Barbados is moving to significantly enhance its appeal as an international business hub by broadening its foreign currency permit regime to include shipping companies and implementing key amendments aimed at increasing transparency and efficiency., the business development minister has told the Senate.The development comes amid a steady rise in permit holders since the programme’s launch in 2019.As the Upper House took up the Foreign Currency Permits Bill, Minister of Energy and Business Development, Senator Lisa Cummins, noted the regime’s progress over the last five years.“When this regime started in 2019, Barbados had 586 new entities applying for a foreign currency permit,” she said.“By 2020, we saw 264 new applications and 449 renewals, bringing the total to 713 active permit holders. By 2021, there were 1 892 new permit holders and 585 renewals, pushing the total up to 2 477.”The trend continued in 2022 with 259 new permits and 2 093 renewals, bringing the total to 2 352.In 2023, there were 288 new applications and 2 262 renewals, reaching 2 550 active permit holders. As of 2024, 314 new businesses have entered the regime, with 2 151 renewals, bringing the total to 2 465.Senator Cummins noted expectations for further growth this year, with the latest legislative changes, particularly the inclusion of shipping companies, which were previously excluded from the framework.“Shipping companies, in particular, were not included in the original legislation. That is now being corrected,” she said.