Barbados Business, Taxation and Offshore Information
Barbados Is In The Caribbean And Caricom
Barbados is a tropical island in the Caribbean. It is quite densely populated, with 288,000 (2019 est.) people of mostly African descent living on an island of 430 sq. km (166 sq mi.). Barbados is an independent member of the Commonwealth and a member of Caricom, the Caribbean common market. It is politically stable and GDP per capita of US$16,800 (2017) at PPP is reasonable. The Barbadian dollar is pegged to the US dollar at exactly 2 to 1. The climate is warm and humid; sea breezes alleviate the high summer temperatures. English is the official language.
One-Crop Economy has Successfully Diversified
Historically, Barbados mostly produced sugar. The island has now diversified into tourism, manufacturing (with a host of incentives), informatics and financial services.
Since the global financial crisis, the Barbadian economy has made steady progress. For the years 2015m 2016 and 2017, annual GDP growth was at 0.9%, 1.0% and 2.0% respectively. Unemployment had been reduced from a high of over 13% in 2014 to generally less than 10%. There has however been some fluctuation; figures for July and October 2018 were 8.2% and 10.7% respectively. In the last ten years the Government has been business-friendly and economically sound. More »