Private Wealth Management Trusts in Barbados

International Financial Services

International Financial Services Act (Replaced the Offshore Banking Act in June 2002)

In order to establish an International Bank in Barbados, details of the proposed bank must first be submitted to the Central Bank of Barbados for approval.  Approval must be sought from the Ministry of Finance prior to the incorporation of a company. A company must have a licence before engaging in the banking business.

Applications for a licence are submitted to the Central Bank whom may issue the licence, subject to the approval of the Minister of finance. This license is suitable for;

FAMILY OFFICES

PRIVATE VENTURE CAPTIAL GROUPS

PRIVATE EQUITY PARTNERSHIPS

PRIVATE BANKS

MERCHANT/INVESTMENT BANKING

A licence to operate is issued only to qualified foreign banks and eligible companies. Licences are under the control and oversight of the Central Bank of Barbados. The registration fee is US$50,000.00. International Banks are subject to audit, an annual licence fee of US$50,000.00 and income tax on a sliding scale of 2.5% - 1%.

The International Financial Services Act provides that dividends, royalties, interest, foreign securities funds, gains and assets generated or managed by a licensee are automatically exempt from the provisions of the Exchange Control Act.