Business Barbados 2018 - page 14

but without compromising their integrity.
Barbados can provide that acceptable
balance. After decades of being tried and
tested by the world’s financial watchdogs,
Barbados has repeatedly proven itself to
be a clean jurisdiction that accommodates
legitimate organizations with a substantive
presence. Consequently, following the
introduction of the OECD/G20 Base
Erosion Profit Shifting (BEPS) Action Plan,
an initiative essentially aimed at enforcing
changes in the way that multi-national
enterprises manage their corporation tax
responsibilities, Barbados is well-
positioned to provide satisfactory
solutions for all parties involved.
Barbados’ intent to remain above board
in international affairs is further evidenced
in the country’s refusal to follow several of
our neighbours down the slippery path of
quick-fix Citizenship by Investment.
Instead, Barbados has introduced a
Special Entry and Reside Permit (SERP),
which enables residency status in
Barbados for qualifying non-national
investors, plus their spouses and children,
but does not include eligibility for a
Barbadian passport. The entry level
qualification for a SERP is an investment
of US$2 million or more in a home on the
island. And, as Barbados offers tax
residency status through investment, this
means that qualifying homeowners have
the opportunity to take advantage of the
country’s extensive international double
taxation treaty network. This obvious
incentive to invest in a home in Barbados
is enhanced by the fact that the real estate
market is buoyant, with purchasers
benefitting from the levelling-off and
reduction of property prices in recent
Owning a home in Barbados is made all
the more enjoyable by easy access to the
plethora of recreational activities and
leisure facilities that continue to make this
island one of the most sought-after
vacation destinations in the world. Several
major airlines operate daily flights
between Barbados, the UK, USA and
Canada, with connections to major
international hubs; while top tier travellers
can enjoy the world-class IAM Jet Centre,
a purpose-designed facility, dedicated to
servicing private jets, and ensuring
seamless arrivals and departures for their
s we publish the 20th
Anniversary Edition of Business
Barbados, the biggest trending
news revolves around Brexit
bound Britain, post-Trump America,
Canada’s possible loss of NAFTA
advantages, instability in the Far East,
escalating terrorism, climate change and
extreme weather – all of which could
negatively impact the economy of
Barbados. Yet, despite those external
threats and our domestic challenges, I still
believe that Barbados has a good
opportunity to realize more of our ample
untapped potential and, in doing so,
bolster the economy sufficiently to trigger
a phase of prosperous enterprise and
national development.
The manner in which recent global
events have influenced peoples’ mind-set
and, in many cases, revised their outlook
on life, seems to have aligned very neatly
with the real advantages that Barbados
can provide to international investors –
ranging from long-term financial security
to a happy and healthy lifestyle.
In this era of greater transparency, when
businesses are more conscious of
corporate social responsibility, people still
want to maximize their profits by
operating within a favourable tax regime,
passengers. The tourism sector is
performing admirably, with 2015 and 2016
witnessing record visitor arrivals, and
2017/18 poised to do even better. Several
well-known international hotel brands
have expressed their interest in investing
in Barbados, and major announcements
are anticipated throughout 2018. In a
similar vein, Barbados recently became
just the 11th country in the world to attract
the global, luxury lifestyle brand Nikki
Beach, with the opening of a Nikki Beach
club adjacent to the prestigious Port
Ferdinand marina and residential resort.
It is no coincidence that the words
‘hotel’ and ‘hospital’ are derived from the
same origin, which is why we refer to the
‘hospitality’ industry. In both cases, the
ultimate goal is to provide a location and
environment where people come to
recuperate and leave feeling better. Based
on that interpretation, it can be justifiably
argued that the whole of Barbados is in
fact a hotel/hospital, since it is a well-
established notion, frequently articulated
by visitors to the island, that ‘Barbados is
good for you’.
Barbadians have valued the island’s
health benefits for generations - we have
one of the highest numbers of
centenarians per capita in the world – and
many international investors have also
concluded that Barbados is the best place
for them to achieve a well-balanced
lifestyle. During these times of global
conflict, economic uncertainty and
environmental susceptibility, more and
more people are re-evaluating what they
really want out of life, with the outcomes
often focusing on the basic fundamentals
of health, safety, short-term happiness and
long-term contentment.
Instead of competing in the stressful ‘rat
race’ world of bigger societies, and then
spending quality time on vacation in
Barbados to recover, successful people
now have the option to reverse the
situation by choosing to live and work
here, where it is still possible to get as
much quality time as needed, while still
being able to run a business efficiently.
With the stars lining up favourably and
pointing towards a bright future, there has
arguably never been a better time to
invest, purchase property, live, work and
play in Barbados than right now.
Keith Miller
Bright Future
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