23 May 2011
Although the Turks and Caicos is a British Overseas Territory, the US dollar is our main currency. The Turks and Caicos consist of over 40 different islands and cays – yet less than ten are inhibited and three are currently being privately developed. Sustainable tourism and mindfulness of our natural resources, is our philosophy – yet the business opportunities here are as endless as our many miles of beautiful beaches. We are a tourism destination – but one that means business. Indeed the best of the entire world exists here in the Turks and Caicos Islands (TCI).
This year has already marked milestones in the growth and development of these beautiful islands. February welcomed the inaugural flights for JetBlue from New York (JFK) and Boston (BOS), and Continental Airlines from New Jersey (EWR). These airlines are joining the exclusive air routes of American, Delta and United Airlines from the United States, Air Canada and West Jet from Canada as well as British Airways flying out of London.
For a second year, the Turks and Caicos Islands were a favoured award-winning Caribbean destination, showing a 12 percent increase in tourist arrivals compared to 2009. With Phase 1 of the multi-million dollar Providenciales Airport expansion underway the runway is being extending from its current 7,600 feet to a length of 9,200 feet, to facilitate new long-haul flights from Europe and Asia, allowing for planes such as the Boeing 777 and 747 to land at our airport.
TCI is also becoming known for our renewed commitment to international business best practices, spearheaded by the UK appointed Governor, His Excellency Mr. Gordon Wetherell, who has taken over direct administration of some operations (subject to the TCI constitution) which brings with it added reassurance for investors.
This is ensuring that factors such as TCI’s strong regulatory environment, financial strength and highly-skilled workforce are the forefront of our development. The government has in fact a stated aim to promote ‘transparency’, ‘accountability’ and ‘responsibility’, and this is perhaps manifested most clearly in the recently formed Ministry of Trade, Tourism and Communications, which has collected together the three cornerstones of the Turks and Caicos economy to ensure co-ordinated administration and maximum efficiency.
Attracting quality investments that create a sustainable economy is a major objective of the Turks and Caicos Islands Government. TCInvest (Turks and Caicos Investment Agency) is a quasi-governmental agency in the islands with a mandate to attract new foreign direct investment, facilitate development, encourage entrepreneurship amongst residents and provide financing to the local population.
Established in 1995, TCInvest is a seasoned one-stop-shop to ease the way for potential investors and guide them through the necessary formalities. TCInvest provides that vital bridge as a facilitator between the investor and government. Its role for the potential investor is to advise and assist on opportunities and polices; screen new investments projects for suitability; feasibility and quality of investor finances; facilitate timely consideration of proposals; negotiate joint ventures and development agreements which qualify for TCI Governments investment incentives.
Tourism continues to be the economic mainstay and the development of world class resorts and condominiums properties in recent years has helped to attract even higher numbers of visitors to the islands. Among these are high-net worth individuals who have invested in real estate and other businesses as well as the burgeoning offshore financial services industry. The islands are a prime investment centre because the government levies no income or corporate taxes and has no inheritance tax and is a safe place to invest.
Wise investors come to TCInvest first because the agency creates a “single window” for prospective investors. It makes them aware of the TCI Government “Open Arms” investment policy beginning with the obvious no tax status, efficient administrative system and attractive concessions package. We encourage you to meet with us to discover which opportunities you can uncover in our warm and welcoming islands.
TCInvest Grand Turk
Tel: 1(649) 2058. Fax: 1(649) 1464
Tel: 1(649) 2058. Fax: 1(649) 1464