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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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GOVERNMENT CONDEMNS SICK OUT ACTION OF AIR TRAFFIC CONTROLLERS

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PROVIDENCIALES, TURKS AND CAICOS ISLANDS (March 1st, 2024): The Turks and Caicos Islands Airports Authority (TCIAA) assure the travelling public that all measures are being implemented to mitigate the sick out action by Air Traffic Controllers at the Howard Hamilton International Airport.

All agencies – The Office of the Governor, The Office of the Premier, The TCIAA, The Turks and Caicos Royal Police Force, Experience Turks and Caicos – are working together to ensure that our travellers are not inconvenienced.

Our law enforcement partners, the Royal Turks and Caicos Police Force have affirmed their commitment to ensure the safety and security of travellers, airport personnel and the TCI community amidst the challenges posed by the action of the Air Traffic Controllers and are working with all partners to ensure safety.

All travellers are advised to check with their relevant airlines for any possible delays.

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Industrial Action at TCI Airport

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Hon. Edwin A. Astwood
Leader of the Opposition

 

The leadership of the People’s Democratic Movement is currently monitoring the ongoing industrial action at the Howard Hamilton International Airport, our nation’s primary gateway. It is disheartening to know that our workers’ job dissatisfactions, in particular the Air Traffic controllers, have reached a point where they saw that it was in their best interest to take this stance here today.

The PDM believes in being proactive rather than reactive, and that discussions to ensure the workers’ satisfaction at the Howard Hamilton International Airport, should be ongoing, and discrepancies and complaints should be addressed at their earliest time to minimize dissatisfaction.

Delays at the airport are not good for anyone: not good for our people who have to travel to and from our family islands, not good for persons traveling to seek medical attention, not good for visitors leaving to return home, not good for visitors who have chosen the Turks & Caicos Islands and have the choice to cancel and go to another destination to go on vacation, not good for the taxi/tour operators and our people working in the tourism industry, and not good for the image of the country.

This also underscores the critical need to engage the International Labor Organization (ILO) to conduct a thorough assessment of our outdated labor laws. This review must encompass both the public and private sectors to safeguard against any exploitation, mistreatment, or under-compensating of workers in our country,

The People’s Democratic Movement is dedicated to this cause and is committed to formally engaging the ILO to conduct a comprehensive review of our labor laws within the first 30-60 days of assuming Office as the new government of these islands. Additionally, we stand steadfast in implementing any recommendations for improving employee well-being, job satisfaction, and productivity, while also providing the environment for business long-term success.

By adopting a comprehensive approach that considers the needs of both the workers and the businesses, the Peoples’ Democratic Movement believes that our country can create a balanced regulatory framework that supports economic growth, protects workers’ rights, and fosters a fair and sustainable work environment for all stakeholders.

The PDM is the ANSWER…

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JOINT STATEMENT FROM HER EXCELLENCY THE ACTING GOVERNOR AND THE HONOURABLE PREMIER ON THE AIR TRAFFIC CONTROL STRIKE AT THE HOWARD HAMILTON INTERNATIONAL AIRPORT

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Providenciales, Turks and Caicos 1 March 2024 – The Acting Governor Her Excellency Anya Williams and Premier Hon. Charles Washington Misick can confirm that industrial action in the form of an apparent sick out is currently being taken by a number of Air traffic Controllers (ATC) at the Howard Hamilton International Airport on Providenciales and the JAGS McCartney International Airport on Grand Turk regarding issues of pay and working conditions.

 

The Acting Governor and Premier met earlier today with the Executive Chair, CEO, and senior leadership of the TCIAA.  Following on from this a meeting was held with the Chairman of the TCI Air Traffic Controllers Association; a further meeting is planned with the Air Traffic Controllers later today to discuss their return to work.

 

The Air Traffic controllers in 2022 received two separate pay increases totaling 31%.

 

In addition to this, the Government following the implementation of the Public Service Pay and Grading Review in December 2023, committed to a comprehensive review of the pay and benefits of all statutory bodies which led by PGR Consultants Erst and Young (Jamaica) is due to commence in March 2024 and should not exceed four months.

 

Acting Governor stated: “The safe and efficient operation of our airports is critical to ourislands both from an economic and a national security perspective. All stakeholders have been engaged to ensure all contingencies in place. 

 

We are working with TCIAA officials to ensure that there a minimal disruption to incoming and outgoing flights and are engaging with ATC officers to discuss and agree their return to work.”

 

Premier Hon. C. Washington Misick stated: “I am collaborating with TCIAA and all stakeholders to restore smooth operations at the Howard Hamilton International Airport. My government and I are in frequent communication with all stakeholders, domestically and internationally, as the situation unfolds.

 

The safety of all travellers is our top priority, both domestically and internationally, and we will do our best to avoid any disruptions to anyone’s travel plans.”

 

The Honorable Arlington Musgrove, Minister for Immigration and Border Services has been engaged throughout the morning on this matter and is currently en route to the TCI following his attendance at the Forty-Sixth Regular Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM), so that he can attend the planned meeting later today with the Air Traffic Controller Association, the Acting Governor, Premier and TCIAA leadership. 

 

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