Regulatory Alerts2020-02-13
Added · Updated
Exchange Control Circular No. 08 - Estates of Deceased Persons
The Central Bank of Barbados approves remittances of up to BDS$250,000 in foreign currency in the first year and BDS$100,000 annually thereafter for legacies and inheritances transferred to non-resident beneficiaries of deceased residents. Authorised Dealers must submit Form FC (Not for Imports), the Attorney’s Statement of Account, Letters Testamentary or Administration, and a Certificate of Clearance from the Barbados Revenue Authority confirming all estate taxes are discharged. Estates of non-residents are treated as other non-resident assets, with remittances approved based on supporting documentation.
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