The Turks & Caicos Islands is a Common Law, British Dependent Territory which places no restrictions on foreign investment in real estate, the currency is the US dollar, and the language is English. These factors alone make the islands a particularly attractive and convenient jurisdiction for many individuals considering acquiring a second residence or working in the islands.
There are several categories of residency in TCI which arise in different ways, namely:
Temporary Residence Permits
– which are 30 day permits granted to tourists on arrival (can be extended on application for a further 30 days).
Permanent Residence Permits (PRC's)
– PRC’s last for the duration of the life of the holder and extend to the holder’s spouse and dependents (until the age of majority when they can apply for their own PRC). PRC’s are issued to applicants who have made the requisite investment in TCI and come either with the right to work (i.e. individuals who have held work permits for 5 years) and without the right to work (i.e. the retirement investment category). The investment prerequisite for PRC’s in the retirement category varies depending on where the investor acquires property. The fee payable to Government on issuance of a PRC also varies depending upon the category of the Applicant.
Residence Permits
– which entitle individuals to reside in the islands for a period of one year from the date of issuance at a cost to Government of US$1000.00 per annum.
Work Permits
– Non- Islanders require work permits in order to work with-in the Turks & Caicos Islands. The majority of work permits are issued on a year to year basis however it is possible to obtain permits for 3 years (employed persons) and 5 years (self-employed persons). It tends to be easier to obtain permits in the self-employed category as applications of non-Belonger employees must demonstrate that the employer was not able to find a suitably qualified Belonger for the post.
Employees’ work permit applications are generally handled by the employer or through law firms or companies retained by the employer or Immigration Consultants . Organizing, submitting and pursuing a work permit application is an tedious & involved process and self-employed persons are best served retaining professional assistance with their initial applications.
Government work permit fees range from US$100 per annum to US$7,000.
