BARBADOS

Name of country

  • BARBADOS

Region

  • Caribbean, island in the North Atlantic Ocean, northeast of Venezuela

 Population

  • 301,865 (July 2021 est.)

General Introduction

  • Barbados is a fantastic destination to live, work, and enjoy yourself. Barbados is a highly appealing site for international business due to its modern infrastructure, business-friendly atmosphere, and excellent quality of life ratings. Barbados residents have access to a wide selection of high-quality housing options, as well as a safe and secure living environment, as well as decent health care and educational opportunities. The island, which is one of the world's most popular vacation locations, offers excellent dining and entertainment options as well as a variety of world-class lifestyle activities such as golf, sailing, polo, and cricket, to mention a few.

Wifi Speed

  • From May 2018 to May 2019, broadband internet in Barbados had an average download speed of 16.03 Megabits per second (Mbps). This represents a considerable increase when compared to the result obtained between June 2016 and May 2017, indicating an average download speed at the time of 6.62 Mbps..

Electrical outlet

  • For Barbados there are two associated plug types, types A and B. Plug type A is the plug which has two flat parallel pins and plug type B is the plug which has two flat parallel pins and a grounding pin. Barbados operates on a 115V supply voltage and 50Hz.

Per Capita GDP 

Real GDP per capita

  • $15,639 (2019 est.)
  • $15,675 (2018 est.)
  • $15,789 (2017 est.)

Climate

  • tropical; rainy season (June to October)

Residence-by-Investment

  • Barbados does not have a citizenship by investment scheme, but in 2020 it created the Welcome Stamp Visa, a one-year visa that allows remote workers to stay on the island for up to 12 months. Given that people all over the world have been compelled to work from home, this new program offers an exciting option for individuals seeking a change of scenery in a region that has been mildly affected by the pandemic while also recovering their work/life balance. This program, sometimes known as a "digital nomad visa," is suitable for anyone who only needs a stable internet connection to work and wants the freedom to work from anywhere on the globe.

Barbados Welcome Stamp

  • Cost of program: $2000 individual or $3000 for a couple/family
  • Length: 1 year
  • Income to prove: $50,000 per year

Natural Resources

  • petroleum, fish, natural gas

Ethnic Groups

  • African descent 92.4%, mixed 3.1%, White 2.7%, East Indian 1.3%, other 0.2%, unspecified 0.3% (2010 est.)

 Languages

  • English (official), Bajan (English-based creole language, widely spoken in informal settings)

 Religion

  • Protestant 66.4% (includes Anglican 23.9%, other Pentecostal 19.5%, Adventist 5.9%, Methodist 4.2%, Wesleyan 3.4%, Nazarene 3.2%, Church of God 2.4%, Baptist 1.8%, Moravian 1.2%, other Protestant 0.9%), Roman Catholic 3.8%, other Christian 5.4% (includes Jehovah's Witness 2.0%, other 3.4%), Rastafarian 1%, other 1.5%, none 20.6%, unspecified 1.2% (2010 est.)

Median Age

  • total: 39.5 years
  • male: 38.4 years
  • female: 40.7 years (2020 est.)

Urbanization

  • urban population: 31.2% of total population (2021)
  • rate of urbanization: 0.46% annual rate of change (2020-25 est.)

 Physician density

  • 2.48 physicians/1,000 population (2017)

Government type

  • parliamentary democracy under a constitutional monarchy; a Commonwealth realm

Unemployment Rate

  • 10.1% (2017 est.)
  • 9.9% (2016 est.)

Taxes

Headline Personal Income Tax Rate (highest marginal tax rate) - 38%

Headline Corporate Income Tax Rate (excluding dividend taxes)

  •  5.5% (on profits not over Bds$1 million
  • 3.0% (over Bds$1 million but not over Bds$20 million)
  • 2.5% (over Bds$20 million but not over Bds$30 million)
  • 1.0% (over Bds$30 million)

Territorial Tax / Worldwide Tax / Hybrid 

  • You will not be subject to Barbados Income Tax while on the 12 Month Welcome Stamp Visa, however, you will be subject to Barbados' 17.5 percent VAT on the products and services you purchase.
  • If you're thinking about opening a business in Barbados, the corporate tax rate is 1 percent -5.5 percent.
  • The basic rate is 12.5 percent, while the higher rate is 28.5 percent, as of January 1, 2020. The basic rate applies to the first 50,000 Barbados dollars (BBD) of taxable income; the rate increases to 28.5 percent for taxable income over BBD 50,000.

 

 

 

 

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