Financial Center

A financial centre by design.  Turks & Caicos is unique among those jurisdictions commonly called “tax havens” in that its development as an offshore centre was a considered decision by Britain, following the recommendations made in the UK Government-sponsored Jakeway Report in 1970.  Over the years since, a number of legislative measures have been enacted, including legislation on banking, confidentiality, companies, insurance, trusts and other measures aimed at encouraging the utilisation of Turks & Caicos by international institutions and firms. The desire to foster a strong and reputable finance industry in Turks and Caicos remains central to Government policy.  The finance industry is supervised by the Financial Services Commission.  The industry itself is represented by the Financial Industry Association, which comprises the following professional bodies:  the Bar Association, the Society of Accountants, the Bankers Association, the Association of Licensed Trustees, the Association of Insurance Managers, the Investment Dealers Association and the Company Managers Association

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No direct tax.  There is no form of direct tax in Turks and Caicos – no income tax, company tax, withholding tax, capital gains tax or other tax on income, profits or assets.  Exempted companies automatically receive a Governor’s Undertaking guaranteeing exemption from taxation for 20 years.

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Tax treaties.  There are no tax treaties with other countries. Turks & Caicos does have exchange of information treaties with several countries.

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No exchange control.  There is no restriction on the movement of funds into or out of Turks & Caicos, and the fact that the national currency is the US dollar further facilitates money transfers.  Foreign cheques and bank drafts are accepted for deposit, but clearance can take from three to six weeks.

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Banking.  Banks are governed by the Banking Ordinance, under which both onshore and offshore bank licences are available.  Retail banking services are provided by CIBS First Caribbean, ScotiaBank, and RBC Royal Bank.  Private banking and asset management services are provided by several investment banks and trust companies.  Anti-money-laundering laws and policies require full identification of bank customers and source of funds, as well as restriction on the size of cash deposits and withdrawals.

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Foreign investment.  There is no restriction as to ownership or sale of land in Turks & Caicos, and the property market, in Providenciales in particular, is active. The Government is committed to the sound development of both the tourism and finance industries, and encourages as many international firms as possible to establish a presence.  Many opportunities for new business exist, and certain incentives such as customs duty exemptions are available for developments determined to be beneficial to the country. The Government will generally wish to see the participation and/or training of natives in new enterprises, and it will normally be difficult to establish a new business in an area which Government feels is being adequately served by existing enterprises.

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Confidentiality.   The normal common law duty of confidentiality applicable to banks is extended to all relationships between professional and clients, and a breach of confidentiality is elevated from a civil to a criminal wrong.  Subject to certain exceptions in relation to the detection of crime, it is an offence under the Confidential Relationships Ordinance to divulge or attempt to divulge, or to obtain or attempt to obtain, information of a confidential nature.  Similar provisions in relation to exempted companies are also contained in the Companies Ordinance, which also set out the procedure for the taking of evidence in court cases where the confidentiality of information becomes an issue.  Under both statutes, the Attorney-General has a fiat as to the bringing of prosecutions. The confidentiality provisions will not avail in cases where there is clear prima facie evidence of criminal activity, that is to say, theft, fraud, dealing in illegal drugs, etc.  The Mutual Legal Assistance (United States of America) Ordinance gives effect to treaty between the Governments of the United States and of the United Kingdom which now applies in all of the British dependent territories, including the Cayman Islands and the British Virgin Islands.  Assistance afforded to the US Government under the treaty does not extend to tax-related matters (except in certain cases involving the unlawful proceeds of crime) or to conduct not punishable by imprisonment of more than one year.

Foreign investment.  There is no restriction as to ownership or sale of land in Turks & Caicos, and the property market, in Providenciales in particular, is active. The Government is committed to the sound development of both the tourism and finance industries, and encourages as many international firms as possible to establish a presence.  Many opportunities for new business exist, and certain incentives such as customs duty exemptions are available for developments determined to be beneficial to the country. The Government will generally wish to see the participation and/or training of natives in new enterprises, and it will normally be difficult to establish a new business in an area which Government feels is being adequately served by existing enterprises.

Back to top

Confidentiality.   The normal common law duty of confidentiality applicable to banks is extended to all relationships between professional and clients, and a breach of confidentiality is elevated from a civil to a criminal wrong.  Subject to certain exceptions in relation to the detection of crime, it is an offence under the Confidential Relationships Ordinance to divulge or attempt to divulge, or to obtain or attempt to obtain, information of a confidential nature.  Similar provisions in relation to exempted companies are also contained in the Companies Ordinance, which also set out the procedure for the taking of evidence in court cases where the confidentiality of information becomes an issue.  Under both statutes, the Attorney-General has a fiat as to the bringing of prosecutions. The confidentiality provisions will not avail in cases where there is clear prima facie evidence of criminal activity, that is to say, theft, fraud, dealing in illegal drugs, etc.  The Mutual Legal Assistance (United States of America) Ordinance gives effect to treaty between the Governments of the United States and of the United Kingdom which now applies in all of the British dependent territories, including the Cayman Islands and the British Virgin Islands.  Assistance afforded to the US Government under the treaty does not extend to tax-related matters (except in certain cases involving the unlawful proceeds of crime) or to conduct not punishable by imprisonment of more than one year.

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No direct tax.  There is no form of direct tax in Turks and Caicos – no income tax, company tax, withholding tax, capital gains tax or other tax on income, profits or assets.  Exempted companies automatically receive a Governor’s Undertaking guaranteeing exemption from taxation for 20 years.

Back to top

Tax treaties.  There are no tax treaties with other countries. Turks & Caicos does have exchange of information treaties with several countries.

.Back to top

No exchange control.  There is no restriction on the movement of funds into or out of Turks & Caicos, and the fact that the national currency is the US dollar further facilitates money transfers.  Foreign cheques and bank drafts are accepted for deposit, but clearance can take from three to six weeks.

Back to top

Banking.  Banks are governed by the Banking Ordinance, under which both onshore and offshore bank licences are available.  Retail banking services are provided by CIBS First Caribbean, ScotiaBank, and RBC Royal Bank.  Private banking and asset management services are provided by several investment banks and trust companies.  Anti-money-laundering laws and policies require full identification of bank customers and source of funds, as well as restriction on the size of cash deposits and withdrawals.

Back to top

Foreign investment.  There is no restriction as to ownership or sale of land in Turks & Caicos, and the property market, in Providenciales in particular, is active. The Government is committed to the sound development of both the tourism and finance industries, and encourages as many international firms as possible to establish a presence.  Many opportunities for new business exist, and certain incentives such as customs duty exemptions are available for developments determined to be beneficial to the country. The Government will generally wish to see the participation and/or training of natives in new enterprises, and it will normally be difficult to establish a new business in an area which Government feels is being adequately served by existing enterprises.

Back to top

Confidentiality.   The normal common law duty of confidentiality applicable to banks is extended to all relationships between professional and clients, and a breach of confidentiality is elevated from a civil to a criminal wrong.  Subject to certain exceptions in relation to the detection of crime, it is an offence under the Confidential Relationships Ordinance to divulge or attempt to divulge, or to obtain or attempt to obtain, information of a confidential nature.  Similar provisions in relation to exempted companies are also contained in the Companies Ordinance, which also set out the procedure for the taking of evidence in court cases where the confidentiality of information becomes an issue.  Under both statutes, the Attorney-General has a fiat as to the bringing of prosecutions. The confidentiality provisions will not avail in cases where there is clear prima facie evidence of criminal activity, that is to say, theft, fraud, dealing in illegal drugs, etc.  The Mutual Legal Assistance (United States of America) Ordinance gives effect to treaty between the Governments of the United States and of the United Kingdom which now applies in all of the British dependent territories, including the Cayman Islands and the British Virgin Islands.  Assistance afforded to the US Government under the treaty does not extend to tax-related matters (except in certain cases involving the unlawful proceeds of crime) or to conduct not punishable by imprisonment of more than one year.

Foreign investment.  There is no restriction as to ownership or sale of land in Turks & Caicos, and the property market, in Providenciales in particular, is active. The Government is committed to the sound development of both the tourism and finance industries, and encourages as many international firms as possible to establish a presence.  Many opportunities for new business exist, and certain incentives such as customs duty exemptions are available for developments determined to be beneficial to the country. The Government will generally wish to see the participation and/or training of natives in new enterprises, and it will normally be difficult to establish a new business in an area which Government feels is being adequately served by existing enterprises.

Back to top

Confidentiality.   The normal common law duty of confidentiality applicable to banks is extended to all relationships between professional and clients, and a breach of confidentiality is elevated from a civil to a criminal wrong.  Subject to certain exceptions in relation to the detection of crime, it is an offence under the Confidential Relationships Ordinance to divulge or attempt to divulge, or to obtain or attempt to obtain, information of a confidential nature.  Similar provisions in relation to exempted companies are also contained in the Companies Ordinance, which also set out the procedure for the taking of evidence in court cases where the confidentiality of information becomes an issue.  Under both statutes, the Attorney-General has a fiat as to the bringing of prosecutions. The confidentiality provisions will not avail in cases where there is clear prima facie evidence of criminal activity, that is to say, theft, fraud, dealing in illegal drugs, etc.  The Mutual Legal Assistance (United States of America) Ordinance gives effect to treaty between the Governments of the United States and of the United Kingdom which now applies in all of the British dependent territories, including the Cayman Islands and the British Virgin Islands.  Assistance afforded to the US Government under the treaty does not extend to tax-related matters (except in certain cases involving the unlawful proceeds of crime) or to conduct not punishable by imprisonment of more than one year.