Barbados

Aired October 2005

Barbados: Ventures on the edge of Paradise

With the collision of 2 landmasses was created what we know today as the tropical paradise of Barbados. Different from every angle, Barbados borders the Atlantic on the east side causing rougher waters and small-secluded coves. The west side faces the Caribbean allowing long stretches of soft calm sandy beaches. The center of the country allows for rolling hills and flat farmland, barely populated, one can find jungle like foliage or sugar cane covered fields. Then there is the Capital; Bridgetown, which is a vibrant, growing, and constantly changing access point to a large and active region.

In 1625 Captain John Powell arrived on the island, found it deserted, and claimed it for the British Empire. However, it was Portuguese sailors who gave the island its name; Los Barbados, the bearded ones, inspired by the shaggy fig trees, whose vine-like roots grow down from the branches above. In 1966 the island became independent and a member of the British Commonwealth. Today, Barbados is home to a nation of proud citizens who honor both education and cultural harmony.

Because of the countries location, governance and geographical isolation the island has developed a culture distinct to that of the other Caribbean nations. Displaying a mix of colorful festival, food and music, Barbados has developed an authentic fusion of British and African cultures. This is inherent in the celebrated warmth of the inhabitants and coupled with a high level of services making it a destination of striking appeal.

LIFESTYLE

Barbados is an island of unspoiled charm and sophistication. A People and a Culture alive with possibilities, as boundless as the turquoise sea, as endless as the sandy shore.

Ranked in the top 30 of the human development index, the lifestyle in Barbados can be described as a balance of the efficiency in developed nations with the energy and life of a developing island nation.

The island's population has easy access to a comprehensive health care system, along with free access to tertiary level education.

Barbados is the 'Little England' of the Caribbean, but not so much so that the locals have given up rotis for kidney pies, or rum for bitter ale. Bajans, as the islanders call themselves, are as West Indian as any of their neighbors, and have tended to appropriate rather than adopt English customs. In 2007, the International Cricket Council World Cup will be hosted for the first time in history by the West Indies

Though not yet fully known by US travelers and investors the island has solidified its reputation in the UK as a high-end destination. Because of the positioning of the island property development targets luxury investors and developers. The diverse landscape there creates a spectrum of investment and development opportunities. With the introduction of more diverse investment products revolving around the country’s landscape and international sports the islands property development is gaining the attention of North American investors.

The property interest has been growing rapidly and developing into multi-million dollar home destinations. Developments beachside and golf side have become increasingly popular and are constantly under refurbishing and construction, to accommodate the demand.
Although many of the luxury homes, villas and town houses have historically been developed on the west coast of the island. Now, the demand for properties on the south and east coast has grown and this is opening a myriad of possibility.

INFRASTRUCTURE

Barbados with 1,475 kilometers of paved roads is considered to have one of the best systems in the Caribbean. Even further road improvements are planned before the world cup in order to accommodate the growing traffic. But the roads aren’t the only aspects being improved…

This type of event has spurred the improvement of other investment across the island. There are projects in Bridgetown to renovate the capital’s boardwalks and develop two other main towns in the country — Oistins in the south and Speightstown in the north. As the influx of tourists increases, Barbados wants to put its best foot forward by improving the façade of many local cities and towns.

Renovation of Barbados Grantley Adams International Airport, which currently serves 2.2 million passengers, is currently under way. Barbados is easiest to get to from the North American mainland. This development will make Barbados more enticing to US airlines looking for a hub destination in the Caribbean. Currently Barbados boasts daily flights to US destinations, Miami and NY and is looking to encourage more US airlift.

Furthermore, the capital city, Bridgetown, has the number one port in the region. This major seaport serves both cargo and cruise ships.

BUSINESS ENVIRONMENT

The people of Barbados whom are always welcoming are eager to have international investors experience their island. Because of the close ties that the island has maintained with the UK in the past many of their customs are similar to those of the UK in both daily life and business. As a progressive business jurisdiction the island operates at international standards, and is always evolving in order to strengthen the country’s economy.

Barbados has the perfect location in the Caribbean to act as a business hub,boasting enough accommodation and business facilities to accommodate even the largest of company’s interests. The public and private sector are united in showcasing Barbados as a country exceeding expectations as a business jurisdiction. Barbados has an extensive network of double taxation treaties with a number of countries.

Since independence, Barbados has transformed itself from a low-income economy dependent upon sugar production to a middle-income economy based on tourism. The economy went into a deep recession in 1990 after 3 years of steady decline brought on by fundamental macroeconomic imbalances. However the Central Bank, which was established in 1972 is constantly working to advance the economic viability of the country…

The banking sector is at the pulse of the people in Barbados and merits itself on local knowledge. The majority of commercial banks have very strong correspondent networks throughout the world and are able to carry out any type of international financial transactions.

Barbados has judicial, political, and administrative institutions closely modeled after the British system Consultancies on the island include all of the major Global Players along with some cutting edge local companies. Barbados is ranked 6th in the world as a domicile for captive insurance.

The National Initiative for Service Excellence commonly known as the NISE initiative was established to further the drive of proactively promoting international business.

The treaty creates opportunities for third country investors in real estate, and is also attractive to manufacturers. Many US investors are exempted from US accumulated earnings tax on Barbadian profits - this is a rare feature in US tax treaties.

TOURISM

An island abound with exotic locations Barbados gives a dreamlike, intimate feeling. It offers sun, two seas, salt-water bathing and indescribable richness of color. The extensive variety of culture, sports and activities make Barbados the pearl of the Caribbean island world. The people are friendly and the climate warm year-round. The swing and the rhythm of music always fill the pleasant tropical air.

The capital Bridgetown is an architectural miscellany of modern and colonial, with side streets leading off into residential neighborhoods sprinkled with rum shops and chattel houses. Around the island modern infrastructure such as an array of superior hotels and ample tourist attractions dot the blissful vistas.

Tourism is the engine of growth of the Barbados economy and continues to be the main source of foreign exchange and employment. Most visitors who come to the island are looking for that comfortable mix of familiarity peppered with enough local flavor to feel 'exotic'.

Roughly 500,000-cruise ship passengers arrive in Bridgetown's harbor each year and to take this further the Port Authorities are looking to encourage a cruise-liner to use it as a homeport. This will play a big part in increasing the 140,000 Americans that visited the Island last year -- mostly as cruise ship passengers.