Investment-Based Permanent Residence in the Turks & Caicos Islands (TCI)

The most-recently introduced component of TCI’s revised immigrant investor programme has been designed to help stimulate the local economy by attracting foreign direct investment into the Territory in a manner intended to generate local employment and economic activity whilst at the same time affording the would-be investor assurance that any Permanent Residence Certificate (PRC) applied for will be forthcoming provided the required level of investment is made.

Qualifying Criteria

  • An investment of not less than US$300,000 in the construction of a new residence or in the renovation of a distressed property as a home for the applicant and his or her dependants, on the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos; or
  • An investment of not less than US$300,000 in the construction of a new residence or in the renovation of a distressed property as a home for the applicant and his or her dependants, on the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos; or
  • An investment of not less than US$1,000,000 in the construction of a new residence or the renovation of a distressed property as a home for the applicant and his or her dependants in any of the Territory’s other islands; or
  • An investment of not less than US$750,000 in a business or enterprise in Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos which business generates employment for persons in TCI of which not less than 60% are TCI nationals or permanent residents; or
  • An investment of not less than US$1,500,000 in a business or enterprise in any of the Territory’s other islands which business generates employment for persons in TCI of which not less than 60% are TCI nationals or permanent residents.

PRCs issued on the basis of a residential investment do not confer any right to work whereas those in the latter two categories come with the right to work in the business or enterprise concerned.

An annual quota of PRCs to be issued under this initiative has been established by the Governor. In the first year of the programme’s operation, ie from November 2013 to October 2014, the quota has been set at 200 PRCs.

Pre-approval/Governor’s Undertaking

An investor wishing to take advantage of the programme may obtain assurance in advance of the granting of a PRC by applying in writing to His Excellency, the Governor for an undertaking that upon production of satisfactory evidence that the relevant investment has been made prior to the expiry date of the undertaking, the Governor will, on payment of the prescribed fee, grant the applicant the relevant PRC.

Evidence of Investment

For an application based on the construction of a residence or renovation of a distressed property, evidence of the required investment will include (i) a Certificate of Occupancy issued under the Physical Planning Ordinance and (ii) a certificate from a TCI-based quantity surveyor that of the value of the construction of the completed residence has met the minimum investment threshold.

For an application based on investment in a business or enterprise, evidence of the investment will include (i) audited financial statements of the business or enterprise and (ii) a certificate from the Commission of Labour confirming details of the employment of non-work permit holders that have been generated as a result of the investment.

Fees

A fee of US$25,000 will be payable upon the issue of a PRC of which US$1,500 shall be a non-refundable administrative fee. The names of the spouse and dependants of the holder may be endorsed on the PRC on payment of an additional fee of $200 per spouse or dependant. There is no annual fee payable.

Naturalization

Under the provisions of the British Nationality Act, the holder of a PRC in TCI who has been ordinarily resident in the Islands for five years, is eligible to apply for naturalization as a British Overseas Territory Citizen (BOTC) and to receive a BOTC passport.

Existing year-to-year and 10-year residency programmes are unaffected and remain available.

Our affiliated immigration consultancy, Savory & Partners, will be pleased to provide any additional information which may be required and an estimate of its fees for assisting in the submission of an application for a Residence Permit.