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Relocating to Turks and Caicos

Relocating to Turks and Caicos

Turks and Caicos Islands

Thinking of relocating or retiring to the Turks and Caicos Islands?

Here is a guide to the issues you need to consider:
 

Residency and working from Turks and Caicos

Most visitors can reside in the islands for up to 3 months visa free- full country list – but make sure your passport has at least 6 months plus your stay period of validity . For longer term residency temporary (proving  you have access to sufficient funds to support yourself) or permanent residency (through buying a home or business) is available from Government. There are no direct taxes (so no property, income, capital gains, or estate taxes) in the Turks and Caicos. Working for an employer doing business on island or becoming self-employed in a business on island will require a work permit for non TCI citizens.

Digital nomadism is a grey area, as there is no official route to operating a business or working offshore  on a self-employed basis whilst residing in TCI without a work permit, and you do so at a limited but real risk .

Not having a formal residence permit (or a work permit) means you will at very least face inconveniences: it will be a struggle to open bank accounts , own vehicles, rent long term , obtain driving licenses etc.

 

Property

No restrictions on property ownership, no property taxes, a clear Torrens land registry system so no need to deduce title. Stamp Duty is payable on real estate deals , usually by the purchaser (10% over $500k) .

 

Overseas taxes

Take advice from a capable professional where you come from about what taxes, if any, you may have to pay at home, and what filings  you need to make. Just because TCI is tax free doesn’t mean your domestic obligations are over.

 

Moving your business to TCI , or starting a new one

TCI genuinely encourages legit new businesses, especially so in the Tech (including FinTech) and Financial Services sectors. Concessions and incentives for the right businesses are available via the Islands’ Investment Promotion Agency, Invest Turks and Caicos, and they will also be able to help with immigration and other issues. The TCI has an encouraging and commercial Financial Services Regulator and a good source for up to date legislation and regulation in the island’s Financial Services sector is their website.

 

Retirement

It is usually possible to have your pension and investment income paid to your local TCI bank account if you wish to live part time in TCI. If your home country allows you to become non-tax resident you should take good domestic advice about how to structure your assets and income so that  you are not paying more tax than you should after you become non-resident . Medical insurance in TCI is available, but costs are generally higher than in the USA and Europe.

 

About our guest author: David Stewart  is the CEO of Coriats Trust Company Limited.

Remote Working in Turks & Caicos

Remote Working in Turks & Caicos

Business Friendly

The official currency in Turks and Caicos is the US Dollar. English is the official language.
The islands have a range of well qualified professionals and high quality office space in the town center of Providenciales.

 

Connections

An undersea fiber cable gives Providenciales, Grand Turk, and even some remote areas on the smaller islands reliable, high-speed 4G coverage. Direct flights operate from 12 US and Canadian cities including Miami, New York and Toronto.
Turks and Caicos has a small but mature and sophisticated offshore finance sector with strong connections to global financial hubs.The islands are on the same time zone as the US Eastern Seaboard.

 

Lifestyle

According to Conde Nast Traveler, ‘even by the world-beating standards set by its Caribbean neighbors, the Turks and Caicos really is out on its own when it comes to almost absurdly paradisaical beaches.’
Watersports enthusiasts are spoiled for choice with world class kiteboarding, wake boarding, diving and sport fishing. From November to Easter you can snorkel with humpback whales. Boat trips to stunning deserted island beaches are easily arranged. Dorado- Mahi-Mahi- are just one of the local fish to catch and cook. Some of the best reef diving in the Caribbean is at your door.
Bruce Willis, Prince and many other celebrities have had beach homes in Turks and Caicos over the years and with current part time residents like Donna Karan, Keith Richards and Brad Pitt there are plenty of high end dining options in Providenciales.

 

Secure & Stable

Turks and Caicos is an internally self-governing overseas territory of the United Kingdom.
The island’s have a long history of political stability, a legal system primarily based on English Common Law and a S&P BBB+ Credit Rating making it an attractive location for HNWIs from all over the world.

 

Where to Live

Grace Bay on the main island of Providenciales is the ‘star’ beach, regularly named as one of the best beaches in the world, however other beaches like Long Bay are attractive to high profile visitors looking for privacy and relaxation.

 

Buy or Rent?

‘It is better to come here for a short vacation/ visit and see where is right for you, before making any big decisions’ says Gerry Dallas the General Manager of TKCA, one of the island’s premier luxury property rental & management companies.
He says that an increasingly popular option for wealthy individuals is to buy a villa that they and their family and friends can use but which gives a strong rental income the rest of the year.
‘Beachfront Villas start at $1,000 per night and the more lavish properties in our portfolio sell at over $10,000 per night at the height of season. We are seeing a lot of investment in the $5 Million range and with good rental returns these properties are a worthy investment’, adds Gerry.
Yves Boulet is one of the top contractors for luxury developments in the islands and agrees that most buyers want to live there for a few weeks or months a year. ‘We are fortunate to have very wealthy clients who want a truly exceptional beach vacation villa. However, some of them would also like the villa to ‘pay its way’ so to speak.’

 

IN BRIEF:
The Turks and Caicos is not a cheap place to ‘hang out’ and it doesn’t pretend to be.
However, for anyone looking for an incredibly beautiful Caribbean island to base themselves for a 3 week or 3 month luxury beach escape from the Northern Hemisphere winters, the Turks and Caicos Islands have ‘star quality’.