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EXCLUSIVE: TCI Financial Services Sector has a NEW Management & Marketing entity; introduction is made by Finance & Investment Minister 

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By Dana Malcolm 

Staff Writer  

 

 

#TurksandCaicos, March 20, 2023 – It has been designed and assembled out of the spotlight and scrutiny of the public, but it’s mission proposes an appealing result:  the potential for millions in profit for the Turks and Caicos Islands through a new entity with the power to ‘Shape the future’ of the country’s financial services sector.  

That is how it was explained to Magnetic Media in an exclusive where another new engine is created; this one materializing in order to transform the TCIs No. 2 industry.  

The news of the previously unmentioned statutory body, ‘TCI Finance Ltd’ which is already in operation came directly from E Jay Saunders, Deputy Premier and Finance Minister.  

The board of TCI Finance Limited cuts a powerful and experienced figure, made up of top consultants in the financial field. Impressive, but birthed is another concept with woefully little public consultation or acquaintance and likely to face push back despite its touted advantages.  

As an explanation for the low-key entry onto the financial scene of TCI Finance Limited, DP Saunders said results from a 2018 KPMG study birthed the agency; the study was commissioned, and the public consultations run under the Sharlene Robinson-led Government Administration. Those consultations, however, drew largely from the professionals populating the banking industry and not the layperson.  It is likely that not many people, if any, will recall these deliberations making this report the first traceable introduction to the public of TCI Finance Ltd.   

The PNP administration, under the Minister of Finance whose remit it is to market the financial services sector, has dusted off the documents and breathed life into the entity, which has been operational, Saunders says, since February 2022.  

We were virtually introduced and spoke to members of that board to get a handle on exactly what TCI Finance Ltd stands for, what it plans to do, and who will keep it in check and on track.  

“TCI Finance Limited (‘TCIF’) was incorporated in early 2022 to promote and market the Turks and Caicos Islands as a welcoming, supportive, and well-regulated jurisdiction for international financial services,” said David Stewart, a 30-year-old lawyer and Co-Chair of TCI Finance.  

Its mission is built around the findings of a 2018 KPMG report on the Turks and Caicos which opened insight into a floundering financial sector and heralded a most certain flatlining of the industry without life-giving investment and serious promotion. Armed with the 49 recommendations in that report, TCIF’s main purpose at its barest, is to sell TCI as the best place to do financial business, chomping into the market that Cayman and the British Virgin Islands dominate so well.  

And successfully run, it stands to make the country tens of millions.  

It’s a big job, and that ‘welcoming and well-regulated reputation’ will need work to be cultivated as the country remains on the EU tax Blacklist. It’s something that advisor David Lewis is confident his company, Kroll, has under control.  

“Kroll is working closely with the Government and with the Financial Services sector to help TCI meet global standards and the expectations of international bodies and partners, including the OECD and the EU, and to support TCI’s broader objectives for its businesses and citizens,” he told us the following glowing commendations from Deputy Premier Saunders.  

As for the matter of where the money will come from; TCIF is a non-profit partially owned by the Government and the Finance Industry Association (FIA), explained Stewart, who chairs the FIA.  

FIA members include the Bar Association, the Accountancy Association, Bankers, Insurers, Money Transmitters and others involved in TCI financial services. They will provide 25 percent of TCIF financing; the rest will come from taxpayer dollars through the TCIG and to whom the TCIF will have to answer. Saunders told us the budget for TCIF was $1 million. 

Acknowledging the mammoth undertaking for this new entity to rebrand and to sell the Turks and Caicos to finance heavyweights worldwide, Stewart said the work had already begun. So far, the agency has:   

  • commissioned an international consultancy to help identify likely areas for growth  
  • recruited a high profile and senior banker from Europe to head TCIF    

Most importantly they say they will be creating opportunities for wealth building for islanders as well as give them access to the ‘very best international wealth management professionals.’ 

Stewart said the key to success was a strong public launch on which they were already working. The result should be visible on both local and international levels.  

“Our measures of success will be in investors won, and good quality and well-paid professional jobs for residents of TCI created, alongside the creation of a strong, reputable, and attractive brand aligned with and connected to our superb reputation as a luxurious, beautiful place to work, live and play,” he maintained.  

Should this ‘cauldron of innovation, collaboration, and implementation’ prove successful, not only could it increase the country’s revenue to never before seen heights, it could create a new largely untapped sector of growth in which TC Islanders could not only be employed but build generational wealth. 

Saunders says he wants to more than double the financial services revenue from $10.5 million in the 2020/21 financial year to $25 million in the next 6 years.   

Standing along with Stewart to execute this overhaul, is the rest of the board namely: 

  • Chair – E Jay Saunders (in his capacity as Minister of Finance)  
  • Vice-Chair – David Stewart (in his capacity as President of the FIA)  
  • Angela Musgrove (in her capacity as CEO of Invest TCI) 
  •  Athenee Harvey-Basden (in her capacity as PS, Ministry of Finance) 
  • Niguel Streete (in his capacity as CEO, Turks and Caicos Financial Services Commission) 
  • Drexwell Seymour, Certified Public Accountant  
  • Mr Marcus Samuel (in his capacity as Chair of the Bankers association) 
  • Sally-Ann Astwood (appointed by the Hon. Leader of the Opposition) 
  • Ryan Blain (on behalf of the accountancy association) 
  •  Rochelle Musgrove  
  •  Ervine Quelch (corporate development, former NIB board member) 

With the wheels already turning, it will bring new intrigue and possibly raise many questions once there is that formal launch and introduction of the entity.  

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ISU Supports Successful Multiagency Demolition Exercise in Blue Hills

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Providenciales, Turks and Caicos Islands, 23 October 2025 — The Crown Land Unit, supported by the Informal Settlements Unit (ISU) and Immigration and Border Services, led the successful execution of a reclamation exercise in Blue Hills on Wednesday October 15, 2025. The Royal Turks and Caicos Islands Police Force provided security for the operation, which formed part of the Government’s ongoing mandate under the Crown Land Ordinance to prevent squatting and encroachment on Crown Land.

During inspections conducted by the Crown Land Unit, illegally constructed timber buildings were identified on parcels 60501/091 and

60501/092. Notices of Illegal Occupation were issued in accordance with the Crown Land Ordinance; however, the persons responsible for the construction failed to comply with the instructions contained in the notices. As a result, enforcement action was taken to remove the structures and reclaim the land.

The exercise resulted in the full reclamation of 0.84 acres of Crown Land, with the removal of sixteen unauthorized and unoccupied timber structures across the two parcels. Of these, four structures were located on parcel 60501/091 (measuring 0.49 acres) and twelve structures on parcel 60501/092 (measuring 0.35 acres).

The ISU reaffirms its commitment to supporting partner agencies in the coordinated management of Crown Land, ensuring that all enforcement actions are carried out lawfully, efficiently, and in the public interest.

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TCI Imports Shift Dramatically – Panama Emerges as Back Door for Chinese Goods as TCI Imports Shift Dramatically

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Deandrea Hamilton | Editor

 

Turks and Caicos, September 6, 2025 – Turks and Caicos Islands’ import bill is telling a story far bigger than dollars and cents. The Statistics Authority’s half-year trade bulletin shows Panama exploding onto the scene as a major supplier, with shipments rising nearly 600 percent in the first half of 2025 compared to the same period last year.

On paper, it looks like TCI has suddenly fallen in love with Panamanian goods. In reality, it’s a snapshot of how the islands are being swept into the currents of global geopolitics.

Panama’s 582% Surge

Between January and June, imports from Panama leapt from just $166,000 in 2024 to $1.13 million this year — an eye-watering 582% increase. But Panama isn’t a new manufacturing powerhouse; it’s a logistics hub. Its Colón Free Trade Zone, one of the largest in the world, specializes in re-exporting Chinese and Latin American goods across the Caribbean.

For Turks and Caicos, that means everything from Hisense televisions and Lenovo laptops to Haier refrigerators is increasingly being routed through Panama instead of Miami or Nassau. Importers are finding cheaper prices, better bulk deals, and fewer tariff headaches as global trade tensions drive up U.S.–China costs.

“The trade war between Washington and Beijing looks remote from Grand Turk or Providenciales,” one local trader told Magnetic Media, “but it shows up right here on our docks. We’re buying the same Chinese products — they just happen to arrive with Panamanian paperwork.”

Italy’s Luxury Touch

While Panama grabbed the headlines with percentages, Italy’s exports to TCI also nearly tripled, climbing from $281,000 to $967,000 (+244%). The bulletin does not identify specific goods, but Italian exports globally are known for furniture, tiles, fashion, and leather products.

Poland’s Quiet Rise

Another surprise name in the trade tables is Poland, which saw exports to TCI almost double, from $3.86 million to $7.18 million (+86%). Poland is among the world’s leading furniture exporters, and its rise in TCI’s statistics underscores how European suppliers are increasingly part of the islands’ import mix.

South Caicos on the Move

The report also points to South Caicos as a key growth point. Imports through the South Caicos Customs Main Office jumped from $384,000 to $2.93 million (+663%), while the South Caicos Harbour Master nearly doubled from $3.6 million to $6.9 million (+94%). Officials link the surge to the island’s new Norman B. Saunders Sr. International Airport and the opening of the Salterra Resort & Spa, signaling how major developments can reshape local trade flows.

The U.S. Still Dominates — Especially Food                                                                                                                                                                            For all the shifts, one fact remains unchanged: the United States is TCI’s biggest supplier, accounting for $443.5 million in imports in the first half of 2025, up 19 percent from the year before. A large chunk of that increase came from food and live animals, which rose 18 percent overall to $103.9 million.

Supermarkets and resorts are stocked with familiar American staples — from Kraft Heinz ketchup and PepsiCo beverages to Tyson Foods’ frozen meats. As the population grows and the tourism sector drives up demand, the U.S. remains the breadbasket and supermarket for the islands.

A Changing Trade Map

Add it all together and the picture is striking. The Turks and Caicos Islands imported $479.5 million worth of goods in the first six months of 2025, up 14.7 percent year-on-year. But behind the topline growth is a reshaped trade map:

  • Panama’s re-exports stand in for Chinese goods once routed through the U.S.
  • Italy and Poland supply higher-end goods, likely for the growing tourism and construction sectors.
  • South Caicos is now a visible player in national trade flows.

For a small economy, these aren’t just accounting quirks — they’re signals of how global forces, local projects, and shifting supply chains intersect. A trade war between giants half a world away is rewriting who stamps the paperwork on the islands’ televisions, sofas, and ketchup bottles.

And as South Caicos’ surge proves, a single development project can swing millions of dollars in international trade.

FYI — The Numbers at a Glance

  • Total imports (Jan–Jun 2025): $479.5M (+14.7%)
  • Panama: $1.13M (+582%)
  • Italy: $967K (+244%)
  • Poland: $7.18M (+86%)
  • U.S.: $443.5M (+19%)

For Turks and Caicos, the trade bulletin isn’t just about numbers. It’s about where the islands fit in a world of shifting power, supply chains, and resort-driven transformation. And for 2025, Panama, Italy, Poland — and South Caicos — are the names to watch.

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Strengthening Maritime Standards: 59 Certified in STCW through Groundbreaking TCICC, Department of Maritime and Shipping and LJM Academy Partnership

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Providenciales, Turks and Caicos Islands – Wednesday, 27 August 2025:  In a significant step toward strengthening maritime safety and professional standards in the Turks and Caicos Islands, the Department of Maritime Affairs (Ministry of Tourism), in partnership with the Turks and Caicos Islands Community College (TCICC) TVET Department and the LJM Maritime Academy – Nassau, Bahamas, successfully delivered the Standards of Training, Certification and Watchkeeping for Seafarers (STCW) training to fifty-nine (59) mariners.

Of this number, forty-nine (49) participants received their first certification, while ten (10) completed re-certification, ensuring that the TCI continues to expand its pool of trained and globally recognised maritime professionals.

The Minister of Education, Youth, Sports and Culture, Honourable Rachel Taylor, commended the initiative while congratulating the participants, noting: The Minister of Education, Youth, Sports and Culture, Honourable Rachel Taylor, commended the initiative while congratulating the participants, noting:

Personal Survival Techniques Training

“Today we celebrate not only the certification of fifty-nine men and women, but also the strengthening of our nation’s human capital. This milestone affirms that our investment in Technical and Vocational Education and Training (TVET) is yielding results, creating real opportunities for our people in high-demand global industries. STCW certification ensures that Turks and Caicos Islanders are not only employable, but also competitive on the world stage, equipped with skills that meet the highest international maritime standards. I am particularly proud that this training was delivered here at home, reducing barriers to access and affirming our commitment to expanding local capacity in alignment with the Blue Economy. To our graduates, I charge you to use this certification as a launchpad whether in tourism, fisheries, environmental management, or private enterprise and to represent the Turks and Caicos Islands with professionalism, discipline, and excellence.”

This training represents the Government’s continued commitment to aligning with global maritime conventions and advancing the Turks and Caicos Islands’ Blue Economy through the development of skilled local capacity. Participants represented a wide cross-section of both public and private entities, including the Turks and Caicos Ports Authority, Department of Maritime and Shipping, Marine Police Branch, Amanyara Resort, Beaches Resort, Southbank, Department of Environmental and Coastal Resources, Department of Fisheries and Marine Resource Management, and several private charter companies.

Honourable Zhavargo Jolly, Minister of Tourism, Agriculture, Fisheries, Heritage and the Environment, echoed Minister Taylor’s sentiments, adding: “This milestone speaks to the direction we are taking as a country. By equipping our people with internationally recognised STCW certification, we are strengthening maritime safety standards, while more importantly opening doors for Turks and Caicos Islanders to take their place in the global maritime economy. Whether starting their own marine based businesses or serving on private yachts within our own ports, this training ensures our people are prepared, competitive, and respected at the highest levels.

I want to commend the Department of Maritime and Shipping, the TCICC team, and our partners at the LJM Maritime Academy for making this opportunity possible here at home. Most importantly, I congratulate the 59 mariners who have completed this training. You are pioneers of the new blue economy we are building, and your success sends a powerful signal: Turks and Caicos Islanders are ready to lead, not only locally but internationally.”

Through this specialised programme, participants gained critical instruction in the following core areas of STCW Basic Training:

  • Personal Survival Techniques (PST) – STCW Code A-VI/1-1
  • Fire Prevention and Fire Fighting (FPFF) – STCW Code A-VI/1-2
  • Elementary First Aid (EFA) – STCW Code A-VI/1-3
  • Personal Safety and Social Responsibilities (PSSR) – STCW Code A-VI/1-4
  • Proficiency in Security Awareness

Established by the International Maritime Organisation (IMO), the STCW Convention sets global benchmarks for the training and certification of seafarers. It ensures that all personnel working on ships are equipped with the knowledge and skills required to operate safely, respond effectively to emergencies, and carry out their duties in accordance with international maritime standards.

In this context, the initiative aligns directly with the Turks and Caicos Islands’ national maritime development strategy, supporting the growth of a robust and compliant maritime industry, expanding employment opportunities for local seafarers, and enhancing the country’s reputation as a responsible, safety-conscious jurisdiction.

The training was conducted at the TCICC Campus from Tuesday, 19 August to Saturday, 23 August 2025, under the leadership of the LJM Maritime Academy, Nassau, Bahamas, with instruction provided by Captain Clayton Delaney and Mr. Kermit Turnquest (Chief Petty Officer, Royal Bahamas Defense Force).

Chairman of the Board of Governors of TCICC, Mrs. Sheba Wilson, commended the team for the successful execution of the course, stating, “The inaugural STCW training exemplifies TCICC’s unwavering commitment to aligning education with the needs of our nation. By certifying 59 participants, we are not only strengthening workforce readiness but also empowering our people to uphold the standard of excellence that continues to define the Turks and Caicos Islands as a premier tourism destination.”

In remarks delivered on her behalf, Dr. Candice Williams, President of TCICC, highlighted the broader significance of this milestone:

You join a growing network of skilled professionals ready to elevate maritime standards, drive responsible operations, and lead with integrity on every horizon, shore and sea. This certification opens doors to diverse, high-impact roles and sets a powerful example for others to follow.

The TCICC President also issued a charge to participants, “As you celebrate this milestone, seize every chance to deepen your skills, pursue additional credentials, and contribute to a thriving and sustainable blue economy. The Turks and Caicos Islands Community College is committed to supporting your journey every mile along your blue-economy journey.”

The Department of Maritime and Shipping and the Turks and Caicos Islands Community College (TCICC) expressed satisfaction with the training’s outcome, proudly noting a 100% pass rate among participants. This achievement reinforces confidence that the newly certified mariners will continue to represent the Turks and Caicos Islands with distinction, professionalism, and the highest maritime standards. The STCW certification initiative signals a new era for Technical and Vocational Education and Training (TVET) in the Islands, creating pathways for young people and professionals to gain globally recognised skills without leaving the country.

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