We have been operating a business in Barbados for just over 5 years and due to expansion there was a need to open another location (in another country).
Due to a VERY POOR ECONOMY; Barbados has virtually NO foreign reserves and we were told that to wire any of OUR Barbados currency to another country ...ie a foreign currency, we would need to apply to the Central Bank of Barbados for approval.
This was done via an official letter and the truly unprofessional staff working there received the letter and left a responding letter at reception without any notification. It wasn't until calling a few days later we were told a letter was waiting to be collected.
In short, the letter was received and based on their response we are unable to send any funds out of the country.
Barbados is financial prison for businesses or individuals alike. You are limited to focusing any activities within Barbados only. The BBD (Barbados dollar) isn't accepted in other international countries so it's either spend your money on the island or.... spend your money on the island.
Things are currently so bad that they have also implemented a 2% tax for ALL foreign transactions if you have a local bank account. This includes online purchases, point of sales in other countries, ATM withdrawals in other countries.... basically ANY transaction that involves a foreign currency. Financial Prison!!
BEWARE !! AVOID AT ALL COSTS!!!
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