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The Axebridge Group – Trusted Corporate, Trust, and Financial Services Provider with Global Reach, headquartered in Barbados.

Foreign Currency Permit

1 min read

The company is required to apply for a Foreign Currency Permit (FCP) under the Foreign Currency Permit Act 2018.  This is a new requirement which became effective from January 1, 2019.  To apply for an FCP permit, a Barbados company must generate 100% of its income in foreign currency.



All FCP holders will have the following benefits and exemptions:


  1. Exemption from exchange control

  2. Exemption from withholding tax on payment of dividends to non-residents

  3. Exemption from withholding tax on all other payments to non-residents

  4. Exemption from payment of stamp duty and property transfer tax (save and except real estate) other than nominal duty of Bds $200 on all instruments and agreements.

  5. Exemption from payment of value-added tax and duties on importation of plant and machinery.

  6. Income tax concessions for specially qualified individuals for a period of 3 years



There is a one-time government application fee of US$250 and a license fee of US$500.  The company is required to renew its FCP each year at an annual fee of US$500.00.

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