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...

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 international business services in Barbados received very positive remarks from this organisation, as Barbados was considered the only Caribbean country to have almost fully implemented tax standards that were established for offshore services globally. Barbados offshore trust services benefit from this ranking and reassure potential investors and clients of the quality of service that they are to receive.

Property investments in a country of second citizenship help expand asset base. Settlors who plan carefully can maximize returns on investments with trust assets.

In March 2011, the International Corporate and Trust Service Providers Bill was passed to promote and establish rules for proper and ethical conduct in the carrying out of Barbados offshore trust services and other international corporate services in Barbados. In establishing regulations specifically for service providers, the Act aims to see to it that Barbados corporate trust service providers honor international standards, carry out proper client identification measures in accordance to due diligence standards and ultimately to protect Barbados image, investor and public interest through good practice.

Barbados has a wealthy pool of trained and regulated professionals that operate as Barbados offshore trust service providers. Offshore trust services Barbados are efficient and of high quality as is the case in most other areas of business on island. Barbados offshore trust services are continually being upgraded through service provider training and regulation so that the Barbados offshore trusts services can continue to develop.

Barbados offshore trust service providers are required to adhere to anti money laundering standards and to at all times maintain accounting records and client information up to date and accurate. Accounting records and other records held of Barbados offshore trust service providers and other international corporate service providers are required by the Bill to be kept for no less than five years.

Providers for corporate trust services in Barbados are also required to provide the Director of international business with a written notice if the company decides to cease operations, dissolve, is in receivership or has decided to change location. Offshore trust services can only be protected and well administered when these policies are put in place and the right mechanisms are implemented to maintain the quality and proper conduct of offshore trust services in Barbados.

Barbados offshore trust services are supervised by various government agencies that in one way or the other are mandated to work towards the development of Barbados offshore trust services and other international business activities through promotion, regulation, public and private sector consultation, and advisory.

A few of these include Barbados International Business Association (BIBA) which collaborates with the government as the main representative or voice of the government, to provide a platform for information sharing and facilitate the government departments that are involved in this international business sector. This organisation for Barbados offshore trust services and others was established in 1993 and was first known as the Barbados Association of International Business Companies and Offshore Banks.

Barbados offshore trust services are also taken care of by the Invest Barbados which is responsible for promoting Barbados as an attractive investment hub, collaborating with local and international stakeholders, promote exports and develop new products, among others. Barbados offshore trust services fall under the heading of international business and assistance is given to service providers and other forms of investors by providing the necessary resources for offshore trust services in Barbados.



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