Surplus over $50 Million, Cash Reserves now $415 Million Reports TCI Premier

Garfield Ekon

Staff Writer

Turks and Caicos, November 14, 2024 – The Turks and Caicos Islands (TCI) has attained “impressive fiscal achievements “for the first half of the 2024-2025 financial year, according to Premier Hon. Washington Misick. 

The Head of Government told the House of Assembly, on Tuesday, November 5, that the Islands have recorded an operating surplus of $54.4 million, which has significantly bolstered cash reserves to $415.5 million, a $48.6 million increase from the previous year, and the financial gains, attributed to sound fiscal management and the resilience of the local economy, and provide a strong foundation for further investments in infrastructure and social programs.

Describing the development as a “remarkable growth,” the Premier said with a robust operating surplus and record revenues driven by tourism and real estate, Government’s commitment to transparent, sustainable growth that benefits all citizens and residents of the islands, remains intact.

“The financial performance of our nation for the first half of fiscal year 2024-2025 has been robust,” he said, adding that tourism saw a surge in visitor arrivals, with total revenue collections reaching $257.6 million, 4% above the budgeted amount and 23% higher than last year’s figures. 

The hotel and tourism tax alone contributed $65.2 million, reflecting a 15% increase due to a post-pandemic return to peak visitor numbers. June alone saw record-breaking cruise arrivals, with 110,000 cruise passengers, a staggering 82% increase from the previous year.

“Tourism remains the cornerstone of our economic growth, and we are thrilled to see such positive results,” the Premier pointed out, noting that, the real estate sector has shown significant growth, driven by both local and foreign investments. Stamp duty collections from land transactions reached $31.1 million, a 21% increase over the previous year, indicating strong investor confidence. 

With a booming property market, the Premier anticipates that real estate will continue to support economic expansion in the coming year.

Income from work permit fees rose significantly, reaching $19.8 million, a 30% year-on-year increase. The uptick reflects growing employment opportunities, although some locals have expressed concerns about expatriate labour. 

Premier Misick, in this Mid-year report emphasised that the Government prioritises employment for Islanders, and “we are investing in education, training, and skills development to ensure our people are first in line for the highest-paying jobs,” he said.

Reassuring the population that the Government’s success in generating a surplus and attracting foreign investment would be channeled back into the communities, he said plans are in place to expand skills training and job development initiatives, especially within the tourism and hospitality sectors, by empowering local talent, as the Government aims to ensure Islanders have access to well-paying jobs that promote financial security and upward mobility.

With $515.2 million earmarked for the fiscal year, and an $18.8 million reallocation set aside for socio-economic programmes, he said with a balanced approach that aligns fiscal responsibility with community needs, “we are dedicated to enhancing the resilience of our economy, supporting local businesses, and creating opportunities for all Turks and Caicos Islanders.”