News Americas, NEW YORK, NY, Mon. May 15, 2023: To promote economic growth and encourage foreign direct investment, governments in the Caribbean offer a range of incentives to businesses and entrepreneurs. In this article, we will explore the incentives provided by Caribbean countries for investment, citing credible sources for each nation.
The Bahamas offers enticing incentives to investors, including tax exemptions on qualifying investments and duty-free importation of capital goods and raw materials. The Bahamas Investment Authority Act supports investment opportunities in the country.
Barbados provides attractive incentives to stimulate investment, such as reduced corporate tax rates for qualifying businesses and duty-free importation of equipment. The Barbados Investment and Development Corporation Act promotes investment and facilitates business development.
Jamaica offers various incentives to promote investment, including tax incentives for qualifying investments and duty exemptions on imports of capital goods. The Special Economic Zones in Jamaica provide additional benefits to export-oriented businesses.
The Dominican Republic has a favorable investment climate, with incentives such as tax exemptions on qualifying investments and duty exemptions on imports. The country’s Free Zones attract foreign investors with their preferential treatment for export-oriented industries.
The Cayman Islands’ tax advantages make it an attractive destination for investment. With no direct taxes on individuals or corporations, the Cayman Islands offer a business-friendly environment.
St. Kitts and Nevis:
St. Kitts and Nevis offer the Citizenship by Investment Program, which provides individuals with the opportunity to gain citizenship through investment. This program grants access to benefits such as visa-free travel and tax advantages.
Throughout the Caribbean, investment incentives play a significant role in attracting investors to the Caribbean region according to Invest Caribbean, the global private sector investment agency of the region.
The Bahamas, Barbados, Jamaica, the Dominican Republic, the Cayman Islands, and St. Kitts and Nevis have implemented various incentives, ranging from tax exemptions and duty waivers to specialized programs like citizenship by investment. These incentives, supported by credible sources, showcase the commitment of Caribbean governments to foster economic growth and create a favorable investment climate. As a result, the Caribbean continues to be an appealing destination for businesses and entrepreneurs seeking new opportunities in a diverse and vibrant region.