Central Bank to conduct study on Welcome Stamp

The Central Bank of Barbados is set to launch a comprehensive study into the economic impact of the Barbados Welcome Stamp, a remote work visa programme that has attracted thousands of digital nomads since its inception at the height of the COVID-19 pandemic nearly five years ago.

The programme establishes a visa to allow people to relocate and work remotely in Barbados for a maximum of 12 months, for a one-time fee, and can reapply at the end.

While being unable to supply any figures, Central Bank Governor Dr Kevin Greenidge revealed to journalists that the bank will be working with the Barbados Tourism Marketing Incorporated (BTMI) and others to do an evaluation. Yet he maintained that the scheme had major economic spinoffs based on anecdotal evidence.

Dr Greenidge declared that the programme has been contributing substantially to the economy during a press conference on the country’s economic performance for 2024.

“The Welcome Stamp is very strong,” he said. “I was doing a survey the other day, and so many of those Welcome Stampers converted and brought homes and real estate and spend in the economy and owning businesses.

“We were saying that we were going to team up with BTMI and one or two others to do a real analysis of the contribution that the Welcome Stamp has made. It’s phenomenal. You don’t realise it.”

Dr Greenidge recalled speaking with a Welcome Stamper who lives in London that recently bought a house on the west coast of Barbados.

“It is making a tremendous [contribution],” he said. “It might be 4 000 people [in the programme], but the contribution is amazing. So, we want to do a study with the BTMI and others to really put a handle to understand the value, because it’s been tremendous. It’s been tremendous. I don’t think it is reflected properly in our numbers.”

The Barbados Welcome Stamp was created to help people and businesses adapt to remote work and to support the island’s economy. The programme was a response to the growing trend of remote work and the need to generate economic activity during the pandemic.

Applicants for the programme must make an annual income of at least $100 000 (US$50 000; £40 000) over the 12 months they intend to have the travel stamp.

Applications are typically approved within seven business days, after which the payment of the applicable, non-refundable fees will be due. Fees must be paid within 28 days of application approval.

The fee for individuals is $4 000 (US$2 000; £1 600) and family bundle is $6 000 (US$3 000; £2 400). (EJ)