Foreign Investors saying Goodbye To Barbados
 

NATIONNEWS.COM By Ricky Jordan | Tue, April 03, 2012 - 12:09 AM
More than a dozen international business companies (IBCs) left Barbados over a two-year period, taking away a quarter of the island’s tax base, says Opposition Leader Owen Arthur. Referring to a report which he said was prepared by the state-owned Invest Barbados, Arthur revealed that over 12 IBCs had left in 2009 and 2010, at least 12 more were planning to move and another 12 might be contemplating moving.

Addressing a meeting at the Barbados Labour Party’s Roebuck Street headquarters Sunday night, the former Prime Minister described the situation as scary and called for someone to take charge now. “This is the second largest economic sector in Barbados. Its activity has generated 60 per cent of Government’s Corporation Tax revenue [over $180 million]. Its existence has made possible the growth of a Barbados middle class [and] many accounting houses, many business houses, many law firms depend upon this,” he stated.

I know the economy has a part to play in this but also feel as expressed by some of us on this forum that this is also due in part to the lack of consistency and accountability of the Immigration Service provision (lack of IT investment, goverment change in attitude to foreign investment, lack of courtesy and consistency in providing the service) thus making it even more difficult for foreign investors (mine and others experience) to plan and forecast to bring opportunities to the island. Investors should not be made to jump through impossible hoops and treated as if they are creating problems when merely using and paying for a service that is not delivering.

My visions to bring IT opportunities from their current European locations to Barbados were embraced by the previous goverment who were in turn visionary in their approach of my vision.. as soon as the goverment changed my visions became mere dreams as the attitude to foreign investment was one of we dont need "their" money.... in my opinon the above is partly a result of this attitude.

When told by a senior Immigration officer "this is not your home so now go home" it became personal and concluded a very difficult entrepreunorial journey for myself..OK im not an IBC but as someone who contributed to the entrepreunurial spirit of the future Barbados and also contributed to the economy in the 5 years I resided the above comes as no suprise to me. As stated above IBC investment is the second largest economic sector in Barbados I suspect meaning the largest to be Tourism (not sure if thats the right interpretation of that sentence) so add to the above the way current expats/visitors are being treated/prevented when merely wanting to spend their savings and earnings in Barbados then further "shocks" are on their way for those resting on their laurels.

Re: Foreign Investors saying Goodbye To Barbados
 

It is crazy the problems they put in the way here. There is just no encouragement to invest in Barbados.

We came with plans to employ local people in our business even though we didn't want to work ourselves here.

Our business is based in the UK and we wanted someone local to travel around resorts here and other islands but I can't even get a guarantee that I'll be allowed to stay in the future or even be allowed back on the island each time I visit.

Arriving at GAIA each time is so nerve wracking. Even with a 6 month visa stamp in my passport makes no difference at the airport.

So our investment has to go elsewhere and maybe I would have only employed one or two people here, how many others have been put off?

Re: Foreign Investors saying Goodbye To Barbados
 

I know a couple of people from Barbados who have moved to work and live in St Lucia recently. Maybe this may explain it.