Barbados to Attract High Net Worth and Highly Skilled People
The Barbados government has implemented a framework to attract high net worth individuals, while also examining ways to woe highly skilled people to the country.
These are just two of the strategies, identified by Totally Barbados, that are being pursued by the island as it tries to ride out the economic downturn while positioning itself to prosper in the ensuing years.
The plan to encourage high net worth individuals to live and work in Barbados has been laid out by the island’s Finance Minister Christopher Sinckler.
It is part of a revised immigration department policy on Special Entry Permits for Non-Nationals who wish to retire in the country.
The Rich Bring Significant Benefits
Underlying the revision is the recognition of the potential economic benefit such individuals could bring to the country and, in light of that, simplifying the process of their relocation to Barbados.
The system involves granting qualified applicants an indefinite special entry permit, which, as the name suggests, allows them to stay on the island as long as they wish.
To be eligible they must satisfy very specific criteria. These include having assets of no less than 10 million dollars and submitting income tax returns or audited financial statements to prove their worth.
In addition, applicants must have a minimum of $700,000.00 medical insurance coverage for persons under 50 years and one million dollars for those persons over 50 years.
Barbados the Playground for Rich and Famous
Such a program while new to Barbados is hardly surprising for a country long considered the playground of the rich and famous. The celebrities who reportedly own homes on the island range from talk show queen Oprah Winfrey to football star Wayne Rooney and British pop singer Sir Cliff Richards.
With the initiative for high net worth individuals in place, the government is also exploring ways to entice highly skilled people to Barbados.
Minister of State in the Prime Minister’s Office, Senator Darcy Boyce spoke briefly about the plan while addressing an international business seminar hosted by the Institute of Chartered Accountants of Barbados.
He said the government is looking carefully at how it can be competitive in attracting highly skilled individuals to set up businesses in Barbados.
The aim is to create an environment that allows the particular skills to be passed on to locals, thereby improving the country’s competitiveness in the international market.
Barbados expects the economic benefits to be significant if it is successful in attracting high net worth and highly skilled individuals.
From the point of view of those taking advantages of the programs, they can look forward to less bureaucracy during their relocation to Barbados.
August 27th, 2012
Last Updated: October 22nd, 2016
Publisher: Totally Barbados