Many visitors to the islands are surprised to learn that Turks & Caicos is an offshore jurisdiction. One would be hard pressed to find one “suit” among the lunch hour crowd. Despite the lower profile, these islands, like many larger low tax financial centres (Cayman, Barbados, Switzerland to name a few) offer access to a wide range of investment options, asset protection, and income tax planning solutions not available directly in USA, Canada or Europe.
The Turks and Caicos Islands (the Islands, the TCI) are an intentional "offshore finance centre" specifically created by Britain following a UK government-sponsored study in 1970. Unlike some of the other Caribbean islands, such as Bermuda or the Bahamas, which just grew into tax havens, the Government of the TCI, with the encouragement and assistance of the British Government, set out to create "the best offshore finance centre in the world". They subsequently enacted legislative measures to implement the infrastructure necessary to support this aim, including specifically crafted laws on confidentiality, banking, insurance, trusts, companies and limited partnerships. Purchasing a property in Turks & Caicos Islands brings you into a world of financial opportunities.
Summary of Attractive Features
- No income tax
- No taxes on investment income or capital gains
- No withholding taxes on dividends, interest, management fees and royalties paid
- No taxes on corporate profit
- No probate fees
- No estate or succession duties
- Well established confidentiality laws
- Professional advisors and support services readily available
- Excellent infrastructure and telecommunications network
- Easily accessible
- Government stability
- Official language is English
- No exchange controls
- Official currency is the U.S. dollar
The solid and reputable financial services sector in the Turks & Caicos Islands is very well regulated, puts a premium on confidentiality and provides an array of financial service products tailored to each personal situation. The keystone of the islands’ financial service legislation is the formation of exempt, ordinary, Limited Life, Guarantee and Hybrid Companies, plus Limited Partnerships, all monitored by the Financial Services Commission. In depth knowledge and experience is on hand to identify correct legal structures for each individual’s specific goals, to discuss investment opportunities within the zero tax domicile of the Turks & Caicos Islands and to offer a full range of international investment opportunities and services in major markets.