Barbados Offshore Trust Services

Barbados offshore trust services are thoroughly regulated and have been highly rated by the Organisation for Economic Cooperation and Development. Corporate trust services along with other...

Barbados Companies

Barbados companies for offshore trade are officially known and International Business Companies and were introduced in 1991 by the International Business Act. Barbados companies are owned by non...

Barbados Trust Formation

Barbados trust formation is regulated by the Barbados International Trusts Act. Barbados offshore trusts are formally known as International Trusts and are reserved to be used by individuals and...

Barabdos Trusts

The settlors of Barbados trusts must not be residents of Barbados at the time that these trusts are being settled or created or at any moment in time during which more property or assets are being transferred or added to the Barbados trust.

Besides trusts, an international asset protection strategy that has gained the approval of many is second citizenship and offshore company registration. While APTs (asset protection trusts) are devices that operate via trustees, dual nationality is a form of getting additional financial freedom and protection automatically.

One of the trustees of Barbados offshore trusts is required to be living in Barbados. The beneficiaries of trusts Barbados can only be exempt insurance companies, international business companies, offshore banks or any other legal entity or individual that the Minister allows to be a beneficiary according to his or her discretion.

Any property or interest in property that belongs to a Barbados trust offshore must not be local or originating in Barbados. With regard to local residency, the following legal and natural persons do not fall in the category of residents of Barbados: Anyone who ordinarily resides in Barbados, is a citizen and lives there regularly; a corporation or organisation that is incorporated or registered in Barbados that is owned by persons (legal or natural) that are not resident in Barbados; or any business company that was registered in Barbados prior to December 7th, 1997 and conducts trust business or operates as a Barbados trust company.

The assets held by Barbados trusts offshore are in no way part or tied to the trustee’s personal estate. The assets of Barbados trusts are distinct and are a separate fund. However, these assets are entitled in the trustee’s name or in someone else’s name on the trustee’s behalf.

Offshore trusts Barbados can be created as inter vivos trusts if the trust estate is movable and the settlor qualifies to create a this type of trust in Barbados or as testamentary trusts if the trust estate is movable and if the settlor is able to create trusts of movable property in his or her country of ordinary residence.

The Barbados International Trusts Act gives the trust the power and responsibility to manage and administer the assets of the Barbados trust offshore assets in compliance with the wishes of the settlor as established in the Letter of Wishes or Trust Deed. The trustee of a Barbados trust is also responsible for disposing or investing the assets of the trust Barbados as instructed in the terms of the trust.

Trustees of Barbados offshore trusts that are non-charitable purpose trusts are required to file the a copy of the instrument with which the trust was settled in Barbados and maintain a register that contains the settlor’s name, the protector’s name, all relevant documents showing the Barbados trust financial standing and a summary setting out all of the trust’s objectives.

The names of the settlors of Barbados trusts and their objectives are required to be submitted to the Director of International Business. This information is however treated confidentially and is not available for public scrutiny. Notwithstanding this, the Barbados trust act allows for the protector to authorize someone to inspect the register, documents and instrument of the Barbados trust. Barbados trusts can appoint protectors. Trustees are not allowed to take on this role and that of the protector as well.

Back to Top