Barbados, which has long been the second home, holiday destination, tax domicile and investment location of a “significant number of high net worth individuals”, will also be home for a Foundation for Corporate Social Responsibility and Philanthropy.
This was revealed today by Prime Minister David Thompson during his address at the Collaborative Conference of National Organisations and National Councils of Barbadian Organisations at Sherbourne Conference Centre.
Mr. Thompson said that many of the “high net worth individuals” had told him how eager they were to “contribute in some tangible way to the expansion and modernisation of our hospital and enhancement of communities but there is no legal regime to assist them in doing this in a mutually beneficial way”.
He stressed: “We are not begging. We are offering our standard of living, lifestyle, culture and stability to our visitors and those who want to live here for them to fully enjoy a comfortable life commensurate with that which they dream of. They should assist us in having state-of-the-art health, educational and community facilities.”
Mr. Thompson added that similarly, the Barbadian business community acknowledged its responsibility as a corporate citizen by its sponsorship of diverse community events. He noted, however, that the scope of its contributions was curtailed by the “inadequacy” of the domestic fiscal and legal regime governing charitable donations.
While noting that Barbadians living abroad were generous contributors to social development causes, the Prime Minister pointed out that there was no formal vehicle through which to channel their generosity.
“The foundation will harness this new tributary of resources for the development of our country. As individuals and as groups and as organisations, you can contribute to the Foundation which will establish separate funds for specific objectives,” he told those gathered at the Collaborative Conference.