Invest Barbados

Foreign Investment How We Can Help You Success Stories


Income Tax and the Automatic Exchange of Information


Following concerted efforts by the Organisation for Economic Co-operation and Development (OECD) and US regulators regarding the exchange of tax information, Barbados has enacted certain provisions in order to meet, and, in some cases, exceed the standard reporting requirements for the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS).

The following is a summary of the requirements under the Income Tax (Automatic Exchange of Information) Regulations, 2017.

FATCA is a reporting regime aimed at the disclosure of US persons with offshore accounts and investments. The primary aim is to capture those US persons who obtain offshore accounts and investments with the sole purpose of evading taxes.  This disclosure is accomplished by a withholding regime, which works in tandem with the current regime.

The CRS is designed to facilitate the exchange of information on account holders in a host of jurisdictions, known as participating jurisdictions.  The Competent Authorities in these jurisdictions have been working hard to put in place reporting systems and platforms to facilitate the exchange of information.



Written by Louisa Lewis-Ward, Tax Partner, KPMG,

Source: Barbados International Finance & Business 2018

Click here to