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

ESTABLISHING A TCI LEGAL ENTITY

There are several TCI legal entities regularly established for carrying out business either internationally or domestically. The registration process of these entities is comparatively straightforward and can usually be completed for a fixed cost and within a short timeframe and are often attractive options in TCI as an offshore financial centre with no corporate or personal income tax. In terms of international business, a TCI Exempted Company (or IBC) is a company incorporated in TCI …

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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

Corporate governance in the Turks & Caicos Islands

Global-Corporate-Governance

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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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25 Feb 2013

CAPTIVE INSURANCE IN THE TURKS & CAICOS ISLANDS

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 …

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23 Jan 2013

MISICK & STANBROOK WIN LANDMARK JUDICIAL REVIEW AGAINST TCIAA (TURKS AND CAICOS ISLANDS AIRPORT AUTHORITY)

In an important decision for the jurisdiction, Ariel Misick Q.C. and Alexander Heylin appeared for Flight Support Limited in front of Justice Margaret Ramsay-Hale in the Supreme Court. The TCIAA, TCI’s Government-owned airports operator, had entered into a joint venture for the monopoly provision of ground services at TCI’s main airport. Flight Support, a company already engaged in the provision of such services, and whose business would have been badly damaged by the proposed monopoly, …

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