Regulatory Alerts2020-02-20
Exchange Control Circular No. 11 - Education Outside of Barbados
The Central Bank of Barbados issued this circular to authorize dealers to release foreign exchange to residents for education costs abroad without prior Bank approval. The regulation mandates specific documentary evidence for tuition, accommodation, books, and maintenance, while restricting non-residents to funds from foreign currency or external accounts. Periodic remittances require Form PP approval, and all payments must be prorated for periods shorter than one academic year.
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