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Turks and Caicos: Offshore Legal and Tax Regimes

Fees Payable by Financial Institutions

Banks are licensed under the Banking Ordinance 1979 and the Banking (Amendment) Ordinance 1989 and pay annual fees as follows:

  • National Banking License: initial fee US$15,000; annual renewal fee US$22,500;
  • Overseas Banking License: initial fee US$10,000; annual renewal fee US$17,500;
  • Combined License: initial fee US$25,000; annual renewal fee US$40,000.

Insurance companies are licensed under the Insurance Ordinance 1989 and the Insurance Regulations 1990 and pay annual fees as follows:

  • Domestic insurer: US$3,750;
  • Captive insurer: US$2,000;
  • Credit Life Reinsurer: US$100;.
  • Other insurer: US$500;
  • Broker: US$1,500
  • Manager: US$3,500;
  • Principal Representative: US$1,000;
  • Agent: US$150.

Trust companies and professional trustees are licensed under the Trustees (Licensing) Ordinance and Regulations 1992, and fees are as follows:

  • Unrestricted License: application fee US$2,000; annual fee US$10,000;
  • Restricted license: application fee US$1,000; annual fee US$1,500.

 

 

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