Banking in Barbados
Facts about Barbados
Barbados is an Eastern Caribbean island located northeast of Venezuela. Barbados is the wealthiest and most developed country in the Eastern Caribbean region. Main income earners of Barbadian economy are tourism which forms 3/4 of GDP, offshore financial and information services.
Unlike many Caribbean islands, Barbados enjoys relatively highly educated workforce, which made Barbados a jurisdiction of choice to conduct international financial business through Barbados. Barbados provides good-quality infrastructure, supportive environment and competitive taxation initiatives which allowed some large global banking and financial groups to open branches to conduct both domestic and international offshore banking / financial business.
Financial system of Barbados
Unlike many Eastern Caribbean nations, financial system of Barbados is run by Central Bank of Barbados, which supervises not only financial institutions conducting business in Barbados but also managing monetary system. Barbados has its own currency.
Barbados has very innovative legislation for financial and fiduciary services. Barbados has also been successful in attraction of large international banking and fiduciary industry players to open branches on the island.
Banking profile of Barbados
Barbados has massive offshore financial industry. There are 7 large international banking groups having presence in Barbados (predominantly Canadian) and approximately 40 offshore banks rendering international banking services.
Quality of financial supervision, presence of qualified and internationally recognized financial professionals (lawyers, auditors, managers etc) and beneficial environment put Barbados in a top of regional market and Barbados successfully competes with such established offshore financial centers as Cayman Islands, Bermuda and Panama.
Banking products and services
The bank we would like to introduce is a well established institution with long-term experience of providing offshore banking and wealth management services in Barbados. The office in Barbados is a home for a large international team of professionals ensuring access to complete range of wealth management products through the institution’s global network of offices.
The bank caters high-quality dedicated financial products for Corporate clients and high net worth individuals:
- Investment advisory and investment solutions
- Corporate and Institutional Services
- Fiduciary services
- Credit and Finance
- Captive Insurance Solutions
- Private banking
Bank in Barbados. Target groups
The banking group targets high net worth individuals and their families with asset management, estate planning and inheritance needs. The group offers personalised approach and highly trained professionals to provide private banking and wealth management solutions.
The bank has also developed specialist products for institutional clients such as liquidity management, treasury and many others.
Documents for opening offshore bank account
Internal Documentation (all forms will be provided to the client)
- Client Confidential Information Form
- Corporate Trading Resolution
- Source of Funds form
- Client Account Agreement
- Advisor Account Agreement
- Primary Relationship Manager Form
- Bank reference on entities opening the account with the bank and in case it is a newly formed entity then, it will be required to present a bank reference on the ultimate beneficial owner.
- Corporate document evidencing the secretary of the company
- Information on source of funds for the account as well as source of wealth for the individual underlying the corporate structure.
- Brief description of clients background
- Line of business the client is involved in
- Client’s occupation and source of wealth