Income tax in Turks & Caicos Is.
August 29, 2016
Turks and Caicos Islands is a neutral tax jurisdiction.
There are no income taxes levied in the Turks and Caicos Islands.
Business licenses are required to engage in leasing properties in the islands. The license fee depends on the category of business and ranges from US$50 to US$7,000 annually.
The business license period is from 01 April of the current year to 31 March of the succeeding year.
There are no taxes on capital gains.
Stamp Duty on Property Transfers
Stamp duty on property transfers is levied at progressive rates, depending on the property value.
STAMP DUTY ON PROPERTY TRANSFER
|PROPERTY VALUE, US$|
|Up to US$10,000|
|US$10,000 - US$75,000|
|Source: Global Property Guide|
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.
Permanent Residency Certificates (PRC) can be obtained with or without the right to work, depending on the length of stay and amount of investment in the Islands.
To obtain a permanent residency permit, a minimum investment of US$250,00 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 to US$10,000 payable upon application.
Residency permit without the right to work is issued for US$600 annually.
A permanent residency permit with the right to work is required in order to engage in gainful employment in Turks and Caicos. Work permit fees vary, depending on the category of work, and range from US$1,000 to US$2,500 annually.