Barbados: Offshore Business Sectors
Trust Management has been a considerable activity in Barbados for 30 years or more, much of it conducted by the trust departments of banks. Originally the trust was used primarily by wealthy individuals from the major common law countries, but it is now accepted as a major technique of asset protection in all parts of the world. The International Trusts Act 1995 gave Barbados a modern, comprehensive, business-oriented trust regime which has proven attractive, particularly to corporate users. This new, wider market-place for trusts is not necessarily interested so much just in tax avoidance, but also in the efficient management of wealth in a more general sense. See Law of Offshore for a fuller treatment of trust law in Barbados.
There is a sophisticated community of professional advisers on trust matters in Barbados. Individuals can provide trust services without registration, but companies offering trust services must be licensed by the Central Bank under the Offshore Banking Act 1979. Foreign or Barbados-resident companies may obtain licenses.
See Offshore Legal and Tax Regimes for details of the taxation of trusts in Barbados. Very tax-efficient structures can be formed using offshore trusts in combination with International Business Companies for international securities management.
Licence fees for trust management companies were increased to BDS100,000 per company in the 2008 budget, with effect from January 1, 2009.