Financial Services in the Turks and Caicos Islands
Following recommendations in 1970, the UK declared the Turks & Caicos Islands an official offshore centre. This means there are no taxes on income or capital gains, no inheritance or estate taxes, and strict confidentiality laws.
Scotiabank on Leeward Highway, Providenciales
The Financial Services Commission (FSC) oversees all regulatory aspects of the financial services industry in the Turks & Caicos Islands. Licensing and supervision of all operating financial service entities is undertaken by The FSC and held to international standards.
The Turks and Caicos Islands provide a full range of international banking and trust services. As there is no direct taxation TCI banks are able to offer their clients higher rates of return and lower margin costs.
In 1981 the Companies Ordinance was enacted, establishing the TCI as a corporate domicile. The Ordinance provides for the registration of the following corporate entities: Ordinary Companies, Exempted Companies (International Business Companies - IBCs), Foreign Companies, Non-Profit Organizations and Limited Life Companies (usually known as a Limited Liability company in the US). On incorporation, a company receives an undertaking from the Governor to the effect that no taxation on income or gains will apply for twenty years from the date of incorporation.
The Trusts Ordinance of the Turks & Caicos Islands is a blend of provisions from other jurisdictions along with several items unique to the TCI, including the abolition of a prohibition against perpetual trusts.
The insurance market is also growing in the TCI as legislation creates a favourable environment for captive insurance companies.
Recently implemented legislation to regulate mutual funds has been established. Mutual funds can be set up in the islands and constituted under the laws of a foreign country to be licensed in the islands as recognised mutual funds.
Another recent addition to legislation allows individuals to be licensed as a fund manager, investment adviser or investment dealer.
Individuals and companies wishing to invest in the Turks & Caicos Islands or who are interested in being licensed as a financial service provider are encouraged to contact the Financial Services Commission.
With offices on Providenciales and Grand Turk. Scotiabank provides innovative financial products and services to individuals, small and medium-size businesses and corporations across the country. ATM services.Contact details for Scotiabank
Turks and Caicos Banking Company Limited
A private offshore bank under Swiss management, established in 1980. Banking services include: Term/Notice Deposits, Foreign Exchange, Precious Metals, International Transfers, Portfolio Management, Stock and Bond Trading. They offer personal and corporate banking and the convenience of secure online banking.Contact details for Turks and Caicos Banking Company Limited
Logberg Trust Corporation Ltd.
Licensed Trustee Services.Contact details for Logberg Trust Corporation Ltd.
Meridian Trust Company Limited
International Planning/Mortgage Financing.Contact details for Meridian Trust Company Limited
Miller Simons O’Sullivan
Attorneys at Law.Contact details for Miller Simons O’Sullivan
Twa Marcelin Wolf
Attorneys at Law.Contact details for Twa Marcelin Wolf