The Barbados Cabinet has recently offered High Net Worth Individuals (HNWI) the option to be granted indefinite Special Entry Permits. The Special Entry Permits allow non-nationals to enter and depart from the island as they wish, as well as stay for indefinite periods of time.
This new initiative is aimed at making living, working and retiring in Barbados easy for non-nationals with a net worth of over US $5 million. These special Barbados immigration permits further boost Barbados’ attractiveness as a leading offshore jurisdiction of choice which now offers non-nationals an easy way to have full, uninhibited access to and from Barbados for both work and play.
The fees for Special Entry Permits are very cheap as this initiative is aimed more at facilitating improved access to Barbados by HNWI rather than as a source of tax revenue.
The rates are as follows:
A Special Entry Permit will cost between US $3,500 and $5,000.
In addition to the Entry Permits, indefinite work permits can be purchased for between US $15,000 and $20,000.
If the individual prefers to purchase an annual work permit instead of an indefinite one, then an annual work permit is available for US $1,500/year.
Read more details about Barbados Immigration for High Net Worth Individuals
The Barbados Cabinet’s decision to give High Net Worth Individuals easier access to the island acts to reinforce the importance of these individuals to the Barbados economy, more specifically, for the international business sector and for Barbados real estate. This new initiative makes it even easier than before for HNWI to live in Barbados, acquire property and operate their international business with ease. This ongoing focus on easy business facilitation, low tax rates and strong supporting infrastructure continues to make Barbados a leading offshore jurisdiction worldwide.