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.”