Regulatory Alerts2020-02-13
Exchange Control Circular No. 12 - Medical Treatment Outside Barbados
The Central Bank of Barbados issued Exchange Control Circular No. 12 to establish conditions for remittances for medical treatment outside the country. For residents, authorized dealers may approve fund transfers using Form FC upon receipt of a physician's certificate confirming the necessity of overseas treatment. Non-residents residing in Barbados are generally restricted to using foreign currency or external accounts, with other requests requiring specific Bank consideration.
[LOGO: CENTRAL BANK OF BARBADOS]
CENTRAL BANK OF BARBADOS EXCHANGE CONTROL ACT, CAP.71
EXCHANGE CONTROL CIRCULAR
NUMBER 12
FEBRUARY 2020
TO: AUTHORISED DEALERS AND AUTHORISED DEPOSITARIES
MEDICAL TREATMENT OUTSIDE BARBADOS
This Circular sets out the conditions for remittances for medical treatment outside of Barbados by residents and non-residents of Barbados.
1. Residents of Barbados
Authorised Dealers may approve applications submitted on Form FC (Not for Imports) for the transfer of funds under delegated authority subject to the following conditions:
a) a certificate from the applicant’s physician in Barbados that it is necessary for the applicant to go abroad for medical treatment; and b) the executing Authorised Dealer should record the amount of foreign currency released on the certificate.
2. Non-Residents of Barbados
Authorised Dealers may not approve applications for non-residents of Barbados residing in Barbados except in instances where the funds are from a foreign currency or an external account. The Bank will consider all other requests from such persons by application on Form FC (Not for Imports) which may be submitted in physical or electronic format.
[Signature]
Ian R. Collymore Director, Foreign Exchange & Export Credits Department
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