News
Money transfer centers in TCI, are they supporting or inhibiting potential economic growth?
#TurksandCaicos, July 20, 2022 – Shocked but not surprised. This is how I would describe the amount of outgoing remittances from TCI. I never grasped the gravity nor the dynamics of these independent financial outlets until recently. This sector continues to evolve, but not necessarily in the best interest of our country.
Financial remittances have long been recognized as an important developmental vehicle associated with migration. It is commonly known as the money or goods that migrants send back to families and friends in countries of origin.
Remittances is a very lucrative business and over the years has been an integral part of the Caribbean culture. It could also be considered a major contributor to the economies in the region.
I would imagine, for some countries, remittance flows for many migrant families can become an economic lifeline.
New platforms such as online transfer services, digital wallets and mobile money applications are becoming more and more prevalent. With these online platforms, it will be even more difficult to monitor the true outflow of
remittances.
In the latter part of 2019, the Financial Services Commission(FSC) website provided information from three institutions and the numbers were staggering. The institutions are CAM, NCS eMoney Services (which operates as MoneyGram) and The Money Centre by Fidelity, which is also known as Western Union. Vigo®, a Western Union money transfer brand.
According to a report published in 2021 by TCIsun newspaper, despite the downturn in the economy, in 2020, a staggering $105 million USD was sent out of the Turks and Caicos Islands through money transfers.
The FSC figures revealed, the majority of the transactions, $36.3 million was sent to Haiti, followed by $26 million to the Dominican Republic, $11.4 million to Jamaica, $10.3 million to the Philippines, $1.3 million to the Bahamas, $1.2 million to the United Kingdom (UK), $9 million to the United States of America (USA) and $8.1 million to other countries.
Haiti and the Dominican Republic were again the largest receivers of outbound funds, together accounting for over 50 percent of the figures.
Most remittances are primarily used for consumption, including, for instance the purchases of food, consumer goods, health care and housing. However, based on the significance of the cash outflow in addition to the increase in illegal immigration, it calls into question the relationship between illegal entry and outgoing remittances.
Due to privacy laws and the way data is collected and reported, it may not provide as much information to identify the true receivers and end users. With the level of outgoing financial activity, it makes our local banks look like check checking centers or staging area before transfer.
It would be intriguing to see what the remittance figures represented in terms of the impact on total gross domestic product (GDP) for TCI.
As a country, how do we slow down the outflow of funds precisely at a time when we want individuals and businesses to get out there and spend, so more of the money is circulating within our own economy?
As a way to heighten more awareness around this issue, why not set up a think tank committee to conduct a comprehensive study? This could help to determine the driving force behind immigrants not wanting to reinvest a larger portion of their earnings in TCI.
Generally speaking, owning real estate is a sign of progress for many immigrant families. Perhaps, the hesitation to invest in this area could be in part due to some local land owners allowing squatting for a nominal fee.
Furthermore, the lack of adequate code enforcement and or allowing low accommodation standards in the country, this makes it easier for renters to live in substandard housing.
As a result, there is no compelling need for any real individual investment, while allowing more money to be sent out of the country.
In my opinion, it goes right back to the fundamentals, failure to set strict industry standards, improving housing regulations and inspecting what is expected etc.
Would a more comprehensive immigration reform benefit in one form or another in terms of citizenship eligibility?
Offering Amnesty or any sort of immunity is a quagmire for any country. Although, I believe at some point it will become inevitable in TCI. This is one way to ensure the working class is paying their fair share into the system to offset medical expenses and the cost of other social services.
With TCI recently introducing a new form of indirect taxation, it is evident that the money transfer sector would be a prime source from which the Ministry of Finance can consider increasing levy on.
The last report that was made available by TCI FSC, the vast discrepancy between total inflows and total outflows underscores the shortcomings of remittance data, and leaves one to believe the loyalty to our country for some is rather marginal.
What would be even more impactful is, if Government required more transparency on these institutions, like source of funds etc.
Albeit, this will need to be accross the board, to include white-collar workers and capitalist who move money freely through bank wire transfers and drafts.
With TCI having a free enterprise market, pundits would argue there are a plethora of reasons why this would be socially unjust to foreigners.
Consequently, at the end of the day, you can’t have your cake and eat it too.
I concur with a recent statement made by Premier Washington Misick, in which he said “The TCI has to develop a robust internal economy that allows money to pass through as many hands as possible”. To his point, this is not happening.
The government must create an enabling environment to encourage work permit holders and other foreign nationals to stem the outflow of remittances so more of the money is spent toward productive sectors of our economy.
The burning question is, do we have a bold enough politician with the political will to introduce such initiative in the house of assembly?
My final thought is, in order to leverage the true development benefits of financial and social remittances, a comprehensive and in-depth financial analysis must be done.
I’m afraid that without the ability to reign in this level of outflow activity, over time, it could become damaging to our country’s competitiveness in the world market place or the broader economy.
Ed Forbes,
Concerned citizen of Grand Turk
By Magnetic Media Newsroom
PROVIDENCIALES, Turks and Caicos Islands — The Turks and Caicos Islands Government says the breakdown of its relationship
with InterHealth Canada presents an opportunity to reshape healthcare delivery, with plans to expand local medical services, strengthen primary care and reduce dependence on overseas treatment.
During a national briefing following InterHealth Canada’s notice terminating its hospital contract, Premier Charles Washington Misick acknowledged publicly for the first time that Government and InterHealth had been negotiating an exit from the arrangement for more than a year after what he described as an “irretrievably broken down” relationship.
Despite the contractual dispute, Misick and Health Minister Kyle Knowles stressed that healthcare services will continue uninterrupted during the transition.
“Allow us to do our job,” Knowles appealed, assuring residents that Government is actively managing the transition and safeguarding patient care.
The Premier outlined what amounts to a broader healthcare transformation built around four connected levels of care: strengthened community-based primary healthcare; expanded polyclinic services; enhanced hospital-based secondary care with greater specialist capacity; and overseas tertiary treatment only for cases that cannot be managed locally.
Among the proposals are the long-discussed establishment of intensive care units, expanded use of currently unfinished hospital space,
recruitment of more resident specialist physicians and stronger contract management to oversee future healthcare agreements.
Knowles said the new polyclinic model will broaden services available outside the hospitals, including dentistry, ophthalmology, laboratory services, diagnostic imaging, gynaecology and preventative screening, helping to reduce pressure on emergency departments while improving early intervention.
Misick also acknowledged that while the hospital system significantly improved healthcare access after opening in 2010, Government believes further reform is necessary to improve affordability, sustainability and the range of services available within the Turks and Caicos Islands.
The briefing marked the Government’s most comprehensive explanation to date of its plans beyond the InterHealth contract, signalling that officials now see the transition as an opportunity to redesign healthcare delivery rather than simply replace one operator with another.
Education
Turks and Caicos Islands Students Excel at Cycle 13 WizdomCRM Regional AI Game National Awards Ceremony
Providenciales, Turks and Caicos Islands – Wednesday, 22 July 2026: The Ministry of Education, Youth, Sports and Culture proudly congratulates the students of the Turks and Caicos Islands on their outstanding performance at the Cycle 13 WizdomCRM Regional Virtual Sustainable Stock Market AI Game National Awards Ceremony.
The ceremony was held on Thursday, 16 July 2026, at the Blue Haven Resort, under the theme “Champions Today. AI Leaders Tomorrow.” It was hosted by the Ministry in collaboration with WizdomCRM.
Students across the Caribbean took part in the investment challenge, each beginning with a virtual portfolio of USD $25,000 and working to
grow it through simulated investments on regional and international stock markets. Throughout the competition, students were guided by Mr. Rabbit, WizdomCRM’s AI Tutor, and supported by E-Classroom sessions, building financial literacy, critical thinking and investment skills.
The Turks and Caicos Islands emerged as the region’s top-performing territory, claiming the top six regional positions, securing 14 of the Caribbean’s Top 20 places, and placing four schools on the regional leaderboard. Leading the region was Marc Roubentz-Perceus of TCIPS Comprehensive High School, who grew his portfolio to USD $370,336.63. He was followed by Joshua Creese of Raymond Gardiner High School in second place, and Stendro Chalas of TCIPS Comprehensive High School in third. Raymond Gardiner High School was also recognised as the Top School for Cycle 13.
Hon. Rachel M. Taylor, Minister of Education, Youth, Sports and Culture, said: “I congratulate every student who took part in Cycle 13. You
have demonstrated the confidence to compete with the very best students regionally, and you have shown our country what is possible. This success is not luck; it is the result of an ecosystem built by students, teachers, parents, school leaders and partners who continue to invest in educational excellence. As we look ahead, the Ministry is in active discussions with WizdomCRM to expand access to its AI-powered learning tools, including Super AI, the AI Tutor, the Plagiarism Checker and the Grammar Checker, so that our young people are equipped with the future-ready skills they need to succeed.”
The Ministry extends sincere appreciation to the dedicated teachers who mentored the students, and to Rubis Turks and Caicos, whose sponsorship provided the cash prizes awarded to the top three regional champions. The Ministry also thanks WizdomCRM, participating schools, parents and stakeholders for their partnership in this achievement, which reflects the Ministry’s continued commitment to innovation, digital learning and youth development across the Turks and Caicos Islands.
WIZDOM CRM – Top Performers Cycle 13
| Position | Name | School | Portfolio Value | Regional Placement |
| 1st | Marc Roubentz-Perceus | TCIPS Comprehensive High School | $ 370,336.63 | 1st |
| 2nd | Joshua Creese | Raymond Gardiner High School | $ 264,841.31 | 2nd |
| 3rd | Stendro Chalas | TCIPS Comprehensive High School | $ 247,738.09 | 3rd |
| 4th | Ojed’harlie Jolissaint | Wesley Methodist School | $ 227,389.60 | 4th |
| 5th | Tyshawn Wright | Raymond Gardiner High School | $ 189,064.18 | 5th |
| 6th | Jah’keem Missick | Raymond Gardiner High School | $ 173,654.58 | 6th |
| 7th | Curvin Handfield | Raymond Gardiner High School | $ 156,984.89 | 8th |
| 8th | Chadazea Darville | Wesley Methodist School | $ 147,428.43 | 9th |
| 9th | Vivaan Castleton | British West Indies Collegiate | $ 120,833.83 | 14th |
| 10th | Damendine Simplus | TCIPS Comprehensive High School | $ 118,660.55 | 15th |
| 11th | Dyvion Louis | Raymond Gardiner High School | $ 111,572.81 | 16th |
| 12th | Colin Moriarty | British West Indies Collegiate | $ 106,854.81 | 17th |
| 13th | Kensley Felix | TCIPS Comprehensive High School | $ 101,285.06 | 18th |
| 14th | Redjino Saint-Louis | Raymond Gardiner High School | $ 99,927.39 | 19th |
TEACHERS
- Fexnel Colvert – TCIPS Comprehensive High School
- Valerie Olice – Raymond Gardiner High School
- Warren French – Wesley Methodist School
- Phyllis Boucher – British West Indies Collegiate
Top Performing School: Raymond Gardiner High School
Government
Parnell Urges Premier to Step Aside, Proposes Bipartisan Board to Guide Healthcare Transition
By Magnetic Media Newsroom
PROVIDENCIALES, Turks and Caicos Islands — Opposition Leader Douglas Parnell is calling on Premier Charles Washington Misick
to step aside, arguing that the Government has failed to provide the leadership, transparency and public engagement needed as the Turks and Caicos Islands prepares for one of the most significant changes in its healthcare system.
Responding to Government statements following InterHealth Canada’s contract termination notice, Parnell said residents were only now learning officially that negotiations with the hospital operator had been underway for more than a year, despite several previous opportunities for Government to inform the public.
He questioned why no detailed explanation was provided during the State of the State Address, Budget Debate or recent healthcare announcements, including the opening of the new polyclinic.
Parnell argued that while the PDM supports reforming or replacing the existing hospital arrangement, the process must be transparent and centred on the public interest.
The Opposition Leader reminded residents that the PDM had challenged the InterHealth agreement while in government, pursuing arbitration and preparing further legal action over concerns about the contract before leaving office following the General Election.
To guide the next phase, Parnell proposed establishing a bipartisan Health Transition Board comprising Government and Opposition
representatives to oversee the transition, monitor public accountability and manage the procurement process for any future healthcare provider.
He also outlined what the PDM believes should form the foundation of the next healthcare system, including guaranteed continuity of care, automatic employment protection for hospital workers, recruitment incentives for specialist physicians, expanded intensive care services, comprehensive mental health care, enhanced geriatric services and accelerated efforts to attract qualified Turks and Caicos Islanders in the medical profession back home.
Parnell also presented ten questions for Government covering outstanding payments, borrowing plans, legal implications, transition arrangements and the future structure of healthcare delivery.
He said the changes now unfolding require decisive leadership, openness and a carefully managed transition that places patients, healthcare workers and the long-term interests of the Turks and Caicos Islands first.
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