Individual - Foreign tax relief and tax treatiesLast reviewed - 14 February 2023
Foreign tax relief
Individuals who are resident and domiciled in Barbados are taxed on foreign income as earned. Double taxation is avoided by means of foreign tax credits or an exemption where double taxation treaties (DTTs) exist.
Foreign income received by individuals through the banking system of Barbados
Individuals who are resident in Barbados and earn income from sources outside of Barbados that is transferred through the banking system of Barbados may claim a tax allowance of up to 65% of the income tax payable on that income.
See the Withholding taxes section in the Corporate tax summary for a list of countries with which Barbados has a tax treaty.