Should You Form an Offshore Company in Barbados? Tax, Capital Gains, etc
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Barbados has been the best known tax haven for Canadians for the longest time. Many used to form offshore companies here and they profited from zero tax regime.
But what about Barbados today? Should you consider forming a company in this tax haven?
Their famous company structures were IBC (International Business Companies) and RBCs (Regular Business Companies).
For IBCs the more money you made the less taxes you paid. Later, due to the international pressure around offshore companies Barbados changed their rules and consolidated these 2 companies into one.
The new company type is starting at 5,5% tax rate, and goes down to as low as 1%.
So is Barbados a good option for you today? The answer is it depends who you are and what are your needs.
For some Barbados can still make a lot of sense, for others not so much.
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Пікірлер: 25
Thank you this clears this up and gives us another reason to chat with you when we structure.
@OffshoreCitizen
2 жыл бұрын
Always happy to be of service! Looking forward to it😊
Thank you Michael! Could you please do a video compare Barbados and Cayman Islands from a Canadian perspective? Thanks!
@OffshoreCitizen
7 ай бұрын
Sure good idea
Thanks for another great video Michael. Have seen most of your content, but wonder whats your view on REITS vs Croudfunding property platforms. From both investment and tax perspective?
The increase in substance requirements cost around $5k more in fees pa. Not insubstantial if you are using the structure as a passive vehicle for holding assets.
Great video! Can you set up an offshore on the welcome stamp?
I watched this video and the one about new Barbados residency... I think I see a scenario where you could set up residency in Barbados, form a company and then use a Canadian controlled corp with a bank account and processing to pay out to the Barbados company. Leave a bit of profit in the Canadian Corp to pay a little tax then pocket the rest. Could something like this work?
You should do one about creating a company in The Gambia
@MoPRZA.
2 жыл бұрын
Why
@OffshoreCitizen
2 жыл бұрын
Interesting. Why do you consider it to be a good option?
@musavillarin6102
2 жыл бұрын
@@OffshoreCitizen the Residence permit is cheap and give you access to the Ecowas block
No bs was going to message you about Barbados and your thoughts about escrow Accounts.
@OffshoreCitizen
2 жыл бұрын
Feel free to do so! How did you like this video?
@michaelgreen8525
2 жыл бұрын
@@OffshoreCitizen Michael I genuinely think I have seen 1/2 off your videos max that I have not enjoyed. For a new formation agent like me these are excellent. Keep up the good work.
Is this video still valid info and up to date in 2024 ?
Hi could you please clarify the point about barbados and Portugal ?
@OffshoreCitizen
Жыл бұрын
What about it?
Hey Michael, I'm a dual citizen Canada/Barbados, my plan was to move tax residence there there and incorporate, However I use stripe for my day to day transactions (coaching business) why is that such a bad thing? - would it be possible to continue to process from my Canadian account after I move even if I have no PHA in Canada?
@OffshoreCitizen
4 ай бұрын
Lots to cover here, so not possible to discuss in YT comments. Feel free to reach out
@ColinResponse
4 ай бұрын
Hey Thanks Michael, I will. I planned to book a call for Friday if the slot is still avail, but was looking for the email where i can send a brief beforehand with my objective/ties/circumstance to clarify, can you provide the email please? Thanks a ton in advance. :)
@OffshoreCitizen
4 ай бұрын
@@ColinResponse feel free to message us here offshorecitizen.net/contact/