Personal taxation in Barbados

[JohnnyDoe]

Can anyone describe the tax advantages of living in Barbados?

 

[Sols]

Individuals resident but not domiciled are taxed on income derived in Barbados and on income from foreign sources where a benefit is received in Barbados.

https://bra.gov.bb/Individuals/
I've never looked into it in much detail, but my understanding is it's a hybrid of territorial and remittance basis taxation.

Domicile is not time based but based on origin and intent, which I believe means you can live indefinitely in Barbados as long as you intend to leave at some point. No one really checks.

 

[Martin Everson]

Firstly Barbados is a very easy and fast option to move to. You can use their welcome stamp program to gain residency for 12 months for $2,000.

In terms of tax they have good tax advantage i.e no Capital gains tax and a remittance based tax system. Also dividend and interest income is taxed at 15%.

Furthermore Barbados is one of the few Caribbean Islands with a decent list of Double Taxation Agreements in place.

P.S The downside is the island is not fnancially well having come out of soverign bond default a few years back and then covid.

 

[JohnnyDoe]

a remittance based tax system.

is that only for non-doms?
What are the rules of domicile?

 

[Onassis]

How are trusts/private foundations taxed there?

 

[Marie Manila]

If you really want to move to Barbados, you might also be faced with some other problems than taxation:
https://www.offshorecorptalk.com/th...pen-doors-to-digital-nomads.30102/post-140008

 

[JohnnyDoe]

If you really want to move to Barbados, you might also be faced with some other problems than taxation:
https://www.offshorecorptalk.com/th...pen-doors-to-digital-nomads.30102/post-140008

Useful thread. What seems attractive in Barbados is the infrastructure and services available, which are superior to most other Caribbean islands. And it is certainly the most developed of the islands outside the hurricane belt.

 

[Martin Everson]

is that only for non-doms?

Yes

What are the rules of domicile?

Domicile is question of your intention in Barbados and even being resident for a long term does not deem you domiciled.