Turks and Caicos Introduces Enhanced Trusts Ordinance

Providenciales, Turks and Caicos Islands, September 20, 2016 – The Turks and Caicos Islands stands poised to become the premium jurisdiction for trusts and trust companies as it recently made comprehensive changes to its legislation on governing trusts and trustees.

The Turks and Caicos Islands, boasting an already well established Financial Services sector compliant with IMF, OECD and FATF standards, has revised the Trusts Ordinance seeking to further provide clear governing of financial institutions to be held up against international standards of major financial hubs. This revision of the Trust Companies (Licensing and Supervision) Ordinance 2016 comes as a result of consultation between several sectors including the Turks and Caicos Islands Government Financial Services Commission, Invest Turks and Caicos and private institutions. This to be further supported by the Trust Companies Regulations 2016 and Trust Companies Code 2016. The alterations in the ordinance seek to ensure trust companies are managed by persons of a suitable nature, to maintain comprehensive financial standings, to have prescribed share capital and statutory deposits, have adequate resources, proper internal control systems, clear risk management policies, reliable compliance, and maintain an agreed level of professional indemnity insurance.

The maintenance of financial records, statements and customer accounts are to be monitored by strict guidelines requiring periodic reports to the Financial Services Commission and being subject to annual external audits. The revised Ordinance also makes provision for the establishment a statuary Trust Law Advisory Committee seeking to scrutinize and recommend for the modification of regulatory and substantive laws in relation to trust and trustees.

These legislative changes enhance the Turks and Caicos Islands offer of a competitive and attractive regulatory environment for international Trusts within the Caribbean and the greater world market. The Trust Companies (Licensing and Supervision) Ordinance 2016 came into operation on September 15th 2016 along with the Trust Companies Regulations 2016 and Trust Companies Code 2016. The legislation can be viewed and downloaded on the Financial Services Commission website at www.tcifsc.tc (http://www.tcifsc.tc/departments/banks-trust-companies-money-transmitters2/trust-companies/trusts-legislation)


About Invest Turks and Caicos

Invest Turks and Caicos is the Islands’ Investment Promotion Agency, responsible for enhancing the economy through the attraction, growth and retention of overseas investment; and supporting the growth of local businesses.

We provide a free and confidential service to overseas businesses looking to expand and will work with a company project team throughout the investment process, providing advice and support. This can include:

  • Information on the local business climate;
  • facilitating contact with relevant Government Departments throughout the investment process;
  • advice on Government incentives and concessions to investors;
  • introductions to local service providers/suppliers;
  • advice on work permits and permanent residency procedures;
  • ongoing support following set up.

We also work actively to support the growth of local businesses, including the management and delivery of the Micro Small and Medium Enterprise programme which provides concessions and reliefs to locally owned businesses.