TCI News
TCI: Savory favors investor residency status, heralds KPMG economic report, says Caicos link is economic lifeline
#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.
Turks and Caicos, October 28, 2025 – We are closely monitoring the impact of Hurricane Melissa on Jamaica, and our thoughts and prayers are with our regional neighbours for their safety and well-being
We are now entering a critical period as Hurricane Melissa advances towards the Turks and Caicos Islands. Current projections indicate that Hurricane Melissa will begin to impact the Turks and Caicos Islands around midday tomorrow, Wednesday, 29th October.
This morning, Her Excellency the Governor and the Hon. Premier chaired a State of Preparedness Meeting. All Government agencies and critical services are mobilised. The safety and protection of every person across our Islands remains our highest priority. Our emergency response teams are prepared and the TCI Regiment is deployed across each of our Islands to support community readiness and immediate response. The Royal Turks and Caicos Islands Police Force are on active duty, with additional officers in North Caicos, Salt Cay, South Caicos and Grand Turk.
At this time, the hurricane is moving north-northeast. The country is expected to experience tropical storm conditions, heavy rainfall and
significant storm surge. The storm surge poses a serious concern for low-lying coastal areas especially along our western and southern coastlines, which may result in coastal flooding. Based on the most current weather projections and anticipated impacts for the Turks and Caicos Islands, the National Executive have agreed the following actions:
1. Evacuation Advisories
Residents in specific low-lying and flood-prone coastal areas are likely to experience significant storm surge of 2-4 feet with accompanying rainfall. Strong advice is now place for residents in these areas to relocate to designated shelters which will be open from 4pm this afternoon. These areas include:
Middle Caicos
- Conch Bar Nearest Shelter: The Community Centre
North Caicos
- Sandy Point Nearest Shelter : Sandy Point Community Centre
- Whitby Nearest Shelter: Adelaide Oemler Primary School
- Bottle Creek Nearest Shelter: Adelaide Oemler Primary School
Providenciales
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- Chalk Sound Nearest Shelter Enid Capron Primary School
- Five Cays Nearest Shelter: Enid Capron Primary School
- Discovery Bay Nearest Shelter: All Saints Church, Leeward Highway
- Juba Sound Nearest Shelter: A. Louise Garland High School
- Long Bay Nearest Shelter: A. Louise Garland High School
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South Caicos
- Cockburn Harbour Nearest Shelter: Community Centre
- Old Airport Road Nearest Shelter: Community Centre
Should an evacuation order become necessary, it will be issued following the 6:00 PM Advisory this evening from the TCI National Weather Service.
2. Activation of Emergency Operations Centre
The National Emergency Operations Centre in Providenciales and all Islands Emergency Operations Centres will be activated at 4:00 PM today.
3. Shelters Access
Shelters across all Islands will open today at 4:00 PM to receive members of the public.
4. Shelter-in-Place
A Strong Shelter-in-Place Advisory is in place for all islands, commencing at 10:00 PM tonight. This will be in place until the all clear has been issued.
This means that from 10:00 PM tonight, all residents should be off the road, in a safe location, either at home or a designated shelter.
Please note that this position may be revised following the 6:00 PM Advisory from the TCI National Weather Service, depending on updated storm projections.
The Turks and Caicos Islands Airports Authority (TCIAA) has confirmed that all airports remain fully operational for today. They will advise the public about ongoing operations dependent on the weather impacts.
In times such as this, the role of commercial entities extends beyond business – it becomes a vital part of the community’s resilience. All retailers and service providers are urged to uphold their humanitarian responsibilities by maintaining fair pricing and ensuring essential goods and services remain accessible to all.
Residents and visitors are reminded to adhere strictly to all official advisories and evacuation orders as they are issued. Avoid unnecessary movement, secure your property, and ensure that you and your family are prepared with essential supplies. Stay prepared and stay safe.
Turks and Caicos, October 24, 2025 – Commissioner of Police Fitz Bailey delivered an impassioned address to male students at Clement Howell High School, calling on them to recognize their power, seize their potential, and “awaken the sleeping giants” within.
In a message that blended humility, faith, and personal experience, the Commissioner reminded the boys that the decisions they make today will shape their future.“The choices you make today determine who you become tomorrow,” he said.
Bailey, who revealed he was the first in his family to attend high school, urged the students to embrace education and discipline as tools of
transformation.“Knowledge is power. If you want to be a real man, you need to read,” he told them. “Remember your potential — if others can do it, so can you. Some of you are sleeping giants waiting to be awakened.”
He emphasized that circumstances of birth do not dictate destiny, challenging the young men to carry self-respect, faith, and moral conviction wherever they go. “Self-respect is key; respect yourself, respect others, and respect God,” he said. “The circumstances you were born into do not define who you are.”
The Commissioner also spoke about resilience, advising that true strength often lies in restraint.
“There will be challenges, and people may try to impede your development — but rise above negativity. Sometimes, strength means walking away,” he said. “Some of you are sleeping lions; it’s time to awaken that instinct and rediscover your true potential.”
In closing, Commissioner Bailey delivered a stirring challenge:
“Each morning, look in the mirror and remind yourself that you were created by God and are capable of great exploits. You are a possibility with potential. Step forward with confidence — this is your country, your islands. Be the best version of yourself.”
Following his speech, the Commissioner engaged the students in open dialogue, answering questions and listening to their perspectives on issues affecting young men in the Turks and Caicos Islands.
Developed by Deandrea Hamilton • with ChatGPT (AI) • edited by Magnetic Media.
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