In December, S&P boosted Barbados’ credit rating by six points to B- and gave the country a stable outlook, noting that it expects the government to “continue to implement policies that achieve fiscal consolidation and instil institutional safeguards.”

After years of economic downturn, international experts are vouching for an increasingly strong and stable Barbados.

The Barbados Economic Recovery and Transformation Programme is just a year old, but has been the driving force behind much of the recovery. In a December 2019 statement, IMF directors “agreed that program implementation has been strong, with notable gains to restoring fiscal sustainability, rebuilding reserves, and increasing growth.”

This momentum is good news for investors, as it points to growth and coincides with a mounting number of investment opportunities. “From an FDI perspective, we have always been strong in international insurance, trust, wealth management, information services and international sales, but recently newer sectors are showing a lot of promise as well, such as fintech, renewable energy, medical schools and niche manufacturing,” said Kaye Brathwaite, CEO of Invest Barbados.

Transparency International ranks Barbados as one of the least corrupt countries in the Caribbean and Latin America. The country has a legal system based on English common law, no restrictions on foreign ownership, and a corporate tax rate of 1% to 5.5% for all companies registered in the jurisdiction.