Barbados: Offshore Legal and Tax Regimes
Employment and Residence
The employees of offshore entities in Barbados require 'Temporary Work and Residence (TRE) Permits', which are issued by the Central Bank. For this purpose, employees are categorized either as Executives or Non-Executives.
In effect, Executives are defined as senior management, and three only of them are permitted unless the Central Bank can be persuaded otherwise. The minimum age for an Executive is 24, and the minimum salary is USD12,000 pa.
Non-Executives are those foreigners employed in managerial, professional, administrative, technical and clerical positions. The employer must make an effort to recruit suitable local personnel. Permits are issued by the Ministry of Labour.
In both cases, a fair amount of documentation is required by the authorities. Permits are normally issued for 2 years, renewable for a further three years.
It is also envisaged that individuals will be able to travel within the CARICOM region without the need for a passport when an ID card system is eventually introduced.
In an attempt to streamline the work permit and residency application process, the government announced in 2007 that as part of a new International Business Charter, it would introduce a single set of forms for work permits, student visas and spousal visas, thus making it easier for family units to relocate to Barbados and work in the international business sector.
This announcement was welcomed by the business and finance industry, which complained that the processing of work permits could take as much as six months before approval is granted.