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Turks & Caicos Islands


The Turks and Caicos Islands are a British Overseas Territory located a short distance to the south east of The Bahamas and around 580 miles from Miami, Florida. They are easily accessible by direct flights from London, Canada and major North American cities such as Miami, New York, Boston and Dallas. The Islands are dominated by a tourist and financial services-related economy. The government of the Islands estimated that more than 1 million tourists visited the Islands in 2011.

The Islands comprise an archipelago of over 40 islands and cays covering some 948 square kilometers, and include some of the most famous tourist beaches in the world. The Islands are also famous for their prestigious and exclusive smaller cays which are famous for attracting many celebrity visitors. The most populated island is Providenciales, home to many high-end resorts and the business community in the Turks and Caicos. The capital island is the historic Grand Turk which is the centre for government departments and also welcomes many tourist visitors.

A 2012 government census estimated the population of the Turks and Caicos Islands at 31,458 of which 17,438 live in Providenciales and 3,544 live in Grand Turk. The population grew by 58% from the earlier census in 2001. Population density is 214 persons per square mile overall with 634 persons per square mile in Providenciales and 700 persons per square mile in Grand Turk. 42.5% of the residents of the Islands are Turks and Caicos Islanders, with the majority of inhabitants from overseas.

International flights to the Turks and Caicos Islands arrive in Providenciales with regular scheduled domestic flights to the family islands and Grand Turk.

The official language of Turks & Caicos is English. As a British Overseas Territory, the Islands are administered by a UK appointed Governor with a locally elected administration and ministers. Local laws, or ordinances, apply based on English common law with the United Kingdom reserving jurisdiction for foreign affairs and defence. The Islands are also subject to many international treaties and Conventions with respect to international rights, trade & development and protection of the environment. The currency of the Islands is the United States Dollar.

There is a fully developed system of land registration and title is guaranteed by the state, making property acquisition and ownership secure and straightforward.

Information provided courtesy of Griffiths & Partners


Over the past 30 years the economy of the Turks and Caicos Islands has developed very significantly with per capita GDP in 2007 being, according to the UK Foreign & Commonwealth Office (FCO), US$23,768 with peak growth at 15%. This unprecedented growth was driven by overseas investment in tourism based development, principally from North America. The Islands were significantly affected by the global financial crisis and partial suspension by the UK government of the constitution in 2009. However, the FCO reports that 2012 tourist arrivals increased by around 10% on 2011 figures and local government was restored in late 2012. The Islands remain a very popular holiday destination for North American tourists.

The Islands are regarded as a popular and growing venue for foreign investment which has in recent years played a significant role in the Islands’ economic life, particularly in the development of tourist resorts and real estate. The British Government has supervised and funded a significant capital guarantee and a Chief Financial Officer aimed at returning the territory to a fiscal surplus since the 2008 global economic crisis, while the Government of Canada has provided funding for a Commissioner and Deputy Commissioner of Police. The Islands enjoy low crime figures.

Information provided courtesy of Griffiths & Partners


The Islands are well served for frequent scheduled direct international flights to many United States cities including Miami, Atlanta, Boston, Philadelphia, New York, Charlotte, Dallas as well as other major international destinations (Montreal, Toronto and London). Domestic airlines operate frequent services between the Islands serving each of the inhabited islands. Additionally, there are ferry services between Providenciales and North Caicos.

Since 2005 Grand Turk has been a destination for many Caribbean cruise ships and has developed a major tourist port for the many thousands of visitors there. Whilst Providenciales enjoys modern up-market holiday resorts and infrastructure, Grand Turk and the other inhabited islands reveal history and culture of a more Caribbean style.

The main Islands (Providenciales and Grand Turk) have very good medical services in the form of two modern purpose-built major hospitals operated by a Canadian company providing world-class medical services. Education services are well provided for with many primary and secondary schools (in the state and private sectors) following the UK curriculum. A medical school is due to open in Providenciales in 2013.

The Islands are well served for business development with professional services, including lawyers, accountants, architects, construction companies etc. with international firms among those with a permanent placement in the Islands. The islands have all modern communication and services necessary for a modern business environment, including 4G mobile internet.

Information provided courtesy of Griffiths & Partners


According to the 2012 census, 73.7% of the population of the Turks and Caicos Islands is aged 18 years or over. 16,037 of the inhabitants are male, 15,421 female. The population of Providenciales has increased by 82.5% since the census of 2001. The population of Grand Turk has increased by 21.5% over the same period.

The Islands have a mainly unskilled and manual workforce with an estimated employment rate of 91.7% and unemployment rate of 8.3%. According to government statistics, 34.7% of the working population work in hotel and restaurant related employment, being the largest category of employment in the Islands. Other employment includes construction, financial services, transport and real estate. Skilled and professional employees are a minority with an estimated 15% of the working population being professionals.

Information provided courtesy of Griffiths & Partners

Business Costs

The Turks & Caicos Islands are a low tax jurisdiction with a recognized financial centre that attracts investors and businesses from around the world. Residents enjoy 0% income tax, 0% corporate tax and there are no property, capital gains, inheritance or estate taxes.

Direct taxes imposed on persons or corporations are currently limited to customs excise duty on the importation of goods into the Islands and property stamp duties. Value Added Tax is due to be implemented in the Islands in April 2013 at an initial published rate of 11%.

Information provided courtesy of Griffiths & Partners
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