Relocation & Recruitment Advice
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The Turks and Caicos Islands are British overseas territories situated 575 miles (or 75 minutes) southeast of Miami. The official currency is the U.S. dollar.
Politically, economically and socially stable, the Turks and Caicos Islands have enjoyed enormous growth in the offshore finance industry over the past few years
The offshore financial service industry is gaining in both popularity and reputation amongst both companies and individuals. With a well-regulatory legal framework and sophisticated infrastructure, the financial sector encompasses a wide range of activities including insurance, trust and funds, banking, mutual funds, captive insurance and asset management.
Tourism along with real estate development and exportation of seafood, are other major contributors to the Islands’ economy.
Following the legislation in 1970, Turks and Caicos Islands have consistently grown as a leading offshore centre. The financial services sector has benefitted significantly from the political and economic stability as well as strategic geographic location, thereby opening up job avenues for highly-skilled professionals.
The government boasts a very successful open-arms inward investment policy, encouraging foreign companies to invest in a broad range of sectors, including tourism, financial services, agriculture, manufacturing, technology and fishing.
There is no taxation whatsoever on income, capital gains or corporate profits, nor is there any withholding tax legislation, and there are no inheritance taxes or estate duties payable in the islands. However, there are direct taxes in terms of custom excise duty and stamps as well as a scheme of National Insurance Contributions and National Health Insurance Contributions, which is payable by both the employees and employers.
Turks & Caicos’ major international airport, Providenciales, serves as the main entry point to the island, offering access to dozens of domestic flights for inter-island connectivity as well as international flights to North America, Jamaica, Haiti, London and Toronto.
There are a variety of options available for expat children, ranging from public and private to International schools. Although International schools tend to be more expensive compared to the local ones, they are usually preferred by expat families for the quality of education and international curriculum.
The island is well-equipped to provide good healthcare and emergency services; however, for major illnesses, expats can avail treatment off the island and in the US or Canada. Employers provide most health care insurance coverage in Turks and Caicos, and if you want to go for treatment outside the island, it is advisable to get adequate international health coverage.
In terms of the quality of life, expats enjoy a relaxed Caribbean lifestyle as well as the rich historical, cultural and social diversity of the island. The Turks and Caicos Islands are arguably one of the most beautiful islands in the Caribbean, with an abundance of leisure and recreational opportunities. With a thriving financial sector, vibrant social scene, picturesque landscape and pleasant climate, it is easy to understand why this is such a popular choice for expats.
You must first obtain a business license in order to set up a company. The three most commonly preferred business structures are; company limited by shares, a company limited by guarantee and Ordinary limited partnership (LP).
There are two types of work permits that non-Turks can apply for in order to relocate to the Island, namely self-employed and employed category.
The self-employed permit is issued to persons working on their own account and have obtained a valid business license. This is generally valid for a period of 5 years and is renewable.
The employment permit is comparatively difficult to obtain, as the employer must demonstrate his/her inability to find a suitably qualified local candidate (“Belonger”).
Once a job offer has been made, the employer then needs to apply for a work permit on behalf of the employee. This is generally granted for a period of one year, but in certain cases, a three-year permit can also be issued.