TURKS AND CAICOS ISLANDSPERMANENT RESIDENCE CERTIFICATE
MIN INVESTMENT
$300,000
PROCESSING TIME
8-10 WEEKS
PERMIT TYPE
PERMANENT RESIDENCE
FAMILY
SPOUSE, CHILD
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SUMMARY
The Turks and Caicos Islands are a British Oversea Territory (BOT) located in the Caribbean. Thanks to its exotic environment, pleasant tax structure, and sound financial system, it is a wealthy island that attracts many Western expats. The Turks and Caicos Islands Permanent Residence Certificate (PRC) is a residence-by-investment program that grants approved applicants permanent residency in the jurisdiction. You may apply for British Oversea Territory Citizenship after five years of living (BOTC). BOTC is a form of British citizenship that allows for visa-free travel within the Schengen region of the European Union and the US. The passport is not the same as the British passport.
There are three choices available in the Turks and Caicos Islands Residency By Investment program. The applicant has the option of investing in a company, a public initiative, or real estate. The money must be held for the duration of the permanent residence (PR). BOTC does not replace PR because it does not guarantee the right to remain in the Turks and Caicos Islands. If you want to stay on the islands after naturalization, you’ll need to keep your PR.
North Americans and Europeans alike love the Tuks and Caicos Islands. The official language is English, and the legal system is based on Common Law.
The most appealing aspect is the tax system’s friendliness. The Turks and Caicos Islands do not levy any personal or corporate income taxes, and VAT is only applied to a few products.
POPULATION
38,191
CAPITAL
Cockburn Town
CURRENCY
USD
LANGUAGE
United States Dollar
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- TYPE: RESIDENCY
- VISA-FREE: EU, US
- PROCESS: 2 MONTHS
INVESTMENT
- $750,000 in a Grand Turk, Salt Cay, South Caicos, Middle Caicos, or North Caicos company or enterprise OR $1.5 million in every other location
- $1 million in a public-sector initiative that has been approved.
- $300,000 for the building, purchase, or restoration of distressed property for use as a home on the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos, or North Caicos. OR $1 million in every other location
Dependent Fees: Permit $200
TURKS AND CAICOS RESIDENCY INVESTMENT OPTIONS
PRC - REAL ESTATE
Not less than $300,000 in the building, purchase, or restoration of distressed property for use as a home on the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos, or North Caicos, OR in the islands other than Grand Turk, Salt Cay, South Caicos, Middle Caicos, and North Caicos, not less than $1,000,000 in the actual building, purchase, or renovation of a distressed property as a residence.
PRC - PUBLIC PROJECT
Not less than $1,000,000 in a designated approved public sector project in the Islands.
PRC - BUSINESS
Invest at least $750,000 in a company or enterprise on Grand Turk, Salt Cay, South Caicos, Middle Caicos, or North Caicos AND the business generates jobs in the Islands AND at least 60% of the workers are non-work permit holders, OR not less than $1,500,000 in a company or corporation in an island other than Grand Turk, Salt Cay, South Caicos, Middle Caicos, or North Caicos, AND the business creates jobs in the Islands, AND at least 60% of the workers are non-work permit holders.
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PROCESS
Application Processing Time: 8-10 Weeks
Step 1 - Month 1
Collect all of your essential personal documents. Once you've decided on an investment option, you'll need to gather the documents related to that investment e.g. purchase agreement. You can send your application to the immigration department until all of your documents are ready.
Step 2 - Month 3
The immigration department will process your application. It usually takes 8-10 weeks to obtain approval, in principle. You'll need to finish the investment after this is completed. Send the necessary documentation to the immigration department once the transaction is completed.
Step 3 - Month 3
The immigration department will complete your file. They will invite you to pick up your permanent residency card once this is achieved.
CONDITIONS
- A series of requirements must be fulfilled to apply for Turks and Caicos Islands Permanent Residence Certificate Programme. Check all the requirements for obtaining Turks and Caicos Islands Investor Residency Program.
- Criminal Record:
Police Certificate issued within the last six months – Evidence of Good Character. - Medical Test:
Medical Certificate of Health issued within the last six months should be available. - Other Conditions:
Two Character References are required. - Specific to Business:
A list of documents is required:
(1) Business License
(2) Proof of Ownership of the Business
(3) Audited Accounts for the Business or Unaudited Accounts, confirmed by a Certified Public Accountant showing how much was invested in the business. - Specific to Job Creation:
Not less than 60% are TCI nationals or permanent residents. - Specific to Public Project:
Cabinet Action Minute confirming approval for the named project's contribution. Payment receipt from the Treasury and written confirmation of receipt of a donation from the Permanent Secretary of Finance or a public officer appointed by him/her. - Specific to the Real estate:
Following documents should be available:
i. Certificate of occupancy.
ii. Property valuation before investment.
iii. Property valuation upon completion of specified investment
FAMILY
- If you apply, your spouse and children will be endorsed on your Permanent Residence Certificate. However, whether your spouse obtains a work permit or his or her Permanent Residence Certificate, an endorsement does not enable him or her to work in the Islands. Your spouse and children would need to obtain their own Permanent Residence Certificate to apply for BOTC. When a child reaches the age of 19, his or her endorsement expires.
A DNA test may be expected of you or your child to confirm paternity. It is strongly recommended that you not schedule these assessments without first receiving explicit instructions from caseworkers, as these will not be approved.
Adopted children and stepchildren from outside the Islands may not be endorsed on their adopted parent's or stepparent's Permanent Residence Certificate. If an individual fails to disclose a dependent on his initial application for a PRC, the dependent will not be endorsed on any subsequent applications.
INITIAL PERMIT
- Permanent residency is granted to the main applicant who has been accepted. A separate endorsement is provided to the spouse and children, valid for 11 years and renewable. Your children's acceptance will expire when they turn 19, and they will need to change their status. The PRC may be revoked if the individual has typically resided outside the Islands for a continuous five years or more after the Certificate was granted.
CITIZENSHIP
- Residence Requirements:
5 years of continuous residency in the jurisdiction, including at least 12 months as a permanent resident. You can't have missed more than 450 days in the last five years, and you can't have missed more than 90 days in the previous year. - Criminal Record:
No criminal record, according to a police certificate (this must be dated within six months of the application submission date)