Barbados was colonized in 1627 by Englishmen who planted tobacco and cotton for export to England. Subsequently, after 1645, sugar became the main agricultural crop and continues to generate a large part of the foreign exchange earnings to the economy. In 1966, Barbados became an independent nation and joined the British Commonwealth. The International Financial Services Sector was developed around 1977 and now contributes significantly to the foreign exchange earnings, estimated at around US$250 million.
With legislation enacted to enhance the attractiveness of Barbados as an international financial base for foreign owned companies, Barbados offers a premier captive domicile.
Barbados is unique in the world of offshore domiciles in that tax is actually paid (personally as high as 35%), which is why it is not considered a tax haven. Because of this, Barbados has been able to enter into double taxation treaties with countries including, but not limited to, the US, Canada, England and Switzerland.
Barbados offers an environment conducive to the formation of captive insurance companies, including:
- No requirement for the company to be owned by its insureds
- No prohibition against ownership by insurance or reinsurance companies
- No restrictions on the amount of business that can be from non-shareholder sources
- No arbitrary capital requirements based on size
- No unnecessary regulatory compliance requirements
There have been in excess of 450 captives formed in Barbados with diverse parentage ranging from the largest of household names to the largest professional insurance/reinsurance companies.
USA Risk Group (Barbados), Ltd. (formerly MIMS International Barbados), has been in Barbados since 1986, and was the first insurance management company to be licensed in Barbados.
USA Risk Group currently manages 23 captives in Barbados, with premium volume in excess of $560 million and capital and surplus in excess of approximately $296 million.
- A regulatory climate where there is still a true partnership between Government and the private sector.
- Easy access to regulators.
- Barbados was the first offshore domicile to be placed on the Organization for Economic Cooperation and Development white list for offshore domiciles.
- Barbados has a unique network of double taxation treaties.
- The cost of doing business in Barbados is inexpensive compared to other domiciles.
USA Risk Group (Barbados), Ltd.
First Floor Golden Anchorage Complex
St. James Barbados
Toll Free: 877/483-1850