You may not automatically link Barbados and blockchain, but bear with me.

One of my favourite places to visit is the beautiful island of Barbados.

I take an annual trip to soak up the sun, sample the rum, and bask in the glory of the many beautiful beaches.

In addition, I see a bright future for Barbados in technological entrepreneurial activity. Here’s why.

Think Blockchain

Like much of the Caribbean, Barbados has rapidly embraced blockchain technology and cryptocurrencies as part of its digital transformation.

Under a progressive government, Barbados provides a home for international companies in traditional spheres as well as emerging technology/disruptive projects.

Barbados is an attractive corporate environment for crypto and tech companies, thanks to the digital transformation strategy adopted in 2019.

Since then, changes at a legislative and infrastructural level have happened to support this focus. Although it has yet to implement virtual asset service provider legislation, the regulatory authorities are due to adopt a collaborative approach with entrepreneurs on a case-by-case basis.

Across the island, they are digitalising the core governmental agencies, systems, and procedures which are central to economic growth and necessary to turn Barbados into a safe place for technological development.

Plus, tax changes that came into effect in January 2019 helped Barbados be seen as a cost-effective place to do business. The double taxation treaty between Barbados and Canada has been particularly prevalent in its share of blockchain technology-related projects.

Digital Destination

The Covid-19 pandemic accelerated the need for a digital working environment across the globe, with many companies keen to collaborate and work remotely.

The pandemic may have disrupted the typical workforce, but as tech companies were early adopters in this movement, it gave them an advantage. The ability to work remotely from anywhere made the Caribbean an attractive location for digital nomads keen to redefine how they work.

Barbados, looking to plug the gap left by decreasing tourism during the pandemic, delivered extra incentives for these people. The Welcome Stamp Programme and the Special Entry Permit both come with significant tax advantages.

Incentives

The Welcome Stamp visa is available to anyone whose work is location independent and meets visa requirements. Although intended to be for just a year, the Government hopes people contributing to Barbados’ national development will stay longer.

Non-nationals granted a Welcome Stamp are not liable to pay income tax in Barbados, allowing them to keep more of their hard-earned money.

The Special Entry Permit offers high-net-worth individuals and retired property owners the opportunity to visit the island for an indefinite period without worrying about the length of their stay and with the ability to go and come as they please.

As there is no capital gains tax in Barbados, this is an attractive proposition for many who have that level of wealth.

Barbados and Blockchain

With political and economic stability, tax benefits for remote workers and high-net-worth individuals, and an ongoing commitment to a digital transformation strategy, Barbados is a vibrant technology community. Factor in the beaches and sunshine, and it offers opportunities for crypto and other tech entrepreneurs who want to experience a little slice of heaven.