Geophysical Structure

The Turks & Caicos are made up of two groups of islands.  The TURKS ISLANDS to the south include the capital Island of Grand Turk, smaller Salt Cay and a number of uninhabited islands and cays, most notably Great Sand Cay.  Across the 26 mile Columbus Passage are the CAICOS ISLANDS (pronounced KAY-kus) made up of South Caicos, center of the fishing industry, uninhabited East Caicos, large Middle Caicos, the “garden island” of North Caicos, a chain of islands known as The Caicos Cays, the “tourist island” of Providenciales and uninhabited West Caicos. 

These islands rise from shallow, aquamarine and turquoise seas.  With over 500 miles of virgin coral reefs, they are a paradise for snorkellers and scuba divers while the surrounding oceans offer spectacular deep-sea fishing and yachting opportunities.  They have over 230 miles of white sand beaches classified by Conde Nast magazine as the best in the world.  Because of their position and extensive barrier reefs, The Turks & Caicos are protected from tropical storms and have no rainy season.

As a British Colony and member of the Commonwealth, Her Majesty, Queen Elizabeth II is head of State.  The Turks & Caicos have a very stable political system.  A Governor appointed by the Crown is responsible for External Affairs and Internal Security and overseas a parliamentary-style Government headed by a Chief Minister.  Members of the Legislative Council are elected every four years in a fully democratic process.  There are two, main, political parties both “centrist” in attitude.  Bills called Ordinances are created by the Legislative Council and passed up to the Executive Council, which is made up equally of, elected and appointed members.

The population is approximately 15,000, the majority being Turks & Caicos Islanders of afro-West Indian decent – the remainder ex-patriates from Canada, the United States and Europe.  The islanders are well educated, friendly, hard working, and proud of their heritage and culture.  They are also fundamentally religious and law-abiding resulting in the lowest crime rate in the Caribbean.

With a benevolent climate – 83 F year round with continuous trade wind breezes – and proximity to North America, the Turks & Caicos have a thriving, tourism-based economy.  Most tourists come from the United States and Canada.  By offering confidentiality and tax-freedom, they have also become an Offshore Financial Center. Currently tourists exceed 100,000 a year, and are offered a wide variety of hotels including Club Med Turkoise, Sandals “Beaches” and the Allegro Resort and Casino.  Also available are small roadside inns, bed & breakfasts and a variety of up-scale rental villas and condominiums.

Providenciales is becoming a major retirement center and has a growing ex-patriate community, mainly affluent North Americans who want to own their own retirement home in the sun and still be close to a major city like Miami which is only an hour and a half away. 

After tourism and the offshore finance center, fishing is the primary, traditional industry.  The islands are an import economy, bringing in almost all their consumer goods.  They operate on the U.S. dollar, but you can hold accounts at the major banks (Barclays, Scotia Bank etc.) in most major world currencies.

Provided you wish to (a) retire to the islands, (b) invest in the local economy or (c) work at specialized occupations, you are welcome in the Turks & Caicos.  Provided you meet the Government’s immigration requirements you may apply for Temporary Residency subject to periodic renewal.  Investors who commit $125,000 or more to a government approved project in the Turks & Caicos Islands can apply for Permanent Residency.  The amount rises to $250,000 on Providenciales, but investors are not required to actually reside in the country.  You may apply for Neutralized Citizenship once you have resided in the Islands for 10 years.

40% of the land in the Turks & Caicos is in private hands and may be bought and sold without restrictions based on nationality.  Title is guaranteed by the Government.  The remaining 60% is Crown Land owned by the Government and may be made available under certain circumstances for significant, governmentally approved development projects.  For over 30 years land in these Islands has consistently proven to be a good investment.  Depending on location, property on the most populous island can cost $16,000 - $60,000 for a good building lot but $150,000 or more for prime beachfront.  On the “family” islands however, process are much more economical.

The major industry is tourism and the Government is eager to see additional hotels, inns, rental villas and other accommodations constructed, especially on the capital island of Grand Turk and the other family islands.  There are also opportunities to establish smaller businesses to service the needs of tourists as well as permanent residents.  There are also opportunities in financial services, importing, light manufacturing and assembly.  A major industry of the future is aquaculture – the farming of the sea.  The islands already produce farmed conch and crab.

The Turks & Caicos have no income tax, sales tax, corporate tax, tax on profits, value-added tax, capital gains tax – in fact no direst taxation of any kind.  There is no central bank and no controls on repatriating profits.  There are also no death duties.  The primary income for the Government comes from import duties, and indirect taxes in areas such as land transfers, hotel rooms, licenses and fees, departure tax and so on.

For those who want a safe, secure, laid-back retirement haven or tax free jurisdiction from which to do business where people are few and confidentiality assured, the Turks & Caicos Islands offers such a lifestyle – as long as you have an interest in activities associated with the ocean: swimming, sailing, beach combing, snorkeling, scuba diving, fishing, and so on.  Because most goods are imported, the cost of living is slightly higher than south Florida.  The people are very friendly.  You can look forward to making many new friends.

For more information, please contact us:

The Principal Group (Turks & Caicos) Ltd.

Britannic House, Provinciales, Turks & Caicos Islands

In Canada: P.O. Box 505, Port Credit, Ontario, L5G 4M2, Canada

Email: PrincipalGroup@wonkee.com or wonkee88@hotmail.com