LOW TAX COUNTRIES
Andorra
Anguilla
Antigua & Barbuda
Aruba
Australia
Bahamas
Barbados
Belize
Bermuda
British Virgin Islands
Cayman Islands
Cook Islands
Costa Rica
Cyprus
Dominica
Dominican Republic
Gibraltar
Hong Kong
Isle of Man
Jersey & Guernsey
Liechtenstein
Luxembourg
Malta
Mauritius
Panama
Singapore
St.kitts & Nevis
Switzerland
Turks & Caicos
Vanuatu
Index of Articles
|
|  |
|
BARBADOS
About Barbados
Historically, the economy of Barbados had been dependent on sugarcane cultivation and related activities, but production in recent years has been diversified into the manufacturing and tourism sectors. Offshore finance and information services have become increasingly important foreign exchange earners, and there is also a healthy interest into the island's light manufacturing sector.
In the last fifteen years the Barbados Government has been seen as business-friendly and economically sound. Since the late 1990s the island has seen an increasing construction boom, the island began to see new hotels, redevelopments, new homes, office complexes, condominiums, and mansions being developed across the island.
The government continues its efforts to reduce unemployment, encourage direct foreign investment, and privatize remaining state-owned enterprises. Unemployment has been reduced from high levels of around 14 percent in the past to under 10 percent currently.
The economy contracted in 2001 and 2002 due to slowdowns in tourism, consumer spending and the impact of the September 11, 2001 attacks, but rebounded in 2003 and has showed growth since 2004. Traditional trading partners include Canada, the Caribbean Community (especially Trinidad and Tobago), the United Kingdom, and the United States.
Business links and investment flows have become substantial, as of 2003 the island saw from Canada CAN$25 billion in investment holdings, placing it as one of Canada's top five destinations of Canadian Foreign Direct Investment (FDI). Businessman Eugene Melnyk of Toronto in Ontario, Canada, is said to be Barbados' richest permanent resident.
| Barbados |
|
| Capital |
Bridgetown
13°10′N 59°32′W |
| Official languages |
English |
| Area |
431 km² (199th)
167 sq mi |
| Population
|
279,254 (180th) |
| GDP (PPP)
|
$4.9 billion (152nd) |
| per capita
|
$17,610 (39th) |
| Currency |
Barbados dollar (BBD) |
| Time zone |
Various (UTC-4) |
| Dialling code |
+1-246 |
BARBADOS POLITICS
Barbados is a parliamentary democracy. Executive authority is vested in the Prime Minister and Cabinet, which is collectively responsible to the Parliament. The Prime Minister is appointed by the Governor General as the member of the House of Assembly best able to command the support of the majority of the members. The Prime Minister usually selects a cabinet from his party members in the legislature. The present government is proposing that Barbados become a republic within the Commonwealth of Nations, with a ceremonial president replacing the British Sovereign. This issue is still being hotly debated as the island has been governmentally autonomous for decades.
Barbados has been an independent state in the Commonwealth since November 30, 1966, and as such functions as a parliamentary democracy modelled after the British Westminster system. Control of the government is held by the Cabinet and is responsible to the Parliament, which comprises a 30-seat House of Assembly and a 21-seat Senate. Barbados is one of the most secure democracies in the Caribbean. Executive power is in the hands of the prime minister and his cabinet. The prime minister is usually the leader of the winning party in the elections for the House of Assembly, whose members are elected every five years. The Senate has 21 members, and its members are appointed by the governor general.
Barbados is a full and participating member of the Caribbean Community (CARICOM), the Caribbean (CARICOM) Single Market and Economy (CSME), the Caribbean Court of Justice (CCJ) [which currently only pertains to Barbados and Guyana, and is expected to replace the UK Privy Council for the entire English speaking Caribbean eventually], and the Association of Caribbean States (ACS)
Barbados has modern and flexible legislation which allows for cost effective and speedy incorporation and operation of companies formed under the International Business Companies Act of 1982. Government fees are $390 capital duty and $100 annual fee for a minimal authorized capital company. Bearer shares are not permitted and one director, who can also be the secretary, may operate the company from any location.
The public register of companies discourages company names with terms such as "International" or "Global" and names can not include "Imperial", "Bank" or "Bnsurance" without licenses. Audited accounts need to be filed if total assets or revenue exceed $500,000. There are no exchange controls and Barbados has double tax treaties with the USA, UK, Canada, Norway, Sweden, Denmark and Switzerland. A registered office and agent must keep records, shelf companies are not available and details of shareholders are submitted to the Ministry of Finance.
~ Books About Barbados~
Be sure to check out our range of expert reports from The Hometown-Property Tax Bookshop
Hometown-Property has teamed up with Taxcafé to bring you a variety of useful resources to help you pay less capital gains tax, inheritance tax & other taxes.
Though written originally for the UK market, this acclaimed informative series, written by highly qualified tax authors and tax experts, is equally relevant for residents of North America, Europe and Australasia.
 ...if you are looking for a new home, an investment or somewhere to rent
 ...if you have a property to sell or to let (including vacation properties)
Whether you are a buyer or a seller, whether you have a property to let or want to rent somewhere for your next vacation, Hometown-Property is here to help.
P.S. Special low-cost deals available at Hometown-Property until midnight,
[CaRP] Can't open cache file.
Real Estate Investing For Real | A BiggerPockets Investment Property Blog
Learn, Network, Invest
• The Most In-Depth Case Study Ever!
by Jason Hanson
3 Dec 2008 at 6:12am
My boredom is going to make you rich! Check it out. We entrepreneurs get bored easily. Instead o...
• My Investing New Years Resolution starts in December!
by Rosie Nieto
2 Dec 2008 at 9:24pm
…and I mean it! For the past couple of years I have taken December as my play time. The word o...
• How To Build Your Real Estate Investing Business Using the Internet
by Peter Kolat
2 Dec 2008 at 1:37pm
Thanks to the generosity of Joshua Dorkin, I am lucky enough to be apart of this great team here...
• Looking for Abandoned Houses? Ask for Steve Johnson
by Jim Watkins
1 Dec 2008 at 5:48pm
Real estate investors who have driven around looking for abandoned houses, know that identifying ...
|
