Why Financial Services Firms Should Consider The Turks And Caicos Islands

• Published date: 30 December 2022
• Subject Matter: Finance and Banking, Government, Public Sector, Financial Services, Inward/ Foreign Investment
• Law Firm: Invest Turks And Caicos
• Author: Mr Invest Turks And Caicos

What makes Turks and Caicos ideal for financial services

How Turks and Caicos is building its financial services sector

There is a desire within Turks and Caicos Islands to grow the nation's financial services sector. And the ultra-low tax rates, pristine beaches, and weather are just a few of the reasons why financial services businesses should take a closer look at the islands.

The Turks and Caicos is known for its high-end tourism industry, but the islands also have much to offer businesses in the financial services sector.

While the financial services sector is the Turks and Caicos Islands' second largest industry after tourism, there remains significant potential for further development.

One edge Turks and Caicos has over other island nations in the Caribbean is that it is a British Overseas Territory, both legislatively and constitutionally, meaning that it is effectively controlled by the UK Government. This ensures greater security and stability as the ultimate court of appeal for the Turks and Caicos is the Privy Council in London.

Another advantage is that the TCI's currency is the US dollar and has no exchange controls, ensuring strong connections with the United States to add a further layer of stability. These strengths ensure that trading and dealing in the Turks and Caicos Islands is very straightforward. And its regulator, the Turks and Caicos Financial Services Commission, is respected for being professional, reliable, and transparent.

"It's a compliant and well-regulated jurisdiction," explains David Stewart, President of the Financial Services Working Group in T&CI.

Stewart is on a mission to promote the benefits of Turks and Caicos for financial services. He first arrived in Turks and Caicos in 1990, the year after he qualified as a lawyer in the UK and stayed for two years but returned many times on holiday. Then in 2015, he moved back permanently to the TCI and joined Providenciales-based Griffiths & Partners Attorneys as a partner.

Stewart has helped to build the G&P Group, which is now the biggest professional services team on the islands. The group consists of a fund manager, a corporate services business, a trust business, as well as a law firm. And he says the islands have all the ingredients for growth.

"My next five years are going to be spent trying to promote the jurisdiction, get more law firms and accountancy firms, and put us on the financial services map," says Stewart.

Optimum conditions for financial services

The...