MINISTRY OF FINANCE, INVESTMENT & TRADE DORMANT ACCOUNTS FILING DEADLINE

#TurksandCaicos, March 27, 2024 – The Inland Revenue Department (IRD) in the Ministry of Finance, Investment & Trade reminds the general public that all funds in dormant accounts held by any financial institution on the Islands are transferrable to the Turks & Caicos Islands Government (TCIG) which became effective 1 December 2015.

An account is deemed to be dormant if no transaction, as defined under Section 4 of the Dormant Accounts Ordinance 2014, has been effected on that account in seven (7) years.  Financial Institutions, is required by law, to issue several notices of accounts held that are deemed to be dormant under the Ordinance.

Account holders who are uncertain of the status of their accounts, are encouraged to contact their financial institution(s) for verification.  Please note that Section 10 of the principal Ordinance was amended by inserting 10A which stipulates:

‘A claim against the Government under section 10 for repayment of monies transferred from a dormant account shall not be brought after the expiration of six years from the date the money was transferred to the general revenue of the islands.’

As such, a dormant account holder no longer has an indefinite period in which he/she can make a claim to the Permanent Secretary, Ministry of Finance, requesting funds transferred to the TCIG.

Financial Institutions are also required to remit balances of all Dormant Accounts as defined under Section 4 to TCIG annually on or before March 31st along with a Certificate of Compliance.