Regulatory Alerts2020-02-13
Added · Updated
Exchange Control Circular No. 10 - Emigration
The Central Bank of Barbados sets conditions for approving fund remittances for residents emigrating to take up permanent residence abroad. Residents are permitted an initial allowance of up to BDS$250,000 per family unit, with potential excess amounts considered in exceptional cases, followed by annual remittances of BDS$100,000 until declared assets are exhausted. Applications require submission of Form FC along with a statement of local assets and proof of permanent residence permission, and authorizations are valid for three months unless extended. Additionally, local deposit accounts held by emigrating residents must be re-designated as External Accounts.
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