The G20 Brisbane meeting has, as expected, continued the global collaboration to widen and strengthen the tax net in the G20 member countries and to encourage others to do the same.
Hiding asserts and income from the taxing authorities of the beneficial owners is getting more difficult. Devices to conceal beneficial ownership such as bearer shares, Trusts and Foundations will face closer scrutiny.
Good news for Barbados
For Barbados these developments can be considered as very good news and in alignment with our own strategy for growth.
Barbados has for years operated on the basis of openness as evidenced by its wide network of Double Taxation Treaties, Exchange of Information Agreements, Investment Protection Protocols and other similar agreements designed to enable Barbados to engage in global business legitimately. We believe in strict confidentiality within the law. Our well-developed Legal Justice System protects all investors.
The international business (export) sectors of Barbados are under-pinned by domestic tax and other legislation and rules designed to attract investments to Barbados by legitimate investors involved in legal and transparent business and trade activities.
No death duties nor domestic taxes on foreign source income not remitted to Barbados for non-domiciliaries is an attraction for High Net Wealth Individuals.
As a country Barbados has an enviable reputation as a location where the quality of life is globally competitive.
Its renowned tropical beauty is enhanced for business activities by highly educated people, a large stock of top quality commercial and residential property, good business services including communications and utilities. Low crime, access to good schooling, medical services, and good air links are important attributes of the environment. Culture, heritage, food and music are well-developed sectors.
Barbados is very much open to legitimate business where transparency and integrity is considered as important features of confidence and security of operations.
We invite international entrepreneurs and wealthy retirees to consider Barbados as home.