A 1998 legislative enactment allows companies involved in international insurance business to register under the domestic insurance legislation as Qualifying Insurance Companies (QICs). A QIC is entitled to the benefit of a low effective rate of tax (generally 2.8%) after deduction of a foreign currency earnings allowance, and exemptions from withholding taxes and exchange control. Unlike Exempt Insurance Companies, a QIC may insure local risk amounting to not more that 10% of their total book of business.

International Insurance Companies

– A company registered under the Insurance Act may be entitled to tax concessions where at least 90% of its premiums originate outside and at least 90% of its risks insured are located outside CARICOM;
– A maximum tax credit of 93% is available where premiums originate outside of CARICOM;
– Exemption from withholding taxes;
– Exemption from exchange control;
– Personal tax concessions for specially qualified employees ;
– Re-domiciliation provisions;
– Annual fee of BDS $5,000 (US$2,500)

Review the Exempt Insurance Act, Cap 308A (2008-10-08), the Exempt Insurance (Amendment) Act, 2012 – 4 as well as the Insurance Act Cap 310.

Contact Details

Suites 301 & 302, Building 4 Harbour Industrial Park,
Bridgetown, St. Michael,  Barbados BB11142Insurance Act Cap 310
TEL: 421-2142 | FAX: 421-2146
EMAIL:  info@fsc.gov.bb | www.fsc.gov.bb