BIBA President: Barbados can benefit from Brexit

PRESIDENT of the Barbados International Business Association (BIBA), Julia Hope, says Barbados stands to benefit from Britain’s exit from the European Union if the country puts the necessary steps in place.

Noting that Brexit has become a nightmare for the UK, Hope says it is a “great opportunity” on which Barbados can capitalise.

Speaking to the media on the sidelines of the launch of International Business Week (IBW) 2019 yesterday, Hope said, “There are a number of businesses that are looking to re-domicile from the UK because they are concerned about the current economic status. If you look at Thomas Cook failing and lots of other businesses, they are looking at opportunities.

“A lot of the businesses we have spoken to are keen to attract business into the US and in Canada, but do not wish to be in either of those jurisdictions. So Barbados, the English-speaking country, the tax rate is appealing, highly-educated population... we’ve actually got a lot to offer.”

The BIBA president cautioned that the immigration side of the equation must be considered and addressed.

“The high net worth and special entry permit and again speaking to individuals in the UK and the financial service professionals, there are British people who are looking for opportunities to buy property, no longer looking at Europe because they don’t know whether they have the right to live and retire there.

“There are a number of people who would have at the end of the age 60-70 retired in Spain … Italy and are looking for alternatives. Barbados is a fantastic alternative proposition. So that is what we are honing in on. But again, we have to have proper guidelines from the Immigration Department of the special entry permit, so that we can really go out there and promote it. We are working with Invest Barbados on that,” she assured. (JH)