21 May 2013

TURKS AND CAICOS ISLANDS STAMP DUTY & TITLE REGISTRATION RESTRICTIONS

Attorney General of the Turks and Caicos Islands and another (Appellants) -v- Ross Richardson (as Trustee in the bankruptcy of Yellowstone Club World LLC) (Respondent) In a recent case before the Privy Council in London, Ariel Misick O.B.E, Q.C. appeared on behalf of the Respondent in an appeal by the Turks and Caicos Islands Attorney General. The case was heard before Lord Hope, Lord Kerr, Lord Reed, Lord Carnwath, and Sir John Chadwich. The TCI …

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10 Mar 2013

MISICK & STANBROOK CONGRATULATES KISHANTI HALL ON BEING CALLED TO THE TCI BAR

Kishanti Hall is the newest member of the Misick & Stanbrook team of attorneys. Having worked closely under the guidance of Ariel Misick QC to complete her pupilage, she was called to the Turks and Caicos Bar before Judge Margaret Ramsay-Hale acting as Chief Justice in February 2013. Kishanti was born in the Bahamas and completed an undergraduate degree in Mass Communications and Journalis/blog/misick-stanbrook…l-called-tci-bar/m at Clark Atlanta University in Georgia in 2006. Following this, she …

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26 Feb 2013

TURKS & CAICOS INTRODUCES ENHANCED ANTI-MONEY LAUNDERING PROVISIONS.

Article by Owen Foley. Click here to download a copy The Turks & Caicos Islands (TCI) has recently introduced a raft of legislation to enhance its existing comprehensive anti-money laundering regime. The provisions largely follow the “Review of Financial Regulation in the Caribbean Overseas Territories and Bermuda” recently conducted for the British Government by KPMG (generally known as “the KPMG Report”). Since passage of the legislation, the Paris-based Financial Action Task Force (FATF) has published its updated list of …

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25 Feb 2013

TCI INTRODUCES REGULATION OF INVESTMENT DEALERS

INTRODUCTION The Turks & Caicos Islands (“TCI”) has recently introduced a law regulating investment dealers, The Investment Dealers Ordinance 2001. The Ordinance came into effect on 22nd May 2001. INVESTMENT DEALERS An investment dealer means a person who trades on behalf of customers, acts as a fund manager, solicits subscriptions for new issues of investments, and offers advice about investments by way of a business. Investments include commodities trading, corporate bonds, equities, government and local …

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25 Feb 2013

TCI TRANSFER DUTY REDUCTION

During the years of the recent property and development boom in the Turks and Caicos Islands (TCI), stamp duty on the real estate transactions became a substantial contributor to Government coffers. All real estate transactions in TCI are subject to stamp duty at varying rates depending on the size of the transaction and on the island on which the real estate is situate.    In most cases, stamp duty is charged at the rate of 9.75% of the consideration …

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25 Feb 2013

TCI RESIDENCY – NON WORK PERMIT HOLDERS

Outside the work permit regime, there are two possible types of residency in TCI- a. Permanent residency (which frequently comes with the right to work); b. Shorter term residency. Permanent residency is now available only to those who have lived and worked in TCI for a stipulated period. Previously such residency was available to individuals who made a specific level of investment in TCI: since September 2012, that is no longer the case. The two …

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25 Feb 2013

ENFORCEMENT OF TAX LIABILITIES ACROSS BORDERS

Enforcement-of-Tax

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25 Feb 2013

GUIDE TO DOING BUSINESS IN TCI IN 2009

LEGAL SYSTEM 1. What is the legal system (civil law, common law or a mixture of both)? The Turks and Caicos Islands (TCI) is a common law jurisdiction modeled on the English legal system. A Magistrates’ Court sits in each of the Islands and there is an appeal process from the Magistrates’ Court to the Supreme Court. The Supreme Court is similar to the High Court in England and is presided over by a single …

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25 Feb 2013

MUTUAL FUND REGULATION IN THE TURKS & CAICOS ISLANDS (TCI)

Mutual-Fund-Regulation-Overview

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25 Feb 2013

A PLACE IN THE SUN: TCI RESIDENCY FOR THE AFFLUENT EXPATRIATE

INTRODUCTION Almost a decade ago, the then US vice-president Al Gore spoke, rather fancifully it seemed at the time, of the coming “information superhighway”. The term already sounds old-fashioned: it has a 90s ring to it, and nothing dates as much as the recent past. Nevertheless, it is undeniable that Mr. Gore’s superhighway has come about and that the vehicles of international trade and commerce are racing along it at an ever-quicker pace. One of …

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