TCI News
Turks and Caicos in RECESSION; GDP to decline by $272.8 million
#Providenciales, Turks and Caicos – October 2, 2020 – The Turks and Caicos is now officially in a recession; it is another suffocating symptom of the coronavirus pandemic and to think, only slight inroads have been made by the World Health Organization in the effort to unravel who and what unleashed this mammoth of a crisis on the planet.
In a normal year, the Turks and Caicos Islands would have been hundreds of millions of dollars richer.
In this year, the ‘Unprecedented and Unpredictable Year 2020’, Sharlene Robinson who is Premier and Finance Minister of the UK overseas territory, has had to make a starkly different announcement about country earnings and the direct and trickle down effects due to the crushing impact on our leading industry: Tourism.
“The trigger point for a recession is usually two consecutive quarters of negative growth. All indications are that, despite having to go on lockdown at the end of March, the country experienced economic growth in the first quarter of this year. The second quarter, undoubtedly because of the necessary restrictions which had to be imposed, saw minimal activity and even though the level of activity in this quarter was more than the activity in the second quarter, when compared with the level of activity during the third quarter of last year, we are heading towards a second quarter of negative growth. Hence we can conclude that this economy is heading towards a recession,” said the Premier on September 10 in a national press conference held at the Office of the Premier in Providenciales.
That second quarter ended on September 30 for the TCI.
It means the Turks and Caicos is now officially two days into a recession and that translates into deep losses for this once burgeoning archipelago, which expected the economy to grow in 2020 by 5.4 percent.
Tourism contracted by 53 percent.
“In constant market prices it is forecast to decline from $303 million to 142.4 million or by $160.6 million,” informed Premier Robinson when Magnetic Media requested a dollar figure on the whopping shrinkage made known in her presentation early last month.
Overall, the Turks and Caicos Islands economy is forecast to contract by over 26 percent or $204.7 million.
Premier Robinson advised that GDP will “decline from US$ 1.2 Billion to US$ 924.6 million or by $272.8 million.”
During a House of Assembly meeting on August 17, Opposition Leader Washington Misick condemned the PDM Administration’s handling of the pandemic and surmised the country was facing a “deep recession.”
“The PDM does not understand what it will take to reverse the trend of this pandemic, nor the political will to try. They failed to take the measures needed between March 28th and July 22nd to put the needed resources behind the potential prevention and control of a surge of COVID-19 cases after the opening of the border and the resumption of business operations. They did not make the investment to acquire, train and undertake mass testing before the full relaxation of restrictive measures. What we should be looking at today is a reprioritisation of the budget focused on reversing the COVID-19 trend instead we are asked to approve reallocation of funding for a political agenda,” said Misick in his rebuttal of the Supplementary Appropriation Bill.
Washington Misick described the economy as being on “life-support” and the tourism industry as running “on fumes”.
And the future for travel and tourism is not looking bright.
An ominous ‘third wave’ of the highly infectious virus is sweeping the planet and the COVID-19 death toll has surpassed one million.
This confluence of crises is reviving extreme restrictions, extending barriers to travel and prompting unimagined measures to stem the flow and stop the spread of COVID-19.
New York Governor, Andrew Cuomo, on Monday signed an executive order which requires New Yorkers to quarantine for 14-days upon return from any country which the U.S. Centers for Disease Control (CDC) has listed at Level 2 or Level 3.
The Turks and Caicos, has since August 6, been charted as ‘Level 3: Reconsider Travel’.
“The east coast, and particularly New York, is a major gateway for visitors to our destination. Additionally, the USA market as of 2019 accounted for 82% of air arrivals to the Turks and Caicos Islands. Consequently, the Tourist Board and Ministry of Tourism have taken actionable steps in response to this decision. The Tourist Board, has reached out directly to New York’s Governor Andrew Cuomo’s office and the Ministry of Tourism is working closely with the Ministry of Health to address the CDC’s categorization of Turks and Caicos as a level 3 country, said the Ministry of Tourism and the TCI Tourist Board on October 1 in a joint press statement.
It may be a fight in futility though, as the Turks and Caicos has faced this ‘Coronavirus Blacklisting’ before. The United Kingdom, despite TCI being one of its overseas territories, has since August made quarantine mandatory for 14 days for anyone travelling from these islands.
Income from cruise ship travel is sunk. The CDCs ‘No Sail Order’, just hours before it was due to expire on September 30 is now extended until October 31, 2020.
Grand Turk, the cruise hub of the Turks and Caicos welcomed over 1 million cruise visitors each year but has not seen a ship in port since March.
Premier Robinson in her September 10 address announced budget reallocations to support an extended stimulus package to the tune of $5 million.
A food assistance program, a new round of stimulus payouts which would include ground transportation operators and for the first time, the National Insurance Board would financially support its contributors falling into unemployment or underemployment.
“Throughout this pandemic, TCIG has seen many policy shifts within its budget. To date, it is estimated that TCIG has paid out over $15.3m in expenses relating to the COVID-19 pandemic,” said the Premier.
The country awaits, however, activation of the new $5 million stimulus payout scheme. Details were promised for mid-September but to date government has been silent on when these funds will manifest for a people who have been in recession long before now and who fear the worst is yet to come.
News
Academy Eagles FC crowned Beaches Turks & Caicos sponsored Provo Men’s Premier League champions 2026
PROVIDENCIALES, Turks & Caicos Islands: — The Academy Eagles FC were crowned champions of the Beaches sponsored Men’s Provo Premier League after securing a comfortable 2-0 victory over defending champions, SWA Sharks, at the Venetian Road football field.
In a match that featured a mix of youth and experienced players, the Academy Eagles eventually broke through late in the game when Jean
Innocent found the back of the net in the 77th minute. Innocent doubled the lead in the 95th minute from the penalty spot to clinch the championship.
Academy Eagles head coach Aaron Lawrence expressed immense pride in his squad’s performance. “I applaud the team for their discipline throughout the season and their ability to stick to the plan heading into this game,” Lawrence shared, adding special praise for team captain Myherwens Varis for “following tactical instructions throughout the game.”
“This victory would not have been possible without the thoughtful support from our main sponsor, Beaches Turks and Caicos resort. This is the second year running with this relationship. This has provided exposure for the semi-professional players and the Turks and Caicos Islands Football Association,” Lawrence noted.
On the opposing sideline, SWA Sharks coach Jack Watson was modest in defeat. While he noted that his team executed their strategy well, he recognized the Eagles’ determination. “I congratulate the Eagles team for wanting the win more,” Watson said. “We played to the game plan, but I fault a lapse in judgment that gave up two goals.”
Beaches Turks and Caicos, returning for a second year of sponsoring the competition, expressed ongoing dedication to youth football in the
islands. General Manager Deryk Meany shared his enthusiasm, “I am satisfied with the impact that the league is having on youth development throughout the Turks and Caicos Islands and our resort’s involvement in fielding a team for the competition.” The final phase of the tournament now transitions to a knockout format among the eight participating clubs.
League executives also weighed in on the success of the season. Provo Premier League President, Phillip Baptiste, expressed his satisfaction with the league format and highlighted the significant progress made by the Turks and Caicos Islands Football Association (TCIFA) over the course of the tournament.
“This is what true success looks like as corporate partners like Beaches Turks and Caicos resort joins forces with the TCIFA in providing an avenue for youth development and sports. While we are happy for the continued sponsorship, we are anticipating more support from other entities. This is not only a win for sports, it is a win for development here in the TCI,” Baptiste shared.
TCIFA Technical Director Dane Ritchie echoed these positive sentiments, pointing to the league’s development as an avenue for showcasing
local talent on a broader stage. “Our team continues to learn as they work on developing talents with the youth players, as well as providing a broader marketing avenue for the league to be seen internationally with FIFA+ streaming,” Ritchie said.
He added, “the TCIFA commends the growth of the coaching staff involved in the league and looks forward to further enhancing the competition to make them more competitive in the Caribbean leagues.”
Beaches FC and Cheshire Hall FC have both punched their tickets for the first two spots in the semifinals with a 2-0 win over Teachers’ Young Strikers and 5-0 thrashing of Provo United respectively in the first two quarter finals.
PROVIDENCIALES, Turks & Caicos Islands: — The French Village main stage at Beaches Turks and Caicos resort was transformed into a dazzling beacon of green and gold as the resort celebrated its highest achievers. Under the inspiring banner of “One Team, One Vision, Endless Achievements,” the annual Prestige Awards recently closed the chapter on an exceptional 2025.
More than 120 nominees across twelve distinct categories walked the red carpet, greeted by flashing cameras and the cheering of their peers.
The evening was laced with vibrant entertainment that kept the energy high between award presentations. Attendees were also treated to an exquisite five-course menu, carefully curated to match the prestige of the occasion and celebrate the rich culinary talent present at the resort.
The event served as a powerful reminder of the dedication required to operate one of the premier family resorts in the Caribbean. General Manager Deryk Meany took the stage to address the audience while reflecting on a year of resilience, innovation and unparalleled guest service.
“This is a celebratory milestone that as leaders we are happy to share with the stars of the hospitality industry,” Meany shared. “You have shown the world the true mettle of leadership and commitment here at Beaches Turks and Caicos.”
To further recognize unique contributions to the resort’s operational success, Meany personally distributed the General Manager’s Special Awards. These honours were bestowed upon Eric ‘Cookie’ Johnson from the kitchen, Harriet Beeput from administration, and Javier Sarita from the entertainment department for their exceptional behind-the-scenes dedication.
The climax of the evening featured the announcement of the resort’s most prestigious overarching awards. Felipe Luzardo Neira from the kitchen took home the MVP of the Year (Manager of the Year) award, while Chad Peterkin from engineering and maintenance was named All-Rounder of the Year (Supervisor of the Year). The loyalty & travel department proved their collective strength by securing the A-Team of the Year title.
Individual team members were also recognized for their ultimate service standards. Deandra Astwood from the front office earned the Platinum Team Member of the Year award. The highest individual honour, Diamond Team Member of the Year, was awarded to Javain Campbell from the restaurant department. Campbell used his moment in the spotlight to highlight the importance of cross-departmental collaboration and community outreach.
“This accolade is a testament to the commitment and teamwork within all the departments of the resort,” Campbell noted after receiving his award. “The opportunity to volunteer at different Sandals Foundation activities as well as be a mentor to other team members means the world to me. This achievement will allow me to do more in leadership as I have been tasked with representing the entire team here at the resort.”
The Prestige Awards ensured that every facet of the resort’s operations received proper recognition. From environmental sustainability to guest entertainment, the specific category winners showcased a wide array of talents:
- Movers & Shakers was awarded to Katherine ‘Tinkerbell’ Jiminez from the entertainment department
- Legendary Team Member was secured by Kadian Smith from the restaurant
- Circle of Joy went to Emanie Jocelyn Seide from security and loss prevention
- Earth Guardian was claimed by Bernard Florvil from engineering and maintenance
- Sandals Foundation Sentinel was awarded to Tanya Swann from administration
- Standing Ovation Award was proudly accepted by Richard Myers from the laundry team
- Money Maker Award went to Teesha McCallum-Hamilton from the resort shop
- Heart of the House Hotel Manager’s Award was presented to Carlton Biggs from stewarding department
- People’s Choice Award was won by Claire Ann Balones from the off site department
- Pacesetter Award was given to Kassandra Henry from accounts & cost control
- Founder’s Circle Award was claimed by Susan Outten from the restaurant
As the night drew to a close, the focus shifted to the rigorous selection process that led to the evening’s celebrations. The Prestige Awards do not merely look at a single moment of excellence, but rather evaluate a full twelve months of unwavering dedication to the guest experience. Human Resources Manager Owenta Coleby highlighted the rewarding journey these team members took to reach the main stage.
“This event is a culmination of a number of activities for the resort’s leadership and the team members who have been exemplary and consistent throughout the year,” Coleby shared. “Congratulations are in order for each nominee as they have been crowned winners for the different months of 2025.”
With the trophies distributed and the 2025 season officially wrapped, the staff at Beaches Turks and Caicos now look forward. Fueled by the “One Team, One Vision” mantra, these award winners are already setting the standard for another year of endless achievements.
Turks and Caicos, May 12, 2026 – A new era of digital finance regulation could be on the horizon for the Turks and Caicos Islands, as
the Financial Services Commission moves to establish a legal framework for virtual assets and cryptocurrency-related businesses.
The TCI Financial Services Commission on Friday launched a public consultation on its proposed Virtual Assets Business Bill, 2026, legislation designed to regulate virtual asset service providers, stablecoin issuers and other digital asset activities operating in or from the territory.
Globally, governments and regulators have been racing to catch up with the rapid growth of digital currencies, blockchain technology and online financial platforms. Concerns over money laundering, cybercrime, fraud and the collapse of poorly regulated crypto exchanges have pushed jurisdictions to tighten oversight while still trying to attract financial innovation and investment.
The proposed TCI bill appears aimed at positioning the territory within that evolving international framework.
According to the FSC, the legislation is aligned with international standards and guidance from bodies including the Financial Action Task Force, International Organization of Securities Commissions and the Financial Stability Board.
The Commission said the bill would introduce a “comprehensive licensing, supervisory, prudential and enforcement framework” for the
sector. The proposed law includes anti-money laundering and counter-terrorism financing obligations, cyber resilience requirements, enforcement measures and even a regulatory sandbox intended to support innovation.
Among the notable features are proposed reserve and governance rules for stablecoins, which are digital currencies typically tied to traditional assets like the US dollar. The draft legislation also outlines exemptions for certain technology providers and closed-loop token systems.
The FSC said the consultation period is intended to gather public and industry feedback before the bill is submitted to Cabinet next month. Written submissions must be received by June 8, 2026.
The consultation paper and draft bill have been published on the FSC website for public review.
Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.
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