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Exempt Insurance Companies

What is an Exempt/Captive Insurance Company?
Barbados is one of the leading domiciles for Exempt or Captive Insurance Companies. Captives can be licensed to carry on many types of insurance business including General Liability, Property and Workers` Compensation.

While Barbados does have an active regulatory environment, there are no restrictive regulations similar to those imposed on conventional insurance companies and domestic captives in the US or Canada.

Who benefits most from having an Exempt Insurance Company?
  • Companies with an excellent loss history
  • Companies with special insurance needs, where the insurance is expensive or unavailable
With professional management of the insurance program and investment funds, owners can benefit in the following ways
  • Improved risk management
  • Specialized Insurance solutions
  • Improved Cash flow
  • Increased Investment income
Premiums charged by Captives should be professionally calculated and are usually lower than the commercially available alternative. Premiums must however be realistic to show tax authorities that there is a real economic transfer of risk to the Captive.

Advantages in Barbados
  • Companies are subject to a ZERO percent tax rate on profits for the first 15 years. The next 15 years has a tax rate of 2% for the first $250,000 profit and zero percent on the balance
  • 15 year guarantee renewable for a further 15 years
Major Points of the Exempt Insurance Companies:
  • Exemption from tax on income and withholding taxes
  • Exemption from filing tax returns
  • Exemption from exchange control
  • Annual Fee US$10,000
  • Reasonable Solvency Requirements
  • No capital gains tax
  • No estate duty
Advantages of Having a Company in Barbados
  • Low taxes
  • Excellent telecommunications systems
  • Professional service providers
  • Highly-educated workforce
  • Confidentiality
  • Well-established banking system
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