TAXATION
There is no requirement for foreign companies owning Barbados registered ships to be incorporated in Barbados. Companies that are not incorporated in Barbados and operate Barbados registered ships are not liable for any Barbados tax.
No tax or social insurance is attached to the pay of sea staff.
Barbados is however an attractive offshore location for the incorporation of shipping companies. Barbados is one of the most stable locations in the world for business. The island benefits from a long tradition of political and social stability, a highly skilled and productive workforce, sophisticated international telecommunication services, and good infrastructure.
Barbados has signed double taxation treaties with the following countries:
- United Kingdom
- Switzerland
- United States of America
- China
- Canada
- Malta
- Finland
- CARICOM
- Norway
- Cuba
- Sweden
- Venezuela
- Mauritius
- Austria
- Botswana
- Netherlands
- Mexico
Shipping companies choosing to be incorporated in Barbados are eligible to tax on profits according to the following scale.
| 2.5% on all profits and gains up to US $ 5,000,000.00 |
| 2% on all profits and gains exceeding US $ 5,000,000.00 but not
exceeding US $ 10,000,000.00 |
| 1.5% on all profits and gains exceeding US $ 10,000,000.00 but not
exceeding US $ 15,000,000.00 |
| 1% on all profits and gains exceeding US $ 15,000,000.00 |
