Region Profile:

The Turks and Caicos Islands are British Overseas Territories located southeast of the Bahamas in Central America, consisting of over 30 islands, of which 8 are inhabited year-round. 

The main industries in the Turks and Caicos Islands are tourism and offshore finance, with most tourists coming from Canada. Canada has a significant influence on it, and in recent years, there have even been calls within the islands for joining Canada as its eleventh province.

Capital: Grand Turk (Cockburn Town)

Population: 44,542 (2020, 215th)

Ethnic groups: 88% Afro-Caribbean, 8% Euro-Caribbean, 4% Mixed or Indo-Caribbeans

Area: 948 km²

Offical Language: English

Currency: USD

GDP per Captial: USD20,908.58 (2021)

How To Become A Resident In The Turks And Caicos Islands:

As one of the British Overseas Territories, the Turks and Caicos Islands offer foreign investors a permanent residency by investment option with a minimum investment requirement of 300,000 US dollars, as well as investment visas, and independent means visas.

Permanent Residency By Investment Program:

Each year, the government of the Turks and Caicos Islands opens up 200 quotas for permanent residency through investment. Foreigners can qualify to become permanent residents of the Turks and Caicos by opting for one of the following three investment options:

1. Invest $750,000 in companies or business entities on five islands (Grand Turk, Salt Cay, South Caicos, Middle Caicos, North Caicos), or invest $1.5 million on other islands.

2. Invest $1 million in public sectors endorsed by the government.

3. Invest $300,000 in the real estate sector on the five islands (Grand Turk, Salt Cay, South Caicos, Middle Caicos, North Caicos), or invest $1 million in the real estate sector on other islands.

The application fee for the main applicant is $25,000 (of which $23,500 is refundable). The visa fee is $150. For dependents (spouses and children under 18 of the main applicant), the visa fee is $200 per person.

The required application documents include: passport; proof of educational background; proof of completed investment; criminal record clearance; medical examination certification; and proof of relationship to dependents, among others.

Prospective applicants are required to complete an online application form initially and then submit it to the Invest Turks & Caicos Agency. This submission should include payment of $1,500 for administrative fees and $25,000 for the PRC, if applicable. Upon approval of the application, you are to forward the form, along with supporting documents and proof of fee payments, to the Ministry of Border Control and Employment of Turks & Caicos. Following a processing period of no more than 3 months, you will be notified to retrieve your Certificate of Undertaking from the Invest Turks and Caicos Agency. Subsequently, a permanent residency status will be granted.

Temporary Residency Permit:

TCI offers temporary residency permit to investors who invest a minimum of $500,000 on the island of Providenciales and West Caicos, or $250,000 on any of the other islands in the country.

Additionally the applicant must rents a home or owns a home or has available to him a house that is indicative of an acceptable standard of living in the Turks and Caicos Islands.

This permit must be applied every year, and cost $1,500. The local government makes subjective decisions on the approval or rejection of each application.

Taxation:

Permanent residents of the Turks and Caicos region automatically become local tax residents. There are no local income taxes, capital gains taxes, or inheritance taxes in the islands. The primary taxes are as follows:

1. 12% rental tax;

2. 6.5%-10% property tax and stamp duty;

3. 33%-45% import tax.

Naturalization:

After residing continuously in the Turks and Caicos islands for a full 5 years, and not leaving the islands for more than 450 days within those 5 years, and not leaving the territory entirely in the 12 months prior to the application, foreigners are eligible to apply for the British Overseas Territories Citizen (BOTC) passport.

Foreigners who live in the Turks and Caicos islands continuously for a total of 10 years via the standard route and achieve a basic proficiency in English can apply for permanent residency there.

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