Untapped: How Turks And Caicos Is Primed For Tourism Investment

• Published date: 30 August 2022
• Subject Matter: Government, Public Sector, Media, Telecoms, IT, Entertainment, Inward/ Foreign Investment, Hotels & Hospitality
• Law Firm: Invest Turks And Caicos
• Author: Mr Invest Turks And Caicos

As global travel starts to pick up again after the COVID-19 downturn, the hospitality sector in Turks and Caicos is a prime location for significant growth and expansion. We speak to Invest Turks and Caicos interim CEO Angela Musgrove about why tourism is full of untapped potential on the islands. We discuss both the natural and financial environments on the islands and why the area could be a lucrative investment opportunity for savvy hoteliers.

Turks and Caicos may not be the biggest Caribbean destination, but it certainly has enough natural assets and economic benefits to rival its larger neighbours. The islands also offer numerous untapped opportunities for investors.

Many of the country's 40-plus islands and cays remain untouched by human development, providing potential openings for ecotourism, agritourism and wellness resorts, just to name a few. Having this many islands also means there is plenty of room for different tourist options where everyone has more than enough space for their own vacation experience.

Then there are the economic conditions. The economically stable chain of islands has a very low tax rate and uses the US dollar as currency. While the legal system is backed by UK law as it is a British Overseas Territory, providing further stability and security.

All these factors make the islands an appealing location for investment across a diverse range of tourism options. To ensure the investment process is straightforward and runs smoothly, Invest Turks and Caicos is a statutory body set up by the government specifically to work with investors and has strong connections with other governmental departments. Invest Turks and Caicos interim CEO Angela Musgrove explains more about what the islands have to offer tourism investors.

What types of tourism do you hope to attract to the islands?

There is so much untapped potential in the tourism industry. Luxury tourism is our signature tourism product where we have experienced significant growth and have developed a world-renowned product offering through our condo/hotel model, primarily in Providenciales. The need to diversify that product has become an imperative, ripe with prospects for the innovative investor.

Turks and Caicos has 40 islands and cays, only eight of which are inhabited. Beyond the opportunity to expand our product offering to other islands, there are so many possibilities for more niche market service offerings in the tourism market. Among many others, we can offer ecotourism...