Does Barbados need to brand itself as an international financial services destination?

I think Barbados needs to brand itself as an international business destination in a way it has never done before. It has relied heavily on the relationships and double-taxation treaties that it has with other countries, so it has never really focussed on promoting international business, as there has never been a need for it to brand itself in this way. What happened was that as a result of these relationships, we found that we were attracting business.

How important have these treaties been in developing Barbados as the destination of choice?

In establishing those treaties, our provision to deal with secrecy and confidentiality has come along with this and made us attractive. Any professional operating in any industry has an obligation to be discreet and we are very protective of our reputation, so it is true that we choose our clients, just as much as they choose us. On a broader scale, we are protective of the reputation of the whole country. When you look at the Panama Papers, most people don’t remember the name of the law firm, but they remember that it happened in Panama. We have to mindful of this.

There has been an increase in trade with Mexico, so does Barbados have the potential to become a hub for Latin America?

We have to some extent saturated the Canadian market, so we are looking further afield and to expand into Latin America. We already have a double taxation treaty with Mexico, and an exchange of information with Colombia and a treaty with Venezuela and Panama. We have the network, and there are several trade missions to the continent.

In the insurance industry I have a lot of Mexican clients, and have had very longstanding Colombian clients. I certainly see the potential for growth there, especially because Barbados can be used as a way into other jurisdictions. We are not a conduit, but there are a great many benefits here. We had a Chinese treaty for quite some time and this meant that Barbados was used by Canada and the US as a way into China, it made it easier for them.

How do you choose your clients?

Our biggest market has always been Canada. The client that comes to us will have already met with a Canadian advisor, and I have several firms in Canada that I work with, so the client doesn’t always come straight through me. They will have already been given advice from someone in Canada that has directed them to me, and the vetting process will have already been done. This is the traditional process. I would be hesitant if the client were not through a referral from a trusted source.

Why would people choose to do business with Barbados over some of the other Caribbean islands?

Other Caribbean islands do not have the double taxation treaties that we have in Barbados, we know that if we expand and go into Latin America, or China, then things are going to be done a certain way and the countries we are entering into know what to expect. Other Caribbean islands do not have the same relationships that we do, so they have not been able to foster the same results as we would here.