TARGETED GROWTH SECTORS

Biopharma/Biotechnology: Barbados is keen to develop its biopharma industry and is currently home to the only medical device manufacturer of intraocular lenses in the English-speaking Caribbean, as well as the leading in vitro fertilization center in the Americas.

Captive Insurance: Barbados ranks among the Top 10 largest captive insurance domiciles globally, with U.S. and Canadian captives accounting for approximately 75%. The jurisdiction has long-standing treaties with Canada, the UK and the U.S., and is expanding its global business activity with Latin America.

Business Process Outsourcing: Barbados is a prime nearshore location for North America in information processing activities. In recent years, both captives and business process outsourcing facilities have emerged as preferred business models in the island’s ICT sector.

  TOP PROJECTS

  FAST FACTS

Population: 267,800¹

GDP: US$5.69 billionß¹

¹Barbados Statistical Service

  INCENTIVES

Competitive maximum tax rate of 5.5% on taxable income.

Manufacturing: Exemptions on import duties for components, raw materials, and production equipment.Barbados has more than 40 double taxation treaties. They offer reduced withholding tax ranging from 0% to 15%

Source: Human Development Index 2021-22
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