Regulatory Alerts2020-02-13
Exchange Control Circular No. 15 - Gifts and Donations
The Central Bank of Barbosis issued Exchange Control Circular No. 15 to regulate foreign currency gifts and donations by Barbadian residents. Authorised Dealers are delegated authority to approve such transactions up to BDS$10,000 equivalent per calendar year without prior Bank reference. Applications exceeding this limit must be submitted to the Bank via Form FC for approval.
[LOGO: CENTRAL BANK OF BARBADOS]
CENTRAL BANK OF BARBADOS EXCHANGE CONTROL ACT, CAP.71
EXCHANGE CONTROL CIRCULAR
NUMBER 15
FEBRUARY 2020
TO: AUTHORISED DEALERS AND AUTHORISED DEPOSITARIES
GIFTS & DONATIONS
This Circular sets out the conditions under which residents of Barbados may make gifts and/or donations, by way of bank drafts or telegraphic transfers, not exceeding BDS$10,000 equivalent in foreign currency in each calendar year to individuals and organisations resident outside of Barbados.
1. Delegated Authority
Authorised Dealers may, without reference to the Bank, approve applications from individuals resident in Barbados for the purchase of foreign currency in order to make gifts and/or donations not exceeding BDS$10,000 in each calendar year to non-residents.
Authorised Dealers must be satisfied that the applicants are residents of Barbados and the beneficiaries are resident outside of Barbados.
2. Reference to the Bank
Applications to make gifts in excess of the limit prescribed in paragraph 1 above must be submitted to the Bank in physical or electronic format on Form FC (Not for Imports) by Authorised Dealers on behalf of their customers.
[Signature]
Ian R. Collymore Director, Foreign Exchange & Export Credits Department
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