Barbados (BB)

Jurisdiction Overview

IDQuestionAnswer
204 *Are Trusts available? BOTH: Domestic trust law and administration of foreign law trusts.
 Data Date: 2019

Notes

 
As of July 2019, Barbados had abolished international trusts with grandfathering in accordance with the Forum on Harmful Tax Practices' timeline. "Effective 1 January 2019, the ITA [International Trusts Act] has been repealed and replaced by the Trusts (Miscellaneous Provisions) Act, 2018 (TMPA). Consequently, all international trusts created under the ITA shall be deemed to be created under TMPA. Trusts are no longer classified as domestic, international or offshore. The Trustee Act remains in existence and is also applicable to trusts set up under TMPA" (investbarbados.org).

Sources

https://www.oecd.org/tax/beps/harmful-tax-practices-peer-review-results-on-preferential-regimes.pdf
 
https://www.investbarbados.org/docs/Intl%20Finance%20and%20Business%20Magazine%202019.pdf
 
https://www.investbarbados.org/docs/Trusts%20(Miscellaneous%20Provisions)%20Act,%202018-49.pdf