Barbados: Types of Company
The International Trusts Act 1995 introduced purpose trusts and asset protection trusts, as well as strengthened protection against forced heirship provisions, non-recognition of foreign judgements, and protection against creditors. The rule against perpetuities does not apply, and accumulation of income is permitted for up to 100 years.
International trusts have considerable tax advantages (see Offshore Legal and Tax Regimes) and are exempt from exchange control; the following conditions must be fulfilled:
- the settlor must be non-resident when the trust is created;
- trust property must not include Barbadian real estate.