What We Say

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 …

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 …

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 …

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 …

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

Global-Corporate-Governance

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 …