Tourism and Development
The proximity of the TCI to the United States and Canada, coupled with direct flights to the UK and many Caribbean countries are encouraging rapid growth in tourism numbers with visitor arrivals for 2019 surpassing 1 million. The privacy and anonymity that people enjoy, coupled with the opportunity to qualify for Permanent Residency status, has also encouraged high net worth individuals to have homes here.
There is therefore a real need for more hotel rooms, villas, condominiums and private homes of a very high quality*. New resorts on Providenciales and other islands are at various stages of development but there is a need for more.
* The Travelzoo survey of 2020 identified TCI as one of the most desirable Caribbean destinations to travel for both Americans and Canadians.
While the main island of Providenciales is the most popular destination for visitors, TCI’s other islands offer excellent opportunities for smaller resort and niche tourism development:
- Adventure Tourism: With some of the best dive sites in the world, including a 7,000 vertical wall a short distance off Grand Turk’s shores; visitors come from all parts of the world to experience the thrill of snorkeling and diving in crystal clear waters. The local waters also attract kite surfers, sailors and sports fishermen.
- Eco Tourism: Many of our stunning 40 islands are uninhabited and stunningly beautiful. Opportunities therefore exist to be the first to develop eco-lodges and resorts.
- Marina Development: Some of the world’s most beautiful yachts, and the finest sport fishing vessels visit TCI. Providenciales has several marinas, but other islands offer an excellent opportunity for resort/villa/condo development around a marina.
- Medical Tourism: where better to recuperate from surgery than the most beautiful islands and beaches in the world! TCI has a state-of-the-art hospital system with facilities and space for private patients on two islands. Excellent opportunities exist for cosmetic and other surgical procedures.
- Currently performed areas of medical tourism include:
- Total knee replacement
- Uni knee replacement
- Total hip replacement
- Hip resurfacing
- Shoulder arthroscopy
- Knee arthroscopy
- Endoscopic carpal tunnel release
- Plastic surgery
Convention Centre Development
The islands are a perfect destination for conventions and company gatherings, but we currently do not have a stand-alone or hotel-linked business center to host large gatherings. Providenciales would be an excellent location to build the first.
The Turks and Caicos is preparing itself for growth in the Financial Services Industry after spending the past several years strengthening its regulatory framework and committing itself to global tax transparency standards.
The Turks and Caicos Islands has had legislation governing financial services since the 1970s, but its strategy to offer specialized products through personal service, has kept its reputation in the realm of a boutique destination. The country has recently adopted new Trusts legislation, while new Company and Insolvency laws are in draft.
With a strong legal and regulatory system; a powerful commitment to US and European FATCA; compliance with OECD, IMG and FATF standards, all overseen by an independent Financial Services Commission, the TCI is considered a safe and secure location to run an offshore finance operation.
Agriculture and Fisheries
The many islands of the Turks and Caicos offer untapped potential as it relates to arable land and bountiful oceans. Demand for local farm produce and fish by the thriving tourism industry presently exceeds supply. Business areas such as agro-industries, food processing and fish farming/processing have been identified as priority sectors by the TCI Government and support and incentives are available.
The Caicos Islands in particular, offer fertile soil and an ideal climate for agricultural growth, and significant amounts of agricultural land exist on North and Middle Caicos which would support new farms producing crops and livestock.
Opportunities in light manufacturing exist particularly for businesses supplying the tourism and hospitality sectors both in Turks and Caicos, and the surrounding Caribbean islands.
Incentives are available for the import of plant and materials, and our attractive tax laws provide significant benefits to TCI based light manufacturing.
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.