Regulatory Alerts2020-02-13
Added · Updated
Exchange Control Circular No. 4 - External Accounts
Authorised Dealers and Authorised Depositaries may establish External Accounts denominated in Barbados dollars for non-residents, including joint accounts where all parties are non-resident. The Central Bank of Barbados considers requests for joint accounts involving residents on a case-by-case basis. Credits to these accounts are restricted to payments from other External Accounts, interest, net dividends up to BDS$500,000 per non-resident, permitted resident payments, and net salaries, while debits are allowed without restriction up to the account balance. Specific permission from the Bank is required for overdrafts, and the Bank reserves the right to request full details of such accounts.
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