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Firm: Misick and Stanbrook

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Turks and Caicos Islands Enacts a New Trusts Ordinance
Misick and Stanbrook, December 2016

As a British Overseas Territory with no direct taxes, the Turks and Caicos Islands (TCI) has been an attractive domicile for trust establishment by high-net-worth individuals and their advisers for many years. However, in the recent past, with the Government’s focus firmly on developing TCI’s enormously successful luxury tourism industry, the updating of TCI’s non-regulatory legislation in the field of financial services had been a little neglected...

Data Protection in TCI
Misick and Stanbrook, September 2014

Aside from a passing reference to data protection in the Electronic Transactions Ordinance (see below), TCI has no data protection statute.  However, a number of other areas of local law are applicable or, in the context of the advice sought, ought to be considered in relation to data protection, confidentiality and privacy matters.  In that respect:- a. Data protection, privacy and confidentiality at common law TCI is a British Overseas Territory and is a common law jurisdiction...

Legal Guide To Buying Property
Misick and Stanbrook, August 2014

This is a simplified guide to the process of buying a property in the Turks and Caicos Islands. While all reasonable endeavours are taken to ensure that it is correct at the time of print it does not purport to be an exhaustive analysis of the relevant laws as may be applicable to you...

Fractional Ownership Comes to TCI
Misick and Stanbrook, November 2013

Condominium and villa investors will have a more affordable, flexible and attractive opportunity to invest in the Turks and Caicos Islands’ (TCI) real estate following the enactment of the Fractional Ownership Ordinance. The Ordinance has not yet come into force, but shall do so once a notice has been published in the gazette, to this effect...

Hotel and Resturant (Taxation) Ordinance 2013
Misick and Stanbrook, October 2013

On October 15th 2013 the New Hotel and Restaurant (Taxation) Ordinance 2013 came into effect. This ordinance amends the former Hotel and Restaurant (Taxation) Ordinance which was into effect prior to October 15th.There are a wide range of new provisions which clients should be aware of...

Changes to TCI Immigration Law to be Implemented
Misick and Stanbrook, October 2013

On 1st November 2013, an amendment of the Immigration Regulations is to come into force which mainly impacts on the cost of working and residing in the TCI. It is important for individuals as well as businesses to be aware of the changes which will be brought in by virtue of the Immigration (Amendment No. 2) Regulation 2013. The changes include:Applications for the renewal of work permits to be filed at least 30 days before the expiration of the permit...

Turks and Caicos Islands (TCI) Investment-Based Permanent Residency: New Inward Investment Scheme
Misick and Stanbrook, October 2013

The Turks and Caicos Islands (TCI) has just enacted a revamped investor residency programme, entitling successful applicants to a permanent residence certificate (PRC). The Qualifying criteria are: Villas a. Investment of not less than $300,000 in actual construction of a new home, or in renovation of a distressed property as a home for the applicant and his or her dependants, on the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos; or b...

TCI Reintroduces Investment Based Permanent Residency - Exciting New Inward Investment Scheme
Misick and Stanbrook, September 2013

The Turks and Caicos Islands (TCI) has just enacted a revamped investor residency programme, entitling successful applicants to a permanent residence certificate (PRC). Qualifying criteriaThe qualifying criteria are:- Villasa. Investment of not less than $300,000 in actual construction of a new home, or in renovation of a distressed property as a home for the applicant and his or her dependants, on the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos; orb...

Registration of Non-Regulated Financial Businesses (NRFBS)
Misick and Stanbrook, August 2013

TCI’s anti-money laundering (AML) regulations were extended in 2010 to certain classes of non-regulated financial business (NRFBs).  The categories concerned include:- A person who by way of business provides accountancy or audit services.A person who by way of business acts as a real estate agent.An independent legal professional...

Imminent Increase in Stamp Duty on TCI Land Transactions.
Misick and Stanbrook, June 2013

In the clearest sign yet that some buoyancy has returned to the TCI real estate market, the TCI Government has announced changes to TCI’s stamp duty regime...

Turks & Caicos Introduces Enhanced Anti-Money Laundering Provisions
Misick and Stanbrook, May 2013

The Turks & Caicos Islands (TCI) has recently introduced a raft of legislation to enhance its existing comprehensive anti-money laundering regime. The provisions largely follow the “Review of Financial Regulation in the Caribbean Overseas Territories and Bermuda” recently conducted for the British Government by KPMG (generally known as “the KPMG Report”)...

Establishing a TCI Legal Entity
Misick and Stanbrook, February 2013

There are several TCI legal entities regularly established for carrying out business either internationally or domestically. The registration process of these entities is comparatively straightforward and can usually be completed for a fixed cost and within a short timeframe and are often attractive options in TCI as an offshore financial centre with no corporate or personal income tax...

TCI Residency - Non Work Permit Holders
Misick and Stanbrook, February 2013

Outside the work permit regime, there are two possible types of residency in TCI-a. Permanent residency (which frequently comes with the right to work); b. Shorter term residency. Permanent residency is now available only to those who have lived and worked in TCI for a stipulated period. Previously such residency was available to individuals who made a specific level of investment in TCI: since September 2012, that is no longer the case...

TCI Transfer Duty Reduction
Misick and Stanbrook, February 2013

During the years of the recent property and development boom in the Turks and Caicos Islands (TCI), stamp duty on the real estate transactions became a substantial contributor to Government coffers. All real estate transactions in TCI are subject to stamp duty at varying rates depending on the size of the transaction and on the island on which the real estate is situate.  In most cases, stamp duty is charged at the rate of 9.75% of the consideration passing...

 

 

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