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Turks and Caicos Islands

Turks and Caicos Islands Flag

Country: Turks and Caicos Islands
Region: Caribbean
Currency: US Dollar (USD) (US$)
Languages: English
Time Zone: UTC -5

Phone Code: +1649

Communications: Good

Formation Cost: 2300 - 3500 USD$
Formation Time: 1-4 days
Maintenance cost: 1400 - 2000 USD$

Executive Summary: Located in the Caribbean Sea, the Turks and Caicos Islands are a self-governing dependent territory of the United Kingdom with a land area of 430 sq km and a population of about 40,000, including many expatriates. The official language is English and the legal system is largely derived from English law. There are international airports with daily flights to Miami (90 minutes) and more infrequent flights to other US and European cities. The Government encourages tourism which pulls in around more than 1m visitors a year, and also encourages inward investment with incentives. Financial services developed rapidly in the 90s, and there are more than 20,000 offshore enterprises, mostly using the International Business (Exempt) Company form. The key offshore sectors are banking, insurance and trust management. There is a reasonable level of professional expertise on the Islands and costs are low by comparison with many jurisdictions. There is no income tax in Turks and Caicos, but allegations of corruption caused ministerial government to be suspended and the ensuing fiscal crisis led to a UK-funded financial rescue package and the introduction of new taxes, most notably VAT.

Suitable for: Insurance, Shipping, Yachting, Property Ownership
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Company Purpose Stats:

Wealth Management:

 

Treasury Management:

 

Banking:

 

Insurance:

 

Fund Management:

 

Shipping:

 

Aviation:

 

Yachting:

 

Trading Companies Goods:

 

Trading Companies Financial:

 

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Holding Companies:

 

E-Commerce:

 

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Property Ownership:

 
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Vehicle Types: Ordinary companies, exempt companies, hybrid companies, foreign companies, limited partnerships and trusts

Capital primary business districts: Cockburn Town, Grand Turk

Good Relationships: Bahamas, Barbados, Belize, Bermuda, Canada, Cayman Islands, Dominica, Jamaica, Montserrat, Saint Kitts and Nevis., Saint Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, United Kingdom, United States

Bad Relationships: Burma, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria

Tax Burden - Business: Very Light

Tax Burden - Individual: Very Light

Headline tax rates: CIT 0%, PIT 0%, VAT 0%

Treaty Jurisdictions: None

TIEA Jurisdictions: Australia, Canada, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, Ireland, Netherlands, New Zealand, Norway, Portugal, Sweden, United Kingdom

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Important Notice: Wolters Kluwer (BSI) Limited has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.

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