General

On October 15th, 2013 the New Hotel and Restaurant (Taxation) Ordinance 2013 came into effect. This ordinance amends the former Hotel and Restaurant (Taxation) Ordinance which was into effect prior to October 15th. There is a wide range of new provisions which clients should be aware of. PREMISES TO WHICH THE ORDINANCE APPLIES The first and far-reaching effect of the new Ordinance is that the provisions of the Ordinance apply to any premises used for …

Misick & Stanbrook were delighted to send along one of their partners, Alexander Heylin, to the annual TerraLex Conference in Paris which took place last month from 25th to 28th September 2013. The host firm PDGB put on a fantastic event and TerraLex has several hundred delegates from member law firms from all over the world. TerraLex membership provides Misick & Stanbrook with the opportunity to have connections with top rated firms in most global …

On 1st November 2013, an amendment of the Immigration Regulations is to come into force which mainly impacts on the cost of working and residing in the TCI. It is important for individuals as well as businesses to be aware of the changes which will be brought in by virtue of the Immigration (Amendment No. 2) Regulation 2013. The changes include: Applications for the renewal of work permits to be filed at least 30 days …

The Turks and Caicos Islands (TCI) has just enacted a revamped investor residency programme, entitling successful applicants to a permanent residence certificate (PRC). Qualifying criteria The qualifying criteria are:- Villas a. Investment of not less than $300,000 in actual construction of a new home, or in renovation of a distressed property as a home for the applicant and his or her dependants, on the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos or …

In proceedings brought by the Attorney General of the TCI, Ariel Misick Q.C. appeared for Akita Holdings Ltd in front of Justice Margaret Ramsay-Hale in the Supreme Court. The Attorney General claimed that the company was unjustly enriched by benefits it received through a transfer of Crown land obtained at an undervalue or that it was otherwise in knowing receipt of the land which was transferred in breach of fiduciary duty. Akita Holdings Ltd defended …

Tajuana Ewing, the firm’s chief compliance officer, and MLRO have recently undertaken a Compliance Awareness course accredited by the International Compliance Association. The course has given Tajuana training and knowledge of how best to manage and mitigate compliance risk at the firm. She will be utilizing these skills and the information gained to provide the firm with effective training and education in respect of minimizing risk and adhering to best compliance practice, policies and procedures. …

The well-known legal directory for law firms around the world, Chambers & Partners, has ranked Misick & Stanbrook in Band 1 (the top tier) for General Business Law in the Turks and Caicos Islands. They also highly recommend Ariel Misick QC, who founded the firm. The firm takes pride in this global recognition and continues striving for excellence within the jurisdiction.

Misick & Stanbrook’s corporate and commercial partner, Owen Foley, has recently been appointed to the Caribbean Regional Council of World Services Group. World Services Group is a global organization of member firms across 115 countries throughout the world. It is a leading network of independent elite professional services firms and companies. Misick & Stanbrook has been a member since 2005. For more information please go to the World Services Group website here

The Turks and Caicos Islands is a British Overseas Territory and a common law jurisdiction which is modeled on the English legal system. It has a written constitution. The judicial courts are based in the country’s capital Grand Turk and in Providenciales.

TCI’s anti-money laundering (AML) regulations were extended in 2010 to certain classes of non-regulated financial business (NRFBs). The categories concerned include:- A person who by way of business provides accountancy or audit services. A person who by way of business acts as a real estate agent. An independent legal professional. A high-value dealer (someone trading in goods, precious metals or precious stones when he receives in respect of any transaction a payment in cash of …