Barbados has signed an agreement with the United States to help improve international tax compliance and to implement (FATCA). The agreement was signed in Bridgetown last Monday and within this agreement both countries 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 30th, 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.
Summary of Business Monday Article, January 19, page 3