The small country of the Turks & Caicos Islands, technically a British Overseas Territory, attracts expats from all over the world, predominantly due to the absence of income and other taxes. And of course, due to its tropical climate. Provision of free education and the growing financial market fuel the job prospects in the country and drive economic and social development.

Similarly with businesses, Turks & Caicos Islands are seen as an attractive destination thanks to the zero-tax regime. Not only that, but the striped bureaucratic processes also make it very quick and easy to form an international company.

Absence of capital gain, property or wealth taxes is, unsurprisingly, a great incentive to invest money in Turks & Caicos Islands. The retail market is growing fast and opens up promising opportunities. With the highly competitive financial services market, the cost of opening and operating a bank account is very low in the Turks & Caicos Islands.

Key Facts

Location

Lucayan Archipelago

Population

0.04 million

Neighboring countries

Cuba, Haiti, Bahamas (maritime borders)

Average temperature (summer)

82°F(28°C)

Average temperature (winter)

74.5°F(23.5°C)

Languages

English

Form of government

Constitutional Monarchy (British Overseas Territory)

Corporate tax rate

0%

Currency

United States dollar

GDP

$795 million

GDP growth

4.60%

Inflation

1.50%

Unemployment rate

8.30%

Average salary

$52,300

Key industries

Financial Services, Tourism, Shipping

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