in the 19th century differed from today in two particular ways. Back then, a rum distiller would have a direct link to a sugar estate and the rum produced came from the sugar cane grown on the attached estate. Related to this direct link, rum was distilled from both fresh juice as well as molasses and possibly sugar cane syrup, each of which would have been produced on the very same sugar estate which operated its own boiling house.
Today, we tend to think of Barbados rum as being made exclusively from molasses, in contrast to rum directly from sugar cane juice, the latter being something peculiar to the French Islands. This is actually a modern construct. In the late 19th century, Barbados was as famous for its molasses as Demerara was for its sugar. The Barbadian rum distiller would use valuable molasses sparingly mixed with sugar cane juice. The latter might come from ‘rum canes’, so called because the juice was low in sucrosebut high in simple sugars - and better directed to the still than the boiling house.
Barbados rum making would take its modern shape around the turn of the century. It was impacted from within its
own industry by the adoption of the more efficient column still, but the change was also externally driven by the shift in Barbados to central sugar factories.
As late as 1910, Barbados had 339 plantations, each of which had their own sugar works. By 1921, 19 central factories had been created and this would increase to 31 by 1930. By 1939, there were 33 vacuum pan sugar factories, up from just 9 vacuum pan factories in 1897. This shift meant that no longer could an individual sugar estate make its own rum. They did not grind their own canes, they sent their cane to the nearest central factory. To make rum, one would have to source molasses in bulk from the central sugar factory. The new vacuum pan factories
made the cheaper ‘pan molasses’ and this would be the ideal raw material for making rum over the more expensive traditional ‘fancy molasses’ for which Barbados was famous.
The advent of central vacuum pan factories went hand in hand with the development of the column still. A typical pot still, hitherto the method by which rum had been made since the mid-1600s, might have a charge of 2,500 litres distilled over 7 to 9 hours before emptying, cleaning and recharging. The continuously operating column still could distil 2,500 litres in one hour, hour after hour. Central factories producing ‘pan molasses’ on an industrial scale could generate the volume of raw material to feed a column still to produce rum on an industrial scale. By the late 1930s, there were just three distilleries, all of which operated a column still. The link between
sugar estate and rum distiller had been broken. Rum was now made exclusively from molasses sourced from a central factory. Distillers, still prohibited from retailing their own rum, would sell it in bulk to the merchants in Roebuck Street, Bridgetown, for maturation, blending and bottling. Nearly all Barbados brands are derived from their creation by Bridgetown merchants.
Despite its superior efficiency, distillers never gave up on their pot stills - no doubt responding to the demands of the blenders. 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. Barbados is among just a handful of spirit making regions with an unbroken centuries-old legacy of the pot still. Barbados distillers refused to wholly give up their costly pot rums.
They would also refuse to wholly give up Barbados sugar cane.
From 1971, the Barbados sugar industry has been in decline. From a high of over 200,000 tonnes in the mid-60s, production of raw sugar had fallen to 50,000 tonnes in 1992. Less sugar means less molasses and the rum distillers faced a scenario where there was not enough local molasses output to meet rum production demand. Immediate problems require immediate solutions, and, for the first time, the island imported molasses to meet demand. Fortunately, Barbados cane varieties which pervade the region are milled using the same process and equipment as our local mills. Having long broken the link between estate and distillery, molasses from central factories had become somewhat of a homogenous input, and Barbados distillers seamlessly integrated regional molasses into local rum making.
The upside to any crisis is the opportunity - perhaps the requirement - to innovate. But in this precious local artisanal craft, the opportunity was to return to our roots. The crisis in the sugar industry continues with sugar output falling to just 5,000 tonnes in 2022.
Faced with the thought that the famous rum making provenance of Barbados may cease to grow sugar cane, the rum distillers took matters into their own hands.
When Larry Warren returned St Nicholas Abbey to rum making again in 2006, he did so by milling the cane grown on the estate into sugar syrup from which their rum is distilled. Fresh juice has a short shelf-life and boiling to syrup to preserve it is an ancient practice of the small distiller. It is still done today in Haiti. For one distiller, the link between estate and rum was restored, and Barbados returned to making rum direct from sugar cane instead of solely from molasses.
Motivated by a desire to return the link between Mount Gay rum and the Mount Gay sugar estate, in 2015 the Remy Cointreau owned distillery acquired the 331-acre estate that surrounded the distillery, reuniting the historical sugar cane estate with its original distillery. Group CEO Valérie Chapoulaud-Floquet explained:
“We saw this unique opportunity as a sign to pursue our goal to create a true luxury rum brand. Here in Barbados, we now gather together all the elements to foster the legacy of Mount Gay Distilleries: authenticity, history and terroir, with a single-estate rum, a genuine Barbados historical ‘chateau’.”
After initially subcontracting the local Portvale mill to process their estate cane, in 2022 Mount Gay commissioned a new sugar factory, the first to be built on the Island since 1980, to mill its estate grown cane to molasses and sugar - the
former to make their rum, the latter as by product. A new paradigm for Barbados sugar cane.
In 2016 at Foursquare, motivated to preserve Barbados as a sugar cane growing country, to restore the link between a sugar estate and its rum, and finally to once again blur the lines between molasses and cane juice rums as it was in the past, we began taking syrup from the mill at St Nicholas Abbey. In 2018, we commissioned our own mill and milled cane from nearby Ashbury Plantation. In 2020 we added a second mill and in 2021 we acquired 20 acres of cane surrounding the Foursquare distillery for the planting of specialist varieties more suited for the making of rum than raw sugar. Today, all rum from Foursquare is made by blending rums from molasses, both local and imported, and locally milled fresh cane juice. The distillers have demonstrated the ability to turn a local agricultural output into high value-added finished products with global renown. The contrast with the bulk raw sugar industry is a lesson for Government that the Island can and must move away from providing commodity output for value-added in the developed world.
Barbados Rum has not merely returned to its roots, but set in place practices to preserve, enhance and protect the provenance of Barbados Rum.
The spirits industry is continuously evolving to be more eco-friendly and Mount Gay Distilleries has solidified its commitment to the same and more. As we face a new relationship with the planet around us, reducing environmental impact while empowering and engaging communities is now of utmost importance. Thus, from soil to sip, sustainability is at the core of Mount Gay’s operations and offerings in its quest to become the leading, high-end, sustainable rum house in Barbados and across the world.
As a business reliant on the importation and exportation of goods on a small island developing state, Mount Gay is cognizant of its direct and indirect carbon emissions and is working assiduously towards its goal of carbon
neutrality through its investments in process efficiencies, improved logistics and packaging, cleaner fossil fuels and significantly, renewable solar energy. Sunshine is abundant in Barbados and Mount Gay has employed the use of roof photovoltaic panels to aid in its solar energy generation, while planning for even further expansion into ground solar for increased carbon compensation. Significant strides have also been made at Mount Gay’s Sugarcane Estate in St. Lucy. Carbon emissions have been cut by using 100% organic fertilizers only. Sustainable agricultural practices have been employed to reduce the reliance on synthetic herbicides, and crop rotation is in full use for its benefits to the soil, while contributing to local food security. Mount Gay is also committed to enhancing the biodiversity within its ecosystem and has planted food forests, orchards and hedge-rows on its lands. These efforts are not limited to flora but are also extended to our fauna. The African Green Monkey (Chlorocebus sabaeus) remains protected in the nearby Oxford Gully, while dedicated bee-friendly gardens and apiaries have been established for the protection our endangered bees. Beyond the environment, Mount Gay is committed to the sustainability of its people, both within the organization
and in our local communities. With a strong sense of corporate citizenship, employee and community engagement are encouraged through diverse initiatives that directly address identified needs. On the more sensitive side, Mount Gay is acutely aware of its social and ethical responsibilities as a rum producer and has embarked on a responsible consumption campaign, where all are encouraged not to over-indulge but to “drink responsibly”. Sustainability is a lot about learning from the past and making those changes necessary to safeguard the future of our planet and our people. From 1703 until now, Mount Gay has continuously demonstrated its adaptability and is now a true testament to how sustainable our beloved rum can be.
“The distillery employs about 80 people, an increase of 40% since 2017 and whose combined experience are its most precious resource”, said Master Distiller Don Benn, who was awarded “Rum Distiller of the Year” at the 2020 Spirits Business Awards.
Others have dedicated their working lives to the distillery. Henderson Skinner has worked at WIRD for over 40 years, like his father Cleophas Alleyne before him, keeping the company’s history alive and inspiring new generations to continue its legacy.
teams up with local producers to source coconuts for Plantation “Cut and Dry” rum, available exclusively on the island.
West Indies Rum Distillery (WIRD) was founded on Brighton Beach, St Michael, in 1893. The Distillery mission has not changed in 130 years: to create the best Barbadian rum, using the best possible methods, always highlighting the diverse heritage of Barbados –the country where rum was born.
George Stade was an inventor and an adventurer, with several international rum and sugar cane related patents to his name. In 1893 he fulfilled a lifelong dream by creating a distillery showcasing his genius inventions and making the world’s best rum, in Barbados. Within two to three years, the name “Stade’s” became synonymous with quality rum on the island. The distillery rapidly grew to be the largest and longest continuously operating distillery in Barbados. Today the distillery team is led by Andrew Hassell (Managing Director) and is producing approximately 85% of the island’s rum. WIRD is the largest rum exporter on the island, providing revenue for generations of Barbadians. The distillery was awarded largest rum exporter at the 2022 Export Barbados Awards Ceremony.
Today, a diverse and passionate Barbadian team preserves this precious heritage with a combination of technical expertise and boundless curiosity.
WIRD Supports Local Economy Through Sustainable Development
WIRD is a key player in Barbados’ environmental objectives. The distillery will become carbon neutral by 2030 and already took a major step in this direction with the installation of solar panels on its warehouse roof in 2021 and by replacing existing company vehicles with electric ones.
With the opening of the “Harper’s Sugar Cane Mill” in 2022, WIRD also joined with the Sugar Cane Breeding Station to support the study of the sugar cane, the agricultural origin of our awardwinning rum.
WIRD became the first distillery in the Caribbean to obtain a Chain of Custody certification from Bonsucro, a non-profit organization that promotes sustainable sugar cane production, processing and trade around the world. WIRD also
WIRD is known for producing one of the world’s top premium rum brands: Plantation Rum was named Favourite Rum Brand by the world’s 100 best bars for 6 years in a row, adding to the brand’s collection of over 400 medals from the most prestigious international competitions. Stade’s Rum has also won gold medals from the Spirit Business and Double Gold at the San Francisco World Spirits Competition, two prestigious organizations that are famous worldwide. In March 2023 it was announced that Plantation Rum XO 20th Anniversary and the newest vintage Barbados 2013 Under the Sea both won Master Medals at the Rum and Cachaça Masters hosted by the Spirits Business Awards (London).
2023 will be an exciting one for WIRD to Celebrate its 130TH Anniversary and to open the new Visitor Centre
WIRD looks forward to celebrating 130 years of heritage and opening its brandnew visitor centre, a significant tourist attraction for the country. The visitor centre will facilitate sharing the heritage of Barbadian rum and its incredible collection of vintage rum-making equipment with visitors from Barbados and beyond.
West Indies Rum Distillery on Brighton Beach
Adam O’Connell International Drinks Writer/Journalist
This is the year of rum, don’t you know? According to data from CGA by Nielsen IQ, rum sales surpassed £1 billion in the UK in 2022, landing the category a bigger market share than whisky. The increase in premium brands to rival Scotch and Cognac, the demand for flavoured and spiced rum, and its versatility in cocktails are all contributing to this golden era.
But rum is also a deeply evocative spirit, one that can be an ambassador of its home at its best, like it is for Barbados. It’s this connection that prompted the creation of The Barbados Rum Experience, a week-long festival dedicated to illuminating all aspects of the spirit’s culture, history, and production
to move beyond the ‘pirates and parties’ reputation.
In November 2022, I was in attendance at the island’s sole event dedicated exclusively to the rum industry of Barbados, a year after something of a soft launch inaugural show curbed by COVID restrictions. A more comprehensive schedule and freedom to enjoy everything the island has to offer was in store, split into two main portions: three days of talks from experts, and two days visiting Mount Gay, Foursquare, and St Nicholas Abbey Distillery.
The former is not just about lessons in rum. The big stories are not shied away from, with honest discussion about the island’s drinking culture and the history
of slavery. We cannot tell the story of rum without understanding the role plantation economics played in its development. The experience aims to illuminate a wider Caribbean story, covering subjects such as biology, geology, anthropology, and more.
From the conference room of the Radisson Aquatica, a classroom of students from Barbados to America, the UK and beyond, ingest it all like giddy school kids seeing the TV rolled into the room. With top notch speakers that include rum luminaries such as Prof. Richard Drayton, Prof. Fred Smith, and renowned Barbadian distiller Richard Seale, the coverage is so comprehensive you feel as if you’ve just spent a year at
the university of rum - with the added bonus of a beach outside your door and rum flowing freely.
As any good drinks writer will tell you, a spirit is best enjoyed in the distillery where it’s made, however, and the three trips are undoubtedly the highlight of the Barbados Rum Experience. Behind the scenes access, exclusive tours, and generous tastings are enjoyed first at Mount Gay, where we witness the island’s giant enter its 320th anniversary by investing in capacity and gearing towards more terroir-led production. Foursquare opens its doors to show you the no-nonsense approach that made it the rum drinker’s rum, while St Nicholas
Abbey stands out as the premier tourist destination. Come for the sights, stay for the rum.
When you understand how connected rum is to this island, you realise that to visit Barbados and fail to take in the distilleries and their creations would to be visit Champagne and avoid the vineyards and taste of bubbles. It’s my first visit here and our hosts, led dutifully by Gayle and Christian Seale, are keen to ensure every joy of Barbados is seized.
My first experience of the island is a night drive from the airport followed by a rum punch in the hotel lobby. It sets a tone.
Rotis from the nearby Indian Grill and fish sandwiches from Cuzz’s are so good
Clockwise
they’re frequented more than once.
The cuisine, customs, and charm of Barbados are not an additional extra, but a core element of the experience. If you’re new to rum, Barbados, or a lover of both from near or afar, the Barbados Rum Experience will open your eyes, pour you a drink, and leave you in no doubt you are in the home of one of the finest spirits in the world. Just take a sip.
Back in 2019 when Business Barbados first featured the two dynamic Barbadian entrepreneurs, Kodi Lewis and Alex Weetch, they shared a compelling vision to carve out a new niche for themselves by bringing together sport, business and lifestyle under one umbrella. Driven by a strong passion and belief in the power of sports to help people evolve and grow, their fundamental strategy was to leverage the natural lure of the Caribbean, while innovatively capturing market share from the sports holiday and events markets.
By a relatively young age, Kodi had already established himself as a veteran in sports luxury events, having founded his historic ‘Tennis Pon de Rock’, which attracted Venus and Serena Williams, Caroline Wozniacki, Victoria Azarenka, Gaël Monfils and John Isner. With part of the proceeds going to help support
the Barbados Tennis Association and promising Barbadian tennis athletes, it marked the beginning of a mission to champion the growth of regional sport.
When CEO and Experience Designer Kodi founded Dakota Ross, later to be joined by Chief Strategy Officer Alex, and Strategic Business Coach Luis Fuentes, the team made optimum use of their first-hand local knowledge to provide clients with unique, authentic experiences infused with sport and exclusive access to the luxuries of the Caribbean. As the company prospered, even managing to thrive during the Covid pandemic, new breakthrough opportunities started appearing on the horizon.
Fast forward to January 2023 and Dakota Ross has just launched a strategic partnership with UK-based Right Formula, the largest independent Sports Marketing Agency in Europe, representing numerous
global brands such as Jack Daniels, SAP, ExxonMobil, Pirelli, Hilton Hotels, Vodafone, Bang & Olufsen, IWC and Kia Motors to name a few. Right Formula also works alongside several of the world’s governing bodies in sport and major sporting rights holders, including F1, Formula E, FiA, UEFA, DP World Tour, WSL, Barcelona FC, Sail GP, World Sailing, Moto GP, Arsenal FC, NBA, R&A (The Open), WTA, America’s Cup, Olympics, Rugby World Cup, FIFA, NASCAR, plus numerous F1 and Formula E teams.
The new venture, Right Formula Caribbean, will work with the world’s biggest sports and brands, providing them with access to approximately 100 experts in the sports and entertainment industry. Focussing on delivering this through a combined data-driven methodology with a human-centric approach.
Right Formula Caribbean will focus on:
Strategy - Creating clear and structured pathways to help clients deliver their brand systematically, establishing deeper and more impactful relationships with their target audiences backed up by robust data.
Activation - providing impactful Brand and Marketing programmes that strategically align with their clients’ broader business goals, ensuring Sport and Entertainment marketing investment drives business performance.
Commercial - working with the very best brands and rights holders, connecting them with the top properties worldwide in order to drive their revenue.
Special Events - tailored sports events and experiences designed to make a difference through the two main pillars of sustainability and human development.
The aim is to establish Barbados as a preferred destination for Team and Individual Development Experiences, thereby attracting international sports, athletes and sponsors to the island. This in turn will provide local companies and athletes with access to the international sports arena through strategic consultation.
Kodi Lewis
“Robin Fenwick launched Right Formula in 2009 and quickly grew the company into a world leader in our sector. By chance, he happened to be in Barbados with his family right at the start of the first Covid-19 lockdown. It was a strange time on the island for everybody, but especially visiting nonBarbadians. A mutual colleague, Scott Over at World Sailing, reached out and suggested that Robin and I connect, so that I could offer him some local support. The outcome was that we met up quite regularly during permissible hours, such as early morning exercise walks on the beach. This soon led to us discovering we both had a real passion for sports, shared a lot of similar values, and felt strongly about the importance of having a clear path and purpose. My heart has always been connected to sport, but I also have a deep connection to the world of therapy. My mother, Jacqui Lewis, is an Experiential Therapist and, through her and her colleagues, therapy has played a fundamental role in my life path, first as an athlete and now as a business owner. Like me, Alex, Robin and Lou are all great believers in the power of sports. Whenever we work with clients, we always bring the emotional, mental and physical benefits that come with combining the approaches of systemic thinking, experiential therapy and sports into our process. For me personally, as an athlete, an entrepreneur and a Bajan, the creation of Right Formula Caribbean is like fulfilling a lifelong dream.”
Alex Weetch “One of our main competitive
advantages is that we have a small core team who are all very strong on our purpose. We apply the same core humancentric approach we use to continuously develop our own company to our clients. We believe that if you want your brand to connect with individuals at a human level, you have to think of a brand holistically as a human, made up of the combined characteristics, passion and purpose of its individual team members. By unlocking the internal potential of the team, we help brands better connect externally with their target audiences. Right now Barbados has a real opportunity to become the Caribbean hub for sports hospitality and events, and we are delighted to be at the forefront of that development. It’s not been an easy road to get here, far from, but we’ve kept on believing in ourselves and never lost sight of our end goals. We’d like to think that our story could be an inspiration to other aspiring entrepreneurs in Barbados and the Caribbean.”
Robin Fenwick
“The Dakota Ross team brings a different approach that will allow Right Formula to expand our offering geographically and through new capabilities. One of my principal goals is to help bring world-class sports events to Barbados and allow new audiences to not only understand but see the magic that exists on this island. Through this strategic partnership, we have the right ingredients to provide new meaningful experiences to a wide group of individuals and businesses alike, so I’m personally very excited about what the future holds. We’ve all seen a lot of change over the past couple of years, but now we are reprioritising what’s important to us. If there was ever a moment for our combined forces to help you to follow your passion to grow personally and professionally, that time is now.”
www.dakota-ross.com
www.rightformula.com
The process of filmmaking in Barbados has crawled apace through the decades, starting with the era of such Hollywood location shoots as Island in the Sun (1957), through the launch of new government agencies, Caribbean Broadcasting Corporation (CBC) and Government Information Service (GIS) in the 1960’s, to the current digital age in which the playing field has been levelled due to the availability of affordable technology and increasing access to training, plus exhibition opportunities locally and globally.
In recent years Barbadian residents have been exposed to a steadily growing number of film products created by local casts and crews. Paving the way was The Film Group, spearheaded by Mahmood Patel in the early 2000’s, known for their workshop-based, communityoriented medley of short films entitled The Shoe. In this period, the Errol Barrow Centre for Creative Imagination (EBCCI) embarked on a tertiary-level film training programme. The National Cultural Foundation (NCF) established the Film Desk in 2007 to assist in the overall development of the film sector. Through a public/private sector initiative,
the Barbados Film & Video Association (BFVA) was formed in 2011 to lead the sector through lobbying and advocacy, education and capacity-building.
These efforts spawned the beginning of an exciting period in which technical and production skills were amalgamated to manifest a plethora of Bajan film products of varied styles and quality: shorts and feature films, commercials, animation products, documentaries and more. Highlights include Hit for Six, a fiction story set in the world of West Indies cricket, produced by Blue Waters Productions (2007); HUSH 1, HUSH 2, and Chrissy, produced by Step By Step Productions (2008 - 2021); Pay Day produced by Let’s Do This Films (2013), and Keeping Up With the Joneses by Hall.E.Wood Productions (2013).
The NCF’s National Independence Festival of Creative Arts (NIFCA) also nurtured the development of original content though its annual Film/Video competition, in which successful entries have been awarded gold, silver and bronze certificates.
Streams of audiences have poured out of local cinemas with some degree of pride and satisfaction after viewing welltold stories about familiar cultural themes that survive the constant cavalcade of North American screen fare.
This emerging Bajan cinema represents yet another milestone in our journey of decolonization and independence. It will serve a useful purpose in the continuum of a dynamic Barbadian/Caribbean cultural identity, as it seeks to spread our tales and ideas across communities and diasporas globally.
For many years, film producers and film production companies have visited Barbados for the purpose of using the island’s beauty and unique features, either as a central location or as a backdrop for their lifestyle TV series, narrative and documentary films, commercials, and music videos.
Steps have recently been taken by
government to regularize this activity, so that Barbados could reap maximum benefits from it by developing the local film industry as a major engine of growth within Barbados’ economy. It is widely recognized that the global film industry is resilient and performs even in times of recession.
Through the establishment of the desk of a Film Commission in 2015, government has been creating a system which facilitates the development of a symbiotic relationship between visiting foreign production companies and development of local skills and content.
Its main role has been the promotion of Barbados as a viable foreign filmmaking destination and the provision of a comprehensive service for all filmmakers in production or location scouting on the island. It serves as a liaison between government agencies, private sector companies and film productions. Procedures for filming on location are clarified with clients and apprenticeship opportunities are encouraged. The desk also encourages a means of monitoring filming activities and ensuring that the economic benefits are exploited.
Film shoots from the Caribbean, Europe, the UK and the USA have been facilitated over the years. Several Barbadian film production companies provide necessary services for such activity on an ongoing basis: Parachute Film Studios Ltd., 13 Degrees North Productions Inc. and Crucial Productions Inc.
Sanna Allsopp, Executive Director of Parachute Film Studios, describes how she feels about her current business model:
“Our greatest strength has been the people that work with us. We have been lucky to have so many talented people come through Parachute. The international shoots would help train our team and then we could produce our own Bajan content. We have won top prizes at international festivals! We just completed a music promo with Apple Music for the Superbowl. Our crews in camera, art,
Annette Niaswardrobe and production were able to weigh in creatively and collaborate in a way that’s been so inspiring for us.”
Government has been seeking to bring strategic direction to this emerging, high-growth sector, by providing the appropriate enabling legislation and a fiscal incentives structure that would maximize economic potential.
The Cultural Industries Development Act, 2013-15 was established with a suite of tax-based incentives for the audio-visual sector. Benefits, which are accessible through the Business Development Department of the National Cultural Foundation, include:
• Duty free and tax free concessions specifically on equipment, machinery and materials for the building of film and video production studios
• Duty free concessions for the importation of all film production, staging and set equipment
• 35% exemption from personal income tax payable by foreign resident individuals on income received while
working in Barbados
• Provision of a 100% export allowance on profits derived from the export sale of books, screenplays, plays, animation, and musical compositions.
Additionally, the Copyright Act 1998 provides a major advantage for companies and individuals registering their work in Barbados, since it ensures the protection of Intellectual Property Rights. Effective management of Intellectual Property Rights is integral to the successful development of the film industry in particular.
The Barbados Independent Film Festival, now in its seventh year of operation, insists on continuing to provide a powerful and dependable annual platform for the screening of local, regional and international independent films.
The COVID 19 pandemic has had a major impact on all aspects of our
lives, and the global film industry is no exception. Major and minor releases were forced to end their theatrical runs early. Some production companies have attempted unorthodox measures to release films, while others have moved to new dates or postponed indefinitely. To varying degrees across the world, cinemas and movie theatres have been closed, causing global box office sales to drop by billions of dollars. Festivals have been cancelled or postponed, and many film production processes also halted. Fewer film shoots have therefore visited our shores from the popular source markets. We have, however, been able to host a major Netflix series for the second consecutive year.
As Phil Archer of Crucial Productions Inc. fondly reflects:
“Both 2021 and 2022 were groundbreaking years for Barbados’ film industry. In 2021, during lockdown at the height of the pandemic, I facilitated and was Production Supervisor on the popular Netflix original series ‘Outer Banks’.
This was one of the largest - if not the largest - and longest productions ever held in Barbados to my knowledge, with over 200 local and international cast and crew at its peak. After Season 2 was released in 2021, it reached number one on Netflix charts worldwide for several weeks. On the back of its huge success, the production team again returned to our beautiful shores to film Season 3 in 2022, having fallen in love with Barbados’ unique aesthetic and people. I can’t help being super proud of playing a part in this series, and I must give a huge thank you to the Barbados Government at all levels for playing a pivotal role in making this stellar production happen. We also have an amazing resource of local crew
and suppliers who we relied on heavily to make the production successful. Everyone from gaffers to art department, hair and makeup, local actors and extras, to truck drivers and skip delivery services, plus the Barbados Police Service for their unwavering professionalism in protecting and assisting us throughout. The way Bajans came together for this production was incredible.”
The pandemic has forced human beings to make dramatic, long-term changes globally. Streaming has seen a significant increase in popularity, creating openings for independent cinema productions to receive wider exposure. More eyeballs are now fixed on computers, phones and tablets
through platforms such as Amazon, Hulu, Facebook, Instagram and Netflix.
Nevertheless, as the world begins to emerge from the previously unimaginable impact of the COVID-19 pandemic, borders are re-opening and cameras are beginning to roll again on international film and high-end TV productions.
Competition remains fierce and locations like Barbados must take the opportunity to create facilities and maintain safety protocols that will enable them to remain sustainable in the face of climate change and economic challenges. Our specific and unique challenges must be addressed and overcome in order to
realize true economic and social potential.
Aggressive marketing strategies are required to attract foreign producers/ investors and to upgrade the general position of the locale as a shoot location. It will become necessary to establish film festivals, as well as to actively participate in other regional and international film markets, and to network with key industry players and financiers.
Focus should be on production, marketing and consumerism, as well as the adoption of a sustainable apprenticeship training model. Focus should also encompass low-cost shared facilities, utilization of the expertise of local practitioners and strengthened capacity in the area of IP.
Funding should be established to continuously master emerging digital technology to facilitate international recognition and marketability of digital products. Private sector support is necessary in areas such as venture capital funding, angel funding, business partnerships. We must continue to explore opportunities to innovate in the distribution arena, working with new partnerships and developing more direct digitally-enabled relationships with our audiences.
Kirk Dawson, Managing Director of 13 Degrees North Productions is optimistic about the future:
“I would love to see at least three large-scale productions happening on
the island every year. These productions would employ at least two hundred Barbadians year-round in every capacity, thereby generating income for all sectors in the economy. Barbados has international global appeal and is viewed as one of the best film locations. We should also have a school for film development and training, with access to direct internships on major productions and production houses across the world.”
Barbados has much to offer the global film industry: physical beauty, picturesque land and seascapes, architectural variety, a thriving and hospitable population, developed infrastructure, technological advancement … and a promising future!
The phrase ‘ease of doing business’ is a familiar one in our island and across the Caribbean. As we emerge from the COVID-19 lockdowns and restrictions, the awareness of how life has changed in many respects during that period is not lost on us. Indeed, business, public and private, and individuals were forced to make changes and either introduce or accelerate new methodologies for the ease of doing business consequent to the pandemic. A perfect example is that of online banking in the commercial banking sector. There were many persons who resisted the call from the banking industry to make good use of the technology and move from the ‘bricks and mortar’, ‘stand up in line’ modality to conducting banking business by the click of a mouse. Now there has been an immediate cultural shift, having been pushed to online banking by the raging COVID 19 pandemic, as indicated in the 2021 Financial Stability Report. And there is certainly much more to be achieved in that industry with the use of technology, such as the soon to be launched real time processing of transactions in the banks and credit unions.
Another example is the process in
Barbados for getting exchange control permission by businesses and individuals applying to purchase foreign currency for certain transactions. Forms had to be submitted, time spent waiting for the review process, then forms had to be collected from the Central Bank of Barbados before the actual purchase of the foreign exchange could be done. The Central Bank of Barbados has now introduced an automated procedure of application. Days of waiting have been transformed into a few hours, from submission of the application to acknowledgement of receipt, to review, to response of permission granted or not granted, albeit there may be a few exceptions in the process. Of course, mention too must be made that with the use of technology, uploads to forex online can be done at any time that is convenient as users are fully liberated from the fixed business hours of physical operations. What a difference this has made to the business landscape in Barbados.
The changes at the Corporate Affairs and Intellectual Property office (CAIPO), including the introduction of the digital platform for Corporate Affairs services, must be lauded. This has provided an online platform for accessing the bouquet of services for investment promotion and ease of conducting trade.
The continued improvements at the Barbados Immigration department are also worthy of mention. As an example, our feedback is that many on the Barbados 12-Month Welcome Stamp programme, a positive outcome from the COVID-19 for the island, have seamlessly transitioned to other visa status. Other processes have been digitized, such as obtaining police certificates of character with one day turnaround time for the most part.
These are just few examples extracted from what pertained in the past juxtaposed to our present reality. In other words, what we used to do and what we can achieve within the context of business process improvements. However,
the complexity of getting there, and then at the preferred speed is also generally understood.
It is well recognized that the need for foreign direct investment to further stimulate growth and development of the economy makes it an undisputed fact that business facilitation is of critical importance if we are to thrive and globally compete as an attractive business destination.
As a nation, Barbados, inclusive of Government, public and private sectors, and other key stakeholders, has been robustly addressing the matter of business facilitation.
Although the World Bank discontinued publication of its ‘Doing Business Report’ in September 2021, the recommendations made to Barbados continue to be a good compass to improved business facilitation in our onward journey to the next level.
The private sector has to do its part to get there. Where necessary, lobbying and advocacy, one of the main roles of the Barbados Private Sector Association, which I have the opportunity to lead, will be to negotiate value-added incentives to facilitate growth and a reinvigoration of an investor enabling climate.
The role of public agencies will also be key to the success of the ongoing reform practices. With continued collaboration, and with persons committed to the reform process, we can expect a more transparent and effective system of interaction between government agencies and statutory corporations for better facilitation.
At present, therefore, we may not be where we want to be, but we must push forward, and push forward we will.
Barbados’s profile has been significantly raised on the international stage as an attractive business destination. We believe this augers well for trade and improved investor confidence that will redound to market growth, both for local business and potential off- shore investors who are very welcome to our shores.
Barbados benefits significantly from the generosity of non-nationals who give to local charities and augment critical government initiatives. These many globally influential and wealthy non-Barbadians have established homes and businesses here. Recent research estimates that non-national philanthropists have contributed in excess of US$100 million to social programmes in Barbados over the last 10 years. Some significant impacts include:
Peter N. Boos FCA Founder, The Peter &
Foundation
COVID-19 Response
In 2020 and 2021, over US$13 million was contributed to Barbados’ response to the COVID-19 pandemic by The Maria Holder Memorial Trust, Derrick Smith, Michael Tabor, John Magnier, J.P McManus and the Sandy Lane Charitable Trust, including PPE, respirators and vaccines.
In March 2020, The Barbados Community Foundation, funded primarily by non-national donors, in response to the COVID-19 pandemic provided basic needs support for those who lost income sources, purchasing and distributing PPE and medical equipment and supplies, and implementing food security strategies.
The Substance Abuse Foundation Inc. established its treatment centres at Verdun House in June 2000 and Marina House in October 2015. They are a leading internationally accredited health institution, providing critical intervention and recovery services to individuals suffering from the disease of addiction. The Julia and Hans Rausing Trust has provided major support to the organization for over 20 years. Marina House was made possible by a gift from The Maria Holder Memorial Trust.
The The Diabetes and Hypertension Association of Barbados and the Maria Holder Diabetes Centre for the Caribbean was funded by the Medicore Foundation and is still supported by The Maria Holder Memorial Trust. Major funding has gone into this, and diabetes is a severe crisis in the Caribbean, especially in Barbados. In 2017, there were 38,800 cases of diabetes in Barbados (International Diabetes Federation, 2021).
The Maria Holder Memorial Trust has made a significant contribution to the development of Early Childhood Education in Barbados. The trust committed to constructing six additional
Jan Boos Familyschools after the first was completed at Sharon in St. Thomas. This was done in order to assist the Barbados Government in providing universal nursery education to students from ages 3 - 5. Three schools have been completed to date, The Maria Holder Nursery at Oldbury, The Maria Holder Nursery School Gall Hill, and The Maria Holder Nursery School Government Hill. The other three schools are currently in the planning stages. So as to complement the Schools, the Trust also funded the training for 76 Teachers with a postgraduate certificate in Early Childhood Education.
The Sandy Lane Charitable Trust (established in 2005) has a singular mission, “helping the underprivileged children of Barbados” by whatever means necessary. Whether it is through health care, education or community programmes. The Trust spends US$2.5M per annum supporting these initiatives and investing in innovative capital projects, which include the Thelma Vaughn Respite Centre for severe braininjured children, the Thrive Family Centre (the first purpose-built child psychiatric unit in Barbados), and the Sunshine School (a school for children with special needs from age 1-11).
The Nightingale Children’s Village was created by the Barbados Children’s Trust
(established in 1997 by Sue Magnier, Lady Carole Bamford, Yvonne Brewer and Sue Sangster), to provide a caring, safe and stable residential community for children under the age of 12, unable to live with their own families due to disability, addiction or family breakdown.
With the generous support of the LesLois Shaw Foundation, The Centre for Global Child Health at The Hospital for Sick Children, the SickKids Foundation in Toronto and the Government of Barbados, the University of the West Indies and the Barbados Community College have launched a new partnership to positively impact the health and well-being of children in Barbados. Program activities are focused on elevating education, clinical care and research.
The Calypso Project is an international collaboration providing growth, development, and engagement opportunities for the Deaf Community in Barbados. The aspiration is to encourage not only Barbadian community empowerment, but also provide inspiration to deaf people worldwide through the medium of music and visual arts. The genesis of this project can be attributed to Ken Carter of Decibels, a UK-based deaf charity. Calypso is the brainchild of Ruth Montgomery, a professional deaf flautist and the
Creative Director of the UK-based charity Audiovisability. Ruth was introduced to the Barbados Deaf Community by Ken in January 2018.
Over a 9-month period between March and November of 2022, the Bajan deaf community worked through practical training sessions in collaboration with internationally renowned deaf musicians and artists such as rapper Warren ‘Wawa’ Snipe (https://diphopwawa.com) and US deaf songwriter, Sean Forbes (https://www.deafandloud.com). This practical element of the project has had a significant impact on the networks, organisations and individuals involved, ranging from the macro level of management to more personal aspects of deaf community members in Barbados gaining/retaining employment.
For more information please go to www.thecalypsoproject.com
The Aspire Foundation (Barbados) Inc. (a local charity established in 2016) - with start-up support from The Maria Holder Memorial Trust, Michael and Jania Geoghegan, and The Peter & Jan Boos Family Foundation - works with charities and non-profits through its Incubator Programme to increase their operational effectiveness and to ensure sustainability.
Other Beneficiaries
Other charities in Barbados benefitting from the philanthropy of generous nonnationals include: The Barbados Council for the Disabled, The Barbados Cancer Society, The Diabetes and Hypertension Association of Barbados, The Barbados Alliance to End Homelessness, QEH, UWI, and Pinelands Creative Workshop.
The Future
More substantial and closer
collaboration between non-national philanthropists and our local communities and charitable organizations will be transformational as we work together to strengthen the island’s social capital and achievement of social justice for the common good. There are many opportunities for non-national and national philanthropists to partner to address social issues. The SocialSolar RE Fund and BarbadosHelps crowdfunding platform are two projects
in development that will have a significant impact by providing financial resources to eligible charities and non-profits.
Clockwise from top left: Students of The Schoolhouse for Special Needs tend their garden.
Maria Holder Memorial Trust donates two ambulances to Queen Elizabeth Hospital. Barbadian deaf community rehearses for Calypso Project concert.
The philanthropic community in Barbados is diverse. It includes nationals who have created or inherited their wealth in the region, but is enriched by people from the diaspora, and by non-nationals who have chosen to make the Caribbean home. In my study, nonnationals reported that their involvement in charitable activities helped to open doors to new social connections and networks, which helped them get settled and better understand their new community. Generous people in the region demonstrate high levels of volunteerism and, importantly, 60% of these philanthropists plan to give more over the next 3 years.
The Caribbean region has rich cultures and histories of giving and sharing, which even today help to improve the quality of island life and environment. As a professional advisor to generous people and families, and a curious philanthropy researcher, I wanted to better understand the giving landscape in Barbados, where I grew up, but more broadly across the Caribbean. So, I spoke with more than 30 of the region’s most generous givers and summarized what I learned in, ‘A Portrait of Affluent Giving in the Caribbean: Experiences, barriers, and the future of philanthropy’. Visit www.caribbeangiving.com to learn more. Insights from these philanthropic leaders indicate there is a new way to think about giving in Barbados, that strengthens its social infrastructure.
My research found that much of this giving is directed to immediate and pressing needs spread across education, health, and poverty relief. This includes the provision of school supplies, food hampers, emergency supports, and the myriad impacts of the COVID-19 pandemic. Responding to the needs of others is a deeply human impulse and is especially poignant on a small island. We can also think about giving to initiatives that address the root causes of critical issues and making philanthropic investments that build resilience and capacity within community organizations for the long term. Some have coined this a move from charity to change.
Social infrastructure broadly refers to a community’s systems, relationships, and structures, which include social, economic, environmental, and cultural assets. Barbados has demonstrated to be a vibrant place for economic investment – philanthropic investment is also necessary.
Charities and non-profits are under-
resourced assets in Barbados. They tend to be volunteer-run or otherwise have limited staffing and precarious projectbased budgets, which can limit the scale and results of their work. Philanthropic giving to support paid professional leadership and core operational capacity can be both stabilizing and transformational, and my research found that more of this type of giving is needed. ASPIRE Barbados was established to help build the capacity of local organizations, to enhance their impact but also their ability to attract donors who then give with greater confidence.
Investing in social infrastructure is also about collaboration, with a shared future vision. Canadian residents in Barbados, Virginia Shaw Hutchinson and Les Hutchinson, became aware of gaps in the provision of health care to children on the island. In response, they established The Shaw Centre for Paediatric Excellence, to advance paediatric training, research, and policy advocacy. It represents a partnership between the LesLois Shaw Foundation, the Government of Barbados, the Centre for Global Child Health at the Hospital for Sick Children in Toronto, the SickKids Foundation, the University of the West Indies and the Barbados Community College. Their gift bridges sectors and is helping to solve systemic challenges for long-term impact.
There is a new way to think about philanthropic giving in Barbados. We can invest in its social infrastructure and create a stronger community, together.
To learn more about affluent giving in the Caribbean, visit www.caribbeangiving.org.
Dr. Sharilyn Hale, C.Dir Watermark Philanthropic Counsel
Barbados is a beautiful and vibrant country that benefits from the generous giving of those who care about the island - helping to bridge social gaps, inspire creativity and learning, safeguard the natural world, and create a more resilient society. If Barbados is your new home, or home-away-from-home, here is a checklist to help you give with purpose and impact:
Decide what and who you will give to
What issues are important to you and reflect your values? Are there new causes distinct to Barbados that resonate with you, such as a newfound love for the sea?
Take time to research organizations, get recommendations from local colleagues and advisors, and meet with community leaders to better understand the needs and solutions. Involve your family – it’s a great way to better understand your second or adopted home. Or make a donation to the Barbados Community Foundation, or established service clubs that regularly undertake community development initiatives. Barbados also has a generous culture of helping individuals and families in need directly, which you may be invited to support.
Set a budget for your annual giving on the island, then decide how you wish to allocate it between organizations or areas of interest. Consider making fewer but larger gifts to focus your impact. In addition to financial donations, are there other ways you can support the issues you care about? Can you share your expertise, harness your network, host an event, or serve on a non-profit board?
Considering your time, talent, treasure, and ties, helps you leverage more of your assets for good.
In Barbados, most donations are given by cheque or bank account transfer, with larger gifts made by wire transfer. Giving by credit card is not widely available. If you are giving from income or charitable assets on the island, you can easily give directly to any organization. Similar to other countries, only gifts to registered charities are eligible for charitable tax incentives in Barbados, but the incentives vary depending on the charity and whether it is a personal or corporate donation. Please seek professional advice for updated information about Charitable Tax Incentives for Giving in Barbados.
If you want to make donations from income or assets held abroad (including those in a private foundation or donor advised fund) that are allowable or eligible for charitable tax incentives in
that jurisdiction, seek professional counsel on the best approach. This may include giving to entities that also hold registered charity status in your home jurisdiction or have international affiliates (e.g. The Salvation Army or Red Cross) or giving to local organizations through reputable charity intermediaries such as Charities Aid Foundation or The King Baudouin Foundation.
Get to know your charitable partners on the island, commit to their success, and help them solve problems. And let them know what you need in terms of accountability and updates on their work. Giving and delving into the local community is a wonderful way to deepen your connection to the island and its people and make your life richer too.
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.
The topography is relatively flat and composed mostly of coral. The highest point on the island is Mount Hillaby, at 336m or (1,104 ft) above sea level. Barbados has lovely sandy beaches and a pleasant tropical climate that attracts visitors and investors alike. The average daytime temperature ranges between 84-86 degrees Fahrenheit (29-30 degrees Celsius). Barbados has used these resources effectively to develop a viable tourist industry, which now serves as the base for a stable and buoyant economy.
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.
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.
The resident population of Barbados is estimated at 266,221 as at September 2022. The ethnic mix consists of 93% of African descent, 3.2% European, 2.6% of mixed race and 1% East Indian. The population density is high, with 85% of the population living in urban areas.
Barbados’ high standard of education has produced an easily trained workforce, with an adequate supply of professional as well as skilled and unskilled labour. As at 2022, the labour force was estimated at 136,500. Owing to the residual effects of the Covid-19 pandemic and the impact that it has had on the tourism sector, unemployment has increased. However, The Central Bank of Barbados Economic Review for January to September 2022 stated that during 2022 jobless trends reverted to a normal trend and, at June 2022, the unemployment rate was 9.3%, down from 15.9%
a year earlier. The three main industries accounting for improvements in the unemployment rate were tourism, wholesale and retail trade and construction. Additionally, as all restrictions have been lifted, workers have largely returned to work.
The weekly working hours for office personnel vary between 35 to 40 hours, while a 40-hour week is normal for manual workers. Work undertaken in excess of the basic workweek and during public holidays normally attracts premium rates of pay.
Several pieces of legislation are in place to govern labour relations including the Employment Rights Act, the Severance Payments Act and the Holidays With Pay Act. The National Insurance and Social Security Act provides medical assistance for employees in the event of illness, maternity 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 2023 PUBLIC HOLIDAYS:
New Year Holiday – January 2
Errol Barrow Day – January 21
Good Friday – April 7
Easter Monday – April 10
National Heroes Day – April 28
May Day – May 1
Whit Monday – May 29
Emancipation Day – August 1
Kadooment Day – August 7
Independence Day – November 30
Christmas Day – December 25
Boxing Day – December 26
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.
Barbados is recognised as having the most modern medical facilities in the Eastern Caribbean. The life expectancy at birth is 75.83 years for males and 79.73 years for females.
Medical services are provided by two major hospitals and several wellequipped clinics, health centres and nursing homes. The government-run 600 bed Queen Elizabeth Hospital provides several specialist services along with a 24-hour casualty service. The second major hospital, Bayview
Hospital, is a private health facility that also provides a variety of medical services.
Queen Elizabeth Hospital - (246) 436-6450
Bayview Hospital - (246) 436-5446
Sandy Crest Medical Centre – (246) 419-4911
Coverley Medical Centre - (246) 627-1000
Island Care Ambulance - (246) 537-9425 or (246) 537-9315
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.
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.
Low tax rates, double taxation agreements and exchange of information treaties, have provided Barbados with an ideal environment for its development into a major international business and financial services centre. The key components of this sector are the banking and financial institutions and other global services and trading businesses.
The manufacturing sector comprises mainly of light industry which includes the production of cement blocks, clay tiles, garments and textiles, paint, paper products, furniture, electronic components, chemicals, edible oils, soap, and food products.
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 Central Bank of Barbados is the main regulatory financial institution in Barbados, and is responsible for formulating, in association with Government, monetary and fiscal policies to assist with local economic development.
Barbados has taken advantage of the expansion in international business, in particular the financial services sector that is now the country’s second
major foreign exchange earner. A robust telecommunications infrastructure, a well-trained and English-speaking workforce, and a stable political environment give the country an additional advantage over other, similar destinations. Barbados has also done well from the increased scrutiny and regulation of financial services by international organizations such as the Organization of Economic Cooperation and Development (OECD).
In addition to the above, a number of key factors help keep Barbados relatable to the North American market, thereby increasing opportunities to drive capital into the country. These include an exchange rate tied to the U.S dollar and a roster of regular flights to key North American business centres including Miami, New York, and Toronto.
The Barbados Securities Exchange was established in June 1987 in order to create a market to promote trading in financial securities and to encourage investment by the public in business enterprises. Since 2001 this organization became known as the Barbados Stock Exchange.
A company wishing to be listed on the exchange must meet certain criteria established by the Exchange, after which it must submit a prospectus compliant with both the Companies and Securities legislation of Barbados for review. A new Securities Act was passed in 2001 in order to facilitate the establishment of a securities commission and it makes better provision for the regulation of the securities market, the capital market and investors.
Currently there are over 20 listed securities on the regular market on the Barbados Stock Exchange including cross-listed securities belonging to issuers from within CARICOM. There is also one company listed on the International Securities Market. Two mutual funds are also traded on the Exchange. The Securities Exchanges of Barbados, Trinidad & Tobago and Jamaica work closely together, and nationals are eligible to cross trade in each market.
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.
The Government has a liberal policy toward foreign exchange controls and is committed to moving towards the elimination of all foreign exchange controls. The Exchange Control Act of Barbados provides for:
• Registration and repatriation of foreign investment.
• Remittance of dividends, profits, interest, and rentals from real estate to non-residents.
• Transfer of land and buildings situated in Barbados.
It is possible to buy foreign currency directly from the commercial banks however the Government, through the Central Bank, has imposed limits
on the amount of foreign transactions available to residents and nonresidents. A 2% foreign exchange fee is charged on purchases of foreign currency and payments related to foreign currency transactions, provided the transaction is not made from a foreign currency account. Residents are allowed US$10,000 for personal travel, and a higher limit for business travel. Foreign nationals working in Barbados may operate an external account, which can be credited with foreign currency from specific sources, provided that they are not classified as residents.
The Government is seeking to liberalize the Exchange Control regime with a phased approach. As a part of this process, in August of 2019 the Central Bank of Barbados issued guidance allowing all resident individuals and companies to open foreign currency denominated bank accounts locally, and to hold foreign currency which they have earned in Barbados or abroad.
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.
The Government has established a separate Ministry to facilitate the development and expansion of the international business sector.
In addition to incorporated entities, people can organize another legal entity known as the Society with Restricted Liability (SRL). While not a “company” the SRL has many characteristics similar to the limited liability company.
An SRL has the characteristics set out below:
• Limited liability
• Perpetual duration
• The rights, powers and privileges of an individual
• Stipulation that the transfer of quotas in a society will not confer on the transferee the right to become a member or participate in the management of the society without the written consent of all the members.
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.
The Companies (Economic Substance) Act (“The Act”) took effect from 1 January 2019. The Act and its accompanying guidelines require a resident entity that earns income from carrying on relevant activities (see list below)
to satisfy an economic substance test in relation to that activity. Note that these economic substance rules took effect for grandfathered international entities (e.g., IBCs and ISRLs) on 1 January 2021.
In order to meet the economic substance requirements entities, including a partnership formed in Barbados which is carrying on one or more relevant activities, will be required to show that, for each relevant activity that it carries on, the core income generating activities of the entity are conducted in Barbados and the company is directed, managed and controlled in Barbados in relation to that activity. This would take into account various factors such as the number of employees, premises used in the business, etc.
Entities that conduct relevant activities must demonstrate compliance by filing an annual economic substance declaration with the Ministry of International Business. Entities that do not conduct relevant activities are not required to comply with the legislation but are however required to file a declaration which would be limited to confirming that the entity conducts no relevant activities.
The list of relevant activities currently includes:
• banking business
• insurance business
• fund management business
• finance and leasing business
• headquarters business
• shipping business
• holding company business
• intellectual property holding business
• distribution and service centre business
• such other activities as may be prescribed
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
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. Corporations (including Foreign Currency Earning Banks) are taxed in accordance with the rates illustrated in the table below.
In addition, insurance companies are taxed in accordance with the table illustrated below based on the Class of licence which the company obtains (see discussion above regarding classification of insurance licences).
Also, effective income year 2019, the basis of taxation for life insurance companies was changed from gross investment income to net income. Individuals are subject to income tax at the rate of 12.5% on taxable income up to and including US$25,000, and 28.5% on taxable income exceeding US$25,000. Resident individuals earn the first US$12,500.00 (and first US$ 20,000.00 in case of individuals who is 60 years of age or over and in receipt of a pension) of their annual income tax free as personal allowance.
There are no capital gains taxes levied in Barbados, and gift, inheritance, and estate taxes are not applicable. Property transfer tax applies to the transfer of property situated in Barbados at a rate of 2.5%. This includes real estate as well as certain leasehold interests and shares. Stamp duty is also payable on instruments executed in Barbados, which relate to any property 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.
Barbados introduced a value-added tax on January 1, 1997. Generally, value-added tax is levied at the rate of 17.5% on all goods and services supplied in Barbados, and on goods imported into Barbados. However, there is provision for specific zero-rated and exempt goods and services that would not attract the value-added tax. VAT is included in the final price the consumer pays for goods and services. Effective 1 January 2020 the VAT rate for hotel accommodation and certain supplies related to tourism, increased from 7. 5% to 10%. Additionally, the supply of mobile services of voice, data, and text messaging attracts an enhanced VAT rate of 22%.
In 2019 The Value Added Tax Act was amended to apply VAT to online purchases from overseas vendors where the good or service purchased will be consumed in Barbados. Effective 1 December 2019 these overseas vendors are required to charge and collect VAT and remit it to the Barbados Revenue Authority by the 21st January, April, July and October of each year. Official guidance on the application of this process has not yet been issued by the Barbados Revenue Authority.
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:
In July 2018, a product development levy was introduced and applied to direct tourism services. Effective April 1, 2019 the levy is applied at the rate of 3.75% of the cost of the Direct Tourism Service.
Shared Accommodation Levy
A 10% Shared Accommodation Levy also applies to all fees charged for shared accommodation by providers of such (e.g. AirBnB, Home Away, and others).
Barbados has entered into Double Taxation Agreements (DTAs) and bilateral investment treaties with the countries as indicated in the table below.
The Barbados/Slovak Republic DTA was signed on October 28th, 2015. Barbados and the Slovak Republic have completed their ratification procedures. Barbados is awaiting official notification from the Slovak Republic on the determination of the date for entry into force of the Agreement.
The Protocol to the Barbados/Republic of Mauritius DTA was signed on December 6th, 2017. Barbados and Mauritius have completed their ratification procedures. Barbados is awaiting official notification from Mauritius on the determination of the date for entry into force of the Agreement.
Three(3) DTAs and one Protocol await ratification and are outlined below:
The Barbados/Ghana DTA was signed on April 22nd, 2008. Barbados has completed its ratification procedures and awaits official notification from Ghana on the status of their ratification procedures.
The Protocol to the Barbados/Botswana DTA. This was signed on September 4th, 2014. Barbados has completed its ratification procedures and awaits official notification from Botswana on the status of its ratification procedures.
The Barbados/Kenya DTA was signed on December 11, 2019 and is awaiting ratification.
Three (3) initialled DTAs with Malaysia, Belgium and Vietnam are awaiting signature.
In January 2018, Barbados signed on to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Sharing (MLI). Barbados has deposited its Instrument of Ratification for the Multilateral BEPS Convention which has entered into force on April 1, 2021. Countries indicated with an asterisk (*) above are also signatories of a Bilateral Investment Treaty (BIT) with Barbados. This combination of double taxation, investment treaties and tax incentives make Barbados unique within the Caribbean and particularly attractive to foreign investors.
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 Ghana and Luxembourg and are awaiting ratification.
Special trading arrangements have been entered into with other jurisdictions. These can be summarised as follows:
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.
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.
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.
There is no restriction on the purchase of property in Barbados by persons who are not citizens or permanent residents. These funds must be registered with the Central Bank of Barbados and the permission of the Exchange Control Authority obtained for the sale or purchase of property by a non-resident whether such non-resident is a Barbadian citizen or not.
The sale of property by all persons including citizens or permanent residents is subject to a property transfer tax of 2.5% plus approximately 1% stamp duty. However, the first US$75,000 of the sale proceeds is exempt from Property Transfer Tax provided that there is a building on the property. Attorney’s fees for both the seller and the purchaser are on a sliding scale generally ranging between 1% and 2% depending the sale price of the real estate.
Note that this is only the minimum fee that may be charged.
Note that in the case of registered land the minimum fee for the sale of 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.
Electricity
Barbados has a reliable supply of electricity. The domestic and commercial supply voltage in major residential areas and in all new developments is 115/230 volts at 50Hz. In Bridgetown and some other areas, the supply voltage is 115/200volts at 50Hz.
Water
The Barbados Water Authority, a Government statutory corporation, is the sole provider of water services. Water service can be connected within 48 to 72 hours. A monthly payment for continued service is based on the meter system, with garbage and sewage contribution fees also being collected on this monthly bill. The water service in Barbados is reliable and tap water is safe to drink.
Telecommunications
Barbados is equipped with a modern telecommunications infrastructure with the latest in digital technology and fibre optics systems including international direct dialling, facsimile transfer and satellite telecommunications which allows for the efficient transmission of electronic data. Internet and e-mail services, as well as express mail and courier delivery, are also available.
Local cell-phone operators are divisions of international telecommunications providers with service offerings that the international business traveller has come to expect, such as the ability to easily roam and the availability of high-speed 3G and 4G data networks island-wide. The International direct distance dialling code for Barbados is (1-246), followed by a seven-digit local number.
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.
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.
Prior to Covid-19, there are non-stop daily scheduled airline services to major business hubs including New York, Miami, Toronto, London and the Caribbean islands. There were also regular non-stop scheduled airline services to other major markets including Frankfurt, Charlotte and Panama. Airlines that flew to Barbados include American Airlines, Air Canada, British Airways, Caribbean Airlines, Copa Airlines, Jet Blue, LIAT, Virgin Atlantic, West Jet, Lufthansa, Intercaribbean Airways and several charter flights companies. With the global Covid-19 pandemic, the airline industry has been significantly impacted and, international flights to Barbados have been reduced. However, the Ministry of Tourism has been working on increasing airlift to the island including the introduction of new airlines such as KLM and Aer Lingus.
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.
On 30 June 2020 the Barbados Government introduced the Barbados Welcome Stamp. This is a remote work initiative which allows non-nationals employed outside of Barbados to work remotely from Barbados without the need to obtain a work permit. Applications for the initiative are made online. After the application is approved and the requisite fee is paid, the applicant and their spouse and dependents can live and work in Barbados for a maximum of 12 months.
Suitable applicants must have a valid passport and health insurance and earn a minimum annual income of US$50,000.00 from a source outside of Barbados. Additionally, the applicant and their family cannot take up employment in Barbados other than the employment sanctioned by the Welcome Stamp.
Welcome stamp residents are not deemed to be tax resident. Additionally, although the Stamp expires after 12 months, there is an option to renew.
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.
Government Ministries
Ministry of Agriculture and Food and Nutritional Security
Graeme Hall, Christ Church, Barbados
Tel: (246) 535-5100
Fax: (246) 535-5257 / 5258
Email: minister@agriculture.gov.bb
Website: agriculture.gov.bb
Ministry of Education, Technological and Vocational Training
Elsie Payne Complex, Constitution Road, St. Michael, Barbados
PBX: (246) 535-0600
Fax: (246) 436-2411
Email: info@mes.gov.bb
Website: mes.gov.bb
Ministry of Energy & Business Development
Trinity Business Centre, Country Road, St. Michael, Barbados
Tel: (246) 535-2500
Email: info@energy.gov.bb
Websites: https://energy.gov.bb / https://smartenergybarbados.com
Ministry of Environment and National Beautification
10th Floor Warrens Tower II, Warrens, St. Michael, BB1200, Barbados
Phone: 1 (246) 535-4350
Fax: 1 (246) 535-4377
Email: menb@barbados.gov.bb
Ministry of Finance, Economic Affairs & Investment
Government Headquarters, Bay Street, St. Michael, Barbados
Tel: (246) 535-5300
Fax: (246) 535-5344
Website: bdsfinance.gov.bb
Ministry of Foreign Affairs & Foreign Trade
1 Culloden Road, St. Michael, Barbados, BB14018
Tel: (246) 535-6620
Fax: (246) 429-6652
Email: barbados@foreign.gov.bb
Website: foreign.gov.bb
Ministry of Health & Wellness
Frank Walcott Building, Culloden Road, St. Michael, Barbados
Tel: (246) 536-3800
Email: ps-secretary@health.gov.bb
Website: health.gov.bb
Ministry of Home Affairs and Information
Ground Floor Jones Building, Webster Business Park, Wildey, St. Michael, Barbados
Email: homeaffairs@mha.gov.bb
Tel: (246) 535-7260
Fax: (246) 535-7286
Ministry of Housing, Lands and Maintenance
National Housing Corporation, Country Road, St. Michael, Barbados
Email: pshousing@barbados.gov.bb
Tel: (246) 467-7800 or (246) 436-7657
Ministry of Industry, Innovation, Science & Technology
4th Floor Baobab Tower, Warrens, St. Michael, Barbados
Tel: (246) 535-1200/1201/1202
Fax: (246) 535-1284
Email: psmist@barbados.gov.bb
Ministry of Labour, Social Security and Third Sector
3rd Floor West Wing, Warrens Office Complex, Warrens, St. Michael, Barbados
Tel: (246) 535-1400
Fax: (246) 425-0266
Email: persec@labour.gov.bb
Website: labour.gov.bb
Ministry of People Empowerment and Elder Affairs
4th Floor Warrens Office Complex, Warrens, St. Michael, Barbados
Tel: (246) 310-1600/01/02
Fax : (246) 424-2908
Email: socialcare@barbados.gov.bb
Website: socialcare.gov.bb
Ministry of the Public Service
E. Humphrey Walcott Building, Cnr. Collymore Rock and Culloden Road, St. Michael, Barbados
Tel: (246) 535-4500
Website: mps.gov.bb
Ministry of Tourism & International Transport
Tourism: Lloyd Erskine Sandiford Center, Two Mile Hill, St. Michael, Barbados
International Transport: 8th Floor Baobab Tower, Warrens, St. Michael, Barbados
Tel: (246) 535-7500
Fax: (246) 436-4828
Website: gov.bb/Ministries/tourism
Ministry of Transport, Works and Water Resources
Pine East/West Boulevard, The Pine, St. Michael, Barbados
Tel: (246) 429-2191
Fax: (246) 437-8133
Website: mtw.gov.bb
Ministry of Youth, Sports and Community Empowerment
Sky Mall, Haggatt Hall, St. Michael, Barbados
Tel: (246) 535-3835
Office of the Attorney General & Legal Affairs
Jones Building, Webster’s Business Park, Wildey, St. Michael, Barbados
Tel: (246) 535-0467
Fax: (246) 535-0559
Email: ps@oag.gov.bb
Website: oag.gov.bb
Prime Minister’s Office
Government Headquarters, Bay Street, St. Michael, Barbados
Tel: (246) 535-5300
Fax: (246) 535-5659
Email: pspmo@barbados.gov.bb
Barbados Investment & Development Corporation
Export Barbados
Pelican House, Princess Alice Highway, Bridgetown, St. Michael, Barbados, BB11000
Tel: (246) 427-5350
Fax: (246) 426-7802
Email: bidc@bidc.org
Website: exportbarbados.org
Barbados Port Inc.
University Row, Bridgetown, St. Michael, Barbados
Tel: (246) 434-6100
Fax (246) 429-5348
Email: administrator@barbadosport.com
Website: barbadosport.com
Barbados Revenue Authority
4th Floor Weymouth Corporate Centre, Roebuck Street, St. Michael, Barbados
Tel: (246) 535-8000
Fax: (246) 535-8075
Website: bra.gov.bb
Barbados Tourism Investment Inc.
Ground Floor, Old Town Hall Building, Cheapside, Bridgetown, St. Michael BB11142, Barbados
Tel: (246) 426-7085
Fax: (246) 426-7086
Email: btii@tourisminvest.com.bb
Website: barbadostourisminvestment.com
Barbados Tourism Marketing Inc.
2nd Floor, One Barbados Place, Warrens, St. Michael, Barbados
Tel: (246) 535-3700
Fax: (246) 535-3799
Email: btmiinfo@visitbarbados.org
Website: corporate.visitbarbados.org
Barbados Tourism Product Authority
1st Floor, One Barbados Place, Warrens, St. Michael, Barbados
Tel: (246) 535-3700/467-3600
Fax: (246) 535-3799
Email: btpainfo@visitbarbados.org
Website: visitbarbados.org
Central Bank of Barbados
Tom Adams Financial Centre, Spry Street, Bridgetown, St. Michael, Barbados
Tel: (246) 436-6870
Fax: (246) 427-9559
Email: info@centralbank.org.bb
Website: centralbank.org.bb
Corporate Affairs & Intellectual Property Office (CAIPO)
7th Floor, Baobab Towers, Warrens, St. Michael, Barbados
Tel: (246) 535-2401
Email: general@barbados.gov.bb
Website: caipo.gov.bb
Customs & Excise Department
2nd Floor West Wing, Warrens Office Complex, Warrens, St. Michael, Barbados
Tel: (246) 535-8700 / 535-8701
Fax: (246) 421-2029
Email: comptroller@customs.gov.bb
Comptroller of Customs: owen.holder@customs.gov.bb
Website: customs.gov.bb
Financial Services Commission
#34, Warrens Industrial Park, Warrens, St. Michael, Barbados
Tel: (246) 421-2142
Fax: (246) 421-2146
Email: info@fsc.gov.bb
Website: fsc.gov.bb
Immigration Department
BTI Corporate Centre, Princess Alice Highway, Bridgetown, St. Michael, BB11093, Barbados
Tel: (246) 535-4100
Fax: (246) 535-4183
Email: immigration@barbados.gov.bb
Website: immigration.gov.bb
Invest Barbados
Barbados Head Office
Trident Insurance Financial Centre, Hastings, Christ Church BB15156, Barbados
Tel (Local): (246) 626-2000
Tel (From Canada): 1-647-977-5996
Tel (From UK): +44 (0) 203-318-9036
Tel (From USA): 1-347-433-8942
Fax: (246) 626-2099
Email: info@investbarbados.org
Website: investbarbados.org
Invest Barbados - Toronto
110 Sheppard Avenue East, Suite 205, North York, Ontario, M2N 6Y8, Canada
Tel: 1 (416) 214-9919
Fax: 1 (416) 214-9815
Email: toronto@investbarbados.org
Invest Barbados - New York
820 Second Avenue, 5th Floor New York, NY 10017, USA
Tel: 1 (212) 551-4375
Toll Free: 1-800-841-7860
Fax: 1 (646) 329-6758
newyork@investbarbados.org
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
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
Barbados International Business Association (BIBA)
19 Pine Road, Belleville, St. Michael, Barbados
Tel: (246) 537-2422
Fax: (246) 537-2423
Email: biba@biba.bb
Website: biba.bb
BIBA - Canada
Thomas C. Sears, Chairman
Tel: (905) 800-0548
Tom.Sears@Rogers.com
Barbados Manufacturers Association (BMA)
First Floor, James Fort Building, Hincks Street, Bridgetown, St Michael, Barbados
Tel: (246) 426-4474
Fax: (246) 436-5182
Email: info@bma.bb
Website: bma.bb
Barbados Private Sector Trade Team (BPSTT)
Goddards Complex, Fontabelle, St. Michael, Barbados
Tel: (246) 430-6541
Email: info@tradeteam.bb
Website: tradeteam.bb
Barbados Small Business Association (SBA)
Suite 101, Building 4, Harbour Industrial Estate, Bridgetown, Barbados
Tel: (246) 228-0162
Fax: (246) 228-0613
Email: theoffice@sba.bb
Website: sba.bb
Institute of Chartered Accountants of Barbados (ICAB)
Room 29, Hastings Plaza, Hastings, Christ Church, Barbados
Tel: (246) 429-5678
Fax: (246) 426-0970
Email: admin@icab.bb
Website: icab.bb
Barbados Stock Exchange (BSE)
8th Avenue, Belleville, St. Michael, BB11114, Barbados
Tel: (246) 436-9871
Fax: (246) 429-8942
Email: info@bse.com.bb
Website: bse.com.bb
International Agencies
Caribbean Development Bank (CDB)
P.O. Box 408, Wildey, St. Michael, Barbados, BB11000
Tel: (246) 539-1600
Fax: (246) 426-7269
Email: info@caribank.org
Website: caribank.org
Caribbean Export Development Agency (Caribbean Export)
Baobab Tower, Warrens, St. Michael, Barbados
Tel: (246) 436-0578
Fax: (246) 436-9999
Email: info@carib-export.com
Website: carib-export.com
Caribbean Tourism Organization (CTO)
7th Floor, Baobab Towers, Warrens, St. Michael, BB22026, Barbados
Tel: (246) 427-5242
Fax: (246) 429-3065
Email: ctobarbados@caribtourism.com
Website: onecaribbean.org
Delegation of the European Union to Barbados, the Eastern Caribbean States, the OECS and CARICOM/CARIFORUM
Palm Beach Corporate Centre, Hastings, Christ Church BB15156, Barbados
Tel: (246) 434-8501
Email: delegation-barbados@eeas.europa.eu
Website: eeas.europa.eu/delegations/barbados_en
Office of Trade Negotiations (OTN)
1st Floor, Sky Mall, Haggatt Hall, St. Michael BB11063, Barbados
Tel: (246) 430-1670
Fax: (246) 228-9528
Email: communications@caricom.org
Website: caricom.org
Inter-American Development Bank (IADB)
“Hythe”, Welches, Maxwell Main Road, Christ Church BB17068, Barbados
Tel: (246) 627-8500
Fax: (246) 429-8869
Email: idbbarbados@iadb.org
Website: iadb.org
Pan American Health Organization (PAHO)
Dayrells Rd & Navy Garden, Christ Church, Barbados
Tel: (246) 426-3860
Fax: (246) 228-5402
Website: paho.org/ecc
United Nations (UN)
UN House, Marine Gardens, Hastings, Christ Church, Barbados
Tel: (246) 467-6000
Fax: (246) 429-2448
Email: communications.bb@undp.org
Website: un.org
Barbados Entrepreneurship Foundation Inc. (BEF)
Lex Caribbean, Worthing Corporate Centre, Worthing, Christ Church, Barbados
Tel/Fax: (246) 435-3308
Email: info@barbadosentrepreneurshipfoundation.org
Website: barbadosentrepreneurshipfoundation.org
Future Centre Trust
Little Edgehill, St. Thomas BB22118, Barbados
Tel: (246) 625-2020 or 836-6187
Fax: (246) 620-2021
Email: info@futurecentretrust.org
Website: futurecentretrust.org
Tourism Development Corporation (TDC)
BHTA Building, 4th Avenue, Belleville, St. Michael, Barbados
Tel: (246) 228-8900
Email: tourismdev@caribsurf.com
Website: tdcbarbados.com
Chancery Chambers
Sir Trevor Carmichael, KA, LVO, K.C. Chancery House, High Street Bridgetown
St. Michael, Barbados
Tel: (246) 434-3400
Fax: (246) 431-0076
chancery@chancerychambers.com www.chancerychambers.com
Clarke Gittens Farmer
Gillian M.H Clarke Partner
Parker House, Wildey Business Park Wildey Road, St. Michael BB14006, Barbados
Tel: (246) 436-6287
Fax: (246) 436-9812 www.clarkegittensfarmer.com
David King & Co. Attorneys-at-Law
Heather Tull, Attorney-at-Law
Suite 101, Lauriston Building, Lower Collymore Rock, St Michael, Barbados
Tel: (246) 427-3174
Fax: (246) 436-9541 daveking@caribsurf.com www.barbadoscorporatelaw.com
FT Legal Attorneys-at-law
Tara E. Frater LL.B. (Hons), TEP
No. 1 Mango Drive, Porters, St. James, Barbados, BB24033
Tel: (246) 422-6482
tara.frater@ft-legal.com www.ft-legal.com
Harridyal Sodha & Associates
Liza A. Harridyal Sodha, LLB (Hons), LLM, TEP Attorney-at-Law
The Grove, 21 Pine Road Belleville, St. Michael, Barbados BB11113
Tel: (246) 228-9888 ext 222
Fax: (246) 228-9382
Cell: (246) 231-9609
liza@lizalaw.com www.lizalaw.com
Hastings Attorneys-At-Law
“Chelsea House” Chelsea Road, St Michael, Barbados, BB14022
Tel: (246) 228-9420
Fax: (246) 429-8056
Barry L.V. Gale K.C. bgale@hastings-attorneys.com
Jacqueline R.M. Chacko jchacko@hastings-attorneys.com
Laura F Harvey-Read lread@hastings-attorneys.com
Mawena Maynard mmaynard@hastings-attorneys.com
Shirley Beharre Procope sprocope@hastings-attorneys.com
Micaela Pile mpile@hastings-attorneys.com
InterCaribbean Legal Attorney- at-Law
Karen A Perreira, LLB (Hons); TEP
“Palm Court”, #28 Pine Road Belleville, St. Michael, Barbados, BB11113
Tel: (246) 228-7504
Fax: (246) 228-1591
Cell: (246) 231-8453 kperreira@intercaribbeanlegal.com www.intercaribbeanlegal.com
LEX Caribbean Group
Melanie Jones
Managing Partner
The Goddard Building, Haggatt Hall, St Michael, BB11059
Barbados
Tel: (246) 539-3797
Fax: (246) 430-3899 melanie.jones@bb.lexcaribbean.com
Peter G. Symmonds, K.C., J.P Attorney-At-Law
GH House, 3rd Floor, Trents, St. James, BB24017
Barbados, W.I.
Tel: (246) 419-4196
Fax: (246) 419-4188 pgsymmondslaw@gmail.com
