The Trust Ordinance (1990) sets out the law relating to trusts, and the Trustees (Licensing) Ordinance 1992 provides for the licensing and regulation of trust companies and other professional trustees. The Trustees (Licensing) Regulations 1992 set out the form of the application for obtaining a trustee licence, the categories of trust licences, the details required in an application for a trustee licence, reporting requirements and the rules governing the conduct of licensed trustees. Licensed trustees are required to submit financial returns, appoint auditors and maintain professional indemnity insurance.

Key Features

Turks and Caicos International Trust

Corporate Details

General

  • Type of entity

International Trust

  • Type of law

Follow English law/As per Trust Deed

  • Legal Framework

Turks and Caicos Trust Ordinance (1990)

  • Our time to establish a Trust

2 weeks

  • Taxation of trust assets

None

  • Double Taxation Treaty access

No

  • Change of Domicile permitted

Yes

  • Duration

None

  • Restriction on Investment of Trust asset

No

  • Succession

As per Trust Deed

Settlor

  • Requirements

Should not be a resident of Turks and Caicos

  • Qualifications

A trustee, a beneficiary or a protector of the trust.

Beneficiary

·         Requirements

Should not be a resident of Turks and Caicos

·         Qualifications

A trustee, a beneficiary or a protector of the trust.

  • Property

Should not include immovable property situated in Turks and Caicos

  • Jurisdiction

Turks and Caicos Supreme Court

  • Forced heirship applicable

No

Trust asset

  • Restriction on type/amount

No, except property situated Turks and Caicos

 Trustee   

  • Minimum number

1 if corporate and 2 or more if not corporate

  • Qualification

No domestic trustee is required

Accounts

  • Requirement to file

Yes

  • Publicly accessible

No