Barbados: Offshore Trusts Guide
Supervisory and Licensing Regime and Fees
There is a sophisticated community of professional advisers on trust matters in Barbados. The Financial Institutions Act, 1996-16 is the legislation under which trust and finance companies are licensed and administered in Barbados. This Act establishes the statutory requirements on such areas as licensing.
In July 2000, Barbados pledged to make changes to its financial supervisory regime in order to have its name removed from the OECD 'unfair tax competition' blacklist; in response, the Central Bank issued 'know your customer' guidelines applying to all licensed financial institutions including trust management firms in March, 2001.