• What role do we perform for investors?

    Under the Offshore Banking Act of Barbados it is the duty of a licensee in carrying on its business to keep all assets held in trust or all other moneys, securities and properties belonging to clients separate from Bank's other assets and further segregated on a client by client basis. This is accomplished by the use of nominee companies with segregated accounts for each client. In particular, section 25 of Barbados Offshore Banking Act states that, "It is the duty of a licensee carrying on its business (a) to keep all assets held in trust separate from its other assets, and (b) to keep separate from those of its other accounts the assets of each trust account unless they are properly identified as the property of the trust account, but subject to section 26." Section 26 deals with the establishment of common trust funds. The Offshore Banking Act applies to protect clients by keeping investor's assets separate from the Bank's assets in the event that the Bank should experience financial difficulties.

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  • How do I decide whether I need a trust or managed company?

    Generally this decision is dependent on the client circumstances, and would be made in consultation with a client's lawyers and/or accountants. Trusts are mostly used in circumstances where a client wishes to transfer legal control of their assets; for example, asset protection structures or to ensure the effective intergenerational transfer of their wealth to their chosen heirs. Companies are used in a wide range of circumstances but generally to consolidate personal assets or for international business transactions. Many structures involve both a trust and a company.

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  • Does the Bank set up trusts and managed companies?

    Yes, our in-house Trusts Division, which is managed by attorneys, is able to set up trusts and incorporate companies. We are also willing to act as Trustee for the trusts or nominee shareholders and directors for the companies. Generally in more complex structures, we utilize external legal counsel to ensure the effectiveness of the structure in achieving the client's objective. We incorporate offshore companies in conjunction with a major accounting firm, generally at no additional cost and without the client having to be involved.

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  • Is Barbados a credible offshore jurisdiction?

     Yes, attractive features of the island as a reputable offshore jurisdiction include:

    • British Common Law and an unblemished offshore reputation
    • Political and social stability
    • Modern financial, transportation and telecommunication infrastructure
    • Well-educated business and legal professionals

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  • Is the Bank required to report my earnings to any revenue authorities? Is the return earned by my investments taxed in Barbados?

    No, the Bank is not required to and does not report details of income earned in our clients' accounts to any revenue authorities. Income earned by non-resident accounts and offshore clients are not taxed in Barbados. However, you should consult with your financial advisors to determine if you will be required to pay taxes on this income in your country of residence.

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  • How do I deposit funds and what happens if I need to withdraw funds quickly?

    Generally we recommend wire transfer of funds into the Bank, usually due to the size of the funds being transferred. However, drafts and personal cheques are also acceptable. Most funds that are remitted to the Bank are placed into long term investment programs after consultation with clients. These investments are in most cases, easy to sell and liquidate if a client urgently needs funds; usually a client receives their funds within two weeks of requesting them. They can then be remitted to any destination as instructed by the client.

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  • Does the Bank provide any tax advice?

    While the bank employs several well-qualified financial professionals, we recognize that the tax circumstances of each client is unique, hence we do not provide tax advice. We prefer to work with a client's current tax professionals to ensure the most suitable offshore structure for a client. In the event the client does not utilize the services of a tax professional, we are happy to introduce our clients to a respected professional suitable for a clients' needs.

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  • How do I communicate with the Bank?

    All communication is conducted via a password chosen by the client. Our relationship managers visit clients on a regular basis and it is our belief that face to face is still the best form of communication. Our preferred method of communication is by facsimile because it allows us to authenticate banking instructions with signatures. Telephone, secure E-Mail and postal mail are also acceptable. Our computer system in Barbados is a stand-alone system with encrypted software for electronic mail communication, and a great deal of effort and resources is devoted to maintain the strongest level of computer security.

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  • What steps are taken to assure the confidentiality of my accounts?

    In accordance with Barbados offshore banking laws client confidentiality is strictly guarded. These laws impose harsh monetary and prison penalties on bank employees who disclose confidential client information to third parties. As in most offshore jurisdictions, it should be noted that in certain very rare circumstances where a person has been accused of and convicted for certain criminal activities, authorities may petition a competent court in Barbados to order the bank to disclose information.

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  • On what basis do you charge your fees?

    In our fee schedule, fees vary for different services. Investment management fees are generally charged as a percentage of assets where the Bank manages the investments. Where a client wishes to manage their own investments, a custody and investment administration fee is charged based on a percentage of assets plus certain transaction fees, where appropriate. Trust and managed company fees are generally charged based on the amount of time spent by Bank employees and the complexity of the structure. Private banking fees are charged on initial set up and ongoing transactions. We have a detailed fee schedule which is available for your review.

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  • What procedures and documentation are required to open an account? What additional procedures are required for companies?

    In common with most other reputable international banking centres that pride themselves on the integrity of their operations, we require that individuals wishing to open new accounts and signatories on new company accounts complete our due diligence process. As part of this process we confirm your identity and signature by reviewing a notarized copy of your passport. We also request a reference letter from a bank and a person with a professional designation. The extent of the due diligence process for individuals is dependent on the services required from the bank. Companies are required to prove their legal existence by supplying us among other things, with incorporation documentation and corporate resolutions which approve the commencement of the banking relationship.

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  • How often do I get a statement?

    Statements are sent quarterly to clients, except for clients who have less than US$50,000 in which case statements will be sent bi-annually. These statements will be sent to the address specified in the account opening forms. All client statements will only reflect the client account number details and will not indicate client names or addresses. Special arrangements can be made for clients who request monthly statements.

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