International Relations

This list contains all of the Treaties to which Barbados is a party. 

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Barbados signals its continued commitment, as a member of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS), to implement the four minimum standards of the BEPS Project. This follows the enactment of the Income Tax (Country by Country Reporting) Act, 2021-27. 

Please see the information guides below for your reference.

• Impact of Currency Fluctuations on the agreed EUR 750 Million Filing Threshold
• Guidelines On The Appropriate Use Of Information Contained In Country-by-country Reports

Through the Foreign Account Tax Compliance Act (FATCA), the Government of the United States of America has sought to partner with countries around the world to implement Automatic Exchange of Information (AEOI) initiatives. The FATCA allows tax administrators world-wide to collaborate in exchanging information on an automatic basis to assist in thwarting tax evasion. Barbados is one such country and has signed a reciprocal Inter-Governmental Agreement (IGA). As such, Barbados will automatically exchange information with the US concerning accounts held in Barbadian Financial Institutions by US persons. In turn, the US will exchange information with Barbados in relation to accounts held by Barbadian citizens in US Financial Institutions.

The AEOI Regulations 2015 will give effect to the IGA between Barbados and the US, which facilitates the implementation of the FATCA within Barbados’ domestic legislative framework. These Regulations will govern the exchange of the FATCA information and will set out the obligations of the financial institutions to which these Regulations shall apply and specify rules on the collection and reporting of information by Financial Institutions; Information Technology and Administration capabilities. This legal instrument provides for information exchange between the jurisdictions and provides measures to ensure the highest standards of confidentiality and data safeguards.

The Barbados Revenue Authority has been designated as the competent authority responsible for collecting information on US account holders from local Financial Institutions.

Presentation

On July 30, 2015, the Barbados Revenue Authority held a consultation event with a cross-section of the Financial Institutions operating in Barbados. The presentation entitled ‘Where We Are Now’ was an opportunity for the various stakeholder entities to be updated on the administrative requirements for FATCA and to bring clarity to any queries that they may have had. The PowerPoint document used for the presentation may be viewed here.

*Please note that all references to the fines and penalties in the uploaded FATCA presentation are in Barbadian Dollars.

Registration

All reporting Financial Institutions will be required to register with the Barbados Revenue Authority. The registration form is available here.

User Guide

Additional information on FATCA from the US Internal Revenue Service can be found here.

If you have any queries or comments on FATCA, please contact us at compauth@bra.gov.bb.

The Mutual Agreement Procedures (“MAP”) guidelines provide information on the MAP process in Barbados.