The Turks and Caicos Islands consists of a group of Islands located south of the Bahamas chain, approximately 500 miles southeast of Miami, Florida. The Turks and Caicos Islands is a British territory with strong government and legal ties to the United Kingdom, including an English common-law system as modified by local legislation.

There is a local governing council with a Governor appointed by the U.K. In addition, local government works closely with and obtains expertise from the U.K. government in various areas of finance and commerce.

The official currency is the U.S. dollar and there are no controls on transferring funds in or out of the jurisdiction. Various banks are located here, such as the Bank of Nova Scotia and the First Caribbean International Bank (FCIB). The main industries are tourism and the financial sector, with approximately 20,000 resident corporations and trusts.

The Turks and Caicos Islands have always been politically stable and the government actively promotes its status as a tax haven. There is no income tax or tax on capital gains.

The Companies Ordinance was recently amended to provide for issuance by the Governor of a certificate guaranteeing a 20-year period of income tax exemption for any corporation. This ensures that even if tax were implemented by some future government, there would be ample time to change jurisdictions or restructure the company’s affairs.

The Turks and Caicos Islands is not a party to any tax treaties or related exchange of information provisions with other countries.