Friday, April 19, 2024

Barbados a well regulated financial centre


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PRIME MINISTER Freundel Stuart has described Barbados as a clean, low tax and well regulated international financial centre.

While speaking to Ambassador of Chile, Fernando Schmidt, during a recent courtesy call at Government Headquarters, Mr. Stuart expressed the view that Barbados could be attractive to Chileans who want to do business here.

The Prime Minister noted that Barbados and Chile had a very long diplomatic association, stating that it was the first Latin American country with which the island had established a relationship soon after gaining Independence. “We are at the stage now that we have to try to leverage that long diplomatic history and ensure each country benefits,” he stated.

He disclosed that the island was interested in the negotiation of a Double Taxation Agreement with Chile.  Ambassador Schmidt indicated that his country had a preference for a Tax Information Exchange Agreement.  In this regard, Mr. Stuart said “Barbados is flexible in this area”, as he reiterated that this country was a low tax jurisdiction, recognised by business leaders and industry experts as an international financial centre of choice.

Ambassador Schmidt said both countries shared similar values, and stressed that Chile valued Barbados’ friendship. He pointed out that they could work together in a number of ways to improve their relations and identified two areas – citizens from Chile coming here to learn English and the private sectors working together.

The Chilean envoy added that the energy sector was very important to his country. Prime Minister Stuart also agreed that this sector was important to Barbados. He noted that the Government had been very active in promoting renewable energy, and new legislation had been put in place to facilitate it. (BGIS)





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