The Turks & Caicos

The Turks and Caicos Islands (TCI) are about 75 minutes flight southeast of Miami and in the same time zone as New York. A stable political system with a common-law framework and right of appeal in Britain, a competent administration, social harmony and robust infrastructures guarantee the TCI’s stability.

The TCI were amongst the first to apply across the board regulations meeting international standards, commencing with the insurance industry, followed by the trusts companies and the banks, which are subject to strict government regulations and external audit. In addition, there is modern legislation facilitating international cooperation in the fight against drugs. Finally, all-crimes anti-money laundering legislation is now in place enabling TCI authorities to take firm measures on money laundering, giving confidence to the offshore investor.

The TCI are now a recognised offshore finance centre, which contributes close to 10% of the Island’s gross domestic product exceeded only by tourism and construction.

The TCI are not a single product jurisdiction serving only international corporations. It offers a variety of offshore products and services in a regulated environment. A number of multinational companies have established financing subsidiaries in the TCI to finance their global operations. Many of these subsidiaries are listed on the world’s major stock exchanges. Furthermore, a number of international property holding companies, international joint venture vehicles, mutual funds and captive insurance companies are based in the TCI.

Improved air links with major European and North American cities in the 1990s and improved telecommunication services led to a steady stream of high net worth individuals making the Islands their home. Many have taken permanent residence in this low tax jurisdiction. This has resulted in a new flow of investment capital fuelling an expansion in the tourism and construction industries.

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