Monkton
Insurance Services Limited
Barbados
works - and it can work for you
In addition to being a leading domicile for captive insurance companies, Barbados also has a thriving offshore industry hosting over 1000 International Business Companies and hundreds of Foreign Sales Corporations, as well as a large number of Offshore Banks and Trusts.
Captive insurance companies are taxed at a maximum amount of US$2,500 per annum and are exempt from all other corporate taxes on capital gains or any transfers of assets or securities. In addition, they are exempt from withholding taxes on any dividends, interest or other returns to shareholders.
Resident expatriate employees are eligible for a 35% tax concession on earnings.
There is a 30 year guarantee of these benefits available from the Government of Barbados.
In addition to these fiscal incentives, Barbados has many other attractions for business including:
Political and social stability
A well developed infrastructure, including ports, modern international airport, roads, utilities, medical and educational facilities.
More than a decade of successful operation, administration and development of the insurance law.
Lawyers and accountants experienced in advising on and servicing international financial ventures.
A wide range of banks and trust companies experienced in the management and administration of offshore companies, funds, trusts and other asset protection vehicles.
Standards of regulation and monitoring, less arduous than in metropolitan countries, but with professionals in the posts of Registrar of Companies, Inspector of Banks, and Supervisor of Insurance.
Reasonable solvency requirements.
Freedom from Exchange Control.
Relatively low fees for incorporation and annual licensing and management services at a cost which offers an attractive alternative to self-administration.