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Excerpt from the Barbados Budget Speach 2013 - 13 August 2013

Excerpt from the Barbados Budget Speach 2013 - 13 August 2013

Old Aug 14th 2013, 2:44 am
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Default Excerpt from the Barbados Budget Speach 2013 - 13 August 2013

this is just a small part of the proposed Budget as put forth by the Democratic Labour party here in Barbados.. just incase anyone is interested.. and has the money to actually qualify for this... (here is the link to the full budget.. if anyone is interested http://www.barbadostoday.bb/2013/08/...d-2013-budget/ ).



International Business and Financial Services Sector:


Sir, another of our key sectors which will come in for very special scrutiny is the IBFS sector. I don’t have to remind the House how critical the success of this sector is to the Barbados economy and society generally. However of course over the last decade the sector has come in for a major battering as it tries to defend itself against accusations of being a tax haven. From the OECD Peer Review process to FACTA and now a mis-interpretation of Barbadian Law by Canadian Revenue Officials as it relates the proper designation of off-shore banks and their regulation, the environment has been quite hostile.



We ourselves have not exactly made it much better by ignoring several of the low-hanging fruit which could make the facilitation of international business and investment in Barbados easier and more flexible. It is time to change that equation. In this regard I am empowered by the Cabinet of Barbados to announce the following:



1. Regulations to accompany the International Corporate and Trust Provider Act are ready and will be laid in Parliament in October when the House returns from summer recess.



2. Starting from January 1st, 2014 the International Business Unit will be empowered to issue international business companies with multi-year licenses for up to three years. This will eliminate the requirement for company principals to endure the headache of having to apply each year for licenses and the sometimes inordinate waiting periods.



3. The Ministry of Finance will instruct the Inland Revenue Department to procure on a consultancy basis a local company and tax law expert to handle tax law resolution issues and provide advice to the department so that timely decisions could be handed to businesses in the sector that require them. BIBA has generously agreed to work with the ministry to put this initiative into effect ASAP.



4. From budget year 2014 the Ministry of Finance will increase the marketing and investment promotion budget of Invest Barbados by an additional 7 million dollars to beef up its presence in the FDI market.



5. Last year I would have announced the coming into force of a Special Entry Initiative for high net-worth individuals. The policy is already in existence and being applied in respect of special-entry permits for high net-worth individuals. These permits provide such persons with the opportunity to visit Barbados whenever they wish, to stay as long as the permit is valid, and to establish tax residency in Barbados. All three of these activities contribute to strengthening Barbados’ attractiveness as an international business domicile. Applicants for such permits are required to supply police certificates of character as for immigrant status applications, evidence of net worth and evidence of currently valid health insurance as part of the application process. For high net worth individuals, the net worth of the applicant must exceed US$5 million.



There has also been substantial interest by foreigners who have bought high valued properties here, or who are interested in buying such properties, to have Special Entry/Residence Permits for five years.



At present foreigners who own property here are often given permission to enter the country for periods shorter than they would like, despite their clear ability to sustain themselves while on the island for the periods requested. Despite instructions to the contrary the entry periods permitted to such property owners have continued to be inconsistently given. As a result these visitors have then to apply at the Bridgetown Office of the Immigration Department for extensions of stay. Thus the ability of these visitors to stay for the periods of time they wish and can afford has been rendered subject to unnecessary bureaucracy in a Department that is already finding it difficult to manage the large number of applications it has to handle.



Therefore effective from 1st September 2013 a Special Entry Permit valid for five years at a time will be available to foreigners who own substantial residential property or investment in Barbados. Investment would include rental real estate, property development projects, manufacturing, tourism, bank deposits, mutual funds or bonds or any financial instrument. The value of the property or investment to be used to qualify an applicant for Special Entry Permit status should be US$2 million or more and the investment must have been purchased with funds sourced outside Barbados and not be subject to any mortgage on it.



As with High Net Worth Individuals, foreigners who make such investments in Barbados and seek Special Entry Permits must meet the criteria of a clean police certificate of character and valid health insurance.



Thirdly, foreigners who have special skills needed in the country as determined by the Ministry of Labour, Social Security and Human Resource Development, acting in concert with the respective Ministries with oversight of the sectors where the special skills are to be employed, and who wish to live in Barbados will also be eligible for Special Entry Permits.



The fees for the two new categories of Special Entry permits will be the same as those for Special Entry Permits for High Net Worth Individuals. The spouse of a person who has been granted a Special Entry Permit will be entitled to a special entry permit on payment of the fee for a Special Entry Permit, while their dependants of minor age given student visa status for the life of the Special Entry Permit, on payment of the application processing fee.



All persons who hold Special Entry Permits will be issued with a Barbados Identification card, as is done for work permit holders, suitably coded to identify their status so that they will be able to obtain Barbados drivers’ licenses and otherwise conduct business in Barbados.



These Special Entry Permits will all be renamed Special Entry and Reside Permits.
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Old Aug 15th 2013, 4:11 pm
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Default Re: Excerpt from the Barbados Budget Speach 2013 - 13 August 2013

Thanks for posting Sunnie the special permits are a step in the right direction although it really applies to the Simon Cowells and Cliff Richards lol.

Would be really great if they would start to recognise people who want to work remotely but reside and spend their earnings in Barbados like many business owners and senior consultants can afford to..a special permit for this would bring revenue not only to immigration but also reap the spending of these invididuals....net worth not being an issue but maybe if they could demonstrate an external income and residential proof...its the way the word is going with globalisation
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