LEGISLATION to make provision for private trust companies and amend the Trustee Act will be debated in Parliament tomorrow.
The legislation would allow for “the creation and use of private trust companies, or family offices through which assets and companies might be managed by family members within the same group”, Acting Minister of International Business and International Transport Adriel Brathwaite said yesterday.
At a service to mark the beginning of the Barbados International Business Association’s (BIAB) fourth International Business Week at the St George Parish Church, Brathwaite also said that in Government’s efforts to make Barbados’ business community a more thriving one, especially in the current economic climate, another initiative being pursued was the redevelopment of the ministry’s website “whereby . . . content will be displayed in the widely spoken languages of English, Spanish and French”.
He said it was expected the multilingual website would be useful and user-friendly particularly for those Latin American markets being explored.
“The Government of Barbados is of the view,” Brathwaite added, “that this widening of Barbados’ product base through the enactment of new legislation will enhance the country’s international business and financial services sector as prospective investors have more options . . . ,” referring to Cabinet approval last week of the signing of two additional double tax treaties with Bahrain and Qatar. (AH)
