The Turks and Caicos Islands (TCI) lie 575 miles southeast of Miami and 39 miles southeast of The Bahamas. There are eight principal inhabited islands which have an estimated population of 35,000. The legal system is based upon English common law with local modifications, and the islands are governed by a Cabinet of locally elected ministers, presided over by a British appointed Governor. To the extent that TCI statutory law does not apply or requires interpretation, the common law of England applies. The local currency is the U.S. dollar.
FOREIGN INVESTMENT -
Foreign investment is heavily promoted. International firms and investors are encouraged to invest mainly in the areas of tourism and finance. Certain incentives such as customs duty exemptions are, in practice, made available for developments that are determined to be beneficial to TCI.
MAIN RIGHTS -
There are no exchange controls and funds may be moved freely in and out of the jurisdiction.
A statutory body called The Financial Services Commission has been established with a view to licensing and supervision of various business and financial areas of interest including: Superintendent of Banks, Superintendent of Trusts, and Superintendent of Insurance...
Please see full publication below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.
Topics: Choice of Entity, Corporate Taxes, Foreign Investment, Hiring & Firing, Income Taxes, Latin America, Privacy Laws, Right to Privacy, Treaties, Trusts
Published In: General Business Updates, Finance & Banking Updates, International Trade Updates, Labor & Employment Updates, Tax Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
© MERITAS - Law Firms Worldwide | Attorney Advertising