Barbados' international business and financial services sector has performed well during 2020. This positive news was reported by the Governor of the Central Bank of Barbados, Cleviston Haynes, as he recently delivered the review of the country's economic performance for last year. He reported that taxes collected from the sector increased during 2020, when compared to the corresponding period in 2019.
The welcome boost in revenue contributed significantly to the fiscal position of the Barbados Government, as well as closed any financial gaps that may have occurred without the sector's successful performance. Consequently, international reserves rose to an "unprecedented" BDS $2.7 billion by the end of the year.
According to the Governor, also of note is the Barbados Welcome Stamp initiative that allows persons to live and work remotely on the island for 12 months. Although still in its early stages of implementation, he noted that the Welcome Stamp had attracted a number of applicants and by extension, an increased demand in real estate.
Recently, Kaye Brathwaite, Chief Executive Officer, Invest Barbados (IB), urged sector stakeholders to "remain steadfast" and "and continue to work together to realise the vision of making Barbados a global force of the 21st century".
Now in 2021, as the effects of the Covid-19 pandemic persist, IB continues to pivot and work assiduously with stakeholders to ensure that client needs are met. In addition to promoting the jurisdiction's welcoming investment climate, IB remains committed to its mission of landing investments that are sustainable, feasible and ecologically sound and will create quality jobs, bring transferable skills and new technologies to Barbados.
Previously published 29 Jan, 2021.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.