The Turks & Caicos Islands (‘TCI’) is a relatively new participant in the offshore banking industry. It is a group of 20 beautiful tropical islands, covering a total land area of 430 sq. km, located in the North Atlantic Ocean just south of the Bahamas. The population of the islands is approximately 38,500, with the majority (80%) being of African descent. The economy is thriving, driven by tourism, fishing, and financial services. English is the official language, and the US dollar is the national currency. There are no exchange controls in place, and TCI is considered a tax-free jurisdiction. The islands boast modern telecommunications, frequent flights to the USA, and other neighboring islands.
Turks & Caicos Islands place a high value on bank secrecy within this small Caribbean tax haven. In 1973, the islands became a British protectorate with Queen Elizabeth II serving as Head of State. The government is stable, with a Governor representing the Queen. The legal system follows Common Law, which is based on English Common Law, along with some old Bahamian and Jamaican statutes.

In 1981, TCI introduced the Companies Ordinance, which laid the foundation for the island’s financial center. TCI’s trust legislation provides an element of privacy, as there is no requirement to register trusts with the government. The authorities in Turks & Caicos do not tolerate “dirty money” or fraudulent activity, and business professionals utilizing the islands may be subjected to background checks by the FBI or Interpol.

Turks & Caicos is responsive to the needs of international investors, offering a tax-free status and having no double tax or fiscal information exchange treaties with any other country. The financial industry is well-regulated by the TCI Financial Services Commission, ensuring the highest standards of quality and integrity. Offshore financial services provided include banking, insurance, company formation, trusts, mutual funds, and partnerships. The Turks & Caicos Islands serve as a capable offshore banking center, housing representative offices for some of the world’s top international banks, catering to both individual and corporate requirements.