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IRS NOTICE 2017-46

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#Providenciales, June 18, 2019 – Turks and Caicos – On September 25, 2017, the IRS issued Notice 2017-46 which provided for the following:

  • Addressed Financial Institutions’ (“FIs”) obligations to obtain and report taxpayer identification numbers (“TINs”) and dates of birth (“DOB”) under chapters 3 and 4 of the Internal Revenue Code;
  • Extension of the deadlines imposed on FIs under Model 1 Intergovernmental Agreements (“IGAs”); and
  • Chapter 3 and 4 final and temporary regulations released January 6, 2017.

U.S. TIN and DOB Reporting

  • Under the Model 1 IGAs, Foreign FIs (“FFIs”) are required to obtain and report U.S. TINs for all reportable account holders and controlling persons.
  • For tax year 2017, an FFI failing to include a reportable person’s U.S. TIN would be considered significant non-compliance, triggering a notice from the IRS to the FFI’s tax authority.
  • Where an FFI is non-compliant for 18 months after the issuance of a notification, that FFI would be classified as a nonparticipating FFI and would be subject to FATCA withholding.
  • An extension is provided to FFIs that have been unable to obtain TINs, allowing them to not be deemed as non-compliant solely because they file tax year 2017, 2018, and 2019 FATCA reports without TINs.
  • Where an FFI is unable to obtain TINs, they will be required to undertake the following:
    • Obtain and report the DOB of each reportable account holder and controlling person missing a TIN;
    • Request annually any missing TIN from such persons; and
    • Undertake a search of electronically searchable data maintained by the FFI for the missing TINs prior to the submission of tax year 2017 reports.

Withholding Certificate Validity: Foreign TIN and DOB Requirements

The following amendments will be made by the IRS and Treasury Department: the temporary chapter 3 regulations:

  • The circumstances in which Foreign TINs and DOBs are required for Global Financial Services Industry will be narrowed;
  • Clarification of the definition of “account holder,” “account,” and “financial institution” under the temporary regulations to align with their meaning under the chapter 4 regulations;
  • A Foreign TIN or DOB will not be required where a withholding certificate is obtained solely to avoid Form 1099 reporting and backup withholding;
  • The requirement that any account held by a resident in a jurisdiction that does not have an information exchange agreement with the U.S will be excluded from the Foreign TIN;
  • There will also be an exception for accounts held by residents in jurisdictions that do not issue Foreign TINs. The current list is limited to Bermuda, the British Virgin Islands, and the Cayman Islands;
  • A phase-in period has been provided through December 31, 2019, to provide withholding agents additional time to obtain Foreign TINs. Withholding certificates signed on or after January 1, 2018, the Foreign TIN— or a reasonable explanation for its absence—must be present on the form. Such Foreign TINs are not required to be validated against any jurisdiction’s format or TIN system provided the withholding agent does not have a reason to know it is invalid;
  • A withholding certificate signed before January 1, 2018, will not be treated as invalid under the amended temporary regulations solely because of a missing Foreign TIN;
  • Payments made before January 1, 2018, a Foreign TIN is not required, and the withholding certificates will be valid until the earlier of “(1) December 31, 2019; (2) the expiration date of the validity period of the withholding certificate [if applicable]; or (3) if applicable, the date when a change in circumstances requiring a revised withholding certificate occurs.”;
  • A withholding certificate will remain valid beyond December 31, 2019, if the withholding agent obtains a written record of the Foreign TIN or if the Foreign TIN is otherwise within the withholding agent’s files. 

Form 1042-S Reporting

  • Form 1042-S will be amended to provid instructions to require Foreign TINs to be reported for tax year 2018 and beyond where they are available, either from withholding certificates or the alternative procedures outlined above for obtaining Foreign TINs;
  • For tax year 2017, the instructions will be amended to require DOB reporting in instances where the individual account holder’s DOB is available on the withholding certificate or within the withholding agent’s electronically searchable information;
  • For tax year 2018 and beyond, the DOB will be required if it is identified in any of the withholding agent’s files, whether electronically stored or otherwise.

This Notice in its entirety can be viewed on the Internal Revenue Service website at https://www.irs.gov/pub/irs-drop/n-17-46.pdf.

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Durliat Delivers Bronze as TCI Swim Team Earns Hero’s Welcome

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PHOTOS COURTESY OF THE TCI SPORTS COMMISSION

 

Turks and Caicos, April 14, 2026 – The Turks and Caicos Islands is celebrating a proud moment in aquatics, led by standout swimmer Luc Durliat, who secured the country’s lone medal at the 2026 CARIFTA Aquatics Championships in Martinique.

Durliat captured bronze in the Boys 11–12 200m Butterfly, clocking an impressive 2:39.33 after advancing through multiple rounds, showcasing both endurance and composure in the pool. His performance stood out in a highly competitive field and signaled growing strength in the territory’s aquatics programme.

The Turks and Caicos Islands Swimming Federation praised the young athlete’s achievement, stating:

“Congratulations to Luc Durliat on winning bronze in the Boys 11–12 200m Butterfly at the CARIFTA Aquatics Championships 2026, proudly representing the Turks and Caicos Islands National Team. Your hard work, determination, and strong performance in the pool have made Turks and Caicos proud.”

Durliat’s medal came amid a broader showing of progress by Team TCI, with several swimmers delivering personal best performances throughout the competition. Among them were Isaac Farley, Anaiah Alleyne, Kian Jules, Ezekiel Martin and Rishith Gururaja, all of whom posted significant improvements, underscoring the team’s upward trajectory.

Minister of Education, Youth, Sports and Culture Rachel Marshall Taylor also commended the team’s efforts, highlighting Durliat’s resilience and the wider gains in the sport.

“In the pool, Luc Durliat showcased resilience and competitive spirit, earning a bronze medal in the 200m Butterfly… His performance stands as a testament to the growth and promise of aquatics in the Turks and Caicos Islands,” she said.

The team returned home to a celebratory reception organized by the Turks and Caicos Islands Sports Commission, beginning with an airport welcome at the Providenciales International Airport, followed by a motorcade and press conference.

The homecoming not only honored Durliat’s podium finish but also recognized a team that continues to build momentum on the regional stage—proving that while the medal count may be small, the impact is growing.

Developed by Deandrea Hamilton • with ChatGPT (AI) • edited by Magnetic Media.

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Multi-Agency Enforcement Action Conducted at Caicos Lodge

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Providenciales, Turks and Caicos Islands, 14 April 2026The Informal Settlements Unit (ISU), in coordination with the Planning Department and key partner agencies, conducted a multi-agency enforcement exercise on Thursday, April 9, 2026, at Block and Parcel 60802/49 and 60802/65, located in the Caicos Lodge area.

The operation was led by the Planning Department, with coordination by the ISU and support from the Royal Turks and Caicos Islands Police Force, the TCI Border Force, Pelican Energy TCI, and DevCon Power Supply. All agencies worked collaboratively to ensure the exercise was carried out in a safe, orderly, and controlled manner.

The enforcement action followed a structured and lawful process in accordance with the Physical Planning framework of the Turks and Caicos Islands. A total of fifty (50) unauthorized structures were removed during the exercise.

Section 45 Enforcement Notices were first issued on the affected parcels on December 11 2024, identifying unauthorized structures in illegal occupation. This was followed by the issuance of Warning Notices on March 26 2026, which clearly advised occupants that they were in breach of planning and land use regulations and provided a 14-day period to remove the structures voluntarily. Despite these notices and the time afforded for compliance, the unauthorized structures remained in place.

The Government wishes to emphasize that the structures removed were unauthorized developments, constructed without the required planning approvals and in breach of established building and land use regulations.

Planning regulations exist to ensure that all developments meet minimum standards for safety and structural integrity. Unauthorized settlements, regardless of appearance, often lack these safeguards and can pose serious risks to occupants and the wider community.

The enforcement of these regulations is therefore not only a legal obligation, but a necessary measure to protect lives, property, and public health.

The Turks and Caicos Islands Government remains fully aware of the housing challenges currently facing the country. However, unlawful development cannot be allowed to proliferate in a manner that compromises safety, undermines planning systems, and infringes on property rights.

All persons undertaking construction or occupation of land must do so in accordance with the law, including obtaining the necessary planning approvals.

The Government will continue to work collaboratively across agencies to:

  •  Uphold planning and development regulations
  •    Protect private and public lands
  •  Prevent the expansion of unsafe and informal settlements
  •  Advance long-term solutions for sustainable community development

This exercise represents part of an ongoing commitment to ensuring that development within the Turks and Caicos Islands is lawful, safe, and aligned with national standards.

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What Planning Board Meeting Exposes about Housing Development in Providenciales

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Turks and Caicos, April 14, 2026 – Planning data from the March 31, 2026 Physical Planning Board meeting points to a clear and consequential trend in Providenciales: a steady rise in approvals for multi-unit residential developments, reflecting growing demand for rental housing on the island.

Applications reviewed at the meeting include apartment buildings ranging from small two-unit structures to larger developments with up to 15 units, along with extensions to existing buildings to add additional floors and living space. The pattern is consistent across multiple submissions—developers are no longer focusing primarily on single-family homes, but instead are maximizing land use to accommodate more residents per parcel.

This shift signals more than just a change in construction style; it reflects mounting pressure within the housing market. Providenciales has been experiencing sustained population growth, driven by economic opportunity, migration and labour demand, all of which are placing strain on available housing stock. As a result, rental inventory has tightened, with many residents facing limited options and rising costs.

In that context, the Planning Board’s approvals suggest that the market is responding—perhaps not through a coordinated housing policy, but through private development adapting to demand. Multi-unit dwellings, apartment complexes and building expansions are emerging as practical solutions to increase housing availability in a setting where land is finite and demand continues to climb.

At the same time, the data reveals that not all proposed developments are moving forward without delay. Several applications, including larger-scale residential projects, were deferred, indicating that regulatory review remains active and that some proposals require further scrutiny or modification before approval. This points to a balancing act between facilitating growth and maintaining planning standards.

What emerges from the meeting is a picture of an island adjusting in real time. Housing development is becoming denser, more vertical and more responsive to immediate needs, as opposed to long-term master planning.

For residents, the implications are significant. Increased rental units could help ease the current shortage, but questions remain about affordability, infrastructure capacity and whether the pace of development can keep up with demand.

In the end, the Planning Board data offers a grounded look at how Providenciales is evolving—not through announcements, but through approvals that reveal where the pressure truly lies.

Beyond housing, the meeting also revealed a mix of supporting and stalled developments shaping the wider growth picture. Among the notable approvals were a warehouse and distribution centre, pointing to expanding commercial and logistics needs, and a boat ramp in Providenciales, signalling continued investment in marine access infrastructure.

At the same time, several applications were deferred, including proposals for solar farms and larger-scale residential developments, suggesting that while demand is strong, not all projects are advancing at the same pace. The combination of approvals and deferrals highlights a development environment that is active but still navigating regulatory checks, infrastructure readiness and planning requirements.

The 786th Ordinary Meeting of the Physical Planning Board was held on March 31, 2026, in Providenciales, with participation both in person and via video conference. Acting Chairman Trent Dickenson presided over the session, joined by members Dondre Brooks and Terrell Gardiner, along with ex-officio members Dainer Lightbourne from Planning and Jamall Blair from the Department of Environment and Coastal Resources. Supporting the Board were key technical staff, including Deputy Director of Planning Toriano Williams, Assistant Director and Secretary Reginald Charles, and Land Use Planner Britney Simmons, reflecting a full complement of planning and environmental oversight at the sitting.

Developed by Deandrea Hamilton • with ChatGPT (AI) • edited by Magnetic Media.

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