Description
The Government of Barbados, through Invest Barbados, encourages foreign direct investment with the stated goals to create jobs and earn foreign currency. The services sector holds the largest potential for growth, especially in the areas of international financial services, tourism, information technology, education, health, and cultural services. In agriculture, the gradual decline of the sugar industry has opened up land for other agricultural uses, and investment opportunities exist in the areas of agro-processing, alternative and renewable energy, and hydroponics. In the financial services sector, the government has improved its regulatory oversight and the industry is thriving under better regulatory standards designed to prevent money laundering and tax evasion. The government offers special incentive packages for foreign investments in the hotel industry, manufacturing, and the international business and financial services sector. For example, International Business Companies (IBCs) have a maximum tax rate of 2.5 percent on income and exemption from foreign exchange controls.
