Turks and Caicos Islands: Permanent Residence Certificate: By The Investor Route

Last Updated: 2 August 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 and Legal and Compliance Officer, Oreika Selver can help.

One of the most frequent questions we are asked by investors is, if there is a permanent residence program for investor. The answer is yes! Our inhouse Legal and Compliance Officer, Oreika Selver outlines the PRC programme:

The PRC Investor Route programme is one that is facilitated by Invest Turks & Caicos Agency. Applications are received and vetted by Invest TCI and then forwarded to the Ministry of Border Control and Immigration for further processing.

It is strictly under the jurisdiction of the Ministry of Border Control & Immigration - and is designed for persons who have Invested One Million USD in the Turks and Caicos Islands in a Home or Business and have no previous convictions. (see Section 13(2)(k) – Immigration Regulations 2016).

The Permanent Residence Certificate or PRC allows the Holder to legally enter and reside in the Turks and Caicos Islands indefinitely. The Holder of a PRC may also endorse his or her spouse and children under the age of 18.

Under separate categories of the Immigration Regulations 2016; an Investor may apply for a PRC if they have invested less than $300,000 in the actual construction, purchase of a home or renovation of a distressed property or not less than $750,000.00 in a business in the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos (see Section 13(2)(f), (g) – Immigration Regulations 2016).

The PRC does not give the holder the right to work. All applications for Investor PRC may be forwarded to Invest Turks & Caicos Agency. For questions on requirements call +1 649-338-4772 or write to us at info@investturksandcaicos.tc.

A major focus of the Turks and Caicos National Investment Policy is to encourage domestic investment. As such, Investment Service Executive, Rochelle Thompson has put together the following FAQs on domestic investment:

Q: Does The Turks and Caicos Islands have a Joint Venture Policy for local residents with foreign investors?

RT: International Investors are encouraged to establish joint ventures with Turks and Caicos Islands partners. The choice of such TCI partnerships is in the absolute discretion of the investor.

Q: What areas of businesses are reserved for Turks and Caicos Islanders?

RT: The Business Licensing Regulations provides a list of business categories that are reserved for Turks and Caicos Islanders. We encourage Turks and Caicos Islanders to examine the list more carefully and frequently, as there is a wealth of business opportunities available. Click here to view a list of reserved business categories.

Q: What areas in particular should Turks and Caicos Islanders start to consider taking up?

RT: The Tourism Industry is our number one sector. Growth is rapid and so it is only fitting that Turks and Caicos Islanders should consider hotel development as another avenue of entrepreneurship. We believe there is great potential for boutique hotels, health & wellness resorts, eco-friendly luxury resorts and more. In line with the revised National Investment Policy 2018 and as part of the Governments strategy to diversify the economy, other areas where Turks and Caicos Islanders should consider are; attractions, historic/cultural tourism and retiree development, agrifood, construction, horticulture, Mari culture, Trusts, Captive Insurance, Mid markets, Information Technology services (video games, apps, search engines, coding, manufacturing, fishing and agriculture sectors, renewable energy technologies, just to name a few.

Q: Is there a required limit in an investment that would make the project eligible for concessions?

RT: There is no limit for the investment to qualify for concessions. However, there are other criteria which must be satisfied, such as; 1. that the prospective investor/developer has the financial means to carry out the project, 2. a satisfactory due diligence (both personal and project) is carried out and 3. the project is in the best interests of the public, i.e. it will create jobs for Turks and Caicos Islanders and generate recurring revenues for the Government.

Q: Are there special concessions for certain types of investments and on certain islands?

RT: Concessions vary between the island of Providenciales and all other islands. Investments in Providenciales may attract 50% concessions (import duties) and up to 75% on all other islands. Stamp duty on the purchase of real estate may attract a reduction of 50%. The Government is keen to support investments that make sense for the lessor developed islands.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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