Barbados goes from strength to strength
Barbados is the fifth-largest captive insurance domicile in the world and has set its sights on further growth, using its natural advantages to best effect, Invest Barbados told Captive International in our US Focus edition.
Top of Barbados’ advantages is its human capital as supported by free tertiary level education, an enviable 99.6 percent literacy rate and local, world-class professional services, the group said.
“As a result, the country has been able to negotiate on the world stage many bilateral and multilateral agreements which are the envy of many developing nations,” said Invest Barbados. “Barbados has agreements with Canada which have bolstered its trade with that nation to the extent that it has become one of the largest recipients of foreign direct investment from the country and is currently the home to most of the Canadian-parented captives.”
In addition Barbados has been home to most of Canada’s leading banks and has a similar legal system to support their operations as they conduct global business. These attributes attract captive formations from other jurisdictions such as the US and, in recent years, Latin America.
