While most investors look for financial opportunities, others look to balance business with a luxurious lifestyle.The Turks and Caicos Islands offer that option. Situated in the Caribbean, this series of islands is known for clear beaches, an exotic environment, and pretty much no taxation. In fact, it’s one of its richest nations, even though it enforces no corporate or personal tax (or even VAT).
As of recent times, the islands have opened up their doors to investors with residential aims. This was done after the 2008 financial crisis, which was quite devastating to the island.
The program’s goal was to restart the island’s economy, which is tourism and property-based. The Turks and Caicos offer a PRC (Permanent Residency Certificate) to investors who plan to stay there long-term. It’s a residence by investment program similar to the ones offered by Anguilla, The Bahamas, and the Cayman Islands.
What is the Turks & Caicos Permanent Residency Certificate?
The Turks and Caicos Permanent Residency Certificate provides investors with permanent residence in the islands. Tax residency in the Turks & Caicos Islands is available to permanent residents after only 90 days of physical presence in the territory.
Applicants have a wide range of investment options for this program. Public projects, property, and businesses all count to the program. Also, investors must define the island they’ll invest in. Each island has its rules on investment caps and employment creation.
Accepted applicants may bring their families to the island. Spouses are allowed, in addition to children aged under 19.
Permits awarded to investors do not have a set time period. Instead, their duration is based on the type of investment and their length of stay. After receiving a permit, investors must hold the investment throughout their residency period.
Within 5 years of residency, the islands offer a naturalization option – allowing applicants to become British Overseas Territory Citizens (BOTC).
The passport a citizen receives allows visa-free access to the US, Canada, and EU.
There 3 options available to the Turks and Caicos PRC investors. They are:
(A) Public Projects.
Investors must allocate over $1 million to public sector projects approved by the island.
(B) Real Estate.
A minimum of $300,000 is required. The funds may be funneled into the renovation, purchase, or construction of distressed properties. Property must be used for residential purposes after investment.
This program is applicable in North Caicos, Middle Caicos, South Caicos, Salt Cay, and Grand Turk.
An alternative branch for this program starts at $1 million. This is required for investment in islands other than those mentioned.
This program has two branches.
The first requires a minimum of $750,000 in an enterprise or business, which must generate employment. A minimum of 60% of employees must not hold work permits.
This option applies to the islands of North Caicos, Middle Caicos, South Caicos, Salt Cay, and Grand Turk.
The second requires a minimum of $1.5 million. This allows businesses to invest outside the previously mentioned islands. Similar employment rules apply, where 60% minimum must hold non-work permits.