Enhancing India CARIFORUM Economic Relations and Prospects for Cooperation

Barbados

Population:287,025 GDP (USD): $5.2 billion GDP Per Capita (USD): $18,148 GDP Contribution by Sector: Agriculture: 1.5%; Industry 9.8%; Services Sector 88.7% (2017 est.)

Official Exchange Rate (per US Dollar): 1 USD = 2.00000 BBD Ease of Doing Business Rank 2020: 128 of 190 countries

Barbados is the eastern-most Caribbean Island. Its political, economic and social stability have contributed to it being among the most populous eastern Caribbean Island. Throughout its history, successive governments have taken strategic and deliberate steps to develop a more diversified economy, and to facilitate sustainable, economic momentum on the island. Barbados has very generous bilateral trade, investment and tax treaties with countries across the world. The country´s tax regime remains compliant where there is a convergence of domestic and international tax rates. Targeted Sectors for Investment: Agriculture, Financial Services, Manufacturing, Healthcare, Research & Development, ICTs, Renewable Energy, Education Services, Cultural Industries Incentives: Investors can benefit from a range of incentives which apply to most sectors within the country such as: • Foreign Currency Permit (FCP) - which is an exemption from exchange controls and property transfer taxes on transfers of shares or quotas. Income tax concessions for specially qualified individuals as employees. • Foreign Tax Credit - which reduces the impact of having the same income taxed twice, by the foreign country and the local one where the income was earned. • No Capital Gains - Property or securities are not subject to capital gains tax in Barbados. • Participation Exemption - Dividends derived by a Barbadian resident company from an overseas company are exempt from taxation in Barbados if the Barbados company owns at least 10% of the capital of the overseas company and the shares are not held as a portfolio investment.

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Enhancing India-CARIFORUM Economic Relations and Prospects for Cooperation