Corbyn or the Caribbean?
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Corbyn or the Caribbean? And by Caribbean, I mean Barbados!
With the threat of Corbyn becoming the new Prime Minister for the UK, you may be looking to move assets overseas. Barbados is not a tax haven but we have low tax rates applicable to companies tax resident here! This island has a thriving financial sector and did you know that a company carrying on global business can bring in machinery without being charged duty!
In 2019, Barbados reduced the Corporation Tax from 25% to 5.5%. As the profit earned increased, the tax rates decreased!
Corporate Tax
|
Assessable income in BDS$ |
Corporate tax rates |
|
Up to $1,000,000 |
5.5% |
|
Exceeding $1,000,000, up to $20,000,000 |
3.0% |
|
Exceeding $20,000,000, up to $30,000,000 |
2.5% |
|
Exceeding $30,000,000 |
1.0% |
Credit: D.Pepin – Tailored Tax Solutions
There are some amazing family villas in Barbados that you can escape to whilst hiding from the dreary British winters. If it’s the outdoor lifestyle you’re craving, this island has nailed it! Being a resident non-domiciled in Barbados enables your personal tax to be under 10% and your capital gains are not subject to being taxed. If you bring in capital, it won’t be taxed.
And if you relocate with your children, Barbados has some fantastic schools that teach the International Baccalaureate and an education system that competes easily internationally. To reside in Barbados, you will need a Special Entry Permit – this can be renewed every 5 years, if you’re under 60.
So when you’re ready to trade in your winter jacket and scarf for a beach towel and swimsuit, make sure you take a scroll through Terra Luxury & Terra Caribbean.
Life in Barbados offers a real sense of community. Island life is a fulfilling experience for all of the family and an opportunity to meet people from all over the world. It’s a lifestyle you won’t want to watch through your phone!
Thought about calling Barbados your new home?
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