1. About the Turks and Caicos Islands

The Turks and Caicos Islands (TCI) is a British Overseas Territory and a common-law jurisdiction modeled on the English legal system. The country comprises of 40 islands and cays located five hundred and fifty miles off the coast of Florida. It is home to approximately 35,000 full time residents of diverse races and cultures and welcomes approximately 1.4 million visitors annually. The currency of the islands is the US dollar and there are no restrictions on the movement of funds. The jurisdiction is served by major international banks, other financial institutions and a cadre of professional legal and accounting firms provides professional services to facilitate commerce. Real estate ownership is unrestricted and crime is among the lowest anywhere in the world.

It is against that background that TCI presents itself as a competitive investment jurisdiction and one of the friendliest places to live. The TCI seeks to grow its population by encouraging financially independent immigrants and investors to establish permanent residency in the islands, as a first step to becoming naturalised a British Overseas Territory Citizen.

On becoming a naturalised BOTC one would normally be eligible to register as a British Citizen under section 4A of the British Nationality Act. This is discretionary, but will normally be granted unless there are exceptional circumstances. It is generally easy to obtain a visa to the US, Canada and European countries if one is a PRC holder of the TCI. BOTC passports are visa free to most countries. The process of becoming a BOTC through investment is outlined below.

TURKS AND CAICOS ISLANDSPermanent Residence by Investment Program

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2. Applicable Laws

The applicable laws governing the grant of Permanent Residence and Naturalisation as a (BOTC) in the TCI are:

a) Turks and Caicos Immigration Ordinance 2015

b) Immigration Amendment ordinance 2016

c) The Immigration Regulations 2016

d) TCI Status Ordinance 2016

e) British National Act.

3. Permanent Residency

The qualifications for the grant of Permanent Residency in the Islands are prescribed by Section 13 to 21 of the Immigration Ordinance 2016 and 12 to 18 of the Immigration Regulation 2016. According to Section 14 The governor may issue a permanent Residence certificate to an applicant if

a) the applicant is of full age and capacity

b) the applicant meets the prescribed requirements and

c) the Governor has had regard to the matters specified in section 4(7) of the Turks and Caicos Islands Status Ordinance

Section 7(4) of the Turks and Caicos Islands Status Ordinance provides that in considering an application the Governor shall have regard to the following matters—

a) whether it is in the public interest to grant the Islander status;

b) whether the applicant—

(i) is of good character and conduct;(ii) has to his credit three good character references received by the Governor directly

from three Islanders; and(iii) has a clean criminal record;

c) whether the applicant suffers from any form of communicable or mental disease that would make him a danger to the community;

d) whether the applicant has been involved in organising or engaging in any subversive political activity, or has organised, caused or promoted racism or any illegal activity within the Islands;

e) whether the economic situation of the Islands and the protection of persons already engaged in similar gainful occupations have been duly considered;

f) the desirability of granting the right to be an Islander to applicants with different backgrounds and from different geographical areas so that a suitable balance in the social and economic life of the Islands may be maintained;

g) whether the applicant brings any exceptional skill to the Islands;

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h) the desirability of retaining the economic resources of the Island in the control of Islanders; and

i) whether the applicant meets any prescribed evaluation criteria.

Section 15(1) provides for the endorsements of dependants ordinarily living with the holder of a PRC. Section 15(4) states that the endorsement of a dependant child shall terminate on him/her attaining the age of nineteen years. However, if the child has been endorsed for five years or more he/she shall be granted a PRC on application and payment of $5,000.

Under Section 17(1) and (2) a surviving spouse endorsed on a PRC shall be issued a PRC free of cost if the application is made within 12 months after the death of the holder.

The required level of investment to qualify as an investor is set out in Section 13 (f) and (g) of the Turks and Caicos Immigration Regulation Ordinance 2016 and

f) having been given an undertaking by the Governor pursuant to paragraph 17, he has invested—

i) not less than $300,000 in the actual construction of a new home or the renovation of a distressed property as a home for himself and his dependants in the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos; or

ii) not less than $1 million, in the actual construction of a new home or the renovation of a distressed property as a home for himself and his dependents in any of the islands, other than the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos; and

iii) does not seek to engage in any gainful occupation without a work permit; or

g) having been given an undertaking by the Governor pursuant to paragraph 17, he has invest-ed—

i) not less than $750,000 in cash in a business or enterprise in the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos of North Caicos, which business or enterprise generates employment for persons in the Islands of which not less than 60% of its employees are non-work permit holders (or such lesser number as the Governor may determine in a particular case); or

ii) not less than $1,500,000 in cash in a business or enterprise in any of the islands other than the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos, which business or enterprise generates employment for persons in the Islands of which not less than 60% of its employees are non-work permit holders (or such lesser number as the Governor may determine in a particular case); and

iii) does not seek to engage in any gainful occupation other than in such business or enterprise.

A PRC puts the holder on the pathway to become a British Nationality Citizen (BOTC) and the right to a passport as outlined below.

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4. Acquisition of BOTC

1. The acquisition of BOTC is governed by the British Nationality Act 1981 and all amendments thereto; Pursuant to Section 18(1) of the Act a person applying for naturalisation may, if he is considered fit, be granted if the applicant fulfils the requirements of Schedule I of the Act. The Governor exercises the function of the UK Secretary of State with respect to applica-tions for naturalization as a BOTC of the Turks and Caicos Islands.

2. Paragraph 5 of the Schedule sets out the requirements for naturalisation as a BOTC by a person who applies for it. The first requirement, under Paragraph 5(l)(a) of the Schedule is a residence requirement, the detail of which is set out in Paragraph 5(2) of the Schedule and which states that the applicant must show:

a. that he was in the relevant territory at the beginning of the period of five years ending with the date of the application, and that the number of days on which he was absent from that territory in that period does not exceed 450: and

b. that the number of days on which he was absent from that territory in the period of twelve months so ending does not exceed 90; and

c. he was not at any time in the period of twelve months so ending subject under the immigration laws to any restriction on the period for which he might remain in that territory; and

d. that he was not at any time in the period of five years so ending in that territory in breach of the immigration laws.”

3. Prior to the grant of a PRC an applicant would be treated as having a restriction with respect to immigration. The grant of a PRC would remove that restriction

4. In addition to the above the applicant must also show, under Paragraph 5(b) and (c) of the Schedule that-

a. that he is of good character; andb. that he has a sufficient knowledge of the English language.

5. Paragraph 6 of Schedule I gives the Governor the power, cxercising the function of the Secretary of State, to waive or treat as fulfilled the requirements set out in Paragraph 5(2) of the Schedule. Specifically, the Governor may if he thinks fit in the exceptional circumstances of any particular case-

a. treat an applicant as fulfilling the residency requirements of” Paragraph 5(2)(a) and(b) of the Schedule even if the number of days the applicant was absent from the relevant territory in the relevant period exceeds the number set out in those sub-paragraphs;

b. disregard any restriction set out at Paragraph 5(2)(c) and treat any restriction as if it was not a restriction to which the applicant was subject on the date of the application.

c. treat the applicant as fulfilling the requirement of Paragraph S(l)(d) even if the applicant was in the relevant territory in breach of the immigration laws in the relevant period.

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Fee Schedule for PRC

Minimum Investment $300,000

Non-refundable fee for certificate of undertaking $1,500

Cost of PRC $25,000

Cost of each endorsee - $200 on PRC (assume 3 )Professional Fees - suggested

$600$20,000

Reimbursable – estimated $2,900

TOTAL $350,000

6. Further, pursuant to the provisions of paragraph 6(e) of the Schedule waive the need for the applicant to fulfil the requirement specified in paragraph S(l)(c) (sufficient knowledge of the English language) if he considers that because of the applicant’s age or physical or mental condition it would be unreasonable to expect him to fulfil it.

7. The application is made to the UK Secretary of State, but addressed to the Governor. The application form must be submitted along with

a. Non-refundable application fee of $1,500 for a certificate of undertaking b. Three character references; Evidence of good character;c. Notarised copy of passport picture page together with first entry stamp into the

Turks and Caicos Islands and all passport pages for the five year period preceding the application;

d. Copy of PRC;e. Evidence of good health;f. Financial letter of reference indicating net worth or income sufficient to sustain

applicant and their family;g. Letter of intent to continue to reside in the TCI or have TCI as principal home; h. Two passport size photographs;

8. A person who has been naturalised becomes a BOTC. They then, and not before, have the right to apply for a BOTC passport.