Latin America could be the new frontier for Barbados’ international business sector and the island is positioning itself to grab early market share there.
Minister of International Business George Hutson said ysterday that legislation was going to Parliament within days to make provisions for private trust companies and for what were known as foundations, which were corporate structures similar to trusts used for holding private wealth.
Many Latin American jurisdictions, however, recognize only foundations in their laws and do not recognize trusts.
And Hutson, who joined president of the International Business Association (BIBA), Melanie Jones, during a Press conference at Hilton Barbados to launch BIBA’s annual week yesterday, said the island was aggressively seeking the lucrative Latin market.
