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TURKS & CAICOS ISLANDS
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The offshore financial service industry of the Turks &
Caicos Islands has enjoyed continuous growth for the past ten years and is gaining in both
popularity and reputation amongst both companies and individuals. The Islands are
politically stable being a British Dependent Territory and have a history of peace and a
low crime rate. Some of the advantages of choosing the Turks & Caicos Islands for your
investments are listed below:
- There is no taxation whatsoever on income, capital
gains or corporate profits, nor is there any withholding tax legislation nor are
inheritance taxes or estate duties payable in the Islands.
- The official currency is the U.S. dollar; there are no exchange
controls whatsoever and no limitation of repatriation of funds.
- Government fees are lower than in most competing jurisdictions and
professional fees are competitive.
- The Company and Land Registries are fast and efficient; a company
is incorporated on the same day as the application is lodged, with incorporation documents
usually being completed and available within 24-48 hours in instruction.
- A regulatory framework exists which governs the
licensing of banks and insurance companies, which is supervised by a Financial Services
Commission, with a resident Superintendent affording a stable and supervised structure in
which to operate.
- There is a thriving professional community to give support and
advice including international firms of accountants and lawyers qualified in several
different jurisdictions.
- There are several private offshore banks, mostly Swiss run, and
the Islands are also served by Barclays Bank PLC and the Bank of Nova Scotia.
International movement of funds can be achieved with a minimum of difficulty and delay.
- There is ample protection given to offshore investors with regard
to privacy of their affairs, which protection is contained in the Confidential
Relationships Ordinance, as amended. This general statutory duty of confidentiality
applies to banks, professional advisors, government officers (including the Offshore
Finance Centre Unit) and others holding positions of trust. There are criminal sanctions
for seeking or making unauthorized disclosures of confidential information.
- The Islands are not party to any Double Taxation Agreement.
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