ARTICLE · 12 DECEMBER 1996
The Offshore Banking Act Cap. 325
The Offshore Banking Act Cap. 325 which came into force August 7, 1980, was one of the first pieces of International Financial Services legislation introduced by the Barbados government to establish the island as an offshore domicile.
The main objective of the legislation is to facilitate the establishment of banks which while registered in Barbados may conduct all or a significant portion of their business off the island but still reap the tax benefits of being a company resident in Barbados. Any business conducted with persons in the island must be transacted in a foreign currency and is restricted to persons whom are themselves operating in the International Finance sector.
CATEGORIES OF OFFSHORE BANKING
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