BUSINESS in TCI
The Turks and Caicos Islands has much to offer potential investors with its numerous diverse islands and a focus on sustainable development that is mindful of the country’s natural resources.
The ideal investment climate is garnered in part by a stable fiscal position, skilled professional workforce, adequate infrastructure, a well-regulated and established financial services industry, proximity to key markets and the use of the US Dollar.
The Turks and Caicos economy is primarily tourism based with financial services and fishing, as well as other cottage industries, contributing to GDP. The United States continue to be its leading source of tourists with 1.3 million visitors in 2015. The islands import 90% of the capital goods and food for domestic consumption while lobster, dried and fresh conch, and conch shells account for commodities being exported.
The economy has recovered strongly since being hit hard by the global economic crisis. We now enjoy one of the fastest growth rates in the Caribbean; an annual budget surplus; and a Standard & Poor’s credit rating of BBB+. With a GDP growth of 5.94% in 2015, the Turks and Caicos is projected to experience economic growth of 4.4% in 2016, 4.3% in 2017 and 5.3% in 2018.
There is much that the Turks and Caicos Islands offer potential investors. The islands are diverse: the main tourist center of Providenciales; the tranquil islands of North and Middle Caicos; the historic island of Salt Cay; the nation’s capital Grand Turk; and the fishing mecca of South Caicos; as well as many still yet uninhabited locales.
Each island offers different experiences for visitors and a different set of opportunities for investors. Sustainable development, mindful of the natural resources, is the country’s philosophy – yet the business opportunities are as endless as the many miles of beautiful beaches.
Incentives and Taxes
We are committed to cutting the cost of doing business. Operating under the Encouragement of the Development Ordinance and the 2012 Investment Policy, we have been given a framework for encouraging, prioritising and incentivising domestic and foreign investment*.
These are a few of the incentives available**:
- Alleviation of essential “fixed investment costs” (capital and labour costs) for qualified investments.
- Reduced import duties on “fixed investment costs” for qualified investments and new industries.
- Reduced stamp duty for land purchases in the family islands and for new developments or first-time sales of condominiums across the Turks and Caicos Islands for qualified investments and new industries.
TCI enjoys duty-free access to Canadian markets under CARIBCAN, and privileged access to European Union markets. TCI is an Associate member of CARICOM, and is eligible for designation as a beneficiary country under the Caribbean Basin Initiative (CBI) of the United States.
*Determination of all incentives is at the discretion of the Turks and Caicos Government (TCIG).
**Some restrictions apply.