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Christ Church - Barbados

Barbados entered into its first bi-lateral investment treaty as a sovereign state with the United Kingdom in April 1993, following the signing of the convention on social security between the two governments in January 1992. These, together with the double taxation agreement signed in 1970, provided the platform for further investment in the island. The taxation agreement is one of six tax treaties that the island has with European countries. These include Finland, Norway, Sweden, Malta and Switzerland, whose treaty with the United Kingdom was extended to Barbados in 1954. The treaty that the UK has with Barbados does not grant any benefits to entities that are licensed to operate under legislation governing the offshore sector.

Trade figures between the UK and Barbados have fluctuated over the years with Barbados exports to the UK reaching a peak of £40.24 million in 2001 and UK exports to the island that same year reaching a high of £55.7 million. The top item group exported from Barbados in 2002 to the UK was sugar, sugar preparations and honey with a value of £13.0 million; whereas the biggest item group exported from the UK to Barbados that year was miscellaneous manufactured articles with a value of £5.0 million. Barbados will lose its preferential market for sugar in the European Union by 2007 and this would no doubt have a significant impact in the trading figures between the two countries if Barbados is not able to replace the revenue lost with another product or be able to increase the value of services rendered to British concerns.

The British Foreign and Commonwealth office reports that there are approximately 4,500 British citizens resident on the island, with about 250,000 British tourists visiting annually. Many of the British who reside in Barbados, or visit for short periods, have significant investments in real estate throughout the length and breadth of the west coast. This is in contrast to the Canadians who have significant investments funnelled through Barbados but who are not known to have significant real estate holdings on the island in comparison to the British.

There are no available statistics on the level of British investment on the island but the real estate market is known to be the main area in which the British like to invest. The island has attracted investments from well-known British listed companies such as Barclays, British Airways, Courts and Cable & Wireless. In addition, Villa Nova, which was once the home of a former British Prime Minister, Sir Anthony Eden, has been converted by a British investor into a 5 star luxury resort, the first of its kind that is located away from the coast.

The recent decision in 2001 by the House of Lords in R v Allen has led to some British residents restructuring their real estate portfolio in Barbados so that they are not impacted by any taxable benefit back in the United Kingdom.

The British Government has recognised that there is also scope for far more British investment in the Caribbean and, to this end, at the May 2000 UK/Caribbean Forum it agreed to provide funding for a feasibility study into the establishment of a Caribbean Inward Investment Office to promote international investment in the region.

There are a range of Hotels and Conference Facilities who cater to everything you could possibly require to stage your event professionally. Experienced Conference Planners are available to assist with planning and executing your specific event or help co-ordinate your entire stay i.e. cruises, group activities, restaurant reservations and more!

Conference Center: Centrally located, Sherbourne Conference Center has received the World Travel Award for the Caribbean's Leading Conference Center in 2003, 2004 and 2005! Fully air conditioned and wheel chair accessible, Sherbourne occupies approximately 164,000 square feet, boasting eleven meeting rooms, a garden theatre and on-site dining facilities. State of the art communication equipment with WIFI connectivity, multilingual translation equipment and more are all available at Sherbourne. Ideal for small meetings or large trade shows, Sherbourne Center is the most frequently used conference facility in the island.

Dover Convention Center: Situated in St. Lawrence Gap on the South Coast of the island is the Dover Convention Center. The Dove Convention Center: Located in Bridgetown, the Dove Convention center is air conditioned, offers a fully equipped audio system and has wheel chair access.

Hotel Conference Facilities: Several hotels in Barbados also offer Conference and Convention Facilities which is ideal for the business traveler who requires accommodation at the respective venue. These facilities generally cater to groups of one hundred and fifty people or less.

The Barbadian economy has historically been dependent on the Sugar Cane Industry but in more recent years, the emphasis has been redirected into tourism and industry. The Government of Barbados has focused on the expansion of direct foreign investment - with the offshore sector generating substantial foreign exchange earnings through financial, information and manufacturing services.

In 1625 when Barbados was first colonized, the main income earner was that of the Tobacco and Cotton Industry. However, the sugar cane industry was growing at a fast rate throughout the Caribbean and Barbados was forced to refocus its' attention onto this sector in order to remain competitive.

Barbados gained independence in 1966 at which time it became a 'globally upper-middle-income economy' which was no longer dependent on the sugar cane industry but based on tourism and the development of the offshore sector.

In the 1990's Barbados experienced a recession and only began to grow once more in 1993. Since this period, the growth rates have been estimated to be based between 3% and 5%.

Sugar cane remained the highest income earner for the island until Barbados' established its' independence on November 30, 1966 after this time, the government sought ways to diversify and expanded into areas outside of Agriculture. Visitors from Canada and the United Kingdom assisted with the development of the Tourism Industry and the Barbadian economy as a whole. In 1961 the Deep Water Harbour was completed allowing ocean cargo vessels and cruise ships port facilities and a safe harbor.

The manufacturing industry was recognized as a major financial contributor to the sustainable economy of the island by the early 1990's. Unfortunately, this sector was severely affected in the late 1990's as many companies moved to lower cost Asian economies.

The offshore sector however bloomed in the 1990's and became the highest income earner for the island, superseding that of the sugar cane industry. The global recession of 2001 had a strong affect on the Offshore Sector and as a result, the Travel Industry replaced this area as the chief/major income earner. Legislation was changed to encourage investment and new hotel developments were constructed.

The Offshore Sector developed and continues to grow, encouraging Financial and Information Service providers to establish companies in Barbados. A significant income earner, it is important to note that there is also a light Manufacturing Sector.

Tourism is paramount to the island providing employment, construction opportunities etc. each of which trickle down into sub-sectors and service providers. In a concerted effort to ensure the stabilization of tourist arrivals, the government stated that one major sporting event will continue to be held in the island each year. In 2006 Sandy Lane Hotel will play host to the Golf World Cup. In 2007 several final Cricket World Cup matches will be held in Barbados. In addition, 'home-porting' agreements have been established with several cruise-lines in which tourists are encouraged to fly to Barbados and transferred to the Deep Water Harbour in order to meet their respective cruise ship and begin their Caribbean cruise holiday.

The late 1990's saw a marked increase in the Construction Industry. Hotels, villa complexes, private residences, offices, condos and more are actively being developed throughout most areas of the island. Included in this Construction Boom is the creation of the new Barbados Kensington Oval, which will host several matches of the 2007 Cricket World Cup.

The total labor force increased from approximately 126,000 in 1993 to 140,000 people by the year 2000. Unemployment dropped from 14 - 20% in the early 1990s to under 10% by the end of 2000.

One of the major problems affecting the economy of the island is that of Consumer Spending in specific areas; the most significant concern being the importation of large quantities of cars from Asia. While the government has implemented high duties to discourage spending, it is estimated that approximately five hundred (500) cars are added to the road system each month, creating tremendous traffic congestion and concern for the redevelopment of existing roads. The result? The government is required to back more of this spending in order to ensure high levels are maintained in the Foreign Exchange Reserves.

The Barbadian government continues to focus on the reduction of the unemployment rate, encourages the privatization of remaining state-owned enterprises, direct foreign investment, e-commerce, financial and information, tourism, health, educational and cultural services to its' shores. To combat the increase in oil and gas prices Barbados is exploring innovative ways in which to utilize the natural resources for energy and fuel. Emphasis is being placed on developing technology to enable the harnessing of wind power for energy and transforming the unused sugar cane for Ethanol fuel energy, similar to that in Brazil.

Barbados, the business capital of the Caribbean is a haven for international businesses and enjoys a long history of a stable economic and political environment. Professional financial, legal and corporate services are available to those seeking to establish companies in the island. Those particularly attracted to this destination are often involved in Information Technology, Financial Services or Manufacturing and wish to capitalize on low taxation and take advantage of duty-free exports to the international market.

The Barbados government places tremendous emphasis on enhancing the infrastructure and generally improving the investment climate of the island. They are constantly exploring ways to expand the already impressive network of taxation treaties and investment agreements with Canada, Europe, Latin America, Asia and the United Kingdom to assist with further development in this area.

The Barbados Tourism Investment Inc. is the sector of the Government responsible for facilitating encouraging the growth and development of tourism sector. While the Barbados Investment Development Corporation focuses on the development of export promotion and foreign direct investment.

All companies are incorporated under the Companies Act and taxable income is determined using the provisions of the Barbados Income Tax Act. The standard rate for those companies who are not licensed as Offshore Businesses is 40%. Those companies who are licensed purely for international trading and financial services from Barbados are considered Offshore Businesses generally pay corporation tax based on a sliding scale rate of 2.5% - 1%.

Establishment of an offshore bank in Barbados is subject to the approval of the Central Bank of Barbados upon submission of required details. Approval must be gained prior to the incorporation of a company. Offshore banks are subject to audit, an annual license fee of US $12,500 and income tax on a sliding scale as detailed above. There is no direct tax or capital gains, no withholding of tax and no exchange control. As a result, numerous international banking and financial houses have established companies in Barbados.

Barbados entered into its first bi-lateral investment treaty as a sovereign state with the United Kingdom in April 1993, following the signing of the convention on social security between the two governments in January 1992. These, together with the double taxation agreement signed in 1970, provided the platform for further investment in the island. The taxation agreement is one of six tax treaties that the island has with European countries. These include Finland, Norway, Sweden, Malta and Switzerland, whose treaty with the United Kingdom was extended to Barbados in 1954. The treaty that the UK has with Barbados does not grant any benefits to entities that are licensed to operate under legislation governing the offshore sector.

Trade figures between the UK and Barbados have fluctuated over the years with Barbados exports to the UK reaching a peak of £40.24 million in 2001 and UK exports to the island that same year reaching a high of £55.7 million. The top item group exported from Barbados in 2002 to the UK was sugar, sugar preparations and honey with a value of £13.0 million; whereas the biggest item group exported from the UK to Barbados that year was miscellaneous manufactured articles with a value of £5.0 million. Barbados will lose its preferential market for sugar in the European Union by 2007 and this would no doubt have a significant impact in the trading figures between the two countries if Barbados is not able to replace the revenue lost with another product or be able to increase the value of services rendered to British concerns.

The British Foreign and Commonwealth office reports that there are approximately 4,500 British citizens resident on the island, with about 250,000 British tourists visiting annually. Many of the British who reside in Barbados, or visit for short periods, have significant investments in real estate throughout the length and breadth of the west coast. This is in contrast to the Canadians who have significant investments funnelled through Barbados but who are not known to have significant real estate holdings on the island in comparison to the British.

There are no available statistics on the level of British investment on the island but the real estate market is known to be the main area in which the British like to invest. The island has attracted investments from well-known British listed companies such as Barclays, British Airways and Courts. In addition, Villa Nova, which was once the home of a former British Prime Minister, Sir Anthony Eden, has been converted by a British investor into a 5 star luxury resort, the first of its kind that is located away from the coast.

The recent decision in 2001 by the House of Lords in R v Allen has led to some British residents restructuring their real estate portfolio in Barbados so that they are not impacted by any taxable benefit back in the United Kingdom.

The British Government has recognised that there is also scope for far more British investment in the Caribbean and, to this end, at the May 2000 UK/Caribbean Forum it agreed to provide funding for a feasibility study into the establishment of a Caribbean Inward Investment Office to promote international investment in the region.