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Tax Haven Barbados

The island of Barbados is the most easterly of Caribbean Islands. The small island has a population of about 281,000 inhabitants. The official language of Barbados is English and the currency is the Barbados Dollar. As a tax haven Barbados initiated its offshore sector over two decades ago. The offshore sector in the Caribbean island continues to grow making the low tax haven one of the more secure offshore jurisdictions available today.

The offshore tax haven of Barbados is one of the islands of the Caribbean which is very popular with visitors from the United States and the European countries. People visit Barbados year around to enjoy its sun and beaches. Barbados has some of the most beautiful beaches in the Caribbean. The island is notorious for water sports such as sailing, kayaking, parasailing and even surfing. The Atlantis Submarine is one of the underwater adventures that visitors and local enjoy. A ride on the submarine is the perfect way to enjoy Barbados underwater world. The views from the submarine are exceptional. Frequent sightings are different species of fish and corals.

Once a colony of great Britain Barbados which was depend on the export of sugar the island still has a few sugar estates in good conditions. They make for good visits and provide insight into the country’s history. Hiking in Barbados is a true adventure. There are many trails in mountains, fields which will help increase the understanding of the beautiful island.

Barbados is considered to be one of the low tax havens of the world. The jurisdiction offers services such as the incorporations of offshore companies, like Belize companies, offshore banking and exempt captive insurance. Legislation of the formation of offshore companies in the low tax haven was passed as early as 1982. The tax haven of Barbados is quickly becoming very popular among offshore investors who seek asset protection. Offshore companies in Barbados are used for manufacturing purposes and trade.

Barbados offshore companies are incorporated according to the offshore companies’ legislation of the island. Offshore companies registered in Barbados cannot do business in the tax haven or within CARICOM. One of the advantages of forming a Barbados offshore company is that it provides persons with the opportunity on saving on taxes. All offshore corporation registered in the tax haven of Barbados have very low taxes levied on the annual profits. The taxes imposed on Barbados offshore companies range between 0 and 2.5%. These tax rates are very low when compared to the taxes levied by other countries. In addition to a low tax rate the offshore corporations incorporated in the tax haven of Barbados must pay as stipulated by offshore legislation and annual license fee which will keep the corporations in good standing order. The annual license fee for offshore corporations in the tax haven of Barbados is set at US$425.

Offshore banking in Barbados began when legislation for the formation of offshore banking institutions was passed in 1979. Offshore banks in Barbados provide clients with top quality services. Services offered by offshore banks in Barbados are face to face banking, online banking, debit and credit cards among other services. In the offshore tax haven of Barbados there are many well established banking institutions which are headquartered in Canada and other developed countries in the world. Offshore bank accounts in Barbados offshore banks are available for individuals and corporations.

As a tax haven Barbados provides privacy for offshore corporations and bank accounts in the offshore jurisdiction. Offshore companies formed in Barbados have no obligation to reveal the identity of its owners and other offshore corporation officers. The names of these persons will not be made part of public records for the company. Offshore banks in the low tax haven of Barbados all make sure that offshore bank holders and offshore bank accounts receive total privacy. Offshore banks these days must know who their clients are but these banks ensure that the information in offshore bank accounts are well protected from third parties such as foreign governments, tax authorities and foreign legislation.

The government of the offshore tax haven of Barbados is committed to make the international financial center of the country very developed and up to the levels of other top offshore tax havens in the Caribbean Region. Barbados offshore sector began to take shape over twenty five (25) years ago and today the government has made several amendments to the different offshore legislations in the country. Today offshore business in Barbados is contributing to the income earnings of the economy. The economy of Barbados is strongly supported by its booming tourism industry which provides jobs and incomes for a large section of the Barbadian population. Barbados as a low tax haven has been successful in helping its offshore clients reduce their tax liabilities and increase their wealth.