Gazette July 20 2021 – Part A

Bill re Remote Employment (Amendment) Act, 2021.

Bill re Needham’s Point Holdings Ltd. (Exchange and Issue of Bonds) Act, 2021.

REMOTE EMPLOYMENT (AMENDMENT) ACT, 2021

OBJECTS AND REASONS

This Bill would amend the Remote Employment Act (Act 2020-23) to provide for the Barbados Welcome Stamp to be renewed, the fees to be paid for the renewal of the Stamp and for related matters.

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REMOTE EMPLOYMENT (AMENDMENT) ACT, 2021

Arrangement of Sections

1. Short title
2. Amendment of Act 2020-23
3. Amendment of section 3 of Act 2020–23
4. Insertion of new section 7A into Act 2020-23
5. Amendment of section 9 of Act 2020-23
6. Amendment of Act 2020-23

SCHEDULE

APPLICATION AND RENEWAL FORM FOR BARBADOS WELCOME STAMP

BARBADOS

A Bill entitled

An Act to amend the Remote Employment Act (Act 2020-23) to provide for the Barbados Welcome Stamp to be renewed and the fees to be paid for the renewal of the Stamp and for related matters.

ENACTED by the Parliament of Barbados as follows:

6

Short title

1.

2021.

This Act may be cited as the Remote Employment (Amendment) Act,

Amendment of Act 2020-23

1. The Remote Employment Act (Act 2020-23) in this Act referred toas the principal Act is amended by deleting section 2 and substituting the following:
   “Definitions
   1. For the purposes of this Act,“Barbados Welcome Stamp”or “Stamp” means a visa granted by the Chief Immigration Officer with the approval of the Minister to a person to whom this Act applies;“Minister” means the Minister responsible for Immigration;“non-national” means a person who is not a citizen of Barbados.”.
      Amendment of section 3 of Act 2020–23
   2. Section 3 of the principal Act is amended by deleting the words“responsible for Immigration” appearing immediately after the word “Minister”.
      Insertion of new section 7A into Act 2020-23
   3. The principal Act is amended by inserting the following new sectionimmediately after section 7:
      7
      “Renewal of Barbados Welcome Stamp7A.(1)Notwithstanding section 5, an individual to whom aBarbados Welcome Stamp has been granted, may renew that Stamp by submitting an application to the Minister in the Form set out in the Schedule.
      1. The Minister may approve the renewal of the Stamp if theindividual to whom the Stamp was granted satisfies the conditions specified in section 3.
      2. Where the Minister approves the renewal of the Stamp, the feefor the Stamp shall be
         1. $3 000 in the case of an individual; and
         2. $4 500 where the individual is accompanied by his family.
      3. Where the Minister approves the renewal of the stamp undersubsection (3), the Stamp shall be valid for a period of 12 months.”.
         Amendment of section 9 of Act 2020-23
   4. Section 9 of the principal Act is amended by deleting the words“responsible for Immigration” appearing immediately after the word “Minister”.
      Amendment of Act 2020-23
   5. The principal Act is amended by deleting the Schedule and

substituting the following:

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”SCHEDULE

(Sections 3 and 7A)

Remote Employment Act, 2020

(Act 2020-23)

APPLICATION AND RENEWAL FORM FOR BARBADOS WELCOME STAMP

Applicants wishing to apply for or renew the Barbados Welcome Stamp are required to complete and submit the following documents electronically:

• Bio data page of passport (self/spouse/partner/children/dependant)
• Birth certificate (self/spouse/partner/children/dependant)
• Proof of relationship of dependants (birth certificate, marriage certificate, adoption documents)
• Entry visa (where applicable)
  On approval the following non-refundable fees are applicable:
  For first time issue of Stamp
• Individual Fee – BDS $4,000.00
• Family Fee – BDS $6,000.00
  For renewal of Stamp
• Individual Fee – BDS $3,000.00
• Family Fee – BDS $4,500.00

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Schedule – (Cont’d)

1. Personal Information
   Name (Mr.*/Mrs.*/Miss*):First NameMiddle Name Last Name
   Sex: Male Female
   Marital Status: Single Married Divorced Widowed
   Date of Birth: Country of Birth:Month/Day/YearCountry
   Country of citizenship:Name of Country
   Former nationality (if applicable):Nationality
   Email address:Email address
   Name of Employer:Employer’s Name
   Brief description of type of work/nature of business in which applicant will be engaged:
   10
   Schedule – (Cont’d)
   
2. Contact Information
   Permanent Address:
   Street Address:
   City: State/Province/Region: Zip/Postal Code: Country: Email address: Telephone No.:(Area code)-(Telephone number)
   Emergency Contact:Full Name
3. Passport DetailsPassport Number: Date of Issue: Date of Expiry:Month/Day/Year Month/Day/Year
   Place of Issue:Country
   Proposed date of entry into Barbados:Month/Day/Year
   11
   Schedule – (Cont’d)
   
4. Spouse/Partner Information (if applicable)
   Name of Spouse/Partner (Mr.*/Mrs.*/Miss*):First Name Middle Name Last NameSex: Male Female
   Date of Birth: Country of Birth:Month/Day/Year Country
   Country of citizenship:Name of Country
   Former nationality (if applicable):NationalityPassport Number:
5. Dependants information (if applicable)
   Is there any person(s) in the family group that would be defined as a dependant?
   Yes No
   (see definition in General Information – Definition of Terms )
   
   NameDate of Birth(Month/Day/Year)Passport NumberCountry of Citizenship
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   Schedule – (Cont’d)
   
   Will dependants be attending school in Barbados? Yes No If “Yes” choosePublic school (link to student visa application) Private school (link to student visa application) Home school
   Have you ever been convicted of a serious criminal offence? Yes No
6. Declaration

I hereby declare that I, my spouse, partner or dependants will not accept any employment from or offer any services to a citizen, permanent resident, immigrant, work permit holder or any person or entitiy carrying on business in Barbados.

I certify that I expect to earn an income of $100 000 or more over the next 12 months and that I have the means to support myself, my spouse, partner and dependants accompanying me, during my stay in Barbados.

I hereby certify that the information given by me in this application is true and correct to the best of my knowledge. I understand and agree that any false information, misrepresentation, or omission of facts in this application and the application process, may be justification for refusal of the grant of a Barbados Welcome Stamp.

Signature: Date of Submission:

Signature

Month/Day/Year

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Schedule – (Concl’d)

INSTRUCTIONS

DEFINITION OF TERMS

Applicant: Individual who will be engaging in remote work in Barbados.

Family: Applicant, spouse, partner and dependant(s).

Dependant: (a) a child or step-child under the age of 26 years;

(b) any other relative who is, by reason of age or any infirmity of body or mind, wholly dependent on that person for his/her subsistence.

Duration of Stay: Maximum 12 months from date of approval.”.

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Read three times and passed the House of Assembly this day of , 2021.

Speaker

Read three times and passed the Senate this day of

, 2021.

President

PARLIAMENT

SECOND SESSION OF 2018-2023

BILL

cited as the Remote Employment (Amendment) Act, 2021

Government Printing Department

NEEDHAM’S POINT HOLDINGS LTD. (EXCHANGE AND ISSUE OF BONDS) ACT, 2021

OBJECTS AND REASONS

This Bill would make provision for the exchange of bonds issued by Needham’s Point Holdings Ltd. and the issuance of Series B Bonds by the Government of Barbados to those bondholders.

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NEEDHAM’S POINT HOLDINGS LTD. (EXCHANGE AND ISSUE OF BONDS) ACT, 2021

Arrangement of Sections

1. Short title
2. Interpretation
3. Purpose
4. Exchange and Issuance of Series B Bonds
5. Amount of bond issue

SCHEDULE

BARBADOS

A Bill entitled

An Act to make provision for the exchange of bonds issued by Needham’s Point Holdings Ltd. and the issuance of Series B Bonds by the Government of Barbados to those bondholders.

ENACTED by the Parliament of Barbados as follows:

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Short title

1.

This Act may be cited as the Needham’s Point Holdings Ltd.

(Exchange and Issue of Bonds) Act, 2021.

Interpretation

2. In this Act,

“bondholder” means a person who has been issued a bond;

“bonds” mean the fixed rate bonds issued by Needham’s Point Holdings Ltd. under the Trust Deed dated the 7th day of January, 2011 (as amended from time to time) between Needham’s Point Holdings Ltd. and Royal Fidelity Merchant Bank & Trust (Barbados) Limited to raise $80 million for the purpose of financing the Hilton (Barbados) Hotel;

“Natural Disaster Clause” has the meaning assigned to it in the Schedule; “Needham’s Point Holdings Ltd.” means a company incorporated under the

Companies Act, Cap. 308;

“Series B Bonds” means the bonds described in the Schedule issued by the Government of Barbados.

Purpose 3.

(a)

(b)

(c)

The purpose of this Act is to provide for the exchange of bonds for Series B Bonds;

the issue of Series B Bonds to a bondholder; and

the cancellation of the full outstanding amount of the bonds.

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Exchange and Issuance of Series B Bonds

4.(1)

(a)

(b)

The Government of Barbados shall

exchange the bonds issued by Needham’s Point Holdings Ltd. for Series B Bonds; and

issue Series B Bonds to those bondholders,

in the amount set out in section 5 and on the terms and conditions set out in the

Schedule.

(2) The Government of Barbados shall cancel the full outstanding amount of

the bonds referred to in subsection (1)(a).

Amount of bond issue

5. The aggregate amount of the issue of Series B Bonds shall be in the

sum of $83.75 million Barbados dollars.

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SCHEDULE

(Sections 2 and 4)

Series B Bonds

Structure:

Interest Rate:

Interest Payments: Principal Repayment:

Allocation of Aggregate Principal Amount Amongst Strips:

Natural Disaster Clause:

11 Series B amortising strips issued by the Government of Barbados with maturities of 5, 6, 7, 8, 9, 10, 11, 12, 13,

14, and 15 years.

1.0% per annum for first 3 years

2.5% per annum for year 4

3.75% year 5 to maturity

Quarterly with first payment on 30th June, 2021. Interest accrued from 1st April, 2021.

The principal of each strip will be repaid in four equal quarterly principal instalments commencing one year prior to the maturity date of that strip.

5-Year: 7.49% 11-Year: 9.37%

6-Year: 7.78% 12-Year: 9.72%

7-Year: 8.07% 13-Year: 10.10%

8-Year: 8.38% 14-Year: 10.48%

9-Year: 8.70% 15-Year: 10.88%

1. Year: 9.03%
   Yes
   9
   Schedule – (Cont’d)
   
   Natural Disaster Clause
   1. This natural disaster clause applies following the occurrence of any Caribbean Earthquake Event, Caribbean Tropical Cyclone Event or Covered Area Rainfall Event covered in the Caribbean Catastrophe Risk Insurance Facility (CCRIF) Policy, in respect of which a Policy Payment has been made to Barbados, and subject to paragraph (d) below, Barbados may elect to defer payment of the Deferred Payment Amount on a Deferral Date. Any such Deferred Payment Amount shall remain outstanding and shall continue to accrue interest in accordance with paragraph (c) below.
   2. Beginning with the next Payment Date following a Deferral Date, each remaining principal amortization of the Affected Series will be increased by an amount equal to a pro rata portion of principal that is being deferred on the Deferral Date, taking into account the number of remaining principal amortization payments of that Affected Series.
   3. The portion of a Deferred Payment Amount that is comprised of interest will be capitalized and added to principal as each such interest payment falls due under the terms of the Affected Series after the relevant Deferral Date. As such interest is converted into principal, the principal amount of the Affected Series shall be increased in the amount of such deferred interest.
   4. Barbados shall be entitled to defer the Deferred Payment Amount following the occurrence of an Event only if all of the following conditions are satisfied:
      1. the CCRIF Policy is in full force and effect and CCRIF has issued a written report confirming that the Event is an Insured Event in respect of which a Policy Payment has been made to Barbados;
      2. since the 22nd day of April, 2021, neither of the Coverage Limit or the Exhaustion Point applicable to earthquakes, tropical cyclone or excess rainfall has been reduced, unless it has been reduced by CCRIF and CCRIF has declined a request submitted by Barbados to CCRIF to maintain such Coverage Limit or Exhaustion Point, as the case may be; and
         10
         Schedule – (Cont’d)
         
         Natural Disaster Clause – (Cont’d)
      3. the Modelled Loss (as defined below), in the case of a Caribbean Earthquake Event or Caribbean Tropical Cyclone Event, or the Rainfall Index Loss, in the case of a Covered Area Rainfall Event, to Barbados from the Event is greater than U.S.$5 million.
         Upon electing to defer the Deferred Payment Amount, Barbados shall at its own expense provide notice thereof (a “Deferral Claim”) to the Holders as provided in the Notices provision of the relevant Affected Series, describing in reasonable detail the particulars of the Event giving rise to the right to make such Deferral Claim. Barbados shall be entitled to make no more than three Deferral Claims under each Affected Series.
   5. For purposes of this clause:

“Caribbean Earthquake Event”, “Caribbean Tropical Cyclone Event”, “Covered Area Rainfall Event”, “Coverage Limit”, “Exhaustion Point”, “Insured Event”, “Policy Payment” and “Rainfall Index Loss” have the meanings given to those terms in the CCRIF Policy.

“Affected Series” means any series of Government of Barbados BBD-denominated debt securities that incorporates by reference this Natural Disaster Clause.

“CCRIF” means CCRIF SPC (formerly, the Caribbean Catastrophe Risk Insurance Facility), or any successor thereof, with whom the Government of Barbados has entered into the CCRIF Policy.

“CCRIF Policy” means the Parametric Insurance Contract dated 1st June, 2020 which the Government of Barbados has entered into with CCRIF to insure against risks of earthquake, tropical cyclone and excess rainfall, including any documents incorporated by reference therein and any attachments, annexes, appendices or supplements thereto (including but not limited to the applicable coverage summary and associated loss curve data spreadsheet), as such CCRIF Policy may be amended or supplemented from time to time.

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Schedule – (Concl’d)

Natural Disaster Clause – (Concl’d)

“Deferral Claim”, in respect of an Event, has the meaning given to that term in paragraph (d) of this clause.

“Deferral Date” means the Payment Date under the relevant series next following submission of a Deferral Claim.

“Deferred Payment Amount” means all principal amortizations and interest payments falling due on an Affected Series for the consecutive two-year period immediately following the Deferral Date.

“Modelled Loss” has the meaning given to that term in the CCRIF Policy, provided that if the Modelled Loss from an Event is more than 10.0% higher than the Reference Modelled Loss, “Modelled Loss” for purposes of subclause (d)(iii) and the definition of “Deferral Date” in this clause will be the Reference Modelled Loss.

“Payment Date”, for any Affected Series, means the dates specified for the payments of interest and/or principal thereunder.

“Reference Modelled Loss” means the Modelled Loss in respect of an Event, calculated under the CCRIF Policy as in effect on the Closing Date, using the relevant Return Period (years) applicable to the Event. When calculating the Reference Modelled Loss, the Return Period (years) applicable to the Event, if not divisible by 5, shall be rounded down to the nearest number that is divisible by 5.

“Return Period”, in relation to years, means the return period applicable to the Event as that term is used in the model and formulae detailed in the CCRIF Policy.

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Read three times and passed the House of Assembly this day of , 2021.

Speaker

Read three times and passed the Senate this day of

, 2021.

President

PARLIAMENT

SECOND SESSION 2018-2023

BILL

cited as the Needham’s Point Holdings Ltd. (Exchange and Issue of Bonds) Act, 2021

Government Printing Department

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Printed and Published by

the Barbados Government Printing Department