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Barbados Tourism Investment Inc. (BTI) is the development agency charged with facilitating investment in the tourism and hospitality sectors of Barbados. Acknowledging the importance of travel and tourism, Barbados now offers attractive incentives to investors, such as reduction of duties and taxes on all inputs into the industry, which BTI helps to promote
As the third-oldest parliament in the British Commonwealth, Barbados has an enviable record for the management of its political, social and economic affairs. Once known as ‘Little England’, Barbados’ political system has withstood the test of time and earned it the number one position among Caribbean nations on Transparency International’s 2019 Corruption Perceptions Index. Barbados has undergone several changes in its political administration without incident, and successive administrations have exhibited prudence in the management of its economy, contributing to the overall stability of the island nation.
Since its independence from the United Kingdom in 1966, this English speaking nation has developed a robust economy with a GDP of $4.3 billion, which is the fourth-highest in the Eastern Caribbean. In the post-independence period, the Barbados economy has evolved from an agrarian economy to a service-based one led by tourism and international business. The island’s banking system has the distinction of being recognized as the 4th most stable in the Western Hemisphere by the World Economic Forum’s Global Competitiveness Report 2014-2015.
The official language of Barbados is English, however, the local dialect “bajan” is the natural choice for casual and social communication. Barbados is considered to be the activity centre of the Eastern Caribbean and its culture is expressed through lively calypso music, rhythmic dance, national festivals, and fairs. Arts, crafts, and island cuisine are equally expressive of the essence of Barbados. A wide range of sports including cricket, soccer, sailing, golf, and basketball are played on the island with great enthusiasm. Many Barbadian sportsmen have excelled internationally in a wide range of sporting disciplines including athletics, cricket and draughts.
Barbados’ location as the most easterly Caribbean island makes it a natural hub for both passenger and cargo traffic from the United Kingdom, North America and Europe. The Grantley Adams International Airport manages 2.4 million passengers annually and is rated in the top 10 for the availability of flights per capita, as well as being world-rated for the quality of its airport infrastructure.
Barbados’ capital city Bridgetown and its Garrison was recently designated as a UNESCO World Heritage Site. This honor highlights the pivotal role played by Barbados as a British Colony, which is also demonstrated across the island by the great number of historic buildings, churches and landmarks.
The island’s natural attractions include Harrison’s Cave, which offers a unique opportunity to travel beneath the surface of its coral limestone bedrock to view underground streams and a variety of natural features. Like its accommodation sector, Barbados offers an exquisite blend of restaurants, many overlooking idyllic seascapes and catering to all tastes and budgets.
The Government of Barbados has placed a high priority on the Travel and Tourism sector and has received international recognition for its level of investment in this critical foreign exchange earner. Investors in the tourism sector are offered an attractive package of incentives that include a tax holiday for up to 25 years and, on expiration of the tax holiday period, a reduction of 50% of the applicable rates and taxes then prevailing on the concessions for a further 15 years.
Legislation has also made provision for investors in tourism projects to benefit from:
– Tax & financial benefits in relation to capital expenditure & interest expense
– Exemption from import duty, value-added tax and environmental levy in respect of:
Furniture, Fixtures and equipment, Building materials, Supplies & Equity financing
The historic Sam Lord’s Castle property, which was constructed in 1820 and was once the flagship of Barbados’ hotel plant, is being restored to its former glory. The Hotel is scheduled to be completed in the first quarter of 2021. The Hotel will sit on 27.2 acres of land and have an impressive amenity base, including large and flexible meeting facilities, a village centre and a world class spa. The Hotel’s design specifications include adherence to AAA 5 Diamond and LEED standards, in addition to Wastewater Treatment facilities. Should this be achieved, the resort would be the first in the world to simultaneously hold both AAA 5 Diamond and LEED designations, thus providing the property with an enviable and globally unique positioning.
The Carlisle Bay Development, which covers over 2 km of beachfront land, is a unique tourism investment prospect in any tropical island in the world today. This beachfront land, owned by the government and the private sector, sits on a beautiful crescent bay infront of a historic capital city and UNESCO site. At the centre of this opportunity is the people of Barbados. This development will be the anchor for the complete regeneration of the communities in this urban corridor: livelihoods, infrastructure and sustainable futures for all.
The Carlisle Bay Development will include:
– An iconic performing arts/conference facility
– 5 new hotels (an additional 1,500 rooms)
– A marina
– Entertainment facilities
ALL THE INFO ABOUT TOURISM AND STATISTICS HERE:
www.barbadostourisminvestment.com/
MORE INFORMATION ABOUT TOURISM DEVELOPMENTS HERE:
www.barbadostourisminvestment.com
ALL ABOUT THE INVESTMENT INCENTIVES:
www.barbadostourisminvestment.com
ALL YOU NEED TO KNOW ABOUT THE TOURISM LEGISLATION:
www.barbadostourisminvestment.com
431 Km./166 Sq. Miles
287, 415 (2015)
Bridgetown
130,200 (June 2006)
English
22-30º C/ 70-90º F
60-70º
Barbados Dollar (BDS$)
BDS $1.00 –US $0.50
USA, CARICOM, UK, Canada, Japan
Barbados Tourism Investment Inc. (BTI) was formed under the Companies Act on April 17, 1998. The Government of Barbados is the sole shareholder and is represented by the Minister of Tourism and International Transport. BTI has the following mandate:
– To develop a portfolio of tourism-related properties on its own or in joint venture with private and public partners;
– To manage the implementation of the Urban Rehabilitation Programme for Bridgetown, Speightstown, St. Lawrence Gap, Oistins as Executing Agency for the Government of Barbados; and
– To facilitate both public and private sector-owned investment in tourism and hospitality sector in Barbados
Investment Assistance
Our helpful and efficient BTI staff will work with you to identify appropriate legal, financial, architectural and other professional services required to assist you with your project. We will also interface with all relevant governmental agencies to help you to access the benefits available within existing tourism development legislation. As the tourism investment facilitation agency for the Government of Barbados, our services are free to investors, so be sure to call or visit us when you are considering investing in Barbados.
