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Exchange Control is a set of procedures utilised by Governments to monitor and regulate the flows of foreign exchange into and out of a country.
The administration of Exchange Control commenced in Barbados in 1967 with the passing into law of The Exchange Control Act, Cap.71. Section 3 of this Act states that the Minister with responsibility for Finance is designated the Exchange Control Authority, who has the responsibility to administer and regulate foreign exchange flows between Barbados and other countries. The Minister of Finance has delegated the performance of many of his functions under the Act to the Central Bank of Barbados (Bank). The Bank monitors, analyses and regulates foreign exchange transactions and advises the Minister of Finance accordingly.
| EXCHANGE CONTROL GUIDE | The Guide to Exchange Control in Barbados has been prepared by The Central Bank of Barbados. The guide discusses the Exchange Control practices and procedures currently in force in Barbados. Learn more |
| EXCHANGE CONTROLS FORMS | |
FATCA (FOREIGN ACCOUNT TAX COMPLIANCE ACT)  | A FATCA model 1 A agreement was signed between Barbados and the United States of America (US) at Bridgetown on November 17, 2014. Under this agreement, Both Barbados and the US will collect Bank account and other prescribed information on each other's citizens and transmit it to the Revenue Authority of each country. Prior to September 30, 2015, Barbados will pass FATCA regulations and negotiate a Competent Authority Agreement between the Barbados Revenue Authority and the US Internal Revenue Service to operationalise FATCA. Learn more |
A certificate issued by a Government, statutory authority, or company as a promise to repay money borrowed over a long period of time. Interest is paid at a fixed rate annually, semi annually, or quarterly and the face value repaid at the end of the period of the loan. BONDS are easily transferable from one owner to another.
A commercial bank, trust company, any institution or individual licensed by the Exchange Control Authority to buy and sell foreign currency and gold bullion under specified conditions.
N.B. A person or company, who is not an AUTHORISED DEALER, may accept a foreign currency in exchange for goods and services in Barbados, but he may not dispose of such foreign currency except through an AUTHORISED DEALER.
Gold and silver, in bars or in mass.
An institution established by Government to issue currency, manage the nation’s foreign exchange reserves, regulate the commercial banking system, maintain orderly credit conditions, act as banker to the Government and advise Government on monetary and economic affairs.
An institution which accepts deposits from the public and makes loans to Business, Government and individuals. By honouring cheques drawn upon demand deposits, the commercial banking system is a creator of the most important component of the money supply in Barbados and in countries with a reasonably well developed financial system. COMMERCIAL BANKS in Barbados act as both Authorised Dealers and Authorised Depositaries.
Notes and coins accepted as payment in settlement of transactions and debts.
A certificate of indebtedness given by borrower and usually secured by a charge on the property of the borrower, i.e. if the borrower fails to repay the debt under the terms of the DEBENTURE, the holder of the DEBENTURE may take legal steps to acquire the property pledged under the DEBENTURE.
Government DEBENTURES are normally secured by a charge on the revenue of the Government and repayment always assured.