Permanent Residence in the Caribbean – Live and Work in Turks and Caicos Islands 2020
The Turks and Caicos Islands (TCI) Government offers the Permanent Residence status as an immigration status in the Islands. The Government issues a Permanent Residence Certificate (PRC) that allows the person named on the certificate to reside without restrictions on the length of time they can remain in the islands and in some cases even work. Under the Permanent Residence program, the TCI Government welcomes individuals that would benefit the islands and be able to contribute towards developing a prosperous economy in the Islands.
The Turks and Caicos is home to a multi-ethnic and international population. People move to the Islands from all over the world to work and invest. The TCI government amended the Immigration Ordinance to offer immigration incentives to investors considering the Islands as a business opportunity. Persons looking to make investments in the Islands are entitled to apply for a Permanent Residence Certificate (“PRC”). The TCI government has committed to ensure that the process for acquiring a PRC is streamlined and user friendly.
According to the TCI government website the Islands’ Investment Promotion Agency, provides a framework for encouraging, prioritising and incentivising domestic and foreign investment. Determination of all incentives is at the discretion of the TCI government. The TCI government seeks to attract long-term and sustainable investments that that are a value-added to the TCI economy. In addition, the TCI government is keen in operating a regulated system of investment incentives that is clear, transparent and relatively easy to operate; and to continue to reduce the cost of doing business in the TCI.
Applying for a Permanent Residence Certificate
Within this framework, an investor who wishes to apply for a PRC in the investment category will need to show that he/she has made an investment in one of the following:
- Residences – A person must make either:
- An investment of not less than Usd. 1,000,000.00 in actual construction of a new home or renovation of a distressed property as a home for the applicant and his or her dependents on any island other than Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos, or
- An investment of not less than Usd. 300,000.00 in actual construction of a new home, or in renovation of a distressed property as a home for the applicant and his or her dependents, on the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos.
- Businesses and Enterprises – These must make either:
- An investment of not less than Usd. 1,500,000.00 in cash in a business or enterprise in any island other than Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos which business generates employment for persons in TCI of which not less than 60% are TCI nationals or permanent residents.
- An investment of not less than Usd. 750,000.00 in cash in a business or enterprise in Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos which business generates employment for persons in TCI of which not less than 60% are TCI nationals or permanent residents; or
Prior to investing, and in order to ensure that the investment he wishes to make will qualify for the residency investment programme, a potential investor may apply in writing to the Governor for an undertaking that upon production of satisfactory evidence that the relevant investment has been made by or before the expiry date of the undertaking, the Governor will, on payment of the prescribed fee, grant the person the relevant Permanent Residence Certificate.
One key benefit is that under the terms of the British Nationality Act, someone who has a Permanent Residence Certificate in TCI, and who has been an ordinary resident in TCI for five (5) years, is eligible for naturalization in TCI as a British Overseas Territory Citizen (BOTC) and to receive a BOTC passport.
Evidence of Investment
In the case of an application based on investment in a residences, the evidence should include;
- a certificate of occupancy issued under the Physical Planning Ordinance; and
- a certificate from a TCI licensed quantity surveyor that of the value of the construction of the completed property meets the minimum investment threshold.
In the case of an application based on investment in a business or enterprise, the evidence should include;
- audited financial statements of the business or enterprise; and
- a certificate from the Commissioner of Labour confirming details of the employment of TCI nationals that have been generated as a result of the investment.
Unlock the TCI Benefits
TCI is one of the fastest-growing economies in the Caribbean and is characterized by an open financial system, non-existent income tax and wealth of untapped opportunities. Further, TCI is a British Overseas Territory, which means that it has a strong, effective judicial system based on English common law, which guarantees a safe and secure environment for all residents and tourists. TCI also uses the US dollar as currency, which provides convenience for her visitors. TCI’s strongly pro-business government fosters a more inclusive environment for foreign investors, including duty concessions in priority sectors. Exchange controls have been eliminated, along with all direct corporate, personal, capital gains and inheritance taxes.
For investors seeking to take advantage of these opportunities, talk to the Valsen Fiduciaries team today. For more information about the Valsen Fiduciaries’ Turks and Caicos offering, please visit our page or contact us.