Barbados Welcome Stamp and taxes

Tax and legal
1

hello! The Barbados Welcome Stamp sounds amazing - live in paradise for a year, work remotely & pay no Barbadian income tax. What’s not to like? (Ok, high cost of living and $2k for the 12 month visa, but still…)

From a Nomad perspective, how should you set it to be best from a tax perspective if you’re an employee at the moment in your home country? I mean, how do you set yourself up in Barbados to pay no income tax?

Can you literally remain an employee in your current job in your home country, move and work remotely? I guess you would become a non-tax resident in your home country and get paid in Barbados either directly or via a local payroll company?

or

Do you have to become a freelancer for it to work, then invoice the business and get paid effectively (income) tax free?

or

something else? Perhaps it’s more complicated and I’d need to set up holding company in [Malta / Cyprus].

And are there any other hidden issues for this Barbados Welcome Stamp like taxes / costs that aren’t immediately apparent?

Cheers

Jo

2

Well, i do not believe that there is something hidden beyond Barbados Welcome Stamp except their desire to attract people willing/able to spend cash in Barbados.
However not every island in Caribbean can be perceived as paradise - rather high cost of living (accommodation/food/services/flights/health related costs)… Problems with water, electricity, internet, crime and hurricanes. Eventually Malta or Turkey or Egypt might be cheaper… or Thailand.
Another issue is taxation - for 2 k you will get the tax certificate from Barbadian authorities but will your home country take this paper seriously? Countries like Spain or Germany will say that you had genuine bonds with your country and center of your vital interests is certainly not on Barbados… I guess a lot will depend where you come from… Hungary will not give a give a shit about you while France or Spain will be taking Barbados… story seriously

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