Invest Turks & Caicos by Outlook Publishing

TURKS AND CAICOS ISLANDS INVESTMENT SPOTLIGHT

More than just fun in the sun, the virescent Turks and Caicos Islands offer unparalleled investment opportunities for individuals, entrepreneurs, and businesses alike in search of a promising future

Writer: Lauren Kania | Project Manager: Krisha Canlas

Boasting an international reputation for blissful white sand beaches, lush vegetation, and pristine marine life, the Turks and Caicos Islands are a haven for travelers and connoisseurs of luxury.

In addition to the islands’ status as a tropical oasis, it proudly showcases a strong and growing economy, a probusiness environment, and generous government-backed tax incentives, making the territory an attractive location for those both foreign and domestic seeking new and promising investment opportunities.

Currently, the majority of investments that make up the Turks and Caicos Islands are driven by the tourism, fishing,

and offshore finance industries. However, as observed over the past 10 years, the territory’s GDP has been dominated by investments in hotels and restaurants, financial services, transport, and real estate – aptly displaying steady national growth.

Despite being classified as a British Overseas Territory, the Turks and Caicos Islands lie in close proximity to the US, Canada, and the rest of the islands of the Bahamas, using the US dollar as its primary currency.

It is home to approximately 58,000 residents and one of the fastest-growing economies in the Caribbean, with an estimated annual growth rate of 3.5 percent.

This substantial increase is bolstered by the islands’ potential for new, expanding, or relocating businesses supported by the government in the form of tax incentives.

To add to the territory’s appeal, the islands have no income, capital gains, estate or inheritance taxes, and no corporate taxes associated with real estate investment.

With a propitious future, investing in the islands offers unsurpassable, pro-business opportunities in a plethora of sectors, with tax incentives and encouragement for entrepreneurs, investors, and dreamers alike. The Turks and Caicos Islands Government (TCIG) remains fully supportive of foreign direct investment (FDI) which is committed

to fostering a favorable business climate. In fact, many of the largest businesses in the nation are foreign-owned or established by immigrants.

Alongside these invaluable investment opportunities, the quality of life in the Turks and Caicos Islands is a bonus for both foreign and domestic investors. The climate is sublime, consisting of an average of 350 days of sunshine per annum, and the territory is made up of 40 islands of sumptuous greenery, crystal-clear waters, and friendly people.

Angela Musgrove, CEO, Invest Turks and Caicos

INTERVIEW:

INVEST TURKS AND CAICOS

Helping individuals and companies navigate the path to investing in the Turks and Caicos Islands, Invest Turks and Caicos offers an experienced and knowledgeable team to provide clients with confidential guidance and support every step of the way to capitalize on investment opportunities within the stunning collection of islands.

Angela Musgrove, CEO of Invest Turks and Caicos, is extremely proud to be able to promote the business opportunities available on the islands and attract investment that will ultimately improve the quality of life for the people of Turks and Caicos. She tells us more about the current investment landscape and the organization’s priorities for the future.

North America Outlook (NA): Firstly, what is your take on the current investment landscape across the islands? Have there been any new major challenges or developments since we last spoke in January 2023?

Angela Musgrove, CEO (AM): The investment landscape in the Turks and Caicos Islands is dynamic and attractive, particularly in sectors such as tourism, real estate, and financial services. We’re also excited about TCI Finance, our new flagship initiative that aims to protect, promote, and develop our financial sector, setting the stage for the Turks and Caicos Islands to become a premier financial hub.

As we broaden our economic horizons, we’re actively exploring growth in sectors such as agriculture and fisheries. Despite the challenges that come with our reliance on imports for these developments, we’re tackling these hurdles head-on through strategic partnerships and refining our regulatory frameworks. In doing so, we’ve committed to building a more resilient and diverse economy for the Turks and Caicos Islands.

NA: What differentiates the Turks and Caicos Islands from other nations in terms of investment opportunities?

AM: The Turks and Caicos Islands are a highly appealing investment destination thanks to several distinctive attributes. Our strategic geographic position makes us a vital conduit linking Europe and North America, enhancing opportunities in logistics and transportation. As a British Overseas Territory, we benefit from a stable political climate and a reliable legal system, offering investors a secure environment conducive to sustainable business ventures. Investors can also take advantage of attractive incentives for temporary and permanent residence tailored to meet the needs of qualified investors.

Moreover, significant tax benefits, including the absence of capital gains, corporate, or personal taxes, enrich both our high-net-worth investors and the local community alike. The stunning natural beauty of our islands not only draws tourists but also supports ventures in marine

Turn Your Dreams into Reality

Since 1984, the Building Materials Limited (BML) Do It Center has been a beloved cornerstone of the Turks and Caicos Islands, originally opening its doors on Grand Turk Island. Ken and Abby Adams, the visionary founders, saw a need within the community for a reliable home improvement outlet and responded with dedication and passion.Thanks to the high-quality products, competitive prices, and outstanding customer service, their dream flourished, leading to the opening of a second location on Providenciales. This expansion is a heartfelt tribute to their unwavering commitment and hard work.

With a dedicated team of 200 staff members across its locations, BML Do It Center has become the go-to destination for home improvement and hardware supplies in the Turks and Caicos Islands. Their extensive product range caters to every need, whether you’re a professional contractor or a DIY enthusiast. From concrete blocks,

chain link fencing, and structural lumber to exterior and interior doors, flooring, and plywood, there’s something for every project.

BML Do It Center doesn’t just stop at providing materials; they offer a suite of services to make your projects easier and more enjoyable. Need a new key cut or a screen repaired?

They’ve got you covered. If you’re searching for that perfect paint color, their advanced color matching technology can recreate almost any shade from a flat, dry sample. Dreaming of a perfect kitchen or bathroom?

BML Do It Center’s design services can bring that vision to life. Their Design Center and Showroom is a testament to the company’s commitment to innovation and excellence. Customers can explore an impressive array of ceramic tiles, natural stone, mosaics, carpets, and more, all under one roof. For those requiring equipment, BML Do It Center ensures a smooth

and hassle-free experience with their well-maintained selection of construction equipment and tools. Knowledgeable staff are always ready to assist with picking out, assembling, and delivering the necessary items. Additionally, their Providenciales location offers a comprehensive fleet of low-hour, work-ready machinery and power equipment for rent. From Terex Cranes’ Boom Truck to the Backhoe Loader, they have everything you need to get the job done efficiently. This year, the company is celebrating 40 years of service and being a continuous revolutionary force in the Turks and Caicos Islands. At BML Do It Center you’re not just a customer; you’re part of a family that has been building and growing together for four decades. Whether you’re embarking on a major construction project or a small home improvement task, you can trust BML Do It Center to be there every step of the way, turning your dreams into reality.

“THE INVESTMENT LANDSCAPE IN TURKS AND CAICOS IS DYNAMIC AND ATTRACTIVE, PARTICULARLY IN SECTORS SUCH AS TOURISM, REAL ESTATE, AND FINANCIAL SERVICES”

– ANGELA MUSGROVE, CEO, INVEST TURKS AND CAICOS

research and ecotourism. Additionally, the high quality of life, underscored by top-notch healthcare and educational facilities, positions the Turks and Caicos as not just an ideal place for investment but also a wonderful home for investors and their families.

NA: Are there any new trends that have arisen over the last 18 months that are currently transforming the investment industry? If so, how are you responding to them?

AM: Investors are increasingly taking into account environmental, social, and governance (ESG) factors when making investment decisions due to the emphasis on sustainability in the business environment. The

completion of the National Physical Development Plan is a significant achievement as it ensures wellcoordinated initiatives and clear guidelines for land use, infrastructure development, and environmental conservation throughout the country. This plan provides a framework for maximizing investment benefits and promoting sustainable growth across various sectors.

The Turks and Caicos Islands Government’s (TCIG) proactive approach to embracing sustainable development goals (SDGs) demonstrates our commitment to sustainability. By integrating the principles of the SDGs into our development efforts, we prioritize initiatives that support economic prosperity, social equity, and environmental stewardship.

A di erent path

Coriats is based in the Turks and Caicos Islands, a British Overseas Territory with a US$ economy combining privacy with high levels of professional expertise, and an increasing profile as a wonderful place to live and work. We are specialists in discreet, strategic counsel for global families, corporations, family offices, investors and entrepreneurs. We can show you a different path – we are confident that we offer real added value and support to our many long standing clients, and 45 years of successful growth supports this. Scan the code or visit the website below to schedule a no-obligation discovery session.

NA: Can you tell us about the Turks and Caicos Islands Investment Policy 2023?

AM: The investment policy emphasizes creating a conducive environment for local and foreign investors. Its goal is to strategically channel investments toward sectors and areas that contribute to the growth and development of the Turks and Caicos Islands, aiming to achieve a high quality of life for all citizens, residents, and future generations.

The policy promotes sustainable growth by encouraging investments in tourism, agribusiness, financial services, and energy generation. Additionally, sectors such as information and communication technology (ICT), transportation, and storage can be targeted as secondary priorities. The government, through Invest Turks and Caicos, will also provide pre-packaged investment offerings to broaden and deepen development opportunities across the islands. Additionally, the policy introduces enhanced incentives for locally owned businesses and priority development areas, along with new considerations to strengthen direct domestic investment and stakeholder engagement.

FACTS ABOUT THE TURKS AND CAICOS ISLANDS

• Cockburn Town is the capital city

• English is the official language

• The territory is home to approximately 40 islands and cays, with only eight actively inhabited

• Famous pirate Anne Bonny used the islands as a hideout

• The islands have the third-largest barrier reef system in the world

• The waters of the Turks and Caicos Islands are home to the oldest excavated European shipwreck in the Northern Hemisphere

• The islands boast 230 miles of pristine, white beaches

• The Turks and Caicos Islands are home to the widest blue hole in the world

• The islands became a British Overseas Territory in 1973

• The economy is primarily based on tourism, offshore financial services, and exporting seafood

• Between January and April, Caribbean humpback whales migrate through the Turks Head Passage

Leading the Charge to Sustainability in Turks & Caicos

Nestled within the idyllic setting of the Turks and Caicos Islands, where azure waters meet pristine beaches, environmental preservation is not merely a choice but an essential responsibility. The region’s tourism industry, vital for the local economy, relies heavily on its natural beauty. HAB Group, which includes Royal Turks and Caicos Golf Club, The Regent Village, Turks and Caicos Water Company, The Cay Club, One Grace Bay, Provo Water Company, and Eco Habitat Ltd (the dedicated environmental arm), is leading the way in sustainable practices.

At the core of HAB Group’s sustainability strategy lies a commitment to using modern technologies and innovative solutions to reduce our environmental impact while improving efficiency. Central to this ethos is our dedication to reducing reliance on conventional energy sources in favor of embracing renewable alternatives.

Leading the charge at our head office, HAB has implemented a range of sustainable measures, from pioneering paper-free endeavors to installing natural-light Solatubes and electric vehicle (EV) charging points.

Underscoring the club’s commitment to conservation, Royal Turks and Caicos Golf Club has wholly embraced the power of its solar electricity grid. Through the installation of solar panels and advanced energy storage systems, the club has significantly reduced its reliance on traditional fossil fuels. Moreover, our water utility company has spearheaded the adoption of EVs as part of its broader sustainability initiatives. By transitioning its entire fleet to EVs, the company aims to reduce greenhouse gas emissions and combat air pollution. In tandem with this transition, Provo Water has established charging stations throughout its premises, facilitating seamless integration of EVs into its operations and promoting the widespread adoption of clean transportation solutions.

Our group emphasizes the importance of green design and packaging. HAB has opted for eco-friendly bags and packaging, and embraced paperless billing procedures.

Central to HAB Group’s ethos is a commitment to employee engagement and empowerment. Through ongoing training programs and the establishment of a dedicated green team, employees are actively involved in new “green” projects

within the organization. By fostering a culture of social responsibility and innovation, we encourage our workforce to contribute to meaningful sustainability efforts, thereby inspiring positive change throughout our group.

Looking ahead, we remain focused on the future and are actively exploring new solar projects to further diminish our reliance on traditional power sources.

In essence, our sustainable business initiatives encapsulate the triple bottom line - people, planet, and profit. By aligning financial success with environmental and social responsibility, HAB demonstrates its commitment to creating a sustainable future for the Turks and Caicos Islands. Through continued innovation, collaboration, and dedication, we remain steadfast in our mission to lead the charge towards a more prosperous future for all.

These elements are integral to creating a sustainable economic landscape that is competitive, inclusive, and forward-looking, ensuring that the Turks and Caicos Islands remain a premier destination for discerning investors and that it provides a framework for the active participation of domestic investors.

NA: Why is local domestic investment a crucial aspect of the policy, and how is Invest Turks and Caicos encouraging it?

AM: Direct domestic investment is a crucial aspect of the national investment policy as it fosters economic stability, encourages entrepreneurial endeavors, and facilitates wealth retention within the local community. Invest Turks and Caicos plays a vital role in encouraging local domestic development by providing a range of support and incentives. These include offering technical assistance, financial aid, and development concessions to local entrepreneurs and businesses.

“AS WE BROADEN OUR ECONOMIC HORIZONS, WE’RE ACTIVELY EXPLORING GROWTH IN SECTORS SUCH AS AGRICULTURE AND FISHERIES. DESPITE THE CHALLENGES THAT COME WITH OUR RELIANCE ON IMPORTS FOR THESE DEVELOPMENTS, WE’RE TACKLING THESE HURDLES HEAD-ON THROUGH STRATEGIC PARTNERSHIPS AND REFINING OUR REGULATORY FRAMEWORKS”

– ANGELA MUSGROVE, CEO, INVEST TURKS AND CAICOS

WHY INVEST IN THE TURKS AND CAICOS ISLANDS?

STRONG ECONOMY

• The islands boast an S&P Sovereign Credit Rating of BBB+ and one of the fastest growing economies in the Caribbean.

PRO-BUSINESS INVESTMENT CLIMATE

• The government supports at all levels, including the provision of investment incentives in priority sectors.

STRONG LEGAL SYSTEM

• A British Overseas Territory with a strong and effective judicial system based on English Common Law.

EFFECTIVE REGULATION AND COMPLIANCE

• Compliant with International Monetary Fund (IMF), Organization for Economic Co-operation and Development (OECD), and Financial Action Task Force (FATF) standards. Committed to the US and UK Foreign Account Tax Compliance Act (FATCA) and early adoption of the Common Reporting Standard.

DEVELOPMENT OPPORTUNITIES

• Prime undeveloped land available for tourism and residential projects across 40 small islands and cays.

We also provide educational programs and workshops to build business acumen and financial literacy among residents. Invest Turks and Caicos recognizes there is a need for an investment policy modality that will establish conditions that seek to change the status quo by encouraging and facilitating meaningful domestic participation in the development process. A crucial aspect of the National Investment Policy is the implementation of a distinct investment framework that prioritizes domestic investment, providing incentives and support that enables Turks and Caicos Islanders’ businesses to adopt more efficient and innovative practices, which improves their competitiveness and long-term success. This is a key priority for TCIG.

It is recognized that growth and diversification within the economy require both FDI and domestic sources of investment. The policy emphasizes that these two forms of private investment will reinforce each other to the

EASY ACCESS

• Extensive direct air routes, including twiceweekly flights from the UK and over 150 weekly flights to and from US and Canadian cities.

FIRST MOVER OPPORTUNITIES

• Many business sectors are underdeveloped, presenting a great opportunity for entrepreneurs.

ATTRACTIVE INCENTIVES

• Temporary and permanent residence status is available to qualified investors. No direct corporate, personal, capital gains, or inheritance taxes, and no exchange controls.

QUALITY SKILL POOL

• The workforce comprises 50 percent of the population.

EXCELLENT QUALITY OF LIFE

• World-class beaches with great outdoor activities under the Caribbean sun, modern healthcare centers, full-service banking, a welldeveloped telecommunications network, and an exceptionally low crime rate.

The Turks and Caicos Islands, known for its awardwinning beaches and pristine waters, are not just a tropical paradise but also a burgeoning hub of aviation activity welcoming more than 662,000 thousand air travelers to our Shores in 2023.

Established in 2005 Turks and Caicos Islands Airports Authority (TCIAA) is a dynamic organization overseeing the archipelago’s airports and spearheading significant redevelopment projects to ensure these hubs meet world-class standards and keep pace with growth.

The Turks and Caicos Airports Authority Established in 2005, manages six airports, each serving as a vital gateway for tourists and locals alike.

The Howard Hamilton International Airport, on Providenciales, is the crown jewel and main hub for international flights.

In a bold move to enhance its aviation infrastructure, the TCIAA is embarking on an ambitious redevelopment project to transform the Howard Hamilton International Airport. This (PPP) project aims to transform the airport into a state-of-the-art facility capable of accommodating approximately 2.5 million passengers and larger aircraft, positioning the Turks and Caicos Islands as a premier travel destination in the Caribbean.

The redevelopment includes expanding the runway, constructing a new terminal building, and upgrading the airport’s technological capabilities. These improvements will enhance operational efficiency and elevate the passenger experience, offering more amenities, faster processing times, and a more comfortable environment.

The other airports are JAGS McCartney International Airport which serves the capital of Grand Turk, providing essential connections between the islands. Norman B. Saunders International Airport, is posed for the restoration of international air connectivity at the backdrop of its epic the fishing industry. Clifford Gardiner International Airport, Henry Leon Wilson Airport, and Eric Arthur Airport are also under TCIAA’s management is crucial to the economic and social fabric

of the islands, ensuring seamless connectivity and contributing to the islands’ growth and development.

Nikeva Ariza emphasizes TCIAA’s commitment to its values, known as the Six Beatitudes: innovation, collaboration, respect, integrity, loyalty, and growth.

THE CORNERSTONE OF TCIAA

The real MVPs of TCIAA are our dedicated team members. Their hard work and commitment to excellence are the driving forces behind our success. It’s not just about building better airports; it’s about building a better future for the people of the Turks and Caicos Islands. “We take much pride in the development of our local human resources through training and empowerment,” says Godfrey Smith CEO of TCIAA. This commitment to local engagement ensures that the growth is sustainable and benefits the community.

A BRIGHT FUTURE AHEAD

With the redevelopment of Howard Hamilton, Norman B Saunders and Clifford Gardiner International Airport, and a continued focus on excellence in airport management, the TCIAA is poised to elevate the Turks and Caicos Islands’ status on the global stage. These efforts will not only enhance the visitor experience but also drive economic growth, create jobs, and ensure the islands remain a top destination for travelers worldwide.

BACKGROUND

A significant milestone in TCIAA’s history was acquiring Howard Hamilton International Airport from the Provo Airport Company (PAC) in April 2010 for $30 million. This acquisition included JAGS McCartney International Airport, ensuring these critical assets are managed for the benefit of the Turks and Caicos Islands

benefit of the islands through the improvement of skills, increased wage rates, technology transfers, economic spin-offs, and commercial and more efficient managerial and marketing practices.

NA: What business sector opportunities does Invest Turks and Caicos offer to companies looking to invest?

AM: Invest Turks and Caicos encourages investment across several sectors, such as tourism, real estate, financial services, agribusiness, health, and wellness, such as wellness centers or retreats, marine industries, information and communication technology, and energy generation.

NA: Can you tell us about the Micro Small and Medium Enterprise (MSME) program and its objectives?

AM: The MSME program is designed to increase the local economy by fostering the growth and sustainability of small businesses. Its core objectives include enhancing the competitiveness of MSMEs, improving access to financing, and providing technical assistance. MSME is a flagship program for Invest Turks and Caicos, providing support to eligible small businesses throughout the islands. By prioritizing MSMEs, TCIG is investing in the innovation and adaptability that small businesses bring, which are essential for sustainable economic growth and competitiveness in the global market.

“THE TURKS AND CAICOS ISLANDS ARE A HIGHLY APPEALING INVESTMENT DESTINATION THANKS TO SEVERAL DISTINCTIVE ATTRIBUTES. OUR STRATEGIC GEOGRAPHIC POSITION MAKES US A VITAL CONDUIT LINKING EUROPE AND NORTH AMERICA, ENHANCING OPPORTUNITIES IN LOGISTICS AND TRANSPORTATION. AS A BRITISH OVERSEAS TERRITORY, WE BENEFIT FROM A STABLE

POLITICAL CLIMATE AND A RELIABLE LEGAL SYSTEM, OFFERING INVESTORS A SECURE ENVIRONMENT

CONDUCIVE TO SUSTAINABLE BUSINESS VENTURES”

–

ANGELA MUSGROVE, CEO, INVEST TURKS AND CAICOS

Key Beneﬁts of Banking with Turks & Caicos Banking Company

Our institution is a private bank handled in the traditional Swiss way, focused on eﬀicient and convenient customer service.

The Bank manages portfolios with a wide spectrum of products including but not limited to the following services:

• Investment Strategies

• Wealth Management

• Fixed Deposits / CD’s

• Stocks / Equities

• Bonds / Fixed Income

TURKS & CAICOS

• Foreign exchange

• Bonds / Fixed Income

TURKS & CAICOS

• Foreign exchange

• Precious Metals

• International Transfers

(649) 941.4994 • services@tcbc.tc

– Thurs: 8:30am – 4:30pm • Fri: 8:30am – 4pm

• International Transfers

• Mortgages / Construction loans

+1 (649) 941.4994 • services@tcbc.tc Mon – Thurs: 8:30am – 4:30pm • Fri: 8:30am – 4pm

• Local transactions incl. bill payments

• Mortgages / Construction loans

• Local transactions incl. bill payments

Debit Cards

NA: How do you empower your staff and recognize the contributions that they make?

AM: Our staff play a crucial role in our organization’s success. We prioritize creating an empowering environment where every team member feels valued and motivated. We foster this through training programs tailored to enhance professional and personal growth. To recognize our staff, we have implemented a range of performance-based initiatives that align with our values.

TURKS AND CAICOS ISLANDS BUSINESS SECTOR OPPORTUNITIES

The proximity of the islands to the US and Canada, coupled with direct flights to the UK and many Caribbean countries, are encouraging a rapid growth in tourism, with visitor arrivals for 2019 surpassing one million.

These business sectors include tourism and development, niche tourism, convention center development, agriculture and fisheries, and manufacturing.

NA: What corporate social responsibility practices do you partake in, and how do they affect your investment inquiries?

AM: Our community engagement efforts include supporting local education and helping build a strong and vibrant community. These affect our investment inquiries by creating an awareness of Invest Turks and Caicos and highlighting our commitment to fostering local development. This, in turn, attracts potential investors who are interested in contributing to and benefiting from a thriving community.

OVERVIEW OF THE MSME PROGRAM

• A total of 3.6 million in benefits awarded

• 1.5 million cash grants

• 1.4 million duty concessions

• $712,000 in technical support

• 180 awardees

NA: Looking ahead, what are your key priorities for the coming year?

AM: We embody our mission statement as we progress with the implementation of our strategic plan. The digitization of processes remains a key focus for us to ensure our operations become more efficient and streamlined. By leveraging digital technologies, we aim to

enhance our service delivery, reduce turnaround times, and improve the overall investor experience. This commitment to digitization not only increases our internal productivity but also provides a seamless and user-friendly interface for our clients and stakeholders.

NA: How do you see Invest Turks and Caicos developing as you look toward the future?

AM: We have a keen focus on the development of our financial services sector and investment promotion on the sister islands. Having implemented our strategic plan, we remain committed to attracting and facilitating diverse investments through targeted promotional activities, continuous staff development, and fostering an enabling business environment.

Ph. +1 (649)338- 4772 info@investturksandcaicos.tc investturksandcaicos.tc