Barbados: International Tax Planning Entities

Exempt Insurance Company

The Barbados Exempt Insurance Act states that for a company to qualify as an Exempt Insurance Company it must be incorporated in Barbados with a minimum capital of US$125,000, and at least one of its directors must be a resident citizen of Barbados.
 
Exempt Insurance Companies cannot insure risks originating in Barbados or risks of local residents.

Exempt Insurance Companies are taxed on their profits at the rate of 0% for the first 15 years and thereafter, 2% on the first $250,000 of profits.
 
They are also exempt from withholding tax and exchange control restrictions.

There is an application fee of US$250 for an Exempt Insurance Company and an annual licence fee of US$10,000.00.