public
Offshore
Barbados
Barbados is a top-tier domicile known for its political stability and extensive bilateral double taxation treaty network with countries like Canada and the US. In 2019, it eliminated its ring-fenced regime, replacing the Exempt Insurance Act with a unified Insurance Act classified into three distinct license classes. Class 1 captives are restricted to related party business, while Class 2 can underwrite third-party risks with a 2% tax rate.
Quick Facts
Jurisdiction
Offshore
Legislation
Insurance Act, Cap. 310 (effective 2019)
Tax Environment
0% for Class 1; 2% for Class 2 and Class 3 entities
Financial Requirements
Minimum Capital & Surplus
| Structure Type | Minimum Capital |
|---|---|
| Class 1 (related risks) | $125,000 |
info
Regulatory Framework
Insurance Act, Cap. 310 (effective 2019)
account_balance_wallet
Tax Environment
0% for Class 1; 2% for Class 2 and Class 3 entities
Detailed Profile
Regulatory & Statistical Profile
bar_chart Captive Market Volume
Reporting Year
2025
Total Active Captives
276
New Captives Licensed
3
Surrendered Licenses
11
pie_chart Structure Distribution
Pure / Single Parent
163
Group / Association
0
Sponsored / Cell Captives
28
Individual Segregated Cells
Pending verification
Other Allowed Types
85
checklist Authorized Captive Structures
Single parent captivesAssociation captivesGroup captivesProtected cell/segregated portfolio companiesRisk retention groups
payments Fees & Solvency Compliance
Year Legislation Passed
1983
Licensing Speed
3 weeks
Premium Tax Rate
Class 1: none; Class 2: 2% on first $250k taxable income; Class 3: 2% (intermediaries, managers, holdings). Special FET exemption (1-4%) if Barbados-domiciled.
Incorporation / Initial Fee
$1,000 BDS
Annual Maintenance Fee
2019-0.03% of total assets or minimum of $30,000 BDS; 2020-0.04% of total assets or minimum of $40,000 BDS; 2021-0.05% of total assets or minimum of $50,000 BDS
Annual Filing Requirements
Meeting required in domicile.
gavel Regulatory Contact Office
Office Address
Harbour Industrial Park, Building 4, Suites 301 & 302, St. Michael, BB11142
Regulatory Department Staff
8 FTEs
Considering Barbados for Your Captive?
Our consultants provide end-to-end guidance on domicile selection, feasibility, and formation. Let us help you determine if Barbados is the right fit.