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.