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British territory with zero taxes and strong privacy
Region
CARIBBEAN
Corporate Tax
0%
Setup Time
2 weeks
Currency
USD
The Turks and Caicos Islands, a British Overseas Territory in the Caribbean, combine premier beaches with limited financial services. The territory's company registration framework supports specific business setup strategies.
With a population of 45,000, Turks and Caicos offer upscale Caribbean living. English is official. The tropical climate is warm year-round with hurricane risk.
Healthcare is limited, with serious cases requiring evacuation. Safety is excellent. The cost of living is high.
The pristine beaches, particularly Grace Bay, define the territory's appeal.
There is no corporate income tax, personal income tax, or capital gains tax. No VAT exists. Revenue comes from stamp duty, import duties, and accommodation tax.
The US dollar is official currency. The economy depends heavily on tourism and real estate.
Company registration through the Registrar of Companies is established. Exempted companies serve international purposes. Various structures available.
Company formation completes within days. Annual fees apply.
Turks and Caicos have not established comprehensive crypto license frameworks. The jurisdiction has not prioritized fintech development.
Gambling is prohibited in Turks and Caicos. No gambling license opportunities exist.
The small professional services sector limits complex structuring. Banking access can be challenging. The economy's tourism dependence creates concentration.
Turks and Caicos suits tourism-related investment and those with specific Caribbean requirements for their business setup.
Local: LLC
Local: Exempt Company
Local: LP
| Corporate Tax Rate | 0% |
| Personal Income Tax Rate | 0% |
| VAT / Sales Tax | 0% |
| Capital Gains Tax | 0% |
| Withholding Tax | 0% |
| Reduced Corporate Tax Available | No |
| Non-Resident Withholding Exempt | Yes |
| Tax Treaty Network | No |
| Banking Access | LOW |
| Financial Privacy | HIGH |
| Currency Controls | NONE |
| Local Bank Account Required | No |
| Non-Resident Bank Account Allowed | Yes |
| Physical Presence for Banking | Yes |
| Banks Restrictive (High Risk) | Yes |
| AML Officer Required | No |
| MLRO Required | No |
| Compliance Officer Required | No |
| Data Protection Officer Required | No |
| Bookkeeping Frequency | Annual |
| Local Bookkeeping Required | No |
| Mandatory Audit | No |
Crypto activities are not permitted in this jurisdiction.
| License Required | Yes |
| Local Director Required | No |
| Local AML Director Required | No |
| Local Legal Address Required | Yes |
| Local Physical Office Required | Yes |
| Required Share Capital | $0 |
| Capital Maintained in Account | No |
| Compliance Program Required | Yes |
| Travel Rule Compliance | N/A |
| Business Plan Required | Comprehensive business plan required including financial stability assessment |
| Personnel Required | MLRO, MLCO, key management personnel subject to background checks |
| Insurance Required | No |
| Remote Incorporation Possible | No |
| 100% Foreign Ownership | No |
| Min. Shareholders | 1 |
| Min. Directors | 1 |
| Shareholder/Director Same Person | Yes |
| Registry Public | No |
| Registry Access | Gaming Control Commission maintains licensee records |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Annual |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | Yes |
| Technical Audit Mandatory | No |
| Corporate Income Tax Applicable | No |
| Dividend Tax Applicable | No |
| Capital Gains Tax Applicable | No |
| Territorial Tax Regime | No |
| VAT Applicable | Yes |
| Regulators | Turks and Caicos Islands Gaming Control Commission (GCC) |
| Licensing Fee | $750 |
| Licensing Fee Details | Business license fee for slot parlors $750; casino operations subject to additional licensing fees. Gaming tax: 7.5% of winnings paid to patrons plus tax on net gross gaming revenue |
| Permitted Business Models | Land-based casinos, slot parlors |
| Permitted Activities | Table games, slot machines, gaming machines |
| Restricted Activities | Online gambling - no license framework exists; operators targeting TCI residents prohibited |
| Cross-Border Service Allowed | No |
| Physical Inspection Required | Yes |
| License Required | Yes |
| Local Director Required | No |
| Local AML Director Required | No |
| Local Legal Address Required | Yes |
| Local Physical Office Required | Yes |
| Required Share Capital | $100,000 |
| Capital Maintained in Account | Yes |
| Compliance Program Required | Yes |
| Travel Rule Compliance | FATF compliant |
| Business Plan Required | Comprehensive business plan with 3-year financial projections required |
| Personnel Required | Fit and proper directors and senior management, MLRO |
| Insurance Required | Yes |
| Insurance Details | Insurance requirements vary by license type; minimum $100,000 for general insurance, $180,000 for life insurance companies |
| Remote Incorporation Possible | No |
| 100% Foreign Ownership | Yes |
| Min. Shareholders | 1 |
| Min. Directors | 1 |
| Shareholder/Director Same Person | Yes |
| Registry Public | Yes |
| Registry Access | TCIFSC website lists licensed banks and trust companies |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Annual |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | Yes |
| Technical Audit Mandatory | No |
| Corporate Income Tax Applicable | No |
| Dividend Tax Applicable | No |
| Capital Gains Tax Applicable | No |
| Territorial Tax Regime | No |
| VAT Applicable | Yes |
| Regulators | Turks and Caicos Islands Financial Services Commission (TCIFSC) |
| Licensing Fee | $5,000 |
| Licensing Fee Details | Application fees vary by license type. Banking licenses: application and annual fees determined by Commission. Insurance: minimum capital $100,000-$180,000 held to Commission's order. Trust company licensing fees apply separately |
| Permitted Business Models | National Banking, Overseas Banking, Insurance (domestic and captive), Trust Companies (restricted and unrestricted), Investment Dealers, Company Management |
| Permitted Activities | Banking, lending, deposits, trust services, insurance, investment dealing, company management services |
| Restricted Activities | No EMI/PI specific licensing framework exists. Payment services may require banking license depending on activities |
| Cross-Border Service Allowed | Yes |
| Physical Inspection Required | Yes |