Turks & Caicos Is.: Living There - Tax Issues

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Living There

It is relatively easy to acquire a permanent residency permit in the Turks and Caicos Islands. The Government supports population increase and employs an immigration policy to encourage immigration by tourists and investors alike. You can obtain a permit with or without the right to work, depending on the length of your stay and amount of investment in the Islands.

To obtain a permanent residency permit, a minimum investment of US$500,00 in Providenciales or US$125,000 in the sister islands (Grand Turk, Salt Cay, South Caicos, Middle and North Caicos) is required, whether in business or in residence. There is also a one-time fee of about US$1,500 - US$10,000 payable upon application. If you decide to retain your original citizenship, you may apply for neutralized citizenship. However, it is recommended that you make your permanent residency status in the Islands as your principal citizenship for tax purposes.

If you decide to engage in gainful employment in Turks and Caicos, you should apply for a permanent residency permit that gives you the right to work. To be able to do so, you must have previously held a work permit as self-employed or a skilled worker and should have resided in the Islands for a minimum of five years. At the same time, you must have invested a minimum of US$100,000 in Providenciales or US$75,000 in the sister islands. Lastly, you must be able to demonstrate through acceptable documents that you will be able to support yourself and your dependents throughout your stay in Turks and Caicos.

Turks & Caicos Is. - more data and information

• Lawyers (attorneys) with property law practices in Turks & Caicos Is

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