Under the CARIFORUM/European Community Economic Partnership Agreement (EPA), may a Barbadian company open a hotel in Europe?
February 09 2012 | Hotels, Restaurants and Catering
Yes! The European Union allows Barbadian individuals and firms to open or invest in hotels, restaurants and catering businesses under the EPA. There are, however, a few conditions.
In Bulgaria, the business must be incorporated, and the opening of branches is not permitted.
In Italy, if a Barbadian wishes to open a bar, café or restaurant, an economic needs test will be applied. The primary criteria that will be taken into account in making the decision will be the population and density of existing establishments.
Austria, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Spain, Greece, Finland, Hungary, Ireland, Italy, Lithuania, Latvia, Malta, Poland, Romania, Slovak Republic, Slovenia all place limitations on the acquisition of land and real estate.
Estonia, Finland, Italy, Romania and Sweden have requirements of local citizenship or residency of senior management or Board of Directors.
In Poland, there are limitations on the type of business that Barbadian service providers may operate or own.
Bulgaria, France, Finland and Italy place limitations on the type of investment that Barbadian firms may make, e.g. putting a limit on the maximum percentage for foreign shareholding or voting rights, and the EU in general has limitations on the treatment that is extended to branches and agencies.