Investors Road to Residency Changing Dramatically; TCIG Opens Public Consultation

By Dana Malcolm 

Staff Writer 

#TurksandCaicos, July 7, 2023 – The minimum amounts needed to qualify for a residency via investment in the Turks and Caicos are set to increase soon when new amendments to the Immigration Ordinance go before the House of Assembly.

The proposed amendments were shared with the public recently via Facebook and state that for potential investors, the route to Permanent Residency Card by Investment will be scrapped.

Instead, a new category of ‘Long Term Residence by Investment’ will be created.  That permit will be applicable for a period of 25 years and can be renewed but will not allow permanent residency in the country.

In addition, those who desire to live in the country by this route must be prepared to pay, the Government says.

Currently the Turks and Caicos offers several routes to residence by investment which include Undertaking and Investment in a Home with a current minimum investment amount of $100,000; Undertaking and Investment in a Business, the current minimum investment being $750 000; and Investment in a Designated Public Sector Project; the current minimum investment at $1 million.

The Government is now proposing that investment amounts be increased by $50,000 to $4 million, depending on the category.

The proposed amendments to the bill will reach residency rules by investment and work permits and residency permits.

TCIG is giving Turks and Caicos residents a month to consult on the changes being proposed.

In fact, in a media statement, it was explained:  The public consultation will be undertaken in three main phases, the first being the publication of the proposed amendments on June 30th, followed by the launch of an online survey and email address for feedback on 15th July and countrywide face-to-face live engagement with the public commencing the week of 17th July.  The entire process will be brought to a close on 31st July 2023.