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MR BLAKEFIELD. REGAL CAPITAL. FLORIDA.
OUR JURISDICTIONS —
Barbados
LAST UPDATED 21/07/2023
AT A GLANCE
Bridgetown is the capital of this eastern-most Caribbean island, and the official language is English. Their currency is the Barbados dollar (BBD). Until the 1970s, the economy had been largely based on sugar agriculture. But now, tourism, international financial services, manufacturing, and agriculture make up its four key industries.
Barbados has a rich history of indigenous settlements dating back as far as 350-650 AD. The Portuguese arrived in the 1400s, and then the native Amerindian population declined significantly after early 16th-century slave raiding by the Spanish Empire. Barbados was colonised by the English in 1625, who then brought in large numbers of slaves to work on their farms.
Barbados gained full independence in 1966, but kept its ties to the British monarchy, until it finally removed Queen Elizabeth II as its head of state in November 2021.
A focus on generating steady growth through foreign exchange earnings and boosting employment are current priorities for Barbados. And they’re paying particular attention to the tourism and international financial services sectors.
Our local Tax Natives in Barbados can tell you everything you need to know about the ins and outs of your tax obligations there. Whether you’re buying a single property, or engaging in complex business deals, we’ll get you the advice you need. Just say the word and we can link you with a local expert who can answer all your questions.
THE HEADLINES
- Corporate income tax is between 1% and 5.5% depending on your income
- Personal income tax rate is 28.5%
- VAT rate is 17.5% for goods and services
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