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Domestic Investors get 100% Duty Free Concessions



Dana Malcolm 

Staff Writer 


#TurksandCaicos, December 21, 2023 – Incentives designed to encourage the creation and growth of Micro Small and Medium Enterprises are included in the revamped National Investment Policy and it means a slew of duty free concessions for home grown investors, according to Angela Musgrove, CEO of the Invest TCI.

“We are going to promote domestic investment and give support to domestic investors,” said Angela Musgrove, CEO of Invest TCI.

As for what that looks like in tangible benefits:

  • 100 percent duty exemption for family island projects;
  • 100 percent duty exemption for 100 percent TC Islander-owned projects across the board;
  • Expedited work permits and licenses  for TC Islander projects;
  • Caps on work permits in certain areas;
  • Increased duty exemption on capital transfer (100 percent in specialty areas) and;
  • 100 percent exemption on housing projects.

A national linkages program is also in development to make sure that money trickles down to locally owned companies of all sizes.

“We have actually given a bit more ‘teeth’ to ensuring that MSMEs are able to benefit from Foreign Direct Investment through the Investment Policy Amendment. We want to create stronger connections and synergies to optimize the positive spillover effects from investments in the local economy,” Musgrove explained.

The CEO maintained that the country was committed to protecting its incredible array of entrepreneurs. Local Businesses range from distilleries to fat loss clinics, ice cream parlors, cigar rollers, media companies, textile manufacturers,  industrial services and more.

“A favorable environment is key to nurturing entrepreneurship– by creating an ecosystem that supports local business we want to unlock the full potential and help them to create overall economic benefit.”

In its report on the policy, Invest TCI, which is the investment branch of the government informs that the policy is now available at their website, and is “designed to reflect a shared vision for developing the Turks and Caicos Islands, aligning with the UNCTAD Investment Policy Framework, the 2017 National Skills Audit, and the Vision 2040 document.”

Attending the launch, held at the Wymara Resort in Providenciales, were: Hon. E. Jay Saunders, Deputy Premier and Minister of Finance, Investment & Trade of the Turks & Caicos Islands; Chairlady of Invest TCI, Ms. Cindy Ewing; Deputy Chairman of Invest TCI; Mr. Walter Gardiner Jr., government officials, stakeholders, and Invest TCI staff.

“Key considerations within the investment policy include increased incentives for Turks and Caicos Islander owned investment projects, enhanced incentives for sector and location specific projects, a $10 million threshold for incentivizing Foreign Direct Investment projects, a national linkages program to strengthen the local private sector, incorporation of the Sustainable Development Goals, collaboration forums for potential investment projects, and the promotion of public-private dialogue.”

Caribbean News





Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, has informed that the current inflation target for the Bank of Jamaica will remain at four to six per cent.

Dr. Clarke made the announcement during a statement to the House of Representatives on Tuesday (May 7).

He explained that the process for setting and renewing the target was codified into law via the Bank of Jamaica Amendment Act 2020, which, among other things, formally introduced Jamaica’s inflation targeting regime.

Dr. Clarke stated that in April 2021, after consultation with the Bank of Jamaica, documents were tabled advising of the renewal of the inflation target of four to six per cent, which was effective for three years.

“Following consultation with the Governor of the Bank of Jamaica, who is also Chairman of the Monetary Policy Committee, I confirm and have so tabled documents advising that the inflation target for Jamaica, calculated as the 12-month point-to-point percentage change in the consumer price index as measured by STATIN, will remain at four per cent to six per cent for the next three years,” Dr. Clarke said.

“The midpoint of this range of five per cent will be the operational target for the Monetary Policy Committee. This target remains consistent with Jamaica’s economic structure and stage of development,” he added.

The Minister noted that a lower inflation target than what currently obtains would require higher interest rates for longer, which could be detrimental to growth and to fiscal dynamics.

Furthermore, Dr. Clarke said Jamaica’s recent experience has highlighted that there are constraints to targeting a lower inflation rate at this time.

“In particular, the frequency of economic shocks, labour market rigidities, low productivity, a weak monetary transmission system and regulated price adjustments, constrain the ability of the Bank of Jamaica to deliver a lower inflation rate than what is currently targeted in the near term,” the Minister said.

Dr. Clarke stated that these constraints speak to inherent challenges that as a country “we must tackle if we are to target and enjoy the levels of inflation of our main trading partners”.

“Going forward, I will support all efforts to ameliorate these constraints. On the other hand, setting the target higher than four per cent to the six per cent range would be problematic for most Jamaicans who do not have the independent means to protect themselves against higher targeted inflation,” he noted.

Dr. Clarke explained that it is for these reasons that the inflation target for Jamaica, calculated as the 12-month point-to-point percentage change in the consumer price index as measured by the Statistical Institute of Jamaica (STATIN), will remain at four to six per cent for the next three years.




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#TurksandCaicos, May 2, 2024 – For the fourth consecutive year, Scotiabank Turks & Caicos has secured the ‘Best Bank’ award from renowned North American finance magazine, Global Finance.

The award celebrates banks that demonstrate strength of strategy for attracting and servicing digital customers, success in onboarding clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives, and website and mobile app design and functionality.

Dr. Suzan Snaggs-Wilson, Managing Director for Scotiabank Turks & Caicos said the bank continues to make significant investments in its digital infrastructure to satisfy its customers’ needs. She further lauded her team’s commitment to the bank’s digital transformation, noting that their encouragement among customers solidified the strong adaptation witnessed.

“At Scotiabank, we remain committed to proactively assessing and working to meet the needs of our customers through accessible and easy-to-use banking solutions that enhance their experience. This award underscores our strategic commitment to advancing accessibility and convenience across our services, and we take great pride in being honored with the esteemed Best Bank award for the fourth time running,” she said.

Dr. Snaggs-Wilson also highlighted the Bank’s convenient and customer-focused approach to banking positively impacted its client interactions and satisfaction.

The annual World’s Best Bank award selects the top performers among banks and other providers of financial services and has become a trusted standard of excellence for the global financial community. The magazine recognized 28 banks in Latin America and the Caribbean in this year’s 31st announcement.

Scotiabank Turks & Caicos joins its regional counterparts in Barbados, Jamaica, Trinidad & Tobago, and The Bahamas, in receiving the award.

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Caribbean News

RBC appoints new Head of Caribbean Banking



NASSAU, April 21, 2024 – RBC Financial (Caribbean) Limited, (“RBC”) has appointed Chris Duggan, a  native of the Cayman Islands, as Senior Vice President and Head of RBC Caribbean Banking, effective  April 1, 2024. He succeeds Chris Ronald, who has been leading the bank’s operations in the Caribbean  for the last 2.5 years and has recently returned to Canada as Regional President, Atlantic Provinces at  RBC.  

Duggan, who is based in Nassau, The Bahamas, is taking on responsibilities as Head of RBC Caribbean  Banking to carry out the bank’s strategic direction and manage the overall business strategy and vision across the Caribbean region. He has a career spanning more than two decades in the financial industry  across both the United States and the Caribbean. 

Most recently, he was the Cayman Islands Government Representative to North America, in Washington  DC, primarily focussed on financial services. Prior to his tenure for the Cayman Islands Government, he  served as a senior executive at DART Family Office and Butterfield Bank. 

RBC’s Executive Vice President, Personal Financing Products, Erica Nielsen said “We’re delighted to  welcome Chris to RBC. Born and raised in the Caribbean, Chris has a deep understanding of the  regional financial landscape and a passion for representing the culture. He is highly driven, outcome focused, and passionate about building trusted relationships with clients, communities, and employees.  His appointment demonstrates our continued commitment to the region. I am confident that under Chris’  leadership, Caribbean Banking will continue to grow and serve our clients and communities.” 

As an active member of the communities where he lives and works, he has held leadership roles on the  boards of numerous charitable organizations over the years. Duggan was awarded the Queen’s  Certificate and Badge of Honour in recognition of his outstanding service to the Cayman Islands  community during the COVID-19 Pandemic.

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