Barbados: International Tax Planning Entities

Qualifying Insurance Companies

A 1998 legislative enactment allows companies involved in international insurance business to register under the domestic insurance legislation as Qualifying Insurance Companies (QIC).

A QIC is entitled to the benefit of a low effective rate of tax (generally 1.75%) after deduction of a foreign currency earnings allowance, and exemptions from withholding taxes and exchange control.

Unlike Exempt Insurance Companies, a QIC can be owned by residents of Barbados and can insure a certain amount of local risk.

A QIC is entitled to the tax concessions once at least 90% of its premiums originate outside of CARICOM, 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$20,000 (US$10,000)