Regulatory Alerts2020-02-17
Central Bank of Barbados Exchange Control Circular No. 3: Residents and Non-Residents
The Central Bank of Barbados issued Exchange Control Circular No. 3 to define the residential status of individuals and entities for regulatory purposes under the Exchange Control Act. The document specifies that Barbadian nationals living in Barbados and certain CARICOM skilled nationals are residents, while emigrants, foreign students, and foreign currency permit holders are non-residents. Authorized dealers must re-designate accounts when status changes and refer ambiguous cases to the Bank with detailed personal and residency information.
Share