About Turks & Caicos

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General Information Regarding The Turks & Caicos Islands, British West Indies

There are numerous condo/hotels located on the beach at Grace Bay providing accommodations ranging from basic to exceptional luxury. Club Med and Beaches (a family oriented resort by Sandals) provide all inclusive accommodations for those who prefer an all inclusive vacation. The luxurious Aman Resorts operate the Amanyara Resort at the North West Point of Providenciales. There are also numerous private villas which are available for weekly vacation rentals in Providenciales.

The Turks & Caicos Islands lie almost midway between Miami and Puerto Rico within the Eastern Time zone. The Island’s language is English and the official currency is the United States dollar. The Islands have direct dial telephone, Email and fax service to and from the Islands.

Marinas in Turks & Caicos

Marinas are available and the Island’s coastline is considered among the best for deep-sea fishing and scuba diving. The beaches are fine coral sand, clean and white in color.

International flight connections are good to Providenciales, Turks & Caicos.

  • WestJet flies between Toronto and Providenciales, Turks and Caicos (PLS) three times per week.
  • Daily American Airlines Jet flights connect Providenciales to Miami International Airport and JFK in New York.
  • Delta Airlines provides a direct daily flight Atlanta to Providenciales.
  • US Airways flies a direct daily flight from Charlotte, North Carolina to Providenciales.
  • British Airways has a weekly flight from London, England to Providenciales.
  • There are also weekly charter flights directly from Toronto during high tourist season, as well as several from various US cities.
  • Local commuter flights link Providenciales to Grand Turk, where the Islands’ Government is located. (Bahama Air or Air Jamaica)
  • Jet Blue and provide flights to Providenciales from the New York area.

Banking

FirstCaribbean International Bank, an amalgamation of the Caribbean Branches of Barclays Bank PLC, and Canadian Imperial Bank of Commerce has 2 branches in the Turks & Caicos Islands providing standard retail banking services. Royal Bank of Canada and Scotiabank also have branches in Turks and Caicos Islands. There are also several private banks. There are several brokerage firms with offices in Providenciales.

Political System

The Turks and Caicos Islands were directly dependent on Jamaica until 1962 when the latter became independent. The Turks and Caicos obtained, at that time, the status of a British Crown Colony (now referred to as a British Overseas Territory).

In 1976 a new Constitution was granted to the Islands creating a Ministerial form of Government.

A Governor appointed from Whitehall acts as the Queen’s representative and is responsible for internal security, external affairs, defense and certain judicial matters.

Legal System

English Common Law is the underlying law of the Turks and Caicos Islands as modified or supplemented by Ordinances passed by the Legislative Council of the Islands.

Amongst the Ordinances aimed at attracting new Companies are:

Compliance Ordinance

This Act, passed in 1981, provides for the following types of Companies.

  • A. ORDINARY COMPANIES
  • B. EXEMPTED COMPANIES
  • C. LIMITED LIFE COMPANIES

The Confidential Relationships Ordinance, 1979

The Confidential Relationships Ordinance of 1979 applies not only to the banking business, but also to all businesses of a professional nature, including brokers, accountants, attorneys and even government officials and employees.

The Ordinance is extremely comprehensive in its definition of secrecy and confidentiality. Severe penalties, including heavy fines and imprisonment, can result from convictions of offenses to this law.

Taxation

There are no taxes on income, capital gains, corporate profits, property, turnover, value added, gifts, estates, succession or inheritance.

There are stamp duties on property transactions and import duties on goods brought into the Islands.

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