Invest Barbados

Global Banking

 

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All Financial Institutions, including Foreign Currency Earnings Banks (FCEB) are governed by the Financial Institutions (Amendment) Act, 2018-51. FCEBs are authorised under the Act (324A-111B) to:

 

  • Receive foreign funds through:
    • The acceptance of foreign money deposits payable upon demand or after a fixed period or after notice
    • The sale or placement of foreign bonds, foreign certificates, foreign notes or other foreign debt obligations or other foreign securities
    • Any other similar activity involving foreign money or foreign securities
  • Use the foreign funds so acquired, either in whole or in part, for:
    • Loans, advances and investments
    • The activities of the FCEB for its account of or at its risk
    • The purchase or placement of foreign bonds, foreign certificates, notes or other foreign debt obligations or other foreign securities
    • Any other similar activity involving foreign money or foreign securitiesThe business of accepting in trust
  • The business of accepting in trust
    • Amounts of money in foreign currencies or securities or both
    • Foreign personal or foreign movable property
    • Foreign real or foreign immovable property

 

Why Locate an FCEB in Barbados


The main benefits of operating an FCEB in Barbados include:

 

  1. Tax rates ranging from 5.5% to 1.0% based on levels of income
  2. No withholding tax on dividends, interest and other payments made to non-residents of Barbados
  3. Exemption from exchange control restrictions (Entity must earn 100% of their income in foreign currency, from January 1, 2019)

Total number of FCEBs

 

As at October 3, 2019 the total number of licensed FCEBs was 23. (Central Bank of Barbados)

 

Read about the formation and annual requirements of an FCEB.


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