Business Barbados

Just over 2-years ago, as a Canadian resident doing business in the United States and soon approaching retirement, I was faced with the tricky dilemma of deciding where I should retire, both from a financial perspective and where I’d like to live. I was confident that I’d enjoy living in Barbados because of all the many countries I’ve been to, I’ve never found anywhere more appealing than this island. It doesn’t matter how old, what nationality, religion or colour you are, if you are a good person, you will be made welcome. So, I was more interested in learning about the financial aspects of owning a property here. Initially, I liked the fact that I could purchase a Crane Private Residence outright to live in and still generate some income through The Crane’s rental programme. And what made renting out possible for me is that the 2-bedroom residence is designed as two adjoining units, a one bedroom and a junior suite that can be locked off from each other and used as individual independent 126 / units. That means my home is available to me on a full-time basis, but I can still rent out one of the units whenever I choose. On a broader scale, it impressed me that the new government has established appropriate legislation to accommodate the needs of bona fide investors, including permanent residency. By committing to a minimum investment, which can include the cost of the property, I was eligible to apply for a 5-year Special Entry and Reside Permit, SERP. Better still, by waiting until I was 60, I could apply for an SERP for an indefinite period. What is particularly appealing is that the SERP has been designed to link residency in Barbados with the country’s network of Dual Taxation Treaties, which enables SERP holders to benefit from the very competitive Barbados income-tax structure, which has one of the lowest OECD-approved rates in the world. What’s more, as a result of the country’s well-established international business sector, Barbados is home to various global brands in banking and professional services. It’s like being back at home or in the US. While purchasing at The Crane, I’ve developed great working relationships with the Royal Bank of Canada, my tax advisor who is a Canadian tax expert resident in Barbados, and my Barbadian immigration lawyer who has been extremely helpful. By making the move I am now in a better tax position, I feel more financially secure and I can live very comfortably. It has been a good business move for me, which is why I am willing to share my first-hand experiences with anybody considering doing the same thing. J Moving to Barbados Can Make Good Business Sense Bruce Jewer Bruce Jewer