Barbados' status as a compliant, reputable and transparent global financial centre was recently validated by the European Union (EU). On February 18, 2020, the EU removed Barbados from Annex II, after Barbados implemented all the necessary reforms to comply with EU tax good governance principles. Barbados is among 16 countries that have implemented the requirements ahead of time and among 49 countries in total that have implemented the necessary tax reforms overall.
In welcoming the endorsement, CEO of Invest Barbados, Ms. Kaye-Anne Brathwaite stated "Barbados delivered on its promise to implement the changes required. This is testament to the country's commitment to maintaining global standards including international tax transparency, and in this case, to being compliant in every regard with the EU and OECD requirements. It is also evidence of the on-going strong private-public sector collaboration and cooperation that ensures Barbados remains a jurisdiction of choice."
Barbados has and will steadfastly continue to preserve its stellar reputation as a domicile of choice which seeks to attract businesses of substance for the discerning investor desirous of setting up a business in Barbados.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.