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TCI: Savory favors investor residency status, heralds KPMG economic report, says Caicos link is economic lifeline

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#Providenciales, Turks and Caicos Islands, Monday May 21, 2018 – A report by #KPMG is expected to expose exactly what the Turks and Caicos needs to hear about its economy and its economic potential in the Financial Services thanks to a state of the industry assessment which will be completed in a matter of weeks. 

 The subject and advent of the economic report was touted in the third annual #BordierBank(TCI) Investment Conference held May 16-18 2018 at Beaches Resort Villages and Spa in Providenciales.  

 Peter Savory, director of Chartered Trust and Savory & Associates, both in the Turks and Caicos Islands, was among the opening ceremony speakers and said the Turks and Caicos is certainly in a period of transition.

 Mr. Savory cited the shift in the financial services is evidenced in, among other things, the arduous re-registering of every company in the islands in time for an October deadline due to new requirements of a re-booted Companies Ordinance; updated for the first time in 37 years, he said.

But Mr. Savory, in his remarks, largely focused on how to make investing more attractive to multi-millionaires who are dawdling on the fence, instead of taking the plunge.

“…what I think it is going to contain, and if I am right, it is going to say that TCI has very good potential in the area of private trust companies and there is a very interesting aspect I suppose or  feature in there for Trusts to own company shares that I think will have good potential…” Savory whose LinkedIn profile says he is a financial graduate of the University of Auckland added, I believe we have a great future in attracting high net worth individuals here in the Turks and Caicos Islands.”  

Peter Savory believes the Turks and Caicos would be on the winning side if it were to establish a quota of how many investors could attain legal residency, which would or could be tied to the type and value of investment these qualifiers would be prepared to make.

 “I have been told that the Cayman Islands has a quota for residency certificates that they have never met.  Now is it because there is more due diligence, that it is extremely robust or is it that they have just not been successful enough in marketing their residency program.  Whatever the reason, there are great parallels to draw with places like the Cayman Islands…”

Savory said while he is not suggesting citizenship for the wealthy investors, he believes it may help the sector if there was more structure and a plan to sweeten the pot for inward investment to bolster the country’s number two industry.

I think our future lies in trying to attract people where they have the capacity to invest good amounts of money…” Peter Savory explained that he is already having referrals of people who are in the Turks and Caicos, average people who have been extremely successful and who are willing to pump millions into the economy via the financial services if they were given some sort of investor status; he continued, “and it is certainly something that I am actively lobbying the government on.”

Mr. Savory talked about alternative investment and touted an infrastructural addition to link the Caicos Islands.

 “Imagine a road bridge, a bridge connecting the island of Providenciales and #NorthCaicos and how that might change the economic face of the Turks and Caicos Islands if we were to open up North Caicos and #MiddleCaicos, which are joined by causeway an are potentially three times the size of Providenciales; Providenciales itself being twice the land there in Bermuda. Bermuda having a population of 60,000 people.”

Mr. Savory sees a bounty of potential in this infrastructural enhancement, which as been touted for decades but remains undone; an economic  and development dream unrealized.   

“And it could be made to tie in quite nicely with an investment product and with other things such as a permanent residency program to make it a viable alternative.”  

Kenrick Walters, Chief Risk Officer at Bordier Bank TCI, who has seen a draft of the document said of the KPMG report that, “I can’t get ahead of the Premier (who is also finance Minister) in saying what is in that report, but I can tell you that it addresses some of the major concerns that we have faced in the industry for a long time.  Immigration, business licenses, business processes in general; things like dispute resolutions at the courts, all of these issues and all of these areas will be addressed and the Premier has committed to looking at the industry from a holistic standpoint and working with the private sector, with regulators and so on to really change the game.”

The KPMG survey team arrives in the country this week.

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CARICOM – A Regional Club With Benefits; Turks & Caicos Wants In

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Turks and Caicos, March 18, 2026 – Public reaction across the Turks and Caicos Islands was immediate and, in some cases, heated after the Government confirmed in the House of Assembly on Friday, March 13, that it is exploring a move from Associate Member to full member of the Caribbean Community (CARICOM).

The announcement, delivered by Acting Premier and Minister of Immigration and Border Services Jamell Robinson, sparked strong concern among residents, particularly over fears that full membership could require the territory to accept free movement of labour or weaken its immigration controls.

Social media commentary over the weekend questioned why there had been no public consultation and whether the move signaled a shift in the country’s political direction.

However, a review of the official statement and follow-up remarks made by Robinson this week shows the proposal is not sudden, is not final, and would require approval from all fifteen CARICOM member states before the Turks and Caicos Islands could become a full member.

NOT A NEW IDEA

In his ministerial statement to Parliament, Robinson confirmed that discussions about full membership have been taking place within regional forums for some time.

“As an Associate Member of CARICOM, the Turks and Caicos Islands also participated in caucus meetings and discussions among Overseas Territories and Associate Members regarding regional cooperation and the continued advancement toward full membership within the CARICOM Community,” he told the House.

He added that full membership would allow the territory to engage more directly in decisions affecting the region.

“Full membership in CARICOM would present meaningful opportunities for the Turks and Caicos Islands. It would strengthen our ability to engage more fully in regional decision-making… and ensure that the Turks and Caicos Islands is better positioned to benefit from collective advocacy and coordinated action on issues of common concern.”

The idea of deeper integration is not new. Since the return of elected government in 2012, successive administrations have promoted stronger ties with CARICOM.

Former Premier Dr. Rufus Ewing regularly attended Heads of Government meetings and spoke openly about the importance of regional cooperation, even suggesting that long-term political development for the territory would likely place it closer to the Caribbean than to Britain.

Premier Sharlene Cartwright-Robinson also maintained active participation in CARICOM during her term, focusing on security cooperation, economic recovery, and regional partnerships, though her administration did not pursue full membership.

Under the current administration, Premier Charles Washington Misick has repeatedly said stronger regional integration is necessary for economic stability, security cooperation, and food supply resilience.

FREE MOVEMENT FEARS ADDRESSED

Much of the public backlash centered on the belief that full membership would force the Turks and Caicos Islands to accept the CARICOM free movement of labour provisions.

Speaking Monday to Cheryl Forman, host of First Edition on Radio Turks and Caicos, Robinson said that is not the position being taken by the Government.

“We’re looking for full membership, and just to be clear right off the bat, the Turks and Caicos is not looking to sign on to the free movement of labour portion of the Revised Treaty of Chaguaramas,” he said.

He noted that other British Overseas Territories and even some CARICOM members have negotiated exemptions.

“Just like Bermuda, just like the BVI… The Bahamas did not sign off on that portion. Free movement across the region does not even exist in the way people think. It applies only to certain skills and professions.”

Robinson stressed that any agreement would be negotiated and would not remove the territory’s ability to control immigration.

“The full membership process isn’t going to be a case where we lose our ability to determine our immigration and labour policies. Those are things that will form part of our negotiated position.”

WHY GOVERNMENT WANTS FULL MEMBERSHIP

Robinson outlined several reasons the administration believes deeper integration could benefit the territory.

One argument is that Associate Members can participate in discussions but do not have voting power.

“You can think of it as being part of a club. As an associate member, you don’t get all the benefits. You can sit in the room, but you don’t always have a final say in decisions that may impact you.”

He also said regional partnerships have already proven critical in national security.

“If it were not for the ability of our Premier to pick up the phone and speak to Prime Minister Davis in The Bahamas and Prime Minister Holness in Jamaica, our crime situation would be completely different,” Robinson said, referring to the deployment of tactical officers from both countries to assist local police operations.

He added that closer ties could also help reduce the cost of living through regional trade.

“In some cases, the very same products we import from the United States originate in the Caribbean, go to the US to be repackaged, and then come back to us. If we can trade more directly within the region, that could help bring down prices.”

Robinson also pointed to discussions within CARICOM about improving regional shipping, food production, and transportation links, including plans for Guyana to become a major agricultural supplier for the region.

NOT A GUARANTEE

Despite the public debate, Robinson emphasized that full membership is not automatic.

Any application must be negotiated and approved by all CARICOM member states, meaning the Turks and Caicos Islands cannot simply decide to join on its own terms.

That reality, he said, is why the Government is still developing its negotiating position, including work on population policy, immigration strategy, and labour planning before any final step is taken.

The debate now unfolding across the territory reflects more than a policy proposal.

It highlights a deeper question that has existed for more than a decade — whether the future of the Turks and Caicos Islands lies primarily with the United Kingdom, or increasingly with the Caribbean region to which it is geographically, economically, and culturally connected.

For now, full CARICOM membership remains only a possibility — but one that has clearly stirred strong emotions in a country still deciding how far regional integration should go.

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Women In Uniform Honoured as Governor Hosts International Women’s Day Event in TCI  

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Turks and Caicos, March 18, 2026 – Women serving across the Turks and Caicos Islands’ national security agencies were honoured during a special International Women’s Day observance hosted by Governor Dileeni Daniel-Selvaratnam, highlighting the growing role of women in law enforcement, defence and border protection.

The Governor hosted the second annual Women in Uniform Brunch, bringing together female officers from the Royal Turks and Caicos Islands Police Force, the Turks and Caicos Islands Regiment, Border Force and His Majesty’s Prison Service for a morning of recognition, reflection and inspiration.

Delivering the keynote address was Vice Admiral Antonette Wemyss-Gorman, Chief of Defence Staff of the Jamaica Defence Force, who is widely regarded as one of the region’s most accomplished military leaders and one of the first women in the world to head a national armed force.

Her address focused on leadership, discipline and the importance of resilience in uniformed service, encouraging women to pursue advancement in fields traditionally dominated by men. Attendees responded with a standing ovation, as the Vice Admiral spoke about the responsibility of women in security services to lead with courage, professionalism and integrity.

The event formed part of the Turks and Caicos Islands’ observance of International Women’s Day 2026, celebrated globally under the theme of advancing equality, strengthening opportunity and recognising the contributions of women in every sector of society.

Governor Daniel-Selvaratnam said the service of women in uniform plays a critical role in strengthening institutions, protecting communities and building public trust, noting that their leadership continues to inspire the next generation of officers across the territory.

In addition to the keynote address, participants attended presentations on financial empowerment and personal wellbeing, aimed at encouraging women in service to invest in their personal development alongside their professional responsibilities.

Several officers were also recognised for outstanding contributions.
Assistant Superintendent of Prisons Meshelle Jennings received the Selfless Service Award, while Police Sergeant Desiree Hunt-Forbes was honoured for building community trust.
Turks and Caicos Islands Regiment Marine Kentoya Parker received the Integrity in Leadership Award, and Senior Border Force Officer Marylee Wilson and Prison Officer Aloida Henry were both recognised for resilient service.

Officials said the event reflects a continued commitment to supporting women across the territory’s security services, at a time when regional cooperation and strong leadership remain essential to maintaining safety and stability.

 

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Statistics Authority Highlights Trade Data as Turks & Caicos Records $227M in Imports for Q4 2025  

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Turks and Caicos, March 18, 2026 – The Turks and Caicos Islands Statistics Authority is highlighting the importance of reliable economic data following the release of its latest Trade Statistics Bulletin, which shows the country recorded approximately $227 million in imports during the fourth quarter of 2025.

The detailed report provides a clear breakdown of where goods entering the Turks and Caicos Islands are coming from, the types of products being imported, and the revenue generated from trade-related activity. The figures offer valuable insight into the level of economic activity across the country and the continued demand driven by tourism, construction, and consumer spending.

According to the bulletin, the United States remained by far the largest supplier of goods, accounting for more than $200 million in imports during the quarter. This represents the majority of all goods entering the Turks and Caicos Islands and reflects the territory’s long-standing dependence on U.S. markets for food, fuel, machinery, building materials, and consumer products.

The Dominican Republic was the second largest source of imports, supplying just over $4.1 million in goods, while The Bahamas ranked third, with approximately $1.8 million in imports recorded for the period. The report also noted increasing trade with countries such as China, Panama, Switzerland, Poland, and India, showing that businesses continue to expand their supply networks beyond traditional partners.

In terms of the types of goods being imported, the bulletin shows strong activity in categories such as food and live animals, mineral fuels, manufactured goods, machinery and transport equipment, and chemicals, all of which are essential to supporting the tourism industry, infrastructure development, and everyday life in the islands.

The report also tracks revenue collected from international trade, including fuel tax, customs processing fees, and motor vehicle licensing, providing another measure of economic performance during the quarter.

Officials say the quarterly Trade Statistics Bulletin is an important tool for government, businesses, and the public, offering accurate information presented through clear tables, charts, and graphics that make complex data easier to understand.

For a small, import-dependent economy like the Turks and Caicos Islands, access to reliable statistics remains critical. By continuing to publish detailed trade reports, the Statistics Authority helps ensure that decisions about growth, investment, and development are based on sound information.

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