A Quick Guide To Living/Investing In Turks And Caicos ('TCI')

No Government permission or licence is required, to buy TCI real estate, but ownership of itself does not provide residence, work rights, or other status in TCI.

The island of Providenciales (known locally as "Provo") is the focus of most TCI investment and economic activity. There is no exchange control and the local currency is the US dollar.

Usual tourist immigration terms and conditions apply unless you are a Belonger, Permanent Residence Certificate ("PRC") holder, Residence Permit holder, or Work Permit holder.

Belonger status is available to those born/adopted in TCI, with at least one Belonger parent, or those married to a Belonger for ten years, or more.

Certain investors may obtain a lifetime PRC, on proof of satisfactory financial resources, health and references. There is a one-time-only Government PRC fee of $25,000.00 (of which $1,500.00 is non-refundable, in the event of refusal). Additionally there is a $200.00 Government fee for a spouse and each dependent child named on the PRC. These fees are additional to making one of the four investment types described below:

investment in Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos of not less than $300,000 for construction of a new home, or renovation of a distressed property as a home for the applicant and the applicant's dependents; or investment in any of the other islands (including the main island of Providenciales) of not less than $1,000,000 in construction of a new home, or renovation of a distressed property as a home for the applicant and the applicant's dependents; or investment in Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos of not less than $750,000 in cash, in a business or enterprise in which not less than 60% of employees do not require work permits; or investment in any of the other islands (including the main island of Providenciales) of not less than $1,500,000 in cash, in a business or enterprise in which not less than 60% of employees do not require work permits. Investment evidence is required before a PRC is issued. There is no right to work with a PRC granted under items (a) or (b) above. A right to work under a PRC granted under items (c) or (d) is limited to the relevant business or enterprise.

As with all Government applications, timing and success is unpredictable. Creation of jobs for Belongers is very desirable. Carefully investigate if a proposed business or enterprise is likely to attract Belongers, as...