There exist a number of opportunities for the establishment of new businesses in Turks & Caicos, and current government policy is to attract inward investment. All businesses, if not licensed under some other law, must have a licence under the Business Licensing Ordinance. The Government encourages the participation and/or training of Turks & Caicos citizens in new enterprises, and it will normally be difficult to establish a new business in one of the areas reserved for citizens. On the other hand, where the business is in an area not being adequately served, an unconditional licence will generally be forthcoming.  Foreigners wishing to engage in gainful occupation or to become ordinarily resident are required to obtain a permit to do so from the immigration authorities.  Permanent residence may be granted to persons making a substantial investment.

With the firm's long experience in Turks & Caicos, informed advice concerning the establishment of new enterprises and all matters of immigration is offered to clients interested in doing business or simply looking for an alternative place of residence.  We can assist in preparing and overseeing applications for business licences, work permits and residence permits.




There is no restriction on the acquisition or sale of land in Turks & Caicos. Title to land falls under the regime of the Registered Land Ordinance, a system of title registration which facilitates confirmation of title by persons intending to acquire an interest in land, and provides indefeasibility of title upon the acquisition of the interest. An essential feature of the system is the guarantee by the Crown against loss arising by virtue of an error in the land register. Whilst there is no tax on capital gains, stamp duty is levied on transfers, although in some cases there are legitimate ways to mitigate or avoid it. Property prices in Providenciales in particular have been enjoying a boom in the recent past, and increasing interest is being shown in the less developed islands.

Title to condominium units and the management of condominium developments are governed by separate legislation, while still falling within the registered land system.  The legislation is very similar to that in several other Commonwealth nations, and so carries the benefit of decades of relevant case law.

We will advise generally on the acquisition of property in Turks & Caicos and the various modes of ownership, and will handle all forms of property transactions, from preparation of the necessary agreements and instruments through to closing and registration.





Turks & Caicos continues to offer tremendous potential for developers.  In addition to a plenitude of privately-owned property, Crown land can be made available on long term-lease, or, through association with a Turks & Caicos citizen, by way of a conditional purchase lease, depending upon the nature of the development proposed.  In addition, incentives may be granted by Government in the form of exemption from customs duty on materials and equipment imported for the development, and reductions in or exemptions from work permit fees and other associated costs.  In the case of certain approved developments, the Government may agree to the grant of a permanent residence certificate to the investor.

Savory & Co. will advise and assist in all aspects of development projects in Turks & Caicos, including preparation of development agreements, building contracts, property-owner and condominium agreements, liaison with Government officials and agencies, and the submission of applications for planning approvals.




The Companies Ordinance provides a choice between the exempted company as an offshore vehicle and the ordinary company as the standard vehicle for business conducted within Turks & Caicos.  Neither type requires locally resident shareholders or officers and both may issue bearer shares.  A company may do all that a natural person may do, or its powers may be limited to specific objects.  Capital may be expressed in any currency, and consist of shares of any par value or of no par value.  The liability of members for the debts of the company may be limited wholly or partly or liability can be unlimited, and different members may have different liability.  Persons dealing in good faith with the directors of a Turks & Caicos company are not required to inquire as to their corporate authority.

The exempted company need not include the word "Limited" in its name, and may include such expressions as "Inc.", "S.A.", and "A.G.". On incorporation, it receives an undertaking from the Governor to the effect that no taxation on income or gains will apply for twenty years from the date of incorporation.

A special form of company recognised by Turks & Caicos law is the limited life company, usually known as a limited liability company in the USA. The limited life company is regarded as a partnership for the purposes of the US tax code, and so not taxed as a separate entity. Profits, losses and deductions are attributed to the individual members.

Also useful is the company limited by guarantee, in which membership is not tied to the ownership of shares and therefore does create a property interest. Such a company can be structured to operate as a trust or a partnership while retaining the benefits of corporate entity.

Savory & Co. has a close relationship with CT Management, part of the Chartered Trust group, one the longest established company and trust service providers in Turks & Caicos, and we utilise their efficient services for the incorporation and management of companies registered under the Companies Ordinance. In all matters of a legal nature arising from corporate operations and affairs, we offer expert advice and assistance. We can also provide corporate nominees to hold shares, and, in selected cases, can arrange the provision of directors and other officers.




The practice and procedure of the Turks & Caicos Supreme Court generally follows that applied in the English courts, and current English case law and law texts are routinely accepted as authority in matters where legislation does not specifically apply or requires interpretation.  Case law and texts from other Commonwealth countries and territories are also accepted as persuasive authority. Accordingly, all the usual pre-emptive remedies like the Mareva injunction (freezing a defendant's assets pending disposition of an action) and Anton Piller order (permitting the search for and seizure of property and records in danger of being removed or destroyed) are available, the former in particular being commonly employed.  Therea re four levels in the court  system: the Magistrate's Court, which deals with day-to-day criminal matters and small claims (under $10,000), the Supreme Court, which has jurisdiction in all matters, the Court of Appeal. which hears appeals from the Supreme Court, and the Privy Council in London, an historic body whose Judicial Committee comprises top judges from Britain and the British Commonwealth (see

In most cases and where no conflict arises, Savory & Co. will accept instructions from clients both within and outside Turks & Caicos to conduct proceedings in commercial and other matters. Since 1983, the firm has successfully conducted a number of appeals in the Court of Appeal, for both appellants and respondents, and two of our counsel have appeared on several occasions in the Privy Council


Banking and investment advice - calm as the sea on the beachBanking and fund management

Retail banking services are currently provided by CIBC FirstCaribbean Bank, ScotiaBank, and the Royal Bank of Canada, while private banking services are provided by a number of investment banks and trust companies.  Banks are regulated by the Banking Ordinance and the Financial Services Commission Ordinance.  There is also legislation targeting the proceeds of crime and protecting against money laundering and terrorist financing.

We can advise generally on:

  • placement of funds in Turks & Caicos
  • borrowing for property purchase,
  • opening of new accounts. 

We can

  • assist with an applications for a bank licence
  • advise on and prepare customised lending agreements and security documentation. 
  • give recommendations as to placement of funds to suit individual requirements.




Based on the established English law of trusts, the Trusts Ordinance incorporates provisions from other jurisdictions and several original refinements, not least of which is the abolition of the old prohibition against perpetual trusts. The trust is an attractive and useful vehicle for the purposes of tax and estate planning, and for the various other purposes ranging from the removal of assets from one’s estate to simple privacy to use by corporations for commercial transactions and investment programmes.

The Trusts Ordinance is applicable to trusts whose validity is governed by the law of Turks & Caicos. It is open to specify in the trust instrument that the administration of the trust, and indeed the interpretation of the instrument itself, will be governed by the laws of different jurisdictions. The instrument may also provide for the law governing each aspect of the trust to be changed from time to time. A transfer to a trust by an individual cannot be set aside if following the transfer the individual concerned retains sufficient assets to meet his actual and estimated liabilities.

If the specified trustee is a company which charges for its services, the company must be licensed under the Trustees Licensing Ordinance.

We will prepare or review trusts deeds in accordance with instructions from the client's advisers in the home jurisdiction, and will advise generally on the applicable law.  We would normally secure the services of Chartered Trust in cases where ongoing fund management is required.





The Insurance Ordinance provides a conducive environment for those wishing to carry on insurance or reinsurance business from within Turks & Caicos, with a regulatory framework designed to minimise the risk of disreputable operations becoming established and affecting the reputation of Turks & Caicos insurance companies generally. Various types of insurer's licence are available, depending upon whether the company will be writing offshore business only or domestic business too, and whether its clientele will be restricted or not. Licences are compulsory for insurance managers, brokers and agents. Penalties for non-compliance are stiff, but the emphasis is on actively encouraging new operations with sound and experienced management.

The legislation makes special provision for the Niche Hybrid Reinsurance Company, also known as a Producer-Owned Reinsurance Companies.  Turks & Caicos has a large number of NHRCs, and is the world’s leading domicile for this type of company.

The firm will assist with licence applications and the preparation of the accompanying business plan. We can also provide or arrange local administration services for licensed insurance operations.




Turks & Caicos was intentionally made an offshore centre by the British Government following recommendations made in 1970.   It has remained a nil-tax jurisdiction, with no taxes on income or capital, no exchange control, and statutory protection of confidentiality.  The financial services legislation is modern and flexible, permitting the creation of practically every form of vehicle to suit the needs of the professional tax or estate planner from the trust to the limited life company to the company without shares to the limited partnership to the restricted market reinsurer.  Savory & Co. has been actively involved in the creation of offshore vehicles since 1981, usually working with overseas professionals to tailor documentation to the needs of individual plans and structures.




A Registry of British Ships is situated at Grand Turk, and it is relatively simple and inexpensive to register a vessel under 50 tons. Registration of larger ships will generally not be possible. Registration is possible only for ship-owners coming within the definition of British subjects, and a Turks & Caicos company comes within that definition. Indeed in that regard a Turks & Caicos company may be registered as the owner of a ship in any Registry of British Ships. As there is no restriction on who may own a Turks & Caicos company, it is an appropriate vehicle for the foreign national wishing to register in a British Registry.

Savory & Co. will attend to registration of yachts and ships at the Grand Turk Registry, including cases where the desire is to transfer registration from another port of registry. We can also arrange the incorporation of an ordinary company (see above) for the purposes of registration.