The TCI is a Common Law, British Overseas Territory that places no restrictions on foreign investment in real estate, the currency is the US dollar and the language is English. The absence of direct taxation provides an added attraction for those interested in acquiring residency.
In 2014 a new investor residency programme, entitling successful applicants to a permanent residence certificate (PRC), was introduced to attract foreign direct investment to TCI and generate local employment. Two types of investments are permitted:
An investment 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, of not less than USD300,000 on the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos, or USD1 million in any of the other islands.
An investment of not less than USD750,000 in a business or enterprise, which business generates employment for persons in TCI of which not less than 60% are TCI nationals or permanent residents, in Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos, or USD1.5 million in any of the other islands.
PRCs issued in property category do not confer any right to work, while those in the business category provide the applicant with the right to work in the business or enterprise concerned. Investors can seek advance assurance that an investment will qualify by applying in writing to the governor.
Each PRC carries a one-off fee of USD25,000 of which USD1,500 is a non-refundable administrative fee. The PRC can be endorsed with the names of the spouse and dependents of the holder on payment of an additional fee of $200 per spouse or dependent. PRCs last for the duration of the life of the holder and extend to the holder’s spouse and dependents until the age of majority when they can apply for their own PRC.
Under the terms of the British Nationality Act, a PRC holder who has been ordinarily resident in TCI for five years is eligible for naturalisation as a British Overseas Territory Citizen (BOTC) and to receive a BOTC passport. BOTC status confers residency and work rights. In addition, discretion to grant TCI Belongership status, which is generally restricted to individuals who have made a significant contribution to the islands, rests with TCI government. Belongership status entitles an individual to vote, operate restricted business categories and hold public office.
Immigrant Investor Programmes
An individual’s passport dictates where they are entitled to live, work or travel. Some passports open doors for you and family worldwide, others seriously limit your freedom of movement and may even compromise your wealth or security. Whether you are seeking to improve your ability to travel, protect your assets or retire to an exotic location, you should consider securing alternative citizenship or residency. Immigrant Investor Programmes (IIPs) allows foreign citizens to invest in return for a formal immigration status. Sovereign and its specialist external partners can guide you through the best IIPs worldwide to suit your particular circumstances and requirements.
Our list of available IIPs includes, but is not limited to:
- Antigua and Barbuda
- Canada (Quebec)
- St. Kitts and Nevis
- United States