Page 149 - Caribbean-Central America Profile 2018

TURKS & CAICOS

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

Official Name: Turks and Caicos Islands
TURK & CAICOS Capital: Grand Turk (Cockburn Town)
Nationality: Turks Islander(s
Official Language: English
Population (millions): 0.03(2016 est.)
Size: 192 square miles
Currency: U.S. Dollar (USD)
Internet Domain : .tc
International Dialling Code: +1 649
Electricity: 110 volts/ 60 cycles

COUNTRY OVERVIEW INVESTMENT INCENTIVES
q The Turks & Caicos are known for, pristine coral The Turks and Caicos Islands have an outstanding investment climate. The country
is a politically stable, self-governing British Overseas Territory. Investors in Turks
reefs, diving, fishing, offshore investments, luxury and Caicos Islands enjoy privileged access to European and North American markets,
condominiums and villa vacation rentals.
an open arms investment policy, and a co-coordinated program of attracting business
q The islands consist of forty islands and cays, eight to the Islands.
of which are inhabited.
TOURISM
q Blessed with two hundred and thirty miles of the Tourism is the engine that drives the Turks and Caicos Islands economy. The natural
world’s most beautiful beaches and located on the environment and the location of the islands, so close to the US, have ensured a steady
third largest coral reef system in the World. incline of tourism over the last two decades. The incline has been complemented by
a substantial increase in airlift to the country, through its gateway Providenciales.
q The capital is Cockburn Town. Opportunities exist for investment in resorts, hotels, villas, condominiums, ecotourism-
The Turks and Caicos Islands (TCI) welcomes related attractions and tourism-related services, especially on islands outside the main
foreign direct investment. TCI is a small developing tourism hub of Providenciales.
country with an open economy, favourable tax There is a range of duty concessions available to investors in the tourism sector
regime and no limitations to foreign ownership of constructing “approved projects” throughout the country, with more generous
property. Significant investment opportunities exist concessions being granted in the lesser-developed islands. Throughout the country,
on many of the forty islands and cays in the areas of except Providenciales, government will normally grant on an “approved project”
tourism (resort and niche areas such as medical, eco a Development Order outlining duty remissions on a specific list of construction
and adventure), real estate development, financial material, plant, equipment, furniture, and finishings as approved by the Collector of
services, light manufacturing, agriculture, technology Customs for the period of actual construction of the project. The Turks and Caicos
and mari-culture. Government can consider allowing investors in approved import and export projects
to receive long term duty remissions on both the imported inputs and the resultant
The economy has recovered strongly since being hit export product.
hard by the global economic crisis. TCI now enjoy
one of the fastest growth rates in the Caribbean; an INVEST TCI
annual budget surplus; and a Standard & Poors’ credit Invest TCI is a statutory body with oversight by the Ministry of Finance Trade and
rating of BBB+. With a GDP growth of 5.94% in Investment. It is the main marketing agency of Brand Turks and Caicos Islands -
2015, the Turks and Caicos is projected to experience complemented by the Turks and Caicos Tourist Board. Its specific mandate is to
economic growth of 4.3% in 2017 and 5.3% in 2018. promote and facilitate trade and investment, public- private partnership and other
The Investment Policy 2012 was established to provide forms of commercial alliances, encourage domestic entrepreneurship, innovation and
a framework for incentivizing future domestic and capital formation, and generally to liaise with government agencies and the private
foreign investment as well as a covering “umbrella” sector; in so doing streamline the investment process.
that will guide in the future specific investment INVEST TCI
incentives. All investments will continue to be subject Courtyard Plaza #2d
to the standard due diligence assessments and cost Leeward Highway
benefit analysis. Determination of all incentives will Providenciales
continue to be at the discretion of government. Turks and Caicos Islands
Tel: (649) 338- 4772
Email: info@investturksandcaicos.tc

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