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Offshore
Barbados
Barbados is a top-tier domicile known for its political stability and extensive bilateral double taxation treaty network with countries like Canada and the US. In 2019, it eliminated its ring-fenced regime, replacing the Exempt Insurance Act with a unified Insurance Act classified into three distinct license classes. Class 1 captives are restricted to related party business, while Class 2 can underwrite third-party risks with a 2% tax rate.
Quick Facts
Jurisdiction
Offshore
Legislation
Insurance Act, Cap. 310 (effective 2019)
Tax Environment
0% for Class 1; 2% for Class 2 and Class 3 entities
Financial Requirements
Minimum Capital & Surplus
| Structure Type | Minimum Capital |
|---|---|
| Insurance Companies | $125,000 |
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Regulatory Framework
Insurance Act, Cap. 310 (effective 2019)
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Tax Environment
0% for Class 1; 2% for Class 2 and Class 3 entities
Considering Barbados for Your Captive?
Our consultants provide end-to-end guidance on domicile selection, feasibility, and formation. Let us help you determine if Barbados is the right fit.