TCI Reintroduces Investment-Based Permanent Residency

Exciting New Inward Investment Scheme

The Turks and Caicos Islands (TCI) has just enacted a revamped investor residency programme, entitling successful applicants to a permanent residence certificate (PRC).

Qualifying criteria

The qualifying criteria are:-

Villas

1. Investment of not less than $300,000 in actual construction of a new home, or in renovation of a distressed property as a home for the applicant and his or her dependants, on the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos; or

2. Investment of not less than $1,000,000 in actual construction of a new home or renovation of a distressed property as a home for the applicant and his or her dependants in any of the other islands.

   Businesses and Enterprises

3. Investment of not less than $750,000 in cash in a business or enterprise in Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos which business generates employment for persons in TCI of which not less than 60% are TCI nationals or permanent residents; or

4. Investment of not less than $1,500,000 in cash in a business or enterprise in one of the other islands which business generates employment for persons in TCI of which not less than 60% are TCI nationals or permanent residents.

   PRCs issued in category (a) or (b) do not confer any right to work. Those in category (c) or (d) come with the right to work in the business or enterprise concerned.

   Pre-approval/Governor's Undertaking

   An investor wishing to take advantage of the programme can gain assurance in advance as to the granting of his PRC by applying in writing to the Governor for an undertaking that on production of satisfactory evidence that the relevant investment has been made by or before the expiry date of the undertaking, the Governor will, on payment of the prescribed fee, grant the person the relevant PRC.

   Evidence of Investment

   In the case of villas, evidence of the required investment shall include (i) a certificate of occupancy issued under the Physical Planning Ordinance and (ii) a certificate from a TCI quantity surveyor that of the value of the construction of the completed villa meets the minimum investment threshold.

   In the case of applications based on investment in a business or enterprise, the evidence of investment shall include (i) audited financial statements of the business or enterprise and (ii) a certificate from the Commissioner of Labour confirming details of the employment of...