On November 17, 2014, the Government of Barbados signed the Model 1A reciprocal Inter-governmental Agreement (IGA), with the Government of the United States of America to improve tax compliance, commonly referred to as FATCA (Foreign Account Tax Compliance Act). Under this Agreement, Barbados will automatically exchange information with the Internal Revenue Service concerning financial accounts held by Reporting Barbados Financial Institutions with respect to U.S. reportable accounts.
To give effect to the IGA, Barbados enacted the Income Tax (Automatic Exchange of Information) Regulations, 2015 which was later repealed and replaced with the Income Tax (Automatic Exchange of Information) Regulations, 2017. The Regulations govern the exchange of financial account information and set out the obligations of the Reporting Barbados Financial Institutions and include specific rules on the collection and reporting of information. This information is to be reported to the Barbados Revenue Authority for exchange on an annual basis with the relevant reportable jurisdictions.
Reporting Barbados Financial Institutions must first register with the Internal Revenue Service and acquire a Global Intermediary Identification Number (GIIN) prior to registering with the Barbados Revenue Authority via the Automatic Exchange of Information Web Portal.
Click here to view the AEOI Web Portal User Manual
Agreement
- FATCA Model 1A Inter-government Agreement (IGA)
- Protocol to the FATCA Model 1A Inter-government Agreement (IGA)
Legislation
Guidance