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Financial Regulation Crucial for Turks and Caicos Islands’ Economic Growth

In a bid to diversify its economy, the Turks and Caicos Islands are looking to grow their financial services sector. With ultra-low tax rates and a pristine environment, it’s an attractive destination for businesses.

The Potential of Financial Services in TCI

The second largest industry in the islands after tourism, financial services have significant potential for further development. One edge the TCI has over other Caribbean nations is that it is a British Overseas Territory, ensuring greater security and stability.

  • Ultra-low tax rates
  • Pristine environment
  • Greater security and stability due to being a British Overseas Territory

A Strong Regulatory Framework

The Turks and Caicos Financial Services Commission (TCIFSC) is respected for being professional, reliable, and transparent. The regulatory body ensures that trading and dealing in the islands is straightforward, making it an ideal jurisdiction for businesses.

  • Compliant and well-regulated jurisdiction
  • Professional, reliable, and transparent regulation

Government Support for Business Development

The government is committed to supporting business development in the islands, with a fast-track immigration process for those who meet the necessary criteria. Employment opportunities are also abundant, making it an attractive destination for professionals.

  • Fast-track immigration process
  • Abundant employment opportunities
  • Easy living and working conditions

Diversifying the Economy

Turks and Caicos is the second most tourism-dependent economy in the world after the Maldives. The global pandemic has highlighted just how much disruption is possible for tourism, making it essential to diversify the economy.

  • Target growth area: financial services sector
  • Government funding for TCI Finance to promote financial services jurisdiction

A Laidback Lifestyle

Another key part of the appeal of the Turks and Caicos is the laidback lifestyle and tropical environment. The islands offer award-winning white sand beaches, crystal blue waters, and a range of activities for employees to enjoy during downtime.

  • Award-winning white sand beaches
  • Crystal blue waters
  • Range of activities for downtime

Infrastructure and Connectivity

The island of Providenciales has highly developed infrastructure thanks to its high-end tourism industry, supporting shops, restaurants, and high-performing schools. The islands are well connected, with high-speed broadband and 98 direct flights a week to many US East Coast cities.

  • Highly developed infrastructure
  • High-speed broadband
  • 98 direct flights a week to US East Coast cities