Virtual? Want to Live in Barbados? The Welcome Stamp Program!

The Barbados government just opened up the "Welcome Stamp" program that allows anyone who works remotely to live in Barbados for a 12 month period.

As a digital entrepreneur, or remote worker one major benefit is being able to live and travel wherever your want. Barbados, yes the tropical paradise, just announced a program inviting remote workers, and I assume digital entrepreneurs, to stay in Barbados, right now for a 1 year period, that could be extended who knows, and ride out Covid in paradise.
Barbados, obviously, sun, sand, beaches. No snow. Grab your laptop, apply for the Welcome Stamp visa, and you are likely in! There seems to be very few restrictions or requirements, this is obviously a unique way for Barbados to bolster the economy while tourism has take a huge hit.
There is no information on how many applications they will take, so if you are interested, best to get your application in as soon as possible. Lets look at the program.

Who is eligible? Anybody who is deriving income from a remote work situation, or a business that expects to earn a minimum of $50,000 in the 12 month period.

You are not able to work in Barbados legally, so you will need to bring a source of income with you. Now they say that applications will be processed 48 hours after receiving them, and your visa will be confirmed or denied in 7 days. So in 7 days you can be approved to live in Barbados for a year. Ill post the application link below.

I headed over to the government website for the FAQ - So the cost for an individual to apply is $2,000 while the family bundle fee is $3,000 USD. Important to note - you only pay after your visa is approved, so there is no risk in applying. A lot of these government schemes do not refund your money if denied, so this is a good thing.

There was a CNBC piece recently where they were ragging on Barbados for taxes, but it says right here on the government page you are not subject to paying Barbadian income tax. So you are paying whatever taxes you would pay from your home country while living in paradise.

Internet - Barbados boasts the fastest fiber Internet and mobile services in the Caribbean.
Health insurance, you'll need to have it before you arrive
If you have children: Non nationals may attend private schools or pay a small stipend for attendance at the state owned public schools. Education is compulsory for children between the ages of 5 and 16. There are also several tertiary education institutions including The University of The West Indies and The Barbados Community College.
Transport You have a variety of transportation methods to choose from, including car rentals, limos, taxi rentals, and our renowned public transportation system of transport buses and VR vans. You can also rent bicycles and electric bicycles on two wheels by renting a scooter, bike, motorcycle, or Segway.

It should be noted also that Barbados has avoided most of the Covid problems and has extremely low number of cases. I would assume they will be testing people before entry but there is no mention of this on the website. I have heard that several other countries may be also opening similar programs like Portugal - stay tuned for updates on that.

From a broader perspective, with countries starting to loosen up their borders, its interesting to wonder what impact this might have on the USA and Canada. As we become more globalized, and work remotely, its easy to start questioning tax rates, politics and reasons why we live where we do. There are an increasing number of investor programs that offer long term residency, including the Panama friendly nations visa, that can be secured for as low as a $5,000 investment.

If you are tired of your apartment walls, can bring your virtual work with you, you can help the Barbadian economy while working on the beach. Ill post a link above to a great speech from Maya Mottley the Prime Minster of Barbados, and the link to apply for the Welcome Stamp program is below.
#franchisecity #barbados

www.barbadoswelcomestamp.bb/apply
https://youtu.be/HDjxbQxglfI