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INVESTMENT The TCI government is committed to
the development of the Islands and it’s people and has thus offered
attractive investment concessions and flexible policies that seek to
encourage investment, especially in the lesser-developed islands. The Turks and Caicos Islands which
is dubbed “beautiful by nature” is gaining a reputation as a group of
islands where many and varied investment opportunities abound. TCI has
moved from a relatively unknown country to one that is sought after by
North American and European investors for business opportunities
primarily in the offshore financial sector, hotel and resort
development, condominium and other real estate, to name a few. Most of the development is taking
place on the island of Providenciales (Provo) where lies a 12-mile
stretch of beach referred to by Conde Nest Magazine as “perhaps
the best beach in the world”. This stretch along the Grace Bay area is
lined with luxury condominiums, and resorts including Beaches and Club
Med Turkoise. To facilitate investment in the TCI,
the government established Turks and Caicos Islands Investment Agency (TCInvest)
with a mandate to “encourage, promote, facilitate and undertake the
development of the Turks and Caicos Islands”. With the exception of those parcels
of land that are National Parks, Nature Reserves, Sanctuaries or are of
historic value; the Government allocates crown land to foreign investors
on long lease terms. To stimulate development in the other islands, the
Government allocates land on more favourable terms than on the island of
Provo. Besides crown land allocation,
fiscal incentives in the form of import duty exemptions or reductions
and other tax allowances are available to the investor. The immigration policy allows the
investor to bring to the islands for a specified period, the skills
which are not readily available amongst the small Belonger population. For investments on the island of
Provo which exceed US$250,000, the investor may be granted a Permanent
Resident Certificate (PRC). On the other islands, the investment must
exceed US$125,000 for the grant of a PRC. In addition to the incentives
previously mentioned, investors are exempted from paying taxes on
property or capital gain for at least 15 years. TCI’s investment policies together
with the natural beauty, friendly weather, proximity to North America,
and economic and political stability makes TCI the premier destination
for investment.
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