Connect with us

TCI News

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

Published

on

#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.

Magnetic Media is a Telly Award winning multi-media company specializing in creating compelling and socially uplifting TV and Radio broadcast programming as a means for advertising and public relations exposure for its clients.

News

Cruise Decline Emerges as Turks and Caicos Tourism Watchpoint

Published

on

By Deandrea Hamilton | Editor

PROVIDENCIALES, Turks and Caicos Islands – While the Turks and Caicos Islands continues to celebrate growth in its high-value overnight visitor market, tourism data shared in April 2026 suggests another critical sector of the industry deserves closer attention.

Experience Turks and Caicos reported that stayover arrivals climbed five percent during the first quarter of 2026, with 203,587 visitors between January and March—10,557 more than during the same period in 2025.  March, traditionally the destination’s strongest month for overnight tourism, also posted a three percent increase over the previous year.

But tucked within the same report was another statistic moving in the opposite direction.

Cruise passenger arrivals fell by 16 percent during the first quarter, with 344,287 passengers visiting the destination compared to the same period in 2025.  Preliminary figures for March also showed a seven percent year-over-year decline to 116,911 passengers—even though the destination welcomed an additional cruise ship call during the month.

The report offered no explanation for the decline, placing its emphasis instead on the continued strength of the stayover market and a series of international marketing initiatives designed to sustain overnight visitor growth.

Among those efforts are a partnership with TravelView to distribute destination videos to more than 80,000 travel advisors across the United States, expanded engagement with travel professionals in the United Kingdom through the UNITE Caribbean programme, and increased participation in tourism trade shows in Canada and Latin America.

Those initiatives are aimed primarily at attracting overnight visitors—travelers who typically stay longer and generate significantly more spending within the local economy than cruise passengers.

However, the decline in cruise arrivals raises important questions, particularly for Grand Turk, where the cruise industry remains a major economic driver supporting taxi operators, tour companies, restaurants, retailers and other small businesses that depend heavily on ship calls.

Following publication of the report, Magnetic Media was informed that cruise arrivals have been trending downward, suggesting the first-quarter figures may not represent a one-time fluctuation but part of a broader pattern.

If that is the case, industry observers will be looking for answers.

The report does not indicate whether the decline reflects changes in cruise line deployment, smaller vessels serving Grand Turk, reduced passenger occupancy, itinerary adjustments, or increasing competition from other Caribbean destinations.

Whatever the cause, the contrast between the two sectors is striking.

One segment of the tourism industry continues to post record gains through expanded air service and targeted destination marketing. The other appears to be facing headwinds that have yet to be publicly explained.

For the Turks and Caicos Islands, where tourism remains the country’s economic engine, understanding the reasons behind diverging performance in the stayover and cruise sectors will be essential to long-term planning.

As the destination moves into the traditionally slower months of the tourism calendar, attention is likely to turn not only to sustaining growth in overnight arrivals but also to whether the Government and Experience Turks and Caicos can identify the factors behind the cruise slowdown and outline a strategy to reverse what now appears to be an emerging trend.

Continue Reading

News

FIRST FOCUS FOR PARNELL: “LISTEN”

Published

on

New PDM Leader says rebuilding the party begins with hearing its members—and the people.

 PROVIDENCIALES, Turks and Caicos Islands — Newly elected People’s Democratic Movement (PDM) Leader Doug Parnell says his first priority is neither launching attacks on the Government nor unveiling sweeping policy proposals.

Instead, he says his first assignment is simple.

Listen.

In his first interview since delegates elected him leader of the opposition party, Parnell told Magnetic Media that rebuilding the PDM begins by rebuilding trust—first within the party itself and then across the Turks and Caicos Islands.

“My first step is unity inside the party, then renewed connection with the people outside the party,” Parnell said.

Returning PDM Leader Doug Parnell once again takes the helm of a party seeking to recover from successive general election defeats and reconnect with voters who have repeatedly chosen the governing Progressive National Party.

Parnell says that work begins by listening.

His immediate plans include meetings with former party leaders, elected members, officers, candidates, caretakers, branch representatives, youth, women and supporters across the islands before expanding those conversations to the wider public.

“We must listen internally first, then take that same spirit of listening to the country,” he explained.

While many expected the new opposition leader to use his first interview to sharply criticize the Washington Misick administration, Parnell deliberately shifted the conversation away from partisan politics.

“I do not want to make this only about the PNP,” he said.

“The more important issue is what the people of this country are experiencing.”

Instead, he outlined what he believes are the issues weighing most heavily on the public: rising living costs, housing affordability, crime, pressures facing local businesses and uncertainty among young people about whether they have a meaningful future in their own country.

“The issue is not political quarrelling,” he said. “The issue is that too many people feel the country is moving, but they are being left behind.”

He also argued that a widening wealth gap has emerged and said the government has failed to adequately address it.

Asked why he decided to seek the party’s leadership again after spending years largely outside the political spotlight.

“I disagree with that characterization,” he responded.

He acknowledged that anyone involved in public life experiences moments of disappointment but said those moments should never outweigh one’s responsibility to serve.

“Frustration does not remove responsibility,” he said.

“I am not here for personal glory. I am here to steady the ship and help rebuild trust.”

That theme of stability and unity echoed throughout his responses.

Parnell repeatedly stressed that the leadership contest is now behind the party and that healing divisions must become the immediate focus.

“The contest is over. The work of unity begins now.”

He said delegates placed their confidence in him because they believed he understood the party’s history and was prepared to work with supporters and former rivals alike.

“We cannot afford division. We cannot afford bitterness,” he said, adding that the country deserves a serious and united opposition capable of holding any government accountable.

For Parnell, the task ahead extends beyond rebuilding party structures.

He says the PDM must become more visible, more connected and more responsive to the everyday concerns of Islanders.

“What I bring is steadiness, experience and a willingness to listen,” he said.

“The PDM has a proud history, but the public wants to see us more present, more united and more connected to the issues affecting their daily lives.”

The new leader insists the effort is larger than any individual.

“This is not about one man,” Parnell said. “It is about bringing the PDM together again so we can serve the people better.”

Whether that message resonates with voters will unfold over the months ahead.

For now, Doug Parnell has made one thing unmistakably clear.

His first order of business as leader of the People’s Democratic Movement is to listen.

Continue Reading

News

Paper Work Permit Applications End July 1 as TCI Goes Fully Digital  

Published

on

PROVIDENCIALES, Turks and Caicos Islands – The way employers apply for work permits in the Turks and Caicos Islands is about to change significantly, with the Government eliminating paper applications in favour of a fully online system beginning this week.

Effective Wednesday, July 1, all work permit applications must be submitted electronically through the Government’s Application Processing System (APS), according to the Ministry of Immigration and Border Services.

From that date, paper applications will no longer be accepted, marking one of the most significant administrative changes to the work permit process in recent years.

Previously, employers, applicants and authorised agents completed paper forms and submitted application packages, along with supporting documentation, through the Department of Employment Services for processing.

Under the new arrangement, applications and all supporting documents must instead be completed and uploaded through the APS portal.

The Ministry says the transition is another step in the Government’s broader digital transformation agenda and is intended to modernise immigration and employment services, improve operational efficiency, enhance customer service and provide a more streamlined and transparent application process.

Officials are encouraging employers and applicants to familiarise themselves with the online platform before the new requirements take effect and to ensure all supporting documentation is available when preparing applications.

Recognising that not everyone has ready access to computers or the internet, the Government has established APS application stations at all Department of Employment Services offices across the Turks and Caicos Islands. Members of the public who require computer access may use these stations during normal business hours.

The Ministry says the online platform is designed to strengthen the integrity of the work permit application process while making public services more accessible.

Persons requiring assistance with the new system are encouraged to contact the Department of Employment Services or visit one of the designated APS application stations.

While the digital application process is being promoted as a significant advancement in public service delivery, it remains unclear whether the move to a paperless system will also result in shorter wait times or more expeditious processing of work permit applications.

That may ultimately become the true measure of the system’s success as employers and applicants adjust to the new process.

Continue Reading

FIND US ON FACEBOOK

TRENDING