TURKS AND CAICOS ISLANDS
PERMANENT RESIDENCE CERTIFICATE
The Turks and Caicos Islands are a British Oversea Territory (BOT) located in the Caribbean. Thanks to its exotic environment, pleasant tax structure, and sound financial system, it is a wealthy island that attracts many Western expats. The Turks and Caicos Islands Permanent Residence Certificate (PRC) is a residence-by-investment program that grants approved applicants permanent residency in the jurisdiction. You may apply for British Oversea Territory Citizenship after five years of living (BOTC). BOTC is a form of British citizenship that allows for visa-free travel within the Schengen region of the European Union and the US. The passport is not the same as the British passport.
There are three choices available in the Turks and Caicos Islands Residency By Investment program. The applicant has the option of investing in a company, a public initiative, or real estate. The money must be held for the duration of the permanent residence (PR). BOTC does not replace PR because it does not guarantee the right to remain in the Turks and Caicos Islands. If you want to stay on the islands after naturalization, you’ll need to keep your PR.
North Americans and Europeans alike love the Tuks and Caicos Islands. The official language is English, and the legal system is based on Common Law.
The most appealing aspect is the tax system’s friendliness. The Turks and Caicos Islands do not levy any personal or corporate income taxes, and VAT is only applied to a few products.
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The Turks and Caicos Islands Permanent Residence Certificate Programme enables immigrants to obtain resident permits through a variety of methods. The investor must maintain the said investment the length of his permanent residence. The investment specifics for each alternative vary greatly depending on the location:
- $750,000 in a Grand Turk, Salt Cay, South Caicos, Middle Caicos, or North Caicos company or enterprise OR $1.5 million in every other location
- $1 million in a public-sector initiative that has been approved.
- $300,000 for the building, purchase, or restoration of distressed property for use as a home on the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos, or North Caicos. OR $1 million in every other location
Main Applicant Fees: Application $25,000 + Permit $150 + Landholding License $1,500
Dependent Fees: Permit $200
TURKS AND CAICOS RESIDENCY INVESTMENT OPTIONS
PRC - REAL ESTATE
Not less than $300,000 in the building, purchase, or restoration of distressed property for use as a home on the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos, or North Caicos, OR in the islands other than Grand Turk, Salt Cay, South Caicos, Middle Caicos, and North Caicos, not less than $1,000,000 in the actual building, purchase, or renovation of a distressed property as a residence.
PRC - PUBLIC PROJECT
Not less than $1,000,000 in a designated approved public sector project in the Islands.
PRC - BUSINESS
Invest at least $750,000 in a company or enterprise on Grand Turk, Salt Cay, South Caicos, Middle Caicos, or North Caicos AND the business generates jobs in the Islands AND at least 60% of the workers are non-work permit holders, OR not less than $1,500,000 in a company or corporation in an island other than Grand Turk, Salt Cay, South Caicos, Middle Caicos, or North Caicos, AND the business creates jobs in the Islands, AND at least 60% of the workers are non-work permit holders.
Application Processing Time: 8-10 Weeks
Step 1 - Month 1
Collect all of your essential personal documents. Once you've decided on an investment option, you'll need to gather the documents related to that investment e.g. purchase agreement. You can send your application to the immigration department until all of your documents are ready.
Step 2 - Month 3
The immigration department will process your application. It usually takes 8-10 weeks to obtain approval, in principle. You'll need to finish the investment after this is completed. Send the necessary documentation to the immigration department once the transaction is completed.
Step 3 - Month 3
The immigration department will complete your file. They will invite you to pick up your permanent residency card once this is achieved.