Turks and Caicos Islands: Why Investing In The Turks And Caicos Islands Makes All The Sense!!

Last Updated: 14 June 2018
Article by Rochelle Thompson

Have questions about investing in the Turks and Caicos Islands? The Q and A by Invest TCI's Investment Service Executive, Rochelle Thompson can help.

Q: How would you define the Turks and Caicos (TCI) Advantage?

RT: The Turks and Caicos Islands are best known for their white sandy beaches, world class resorts and villas, friendly people and an amazing natural environment. We are an archipelago of 40 small islands and cays each offering an entirely different experience. We boast a stable economy, a pro-business climate, convenient direct airlift to multiple international cities and use of the US currency. As a growing economy, we believe that investors can participate in the current and future development of the country and that is a huge attraction and advantage.

Q: What types of projects do you consider as good for the country?

RT: Firstly, we market the TCI as being environmentally conscious and a place where existing investors have seen remarkable returns on their investments. Often, we say a project is a good one when new jobs are created, and significant amounts of recurring revenues are paid to the Government. While these are indeed top of the list of reasons, I would also consider projects to be good for the country when their business model focuses on social impact, environmental impact and good governance. We also look for projects that meet certain sustainability criteria. A company with a sustainability agenda is better positioned to anticipate and react to economic, social, environmental, and regulatory changes as they arise. These are the type of projects that are good for the country.

Q: Tourism is the number one industry at present, what other areas of growth has great potential?

RT: Looking at the financial services industry, there is more room for growth, not just because of the inherent diversity of the industry itself, but because there are genuine interests in the Turks and Caicos by foreign investors and their demand for additional services and products. The industry is currently under review so one can expect to hear more about Financial Services Promotion in the coming months. While Tourism is our main industry, there is still significant potential to diversify and strengthen the Tourism sector by creating new attractions and historical tourism venues that provide alternative opportunities for visitors to explore the islands, as many visitors crave additional experiences beyond, the sun sea and sand. Manufacturing, fisheries and agriculture are also areas with great growth potential particularly as it relates to supporting the tourism sector. The TCI Government is committed to working with hoteliers and restaurants to identify backward and forward linkages that will result in creating products that can support the tourism sector. Finally, there is also the opportunity to take maximum advantage of the knowledge-based economy and leverage innovative opportunities in the area of Information Technology.

Q: What incentives are offered for new investment?

RT: The Turks and Caicos Government is committed to cutting the cost of doing business in the islands and have made a number of incentives available to new investment, these are:

  • Alleviation of essential "fixed investment costs" (capital and labour costs) for qualified investments.
  • Reduced import duties on "fixed investment costs" for qualified investments and new industries.
  • Reduced stamp duty for land purchases in the family islands and for new developments or first-time sales of condominiums across the Turks and Caicos Islands for qualified investments and new industries.

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