The Barbados Government responded to the OECD list saying its special entry permit programme saying it is not a blacklist and will not take any measures to change its High Net Worth Individual Special Entry Permit regime. Barbados made it clear the country does not have a citizenship by investment programme.
Barbados is already a member of the OECD’s Global Forum on Transparency and Exchange of Information and has ratified the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Barbados has also implemented the CRS and is compliant with the international standard for the exchange of information established by the Global Forum.
According to Ministry of Barbados, International Business Minister, Ronald Toppin made a statement
“The Ministry is aware that yesterday the OECD published an article relative to the abuse in some instances of the Common Reporting Standard (CRS) where individuals can exploit citizenship by investment programmes. At the outset, it must be emphasized that Barbados has never had, and does not have, a citizenship by investment programme.
However, among several other countries, Barbados High Net Worth Individual (HNWI) Special Entry Permit (SEP) regime was identified as one which poses a high-risk to the integrity of the CRS. This is not a “blacklist”, although some media establishments have chosen to headline their articles on the issue as such.”
The Minister said the the Government rejects all reports as inaccurate and erroneous
The Government forcefully rejects any and all such news reports which state that Barbados has been blacklisted by the OECD. These reports are false and erroneous, but can, unfortunately, have deleterious effects on our reputation.
The OECD report simply provides practical guidance to financial institutions on how to undertake enhanced due diligence on clients that are citizens or residents of the countries with Citizenship By Investment (CBI) or Residence By Investment (RBI) programmes so as to prevent cases of Common Reporting Standard (CRS) avoidance and tax evasion.
The representatives of the Ministry, who are currently attending meetings at the OECD, today engaged with officials of the OECD which published the report. The Ministry was assured that the characterization of the list of jurisdictions as a “blacklist” is completely inaccurate. The Barbados delegation was also informed that a statement of clarification will be forthcoming from the OECD very shortly.
Barbados is, therefore, under no obligation to take any measures to change its High Net Worth Individual Special Entry Permit regime.
Barbados Special Entry Permit (SEP)
The Barbados Non-Domicile programme is an attractive option for High Net Worth Individuals (HNWIs) desirous of becoming resident in Barbados or using the country as a base to launch international business.
The SEP, which is administered by the Barbados Immigration Department, is applicable to eligible HNWIs aged 60 and over, and for a period, to younger persons until they reach the age of 60, provided they satisfy the necessary requirements. This regime is attractive to foreigners and non-nationals who wish to reside on the island.
The Barbados Immigration Department is responsible for administering the Non-Domicile programme while Invest Barbados provides guidance on the procedure.
