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Remote Working in Turks & Caicos

Remote Working in Turks & Caicos

6 Reasons to Remote Work from the Turks and Caicos Islands:

 

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 have a small but mature and sophisticated offshore finance sector with strong connections to global financial hubs. The islands are in 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 Islands really are out on their own when it comes to almost absurdly paradisaical beaches.’
Watersports enthusiasts are spoiled for choice with world-class kiteboarding, wakeboarding, 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 overseas territory of the United Kingdom that governs itself internally. The islands boast a long history of political stability and a legal system primarily influenced by English Common Law. Moreover, with a credit rating of S&P BBB+, the location is highly attractive to high-net-worth individuals (HNWIs) from different parts of the world.

 

Where to Live

Grace Bay on Providenciales’ main island is the world-renowned ‘star’ beach. However, high-profile visitors seeking privacy and relaxation also enjoy other beaches, such as Long Bay.

 

Buy or Rent?

Gerry Dallas, the General Manager of TKCA, a renowned luxury property rental and management company on the island, suggests that it is advisable to take a short vacation or visit the place to decide if it is suitable before making any significant decisions. He further highlights the growing trend among affluent individuals to purchase a villa that can be used by them and their family and friends for some time in the year and generates substantial rental income for the rest of the period. According to Gerry, the starting price for beachfront villas is $1,000 per night, with some extravagant properties in their portfolio selling for over $10,000 a night during peak season. He also mentions that there is a considerable investment in the $5 million range, and with profitable rental returns, these properties prove to be a valuable investment.

Yves Boulet, a top luxury property developer in the islands, agrees that most buyers prefer to use the property for a few weeks or months in a year. He believes that they are fortunate to have wealthy clients who want a genuinely exceptional beach vacation villa. However, some of them also want the villa to generate revenue when not in use.

 

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 on for an extended stay luxury beach escape from the Northern Hemisphere winters, the Turks and Caicos Islands have ‘star quality.’

Grace Bay condo remote working
Relocating to Turks and Caicos

Relocating to Turks and Caicos

Turks and Caicos Islands

Relocating/ retiring to the Turks and Caicos Islands

 

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 six 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.

 

Buying property

There is no restriction on property ownership, no property taxes, and a clear Torrens land registry system, so there is 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 Turks and Caicos or starting a new one

TCI genuinely encourages new businesses, especially 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.