by Stacey Russell

BARBADOS is en route to becoming one of the most lucrative tax domiciles for trade under the Caribbean's new Economic Partnership Agreement (EPA) with Europe.

American attorney-at-law Bruce Zagaris recently gave Barbados the checkered flag for its numerous tax treaties with countries throughout the world.

He said the EPA held major opportunities for financial services, tourism, culture and entertainment.

"One of the unique advantages to Barbados is its tax treaties with several of the EC countries. And because Barbados has the CARICOM tax treaty, what is going to happen is some of the EU countries are
going to [utilise] the Barbados treaties . . . ," he added.

Zagaris, who has provided counsel on the international financial sector and the regulation of money movement, was speaking at a forum hosted by the Society of Trust and Estate Practitioners (STEPS) at Hilton Barbados.

He said, "Some investors, like Brazilians who don't have some of these treaties, are also going to use Barbados to get into the European Union."

Barbados has bilateral investment treaties or double taxation agreements with 14 countries, including Norway, Sweden, Finland, Cuba, Venezuela, China, Germany, the United Kingdom, Mauritius and Switzerland.

Last April Barbados' Ambassador in Washington, Michael King, said the island was discussing possible agreements with Belgium, France, Ghana, Dubai, India, Chile, Malaysia, Nigeria and The Seychelles.