Latest updates

Stamp duty relief now in force
  • Private Client & Offshore Services
  • Turks & Caicos Islands
  • May 20 2010

The Turks and Caicos Islands (TCI) government has enacted changes to TCI's stamp duty regime in relation to real estate transfers. The way in which stamp duty on such transactions is assessed has been amended, and new rules have been established whereby a person liable to pay stamp duty on a real estate transfer may either pay the duty in full at the outset or elect to pay the duty in annual instalments.

Government relaxes tax on land holding company equity transfers
  • Real Estate
  • Turks & Caicos Islands
  • March 12 2010

In 1992 the government enacted the Land Holding Companies (Transfer Duty) Ordinance, which effectively imposed a tax at the rate of 8% on any transfer of equity in a TCI land holding company. However, the government has now announced new measures to ensure that the issuance of new equity in TCI land holding companies is taxed at a nominal rate of 0.2%.

Government relaxes tax on land holding company equity transfers
  • Private Client & Offshore Services
  • Turks & Caicos Islands
  • March 11 2010

In 1992 the government enacted the Land Holding Companies (Transfer Duty) Ordinance, which effectively imposed a tax at the rate of 8% on any transfer of equity in a TCI land holding company. However, the government has now announced new measures to ensure that the issuance of new equity in TCI land holding companies is taxed at a nominal rate of 0.2%, rather than the previous rate of 8%.

TCI qualifies for OECD white list
  • Private Client & Offshore Services
  • Turks & Caicos Islands
  • February 11 2010

The Turk and Caicos Islands' interim government has announced that the territory has now reached the Organization for Economic Cooperation and Development's (OECD) internationally agreed standard for exchange of tax information agreements and will now move from the OECD's grey list to its white list.

Prevention is better than cure: insolvency in the building industry
  • Private Client & Offshore Services
  • Turks & Caicos Islands
  • January 14 2010

Recently, a number of private island hotel developments in the Turks and Caicos Islands have been halted. Similarly, elsewhere in the Caribbean, a number of luxury resorts have been forced to stop construction as financing dries up and the market for holiday villas and condominiums shrinks. Parties entering into building contracts would be well advised to follow the advice provided in this update.

Prevention is better than cure: insolvency in the building industry
  • Construction
  • Turks & Caicos Islands
  • January 11 2010

Recently, a number of private island hotel developments in the Turks and Caicos Islands have been halted. Similarly, elsewhere in the Caribbean, a number of luxury resorts have been forced to stop construction as financing dries up and the market for holiday villas and condominiums shrinks. Parties entering into building contracts would be well advised to follow the advice provided in this update.

UK Government Partially Suspends Turks and Caicos Islands Constitution
  • Private Client & Offshore Services
  • Turks & Caicos Islands
  • October 08 2009

The Constitution of the Turks and Caicos Islands, a British overseas territory, has been partially suspended. Provisions have been put in place for the interim governance of the islands by Governor Gordon Wetherell until such time as a new government can be freely and fairly elected. The governer aims to establish a durable path towards good governance, sound financial management and responsibility.

Building on the Spoken Word: A Guide to Oral Construction Contracts
  • Private Client & Offshore Services
  • Turks & Caicos Islands
  • May 14 2009

In the Turks and Caicos Islands, parties often begin building commercial or residential properties or engage in engineering works without taking any legal advice on the appropriate form of building contract and without signing a formal building contract. This update provides advice to parties regarding their rights when engaging in building or engineering work in the absence of a formal written contract.

Building on the Spoken Word: A Guide to Oral Construction Contracts
  • Construction
  • Turks & Caicos Islands
  • May 11 2009

In the Turks and Caicos Islands, parties often begin building commercial or residential properties or engage in engineering works without taking legal advice on the appropriate form of building contract and without signing a formal building contract. This update provides advice to parties regarding their rights when engaging in building or engineering work in the absence of a formal written contract.

Overview (December 2008)
  • Private Client & Offshore Services
  • Turks & Caicos Islands
  • December 11 2008

Including: Legal System; Foreign Investment; Commercial Entities; Employment; Work Permits and Residency; Tax, Duties and Licences; Confidential Information; E-commerce.

Enforcement Issues Surrounding Positive Covenants in Mixed-Use Resorts
  • Private Client & Offshore Services
  • Turks & Caicos Islands
  • November 27 2008

The Turks and Caicos Islands has experienced marked growth in luxury tourism development in recent years. As the territory has developed, the size and sophistication of resort development have increased significantly. Developers of expensive mixed-use resorts are concerned with the enforcement of ownership-restrictive covenants - the 'legal glue' that binds mixed-use developments together.

Financial Services Commission Ordinance 2007
  • Private Client & Offshore Services
  • Turks & Caicos Islands
  • February 14 2008

The Financial Services Commission Ordinance 2007, which creates a new regulatory regime for the financial services industry, recently came into force. The ordinance gives the commission the power to ensure compliance with the International Monetary Fund’s 2005 Report recommendations.

Overview (December 2007)
  • Private Client & Offshore Services
  • Turks & Caicos Islands
  • December 06 2007

Including: Corporate Governance Reforms; Company Agents and Resident Representatives; Shareholders' Rights; Management Structure and Directors' Roles; Accounts and Audits.

New Telecommunications Ordinance Liberalizes the Market
  • Private Client & Offshore Services
  • Turks & Caicos Islands
  • August 10 2006

In 2004 the government enacted a new Telecommunications Ordinance designed to liberalize the local telecommunications market. Among other things, the ordinance has established a Telecommunications Commission, whose functions include the regulation of telecommunications, the maintenance of competition, the promotion of the interests of consumers and the establishment of quality standards.

Telecommunications Ordinance Liberalizes the Market
  • Telecoms
  • Turks & Caicos Islands
  • August 09 2006

In 2004 the government enacted a new Telecommunications Ordinance designed to liberalize the local telecommunications market. Among other things, the ordinance has established a Telecommunications Commission whose functions include the regulation of telecommunications, the maintenance of competition, the promotion of consumer interests and the establishment of quality standards.

Implementation of EU Savings Tax Directive
  • Private Client & Offshore Services
  • Turks & Caicos Islands
  • October 06 2005

On July 1 2005 the EU Savings Tax Directive came into effect in the EU member states and their dependent and overseas territories. The Turks and Caicos Islands (TCI) implemented the directive by introducing the Retention Tax Ordinance. The government chose the withholding tax regime rather than the information exchange regime to preserve the confidentiality of EU residents with relevant savings in TCI.

Revamp of Financial Legislation
  • Private Client & Offshore Services
  • Turks & Caicos Islands
  • April 14 2005

In early 2004 the finance minister indicated that there would be a renewed commitment to the financial sector. The government has since added new expert financial legislative drafting capacity and announced its intention to introduce, in the short term, legislation on protected cell companies, mutual funds, insurance and charitable foundations.

Assistance to Overseas Regulators - Ground Rules
  • Private Client & Offshore Services
  • Turks & Caicos Islands
  • April 29 2004

The Supreme Court has ruled that the Overseas Regulatory Authority (Assistance) Ordinance overrides the confidentiality provisions with regard to international business corporations. The decision means that the Financial Services Commission may assist overseas regulators in providing company information, although not with regard to tax details.

High Net-Worth Individuals Seek Island Advantages
  • Private Client & Offshore Services
  • Turks & Caicos Islands
  • August 14 2003

The Turks and Caicos Islands has been particularly successful in attracting relocating high net-worth individuals in recent years. It offers the benefits of no direct taxation or exchange controls, a stable government and a lack of restrictions on the real estate holdings of foreigners. Repatriating individuals can obtain either renewable yearly or permanent residency status.

Offshore Insurance Industry Attractive to New Entrants
  • Private Client & Offshore Services
  • Turks & Caicos Islands
  • January 16 2003

The Turks and Caicos Islands offers a number of advantages to offshore insurance companies. All businesses must be licensed upon evaluation of a business plan, but there are no specific capital requirements or business restrictions. Further, restricted licence insurers engaging only in the reinsurance of risks covered by a single named insurer are exempt from most requirements.

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