Barbados: Offshore Banking

Traditionally, trusts and foundations were often used as tools to obscure the ownership of assets as tax shelters thereto.

There are many definitions afforded the term "asset protection". As it will be used herein the term is analogous to protecting assets from economic and financial predators.

Traditionally, trusts and foundations were often used as tools to obscure the ownership of assets as tax shelters thereto.

The International Trusts Act of Barbados 1995-14 (amended by the International Trusts Act 1995-19) provides for the creation and regulation of international trusts and related matters. Subject to the terms of the trust instrument the Act provides for certain taxation matters which affect the trust and its beneficiary. Some of these taxation matters are discussed herein.

Barbados, with its expansive treaty network, is no stranger to alternative planning structures.

Acknowledging the existence of a highly competitive captive insurance domicile market worldwide, the question is appropriately asked, "Why form a captive insurance company in Barbados?"

Most investors seeking to use Barbados as an international financial and business centre typically believe they must set up an International Business Company (IBC) to do so.

Barbados has for decades been one of the most popular holiday desti nati ons in the world and is especially appealing to Canadians who endure the coldest of winters.

In this our 15th edition as publisher of the Barbados Internati onal Finance and Business magazine, I can state with confi dence that Barbados is future ready and poised for growth.

The inaugural Barbados Risk & Insurance Management Conference, which will be held virtually from March 24-25, 2021 was launched via Zoom recently.