Page 151 - Caribbean-Central America Profile 2018

TURKS & CAICOS

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

TRUSTS AND TRUST COMPANIES TRADE AGREEMENTS AND Ministry of Education, Youth, Sports
TCI’s trust laws derive from the Trust Ordinance INVESTMENT TREATIES Culture and Library Services
of 1990, and incorporate many innovative TCI enjoys duty-free access to Canadian Mission Folly, Grand Turk
features which can be used to great advantage in markets under CARIBCAN, and privileged Turks and Caicos Islands
personal and business financial planning. Trust access to European Union markets. TCI is an Tel: (649) 946-2319
companies and professional trustees administer Associate member of CARICOM. Fax: (649) 946-2500
trusts, the latter required to be licensed under the
Trustees (Licensing) Ordinance and Regulations GOVERNMENT Ministry of Finance, Investment and Trade
1992. There are two categories of license: a The TCI Government is broadly based upon Government Square
Restricted Trustee License which requires the the British parliamentary system, but with Front Street, Grand Turk
licensed trustee to name the trust or trusts, and a constitution unique to the country. A new Turks and Caicos Islands
an Unrestricted Trustee License which has no constitution was introduced in 1988, providing Tel: (649) 946-2801 Ext. 40505-13
such restriction. for an Executive Council and Legislative Fax: (649) 946-1498
Council. The Governor is responsible for foreign Ministry for Health, Agriculture and Human
INSURANCE affairs, internal security, defence and certain
The licensing of insurance companies as well other matters related to good government. The Services
as insurance managers, brokers and agents is Executive Council consists of the Governor, Hibiscus Square, Pond Street
covered under the Insurance Ordinance 1989 six elected members of the Legislative Council Grand Turk
and the Insurance Regulations 1990. and two official members (Chief Secretary and Turks and Caicos Islands
Attorney General). The Legislative Council Tel: (649) 946-2801 Ext. 40603
A particular feature of the legislation permits Fax: (649) 946-2722
lower cost use of pure captives and specialist consists of 13 members elected by popular
insurance companies serving niche markets. vote, three nominated members, the three ex- Ministry of Home Affairs, Transportation
One such niche is the producer-owned officio members of the Executive Council and and Communication
reinsurance company, exempted under Section a Speaker. Government Square
7 (11) of the Ordinance from certain reporting Grand Turk
functions, and also subject to reduced licensing ELECTIONS Turks and Caicos Islands
General elections were held in Turks and Caicos
fees. Tel: (649) 946-2801 Ext. 40709
Islands on 15 December 2016. The result was a Fax: (649) 946-2885
COLLECTIVE INVESTMENT victory for the People’s Democratic Movement Ministry of Tourism, Environment, Heritage
SCHEMES (PDM), with Sharlene Cartwright-Robinson
Collective investment schemes may be created becoming the islands’ first female Premier. The and Culture
in TCI by incorporating a mutual fund company next General election is due in 2021. Government Square,
or establishing a trust. The provisions of the Front Street, Grand Turk
Companies Ordinance govern the former, while GOVERNMENT LEADERS Turks and Caicos Islands
the general laws of equity and trusts govern the Governor Tel: (649) 946-2321
latter. All funds and schemes are required to be Dr. John Freeman Fax: (649) 946-2733
approved by the Financial Services Commission. Government House Email: mlightbourne@turksandcaicostourism.com
Stand-alone Mutual Funds legislation in TCI Grand Turk,
was passed in early 1999. Turks and Caicos Islands EDUCATION
Tel: (649) 946-2308/9 As a British territory, the educational system of
TAXES Fax: (649) 946-2903 Turks and Caicos is based closely on the British
The Turks and Caicos Islands are a tax neutral E-mail: govhouse@tciway.tc model, and the primary language of instruction
jurisdiction. There are, therefore, no income at all levels is English. The Turks and Caicos
or capital gains taxes. Corporations, whether Premier of Turks & Caicos Islands have several Elementary and High
resident or not or carrying on business in the Sharlene Linette Cartwright-Robinson Schools with many graduates attending the
Islands, are not subject to any form of taxation Government Square University of the West Indies in Jamaica as well
on income or gains. The only direct taxes Grand Turk as Institutions of Higher Learning in the United
imposed on any person or corporation are Turks and Caicos Islands Kingdom, Canada and The United States.
customs excise duties on the importation of Tel: (649) 946-2801 Ext. 40106
goods into the Islands and ad valorem stamp Fax: (649) 946-2777 INFRASTRUCTURE
duties on the consideration passing on the sale TRANSPORTATION
of real estate. MINISTRIES LAND
Ministry of Border Control and Railroads: None.
In addition to enjoying the benefits of being Roads: 121 km. (75 mi.) some paved, others are
incorporated in a tax neutral jurisdiction, an Employment quarry limestone.
International Business Company (IBC/exempt Three Degrees Office Complex
company) is provided on incorporation with a Airport Road, Grand Turk SEA
written guarantee by the Governor, on behalf of Turks and Caicos Islands Sea Ports: There are 4 ports: Grand Turk, South
the Government of the Islands, that the IBC will Tel: (649) 946-2801 Caicos, Providenciales and Salt Cay. Ports of
not be liable for a period of 20 years to pay any Fax: (649) 946-2885 entry for ocean freight are on Providenciales,
taxes that may be imposed in the future. Email: infobordercontrol@gov.tc Grand Turk and South Caicos.

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