Turks And Caicos Offers Investors Tax Neutrality And Quality Of Life

TRANSCRIPT

The Turks and Caicos Islands has committed to revitalising its financial services sector. It's been one year since the islands' updated National Investment Policy was approved, outlining key development priorities to maintain a dynamic, growing economy. James Bursey, CEO of Invest Turks & Caicos, and David Stewart, President of the islands' Finance Industry Association, discuss the opportunities for investment on the islands, what makes Turks and Caicos an attractive jurisdiction for establishing a business, and their ambitions for financial services.

World Finance: The Turks and Caicos Islands has committed to revitalising its financial services sector. It's been one year since the islands' updated National Investment Policy was approved, outlining key development priorities to maintain a dynamic, growing economy. James Bursey is CEO of Invest Turks & Caicos, and David Stewart is the President of the Finance Industry Association.

David - what opportunities are there for financial services investors on the islands?

David Stewart: Turks and Caicos is a five-star jurisdiction and resort. We have a substantial population of ultra-high-net-worth visitors and residents; so there is a lot of opportunity in relation to trust, fiduciary, asset management, international wealth management and financial services for individuals.

We also have a strong reputation for our mid-market captive insurance industry, which mostly faces the US market. And I would say we've got an experienced regulatory environment - accounting, banking environment - that's used to working with captive insurers. So that is another major opportunity.

But more broadly, we're a wonderful place to live and work. And we want to attract a broad church of financial services businesses to consider the Turks and Caicos as the place to locate for their next opening.

James Bursey: The third pillar of the financial service industry of course is - banking. We have three Canadian banks already there. And we're discussing with European, US and Asian banks. And I hope by the end of the next 12 months we're going to have three more resident on the islands. So it's a great place from which to locate a bank.

World Finance: What are the benefits of establishing a business on the Turks and Caicos?

James Bursey: First and foremost it's a beautiful place to be. I get up with the sun, I can go for a walk on the beach - try doing that in London or New York.

So if that's the kind of lifestyle...

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