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Barbados Decries Treatment From 'Powerful Nations'

by Mike Godfrey, Lowtax.net, Washington
09 October, 2015

Barbados's Prime Minister, Freundel Stuart, has said that Barbados, like several other small international financial centers, continues to be buffeted at every turn by "the unjustified attacks of powerful nations."

According to Stuart, these nations change the rules at will, to satisfy the demands of their own onshore interest groups and constituents.

He expressed this view on October 8, while delivering the feature address at the opening of the two-day International Business Week Conference 2015 at the Hilton, Barbados.

The Prime Minister told his audience: "Despite the constantly shifting goal posts, we have held steadfastly to those principles that have brought us to this signal point in our country's history. We must remain committed to the tried and tested standards for which Barbados is celebrated – that of being a transparent, well-regulated, and globally competitive jurisdiction that offers political, social and economic stability, as well as an excellent quality of life."

He disclosed that the international business sector is moving into new markets, in particular by strengthening relationships with Latin American partners.

"From all reports, our outreach to Colombia, Mexico, and Panama, to name a few, has started to bear fruit. We also confidently expect good results as we craft strategies to attract select types of business from the African and Eastern European markets," he stated.

Stuart pointed out that Barbados has expanded its offerings, including with new financial services-related products, such as private trust companies, foundations, and incorporated cell companies.

He further disclosed that the country is also "on the threshold" of bringing the Corporate and Trust Services Providers Act into effect.

"But even as we create new opportunities, we have to keep returning to old battlegrounds. A few months ago, several territories, including Barbados, were blacklisted by the European Union. Since then, after vigorous and justified objection by my Government, through the Ministry of International Business, we were quickly and rightfully removed from Spain's blacklist," he continued.

The Prime Minister reported that in more recent times, the attacks had come, not only from countries, but sub-national jurisdictions. "We have seized all opportunities to re-state the Barbados value proposition through the appropriate channels, and this is being done effectively," he said.

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