General

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 …

Enforcement-of-Tax

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 …

Mutual-Fund-Regulation-Overview

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 …

INTRODUCTION The offshore insurance industry started in the 1960s in Bermuda where the captive insurance company was first developed as a recognized commercial vehicle by major US corporations seeking alternative methods to finance their risks. In those days, this simple risk transfer mechanism not only potentially lowered the cost of insurance for the parent corporation but also enabled it to retain control of the investment income and reserves while allowing the premiums paid to be …