Barbados (BB)

Jurisdiction Overview

IDQuestionAnswer
418 *Freeports: Are freeports/free trade zones/foreign trade zones/bonded warehouses promoted as places to store valuable assets (e.g. gold bullion, art, precious stones, jewelry, cash, antiquities, wines, cigars, cars)? Yes
 Data Date: 2019

Notes

 
Barbados does not seem to have a preferential regime zone or promote the use of such zone. However, a renouned company in the private security and storage business was found to promote "High security storage of data and valuables" in Barbados (barbadoschamberofcommerce.com). As of October 2019, the company appears to be active in the jurisdiction (nationnews.com). While no explicit link to free zone or bonded storage was found, import duty exemption regimes and general non-taxation in the jurisdiction create an environment that is substantially equivalent. For example, International Business Companies are exempt from improt duties (offshorecompany.com). Thus, we conclude that Bermuda businesses promote high value storage services within a fiscally preferential regime.

Sources

http://secureshred.bb/aboutus.php
 
http://www.prismco.com/records-and-asset-management/
 
https://www.offshorecompany.com/company/barbados-ibc/
 
https://www.barbadoschamberofcommerce.com/g4s-secure-solutions-barbados-limited/
 
https://www.nationnews.com/nationnews/news/242184/g4s-strike-threat
 
https://www.lowtax.net/information/barbados/barbados-international-business-company.html