Turks and Caicos: Country and Foreign Investment
Investment Incentive Schemes
The Government has streamlined the business licensing system, designed a responsive immigration policy, extended a variety of duty exemptions and agreed in specified circumstances to provide access to crown land under long term leases at reasonable rents.
In order to encourage the development of tourist and leisure facilities the Government can (previously on the recommendation of the Turks and Caicos Investment Agency ("TCInvest")) grant both long term concessionary leases or conditional purchase leases over government land together with a variety of customs duty exemptions lasting 35 years.
In 1972 the islands enacted the Encouragement of Development Ordinance (last amended in 1994) whereby approved development projects are granted relief from import duties and possible future taxes for a period of up to 35 years. The benefits under this Ordinance may apply to expansion as well as to the original establishment of development enterprises. Similar incentives apply to developments carried out by locals or foreigners on Crown land provided the developments are not for private residences. In such cases Crown lands can be acquired on long term concessionaire leases or in special circumstances on a conditional purchase lease provided the developer completes the agreed improvements and meets other conditions within the option period.
In 1994 the government set up TCInvest to encourage sustainable economic growth by attracting new offshore investment and by encouraging entrepreneurial spirit among the local population. In January 2012, it was announced that TCInvest was to close. According to Governer Ric Todd TCInvest had "run its course."
TCInvest provided debt financing to suitable Belonger controlled projects, identified and promoted investment opportunities on the Islands, provided advice and assistance to the Government on investment policies and negotiated joint ventures and agreements with investors wishing to access the Government's investment incentives. The services provided by TCInvest will now be conducted within the Government as part of the CEO's office.