The island of Barbados has long been considered a tropical paradise, the perfect “getaway” for those from colder climates with hectic fast paced lifestyles, looking for a slower paced, warm friendly place to relax.

Over the past almost 50 years, the island has been steadily transforming itself into a place where high profile business transactions can be carried out by highly trained skilled professionals in accordance with international standards and best practice.

See below six features of Barbados which make it a perfect wealth management centre:

Stable Economy and Political Landscape

The island of Barbados has a long history of social, political and economic stability.  It is this stability which makes Barbados an excellent offshore jurisdiction for the discriminating high net worth private and corporate client. The Parliament of Barbados is the third oldest legislature in the Americas, initially patterned after the Parliament of England.  The jurisdiction is a parliamentary democracy committed to the rule of law and good governance. The economic stability of the island has also played a major role in its attractiveness as an international business and financial services centre.  Barbados’ currency is tied to the US dollar at a rate of one US dollar to two Barbadian dollars and the island is served by a well established financial system.

Geographic location

Barbados is strategically located at 13 ̊ 10’ north of the Equator and 59 ̊ 32’ west of the Prime Meridian making it the easternmost island of the Lesser Antilles.  From early colonial days this geographic position meant that Barbados was one of the first ports of call in the Caribbean and designated trading hub for the Southern Caribbean.  The island is currently served by scheduled international airlines with daily flights to Europe and major cities in North America.  Barbados’ close proximity to other islands makes it a staging post for onward travel in the Region. It is also in the Atlantic Standard Time zone and benefits from a convenient mid-Atlantic working day.

Quality Lifestyle

Barbados enjoys warm temperatures and beautiful tropical weather all year round. In addition to this, the country is considered one of the safest places in the world with its low crime rate. The people of Barbados are described as warm, friendly and hospitable and the paradisiacal landscape of the island encourages outdoor living and an enviable sports-oriented lifestyle.

Barbados is classified by the as having a high human development index based on its life expectancy statistics, access to education and standard of living measured by the gross national income calculation. It has consistently ranked higher than the regional average for Latin America and the Caribbean, scoring an index of 59 in the last UN Human Development Report released in 2014.

Senior professionals wishing to marry a quality lifestyle inclusive of a strong family and social life with the stressors of demanding corporate responsibilities generally find that Barbados is a perfect jurisdiction to live and work. In fact the development of the international business and financial services sector has enhanced the quantity and quality of recreational activities offered in Barbados.

Infrastructure necessary for long-term commitment

English is the official language of Barbados, making it a prime jurisdiction for doing business. The Government has invested heavily in its human resource through the provision of free primary and secondary education.  This has resulted in a highly trainable workforce with requisite skills.

Barbados is 166 square miles, and has modern ports of entry (airport and a sea port). There is a good network of roads and highways covering the entire island. The supply of electricity is reliable and progressively alternative sources of energy supply are being employed for commercial as well as household use.  The communications infrastructure in Barbados is excellent. The services provided by the telephone, internet, postal, radio and television systems are all of a very high quality.

For the discerning investor, there are high quality support service providers (tax advisory, accounting, audit, legal, corporate secretarial etc.)  offering a broad range of global investment management services available on the island.  These service providers are accustomed to delivering services to clients based in larger jurisdictions and adhere to international best practice as set by the respective organization of which they are members.

Barbados is a low tax jurisdiction with an expanding treaty network offering companies the opportunity to competitively structuring their global investments, in a properly regulated environment. The country has an attractive trust framework with a variety of options for the discerning estate and tax planner, in addition to a suite of legislative vehicles.

Skilled Labour/Education

Barbados has a superior educational system as evidenced by its well educated work force. The education system has its foundation in the British system and public education at the primary and secondary level is completely free. It is as a result of this free education particularly at the primary level that the island is able to boast one of the highest literacy rates in the world.  The Cave Hill Campus is expanding rapidly and has been producing graduates with the requisite skills sets for the international business and financial services sector.

Enviable Reputation

Barbados is a model for good governance and human development and is committed to nation building and development.  The island is known as a well-regulated and transparent international business and financial services centre and aims to maintain this reputation. It is this pristine reputation that has attracted many companies inclusive of international  banks  to Barbados.