Turks and Caicos Islands: permanent residence for investors in a home or business

Investor permanent residence in the Turks and Caicos Islands is granted under the Immigration Ordinance and Regulations through a two-stage procedure. The investor first obtains a Certificate of Undertaking from the Governor, confirming the proposed investment, and then completes the qualifying construction, purchase or renovation of a distressed property as a home. The threshold is US$300,000 on Grand Turk, Salt Cay, South Caicos, Middle Caicos and North Caicos, and US$1 million on Providenciales and any other island. Once the investment is complete and evidenced by a certificate of occupancy and valuations, the investor applies to the Ministry responsible for immigration for the PRC. Applications are lodged through the Invest Turks and Caicos agency, and a refusal is final with no appeal.

The home-investment PRC allows the holder to live in the Islands without time limit but does not by itself confer the right to work; employment requires a work permit. Further investor routes involve a larger investment in a business, published at US$1.5 million on Providenciales and US$750,000 elsewhere, with local employment conditions, or a contribution to an approved public-sector project. Investors who prefer a lighter commitment can hold an annual residence permit as a homeowner, linked to property of US$500,000 on Providenciales or West Caicos and US$250,000 on other islands, renewed each year. There is no minimum number of days to be spent in the Islands each year, but a PRC can be revoked if the holder ordinarily resides abroad for five continuous years without an endorsement permitting this.

The Turks and Caicos Islands levy no personal income tax, capital gains tax, inheritance tax or annual property tax, and the US dollar is the official currency. Government revenue comes mainly from customs duties, accommodation and service taxes, and stamp duty on land transactions, which is significant for higher-value purchases and should be budgeted as part of the investment. Because there is no income tax system, residents with ties elsewhere should take advice on whether they remain tax resident in their former country, and US citizens remain subject to US tax on worldwide income.

The PRC holder may endorse a spouse and children. Child endorsements expire at 19, spouse endorsements are valid for 11 years and renewable, and parents, siblings, stepchildren and children adopted outside the Islands cannot be included. Dependants must be in the Islands with legal status when endorsed. A PRC holder who is free from immigration control may apply to naturalise as a British Overseas Territories citizen after five years' legal residence, and later seek Turks and Caicos Islander (Belonger) status, which is normally available after a further period of residence and gives voting and unrestricted work rights. These are discretionary naturalisation routes, not citizenship by investment, and the Government has signalled tighter citizenship criteria in its reform plans.