03 Nov 2009Blog

Barbados government runs off potential offshore businesses

by m

We received an interesting email on an issue affecting our offshore sector today and would like to share it with our readers:

As the US is trying to close offshore tax havens, approximately 200 businesses based in Bermuda petitioned the Government of Barbados to settle here instead.

In reaction, the Government has increased the licence fees for offshore businesses and to such an extent that these guys are no longer setting up their businesses here and have decided to go elsewhere.  This means we have just missed out on some major business and employment opportunities not to mention the loss of revenue for the Government.

We are investigating this issue further but would like to know if any of you have feedback on this topic…