Investors eye T’s & C’s

If you think you’d like to extend your Turks & Caicos vacation — perhaps permanently —you’ll join the ranks of visitors turned expatriates, who have chosen to do business, retire or enjoy a second home in idyllic surroundings.  In the Turks & Caicos Islands (TCI), you’ll enjoy the sea and sand at your front door and a climate of perpetual sunny days, along with a sound infrastructure and steadily growing tourism industry. US currency is the legal tender and there are no exchange controls. And, because of its relationship with the UK, the country is politically stable, with local laws based on English common law and local statutes. Tourism is the country’s economic mainstay and the development of world-class resorts and condominium properties have attracted an ever-increasing number of visitors.

Bolstering the industry is a $70m redevelopment of the Providenciales International Airport, the primary gateway. To be completed in early 2011 is the first phase, which includes lengthening the runway to accommodate more frequent flights from Europe, Asia and South America. The TCI continues to reap awards in the travel industry sector. At the prestigious World Travel Awards 2010, Grace Bay Beach regained the honour of the Caribbean’s Best Beach while Grace Bay Club and Point Grace, two venerable Providenciales resorts, earned, respectively, titles of the Caribbean’s Leading Resort and the Caribbean’s Leading Boutique Hotel. Adding to TCI’s wide range of business/commercial centres is The Regent Village, a new shopping plaza in the heart of Providenciales’ thriving Grace Bay area.

With over 30 well-established shopping, dining, tourism and professional businesses, including 150,000 sq. ft of brand new construction, a state-of-the-art conference centre, a two-storey car park, 24-hour security and CCTV, it earned the 2010 title of “Best Retail Development” in the International Property Awards. The property is developed by the HAB Group, a leading TCI developer since 1983 whose portfolio includes the Turks & Caicos Water Company, Provo Golf and Country Club, and the Villa Renaissance, Regent Grande and Vellagio condominium resorts. The Islands’ long-established financial services sector is characterised by modern offshore legislation and personal, expert service, with a range of sophisticated products – including company structures, trusts, mutual funds and captive insurance and reinsurance companies – useful for investors and corporate and family situations. The industry is supervised by the TCI Financial Services Commission (FSC), designed to encourage growth and maintain integrity in accordance with international accepted practices and standards. The FSC recently launched a new, user-friendly website (www.tcifsc.tc), designed to provide immediate access to information about licensing requirements, Companies Registry and other information.

TCI enjoys duty-free access to Canadian markets under CARIBCAN and privileged access to European Union markets. TCI is an Associate member of CARICOM, and is eligible for designation as a beneficiary country under the Caribbean Basin Initiative (CBI) of the US.

Attracting quality investments that create a sustainable economy is a major objective of the TCI Government’s “Open Arms” investment policy. TCInvest (www.tcinvest.tc) is an independent agency which provides a vital bridge between investor and government with a “single window” approach that streamlines the way forward.

They are your first stop to submit a proposed project, look for ideas and plot the way forward.

No matter what your future holds, you’ll find TCI’s infrastructure, including two new, modern medical centres, a stable electricity and water supply, and superb telecommunications options, of a high standard for the Caribbean.

For more information tel: 649 946 2058 / 649 941 8465; email: info@tcinvest.tc; www.tcinvest.tc