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.
TURKS AND CAICOS INVESTMENT SPOTLIGHT
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 pro-business 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.
Q&A WITH ANGELA MUSGROVE, CEO, 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.
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.
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 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.
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 well-coordinated 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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
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