Foreign Currency Accounts are local bank accounts denominated in a currency other than the Barbados Dollar. Consequently, these accounts are not subject to exchange controls or the 2% Foreign Exchange Fee.
Residents are permitted to open and maintain ONE Foreign Currency Account in Barbados with any authorised dealer. If a resident needs to open and maintain more than one such account, they must first obtain permission from the Foreign Exchange & Export Credits Department of the Central Bank of Barbados.
Residents that wish to open and maintain bank accounts outside Barbados must first obtain permission from the Foreign Exchange & Export Credits Department of the Central Bank of Barbados.
If you are a foreign national residing in Barbados, you can open and maintain a bank account in Barbados as long as you have an appropriate visa or permit that allows you to live in Barbados (e.g. Permanent Residency, Immigrant Status, Right of Establishment, Reside and Work, or Welcome Stamp).
See Exchange Control Circular No. 3 for the definition of 'resident' for exchange control purposes.