About TCI

About TCI

The Turks & Caicos Islands (TCI) is a British Overseas Territory in the western Caribbean. Providenciales is home to a majority of the population whilst the administrative capital and seat of government is situated on Grand Turk. The territory’s legal system is based on English common law. The judiciary is headed by a Supreme Court; appeals are heard by the court of appeals and final appeals by the UK’s Judicial Committee of the Privy Council.

English is the official language, and the official currency is the US dollar. There is no income tax, capital gains tax, property tax, inheritance tax, or corporation tax in the TCI, and there is no sales tax or VAT.


The TCI is a well-regulated jurisdiction within the international financial services community. It commenced automatic exchange of financial information with other jurisdictions on an annual basis under the OECD/G20 Common Reporting Standard (CRS) in 2018. It is also rated ‘Largely Compliant’ by the OECD Global Forum for Exchange of Information on Request.

A member of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) since 2017, the TCI has also signed the signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and the Multilateral Competent Authority Agreement (MCAA).

In 2019, the TCI was removed from European Union’s ‘grey list’ (Annex II) of non-cooperative tax jurisdictions that have made a high-level commitment to comply with the required criteria within an agreed timeframe. A country is removed from this list when it has addressed the issues of concern for the EU and brought its tax system fully into line with the required good governance criteria.

The Companies Ordinance 2017 requires all companies to file, via a licensed resident agent, relevant beneficial ownership information with the FSC’s Beneficial Ownership Register. The legal framework is also in place for country-by-country reporting of profit or losses of entities incorporated or resident within the TCI that are a part of a multinational group with consolidated group revenue of €750 million or more during the previous fiscal year.

The Companies and Limited Partnership (Economic Substance) Ordinance 2018 and accompanying Regulations, which came into force on 1 July 2019, provide for substantial economic presence and annual reporting of entities carrying on certain activities that are incorporated, registered or continued under the Companies Ordinance.

The Companies Ordinance 2017 addressed the ‘harmful tax’ practice known as ‘ring-fencing’ by removing preferential tax exemptions that were available to non-residents – companies and other entities established in the TCI but carrying out activities outside the TCI and not authorised to conduct business in the TCI – but not available to residents.

The TCI Financial Services Commission (TCIFSC) is an independent statutory body with responsibility for the regulation of all financial services businesses operating in or from the TCI, and the supervision of designated non-financial business and persons (DNFBPs) and not-for-profit entities operating in or from the TCI. The TCIFSC, through the Commercial Registry, is also responsible for the administration of company formation, registration, patents, trademarks and business names.

Time Zone

The TCI Time Zone is Eastern Standard Time (GMT-5)

Useful Links

TCI Financial Services Commission – www.tcifsc.tc

TCI Ministry of Finance – https://gov.tc/mof

Invest TCI – www.investturksandcaicos.tc

Visit TCI – www.visittci.com

Corporate Services

Corporate Services

The TCI is a leading international financial centre based on its tax neutrality, sound investment-oriented legislation, modern infrastructure, professional workforce, and proximity to key markets. Sovereign offers company formation and management in the TCI across all business areas and corporate structures, together with the administrative support to maximise opportunities and achieve long-term sustainability.

These range from full back-office solutions to assistance with compliance in respect of regulatory, tax and economic substance rules. TCI entities can be used for all types of business including holding companies, estate and succession planning, trading companies, family office, funds, local and international property holding and insurance.

Get in Touch

Please contact us if you have any questions or queries and your local representative will be in touch with you as soon as possible.