Governor Sandra Mason will be sworn in as the first Barbadian president on Monday night, thus abolishing the title of "British head of state," which has been in place since the country's independence in 1966.
"We had to change this reality to show that we have the confidence in ourselves to be fully responsible for who we are and what we do," she added, stressing that the inhabitants will no longer swear allegiance to her Majesty Queen Elizabeth II but to the State of Barbados and the continuity of its institutions.
The Island's identity will not be harmed by the move to a parliamentary republic; its Independence Day will stay November 30 and its national colors will remain aquamarine blue, gold, and black.
"The moment has come to leave our colonial past behind us," Prime Minister Mia Mottley said, adding that Barbados will remain a member of the Commonwealth of Nations, which includes 54 countries with historical links to the UK.
Prince Charles, the British heir to the throne, and the presidents of CARICOM's 15 member countries will attend the swearing-in event, which will go till tomorrow.