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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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Demolition coming as South Base to Undergo Testing for Asbestos

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Turks and Caicos, July 18th, 2024 – The Turks and Caicos Islands Government would like to advise the public of Grand Turk, that a consulting firm has been contracted to carry out testing of the buildings on the South Base Compound for the presence of asbestos.  A week of testing began Wednesday, July 10. This is to ensure compliance with health and safety regulations and to protect workers, residents, and the public from possible asbestos exposure risks once comprehensive works on the base commence.

This is the initial consultation necessary to determine the methodology for the demolition and disposal of derelict buildings in the assessed area.  It is believed that low-risk micro-fibres are present in some of the buildings, owing to the period of construction and the types of materials used during that era.  Testing will confirm whether asbestos is present and if so, at what levels.

As a precautionary measure, signs have been erected to advise the public to avoid entering any of the dilapidated structures; as building materials containing asbestos, if disturbed, can release tiny asbestos fibres into the air.  Currently only the consultants are authorised to traverse the buildings until further notice.

Residents of Grand Turk have for years demanded that Governments address the unsightly area. The requests were mainly in relation to the aesthetics of the buildings. However, the interventions were deferred at various times for varying reasons.

The South Base is a huge compound, by island standards, with an area containing over twenty-one (21) building sites. It was formerly used as a United States Government base, and then as administrative offices by the Turks and Caicos Islands Government. Some of the structures were renovated and are in acceptable condition, whilst others were destroyed over the years by hurricanes and normal wear and tear. 

The South Base, which has mostly been left as a decrepit and ghostly development of obsolete structures is finally being remedied. The area, which is a main thoroughfare for tourism and commerce when cleaned up, will provide space for numerous governmental and civilian uses.

Residents of Grand Turk sharing the optimism of a prospective demolition should adhere to this notification and any precautionary warnings erected for their health, safety, and well-being.

Subsequent phases of the works will be published via a public tendering.

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FortisTCI makes a case for Rate Increase in Media Meeting

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Ruth Gardiner Forbes, President and Chief Executive Officer of FortisTCI

Garfield Ekon

Staff Writer

 

Turks and Caicos, July 17, 2024 – President and Chief Executive Officer of FortisTCI, Ruth Gardiner Forbes says it is very necessary for the company to be granted the 6% increase that it has requested, because it has absorbed many costs in previous years.

Devon Cox FortisTCI

The company is the main electricity provided in the Turks and Caicos Islands (TCI), and the CEO shared that the rate adjustment will aid FortisTCI in meeting the demands of an expanding economy, and growing costs to operate.

If granted, the proposed 6% increase in electricity rate, would mean that an additional $2 to $15 per month for the majority of residential customers, explained Forbes.

While addressing a recent media event, the CEO stressed that “this rate increase is necessary, and we have had to make a lot of investments to keep up with the growth,” she said.

Adding that several factors contribute to the need for increased rates, including cybersecurity risks, wildfire risks, supply chain challenges, and evolving regulatory requirements, she said “this is one of the most difficult things that we have to do, is go to our customers and ask for an increase every year.”

She said the existing circumstances have forced the company to seek the proposed adjustment, and that the rate increase is necessary, as “we have to make the application because amidst all this growth, we have had to make a lot of investments to keep up with the growth,” she told the forum.

The CEO reasoned that given the importance of retaining reliable service, it is not plausible for the TCI to have a headline that says “we are experiencing blackouts,” and the company does not receive a guaranteed 17.5% return, although the rate is allowable by contract, the average return on rate base for the past five years was 3.9%, with the highest being 5.1%.

FortisTCI Execs

The company’s Director of Energy Production, Alvejes Desir, gave details of the impact of the depth of the water at the port on fuel supply costs, adding that limited depth restricts the size of ships that can deliver fuel, leading to increased transportation costs.

He said FortisTCI has made significant investments in renewable energy sources, aligning with the Resilient National Energy Transition Strategy (R-NETS) approved by the Turks and Caicos Islands Government.

The company recently installed a new dual-fuel generating unit capable of using natural gas, a lower-carbon energy source, and is awaiting the Governor’s appointment of an independent inquirer to review the reasonableness of its proposal for a rate hike.

It has also requested the appointment of an independent inquirer to review the reasonableness of its application, a process that was also followed in a previous rate dispute in 2017.

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“Airside Walkway Canopy at Howard Hamilton International Airport Progressing Smoothly”  

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Providenciales, Turks and Caicos Islands –The Turks and Caicos Islands Airports Authority (TCIAA) is pleased to provide an update on the construction of the Airside Walkway Canopy at Howard Hamilton International Airport. This project, which commenced on May 15, 2024, is led by Facilities Manager Kirkley Williams, and involves a dedicated team of 10 skilled workers.

The construction of the Airside Walkway Canopy is progressing smoothly and is on schedule for completion by August 13, 2024. The organization is highly satisfied with both the progress and the quality of work being done.

Key Features of the Walkway Canopy Include:

  • Isolated concrete columns and beams
  • Interior block and concrete walls
  • Timber roof structure covered with plywood, peel and seal membrane, and metal standing seam

The primary objective of the Airside Walkway Canopy project is to facilitate quicker aircraft turnaround times, significantly enhancing operational efficiency at the airport. Additionally, the new walkway will provide a more comfortable environment for passengers, improving their overall airport experience.

Despite the challenges faced during construction, such as working during ongoing airport operations and night shifts, the team has successfully managed to maintain progress without compromising safety or quality.

“We are committed to creating a more efficient and comfortable airport experience for our passengers,” said Facilities Manager, Kirkley Williams. “The Airside Walkway Canopy reflects our mission to enhancing our facilities and services.”

The project also incorporates sustainable and eco-friendly features, aligning with TCIAA’s commitment to environmental responsibility and sustainability.

The TCIAA looks forward to the completion of the Airside Walkway Canopy and the positive impact it will have on both passengers and airport operations.

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