Doing Business in Latin America and The Caribbean: Turks & Caicos Islands

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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.

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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.

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