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article imageWork permits no longer required for Turks and Caicos investors

By Sam Wright     Nov 5, 2014 in Business
At a Cabinet meeting on October 22nd, the Turks and Caicos Government agreed that new overseas investors would no longer require a work permit.
This follows the Government’s decision last year to offer Permanent Residence Certificates (PRCs) to new investors, and is the territory’s latest step towards encouraging overseas investment on the islands. Two hundred PRCs are to be issued as part of the scheme for property and business investments that meet certain criteria.
These criteria depend on location and property type. Investments of over $300,000 on home construction or renovation on Grand Turk, Salt Cay, South Caicos, Middle Caicos, or North Caicos will qualify for the scheme — as will businesses and enterprises that invest more than $750,000 in cash in the same areas.
For anywhere else in the territory, home investments must be more than $1,000,000, and business investments must generate employment for TCI nationals and be no less than $1,500,000 in order to qualify for one of the 200 PRCs being awarded.
Asking investors to apply for a work permit created a barrier that was deterring potential business. Lifting the requirement is hoped to bring new investment to the islands, from construction projects through to green energy solutions.
“The Government, in its efforts to enforce the laws of the land that are currently enacted, continues to encounter a number of challenges with some of these laws and we know that some of them that were not implemented or enforced before are counter-productive to business development,” said Premier Rufus Ewing, speaking to the press last month.
The decision does not affect residential business owners in Turks and Caicos, who will continue to require a work permit in order to carry out business on the islands.
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