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Turks and Caicos: Law of Offshore

Table of Statutes

This is a non-exhaustive list of the main Turks and Caicos statutes affecting offshore and non-resident business. The statutes are listed in alphabetical order – click on the statute for a fuller description of the statute, the legal regime it forms part of, or in some cases the text of the law.

Banking Ordinance 1979 
Business Licensing Ordinance 1983
Company Ordinance 1981
Confidential Relationship Ordinance 1979

Employment Ordinance 2004
Encouragement of Development Ordinance 1972
Immigration Ordinance 1992
Insurance Ordinance 1989
Insurance Regulations 1990

Investment Dealers Licensing Ordinance 2001
Limited Partnership Ordinance 1992

Merchant Shipping Acts 1884-1967
Merchant Shipping (Pleasure Craft) Direction 1996

Mutual Funds Ordinance 1998
Mutual Legal Assistance (USA) Ordinance 1991

Proceeds of Crime Ordinance 1998
Proceeds of Crime (Money Laundering) Regulations 2000

Trust Ordinance 1990
Trustees (Licensing) Ordinance 1992

Trustees Licensing Exemption Ordinance 1992
Trustees (Licensing) Regulations 1992

Voidable Dispositions Ordinance 1998

The Financial Services Commission is a government department and is responsible for the industries which currently have a licensing regime (i.e. banking, insurance and trustees), the registry of companies and the registry of trademarks and patents. Licensing regimes are expected for mutual fund administrators and company service providers. In response to pressure from the OECD and the FATF, as well as the UK government, the FSC arranged the passing of the Proceeds of Crime Ordinance in 1998 and the Proceeds of Crime (Money Laundering) Regulations 2000; as a result the Turks & Caicos did not appear on the FATF's money-laundering 'black-list'.

 

 

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