The TCI are a British Overseas Territory, with a legal and judicial system based on English common law, and the ultimate appellate Court is the Privy Council in London. The population of the Islands is estimated to be 33,000, of whom about 25,000 live on the island of Providenciales, the TCI’s commercial and tourist centre. The Islands have no direct personal or corporate taxation, and the local currency is the US dollar. There are no exchange control regulations. Transport links (primarily to Providenciales) are excellent, with over 70 weekly regular direct international flights to major US cities and London.
The economy of the Islands grew dramatically in the years leading up to the financial crash of 2008, and has now recovered well. The TCI operates a significant budget surplus, and per capita income is amongst the very highest in the Caribbean region. Tourism and offshore finance are the main industries. Priority has been given by the TCI Government to the development of the financial services sector. As a consequence, the Islands have modern legislation covering a broad spectrum of business and financial products and entities including companies, limited partnerships, limited life companies, trusts, captive insurance, banking and mutual funds. There is a strong commitment to compliance by the financial services industry to all international regulatory standards, and the Islands’ proceeds of crime and anti-money laundering legislation has recently been reviewed with approval by the Paris-based Financial Action Task Force and the IMF. The TCI is on the OECD white list, and is listed as compliant with every major financial regulatory agency.
High end tourism development is heavily encouraged by the Government, and the Islands are now home to some of the best hotel and condominium resorts in the Caribbean, notably Parrot Cay and the Aman resort. Development has primarily been on Providenciales and its outlying Cays, but in the recent past has been spreading to North Caicos, West Caicos, Ambergris Cay and Grand Turk, and interest on the part of developers (both local and international) in other islands in the archipelago is growing . The Turks and Caicos Islands were voted Number 1 island destination in the world by TripAdvisor in 2015.
The TCI government offers significant incentives to inbound foreign investors, and this can include immigration, customs duty and other incentives. Investor residency permits are available to qualified individuals.
The Turks and Caicos Islands are a British Overseas Territory located a short distance to the south east of The Bahamas and around 575 miles from Miami, Florida. They are easily accessible by direct flights from London, Canada and major North American cities such as Miami, New York, Boston and Dallas.
The Turks & Caicos Islands are a low tax jurisdiction with a recognized financial centre that attracts investors and businesses from around the world. The Islands’ economy has developed very significantly over the past 30 years with per capita GDP in 2007 being, according to the UK Foreign & Commonwealth Office (FCO), US$23,768 with peak growth at 15%.