Turks and Caicos Laws and Regulations

turks and caicos flag government

Flag description:blue, with the flag of the UK in the upper hoist-side quadrant and the colonial shield centered on the outer half of the flag; the shield is yellow and contains a conch shell, lobster, and cactus

Turks and Caicos Government Overview

Country name:conventional long form: none conventional short form: Turks and Caicos Islands abbreviation: TCI

Dependency status:overseas territory of the UK

Capital:name: Grand Turk (Cockburn Town)

Geographic coordinates: 21 28 N, 71 08 W

Administrative divisions:none (overseas territory of the UK)

Independence:none (overseas territory of the UK)

National holiday:Constitution Day, 30 August (1976)

Constitution:Turks and Caicos Islands Constitution Order 2006 (effective 9 August 2006)

Legal system:based on laws of England and Wales, with a few adopted from Jamaica and The Bahamas

Suffrage:18 years of age; universal

Executive branch:chief of state: Queen ELIZABETH II (since 6 February 1952); represented by Governor Richard TAUWHARE (since 11 July 2005) headof government: Premier Michael Eugene MISICK (since 15 August 2003);note - the office of premier was created in the 2006 constitution cabinet:Cabinet consists of the governor, the premier, six ministers appointedby the governor from among the members of the House of Assembly, andthe attorney general elections:the monarch is hereditary; governor appointed by the monarch; followinglegislative elections, the leader of the majority party is appointedpremier by the governor

Legislative branch:unicameral House of Assembly (21 seats of which 15 are popularly elected; members serve four-year terms) elections: last held 9 February 2007 (next to be held in 2011) election results: percent of vote by party - PNP 60%, PDM 40%; seats by party - PNP 13, PDM 2

Judicial branch:Supreme Court; Court of Appeal

Political parties and leaders:People's Democratic Movement or PDM [Floyd SEYMOUR]; Progressive National Party or PNP [Michael Eugene MISICK]

International organization participation:Caricom (associate), CDB, Interpol (subbureau), UPU

Diplomatic representation in the US:none (overseas territory of the UK)

Flag description:blue,with the flag of the UK in the upper hoist-side quadrant and thecolonial shield centered on the outer half of the flag; the shield isyellow and contains a conch shell, lobster, and cactus

Turks and Caicos Residency Laws

Residency Requirements

Residency Permits for living and/or working in the Turks and Caicos include:

Temporary Residency Certificate
Temporary permits need to be renewed annually for about $1000.00 plus $150.00 for spouse and $50.00 for each child residing. When on temporary permit, working is not permitted, one must be in good health, and one must be able to support themselves.

Work Permit
This allows you to have gainful employment while residing in the Turks and Caicos. Your employer may obtain the permit for you. Fees will different based on the different forms of employment must be renewed annually.

Permanent Residency Certificate
This permit should be applied for if you intend to be residing for the long term. This permit allows one to reside in TCI for the duration of your life. It requires you to make an investment either in business or in a residence of $250.000 in Providenciales, and $125.000 in outer islands. A one time fee between $5000 and $50,000 is also charged.

Permanent Residency with a Right to Work
This is only granted after the applicant has had work permits and been working already on Islands for some time, between 5 and 10 years. This process is very slow and also includes a one time fee of $5000 to $50,000.

Turks and Caicos Purchase Process

Purchasing Propery in the Turks & Caicos

The Turks and Caicos can be a bit challenging for the foreign buyer. While the paperwork is straightforward, the ownership options are varied. It is recommended to consult a local TCI attorney prior to entering any agreement to review your options, particularly whether you will be taking title to property in your name directly or the name of company or trust. The attorney is the best person to advise you on the potential tax benefits and trust protections from offshore company or trust formation.

The first step in the purchase process is for a preliminary heads of agreement, or Offer Form to be signed by both parties. This documnet will state the name of the parties, the seller, buyer, the legal description of the property, the purchase price, terms, conditions, closing date and will state the length of time the offer will remain open. The seller at this point can accept, reject or counter the offer with price or terms/conditions that are acceptable. Upon signature, the Seller is committed to selling the property.
A security deposit of 10 percent of the Sale / Purchase agreement showing good faith and legal consideration is usually required at this time..

The seller’s attorney will new draft a formal agreement for sale and purchase and will produce a copy of the registered title for the buyer’s attorney review. After the two attorneys are satisfied with the title documents and the terms and conditions of the formal agreement, the seller and buyer will sign the formal agreement and the earnest money is then transferred to the seller’s attorney who will hold the funds in trust until the transaction is closed. The conveyance process is lengthily and may take as long as 6 to 8 weeks.
This extended period provides ample time to have all financing is in place by the time that the official Deeds of Sale/Purchase and Transfer of Property are signed.