Barbados Eyes Larger DTA Network

by Phillip Morton, Investors Offshore.com

05 April 2010

At the recent signing of the Barbados-Luxembourg Double Tax Agreement in London, Barbados Minister of International Business and International Transport, George Hutson, said that the continued expansion of the jurisdiction's tax treaty network is enhancing its reputation and attractiveness as a place to do business.

"I believe that coupled with our Bilateral Investment Treaty (BIT), this Convention will certainly enhance our investment infrastructure and product offerings," Hutson said. "Investors in our countries will have access to more opportunities with the added assurance of the promotion and protection of their investments.”

"It is also important to note that this Convention makes abundantly clear the commitment of our two countries to the principles of transparency and tax information exchange that we have agreed upon," he added. "I am pleased, therefore, that we have been able to take the opportunity to bring the language of our Convention into conformity with [this].”

"I look forward to investors taking advantage of the opportunities in areas such as financial services, tourism, cultural services, research and development, and educational services," Hutson added. "I am also hopeful to see our people collaborating in joint ventures to provide new and innovative solutions and fill niches in the respective markets.”

Barbados currently has double tax agreements with the Caribbean Community (CARICOM), the United States, Canada, the United Kingdom, Finland, Norway, Malta, Sweden, Switzerland, Cuba, Venezuela, China, Mauritius, Botswana, Austria, the Netherlands, the Seychelles, Mexico and Ghana.

Additionally, to promote and protect investments, Barbados has signed BITs with Cuba, Venezuela, China, Canada, Germany, Switzerland, the United Kingdom, Mauritius, Ghana, Belgium and Luxembourg. Furthermore, a list of priority countries has been devised for additional agreements, including Vietnam, the United States and Brazil.

Second round tax treaty negotiations are under way with India and Iceland. Treaties with Spain and Italy have been negotiated and await signature. Discussions on a conventions with Belgium and France have also been arranged, Hutson said.

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