The Turks and Caicos Islands welcomes foreign direct investment. It is a small developing country with an open economy for tourism, financial services, manufacturing, agriculture, technology, Mari-culture and fishing investment opportunities.
Our primary pillar of stone is tourism with advancing plans and activities to revitalize the financial services industry. In late 2007 the economy suffered from the impact of Hurricane Ike, the global economic crisis and serious mismanagement. Combined these impacts led to significant decline in tourism, construction and other services revenues. However, presently the Turks and Caicos Islands economy is now experiencing a slight rebounding under an interim government that has designed policies to underpin growth and keep the Turks and Caicos Islands on a sustainable path into the future. This upturn is also contributed by the modest growth in the global economy and is reflected in significant public sector infrastructural changes and private sector initiatives in the tourism sector. This has bolstered investor confidence and as the record reflects attracting investment both to the Turks and Caicos and in the Turks and Caicos is working.
The overall aim of the new investment policy is to provide a framework for incentivizing future domestic and foreign investment as well as a covering “umbrella” that will guide in the future specific investment incentives. Such a summary policy statement cannot – and does not aim to anticipate and comprehensively detail all the specific incentives that could be considered for each and every future investment. All investments will continue to be subject to the standard due diligence assessments and cost benefit analysis. As previously noted, future incentives will continue to be directed by existing ordinances. Determination of all incentives will continue to be at the discretion of government.
The specific objectives of the new Investment Policy 2012 are to:
- Attract long-term and sustainable investment that creates local jobs and other local value-added to the economy of the TCI.
- Pro-actively draw appropriate and sustainable investment that stimulates the economies of the lesser-developed Family islands.
- Pro-actively draw investment to the country that supports economic activity outside tourism.
- Attract investment to the TCI that creates new industries and otherwise meets the broader development priorities of the country.
- Operate a regulated system of investment incentives that is clear, transparent and relatively easy to operate, including monitoring for compliance.
- Continue to reduce the cost of doing business and improve the regulatory and other environment for all investment in the TCI.
Against this background the government will continue to respect and enforce existing development agreements. However current investment concessions are too complicated, over generous, expensive to comply with and otherwise administer and have previously been abused. Thus continuing with the existing investment policy is not an option. Given the state of the economy, the need for balanced and diversified growth, job creation and public revenue generation the “do nothing option” is also not considered be in the best interests of the country. A new investment policy that is clearly focused on supporting initial investment rather than life-long operations; that focuses on non-financial investment needs; and that is tailored to the development priorities of the country is the best option.
Potential investors are also invited to contact the Turks and Caicos Islands Government Investment Unit http://www.gov.tc/investmentunit/
Copyright © 2013 The Government of the Turks & Caicos Islands.