Deandrea Hamilton | Editor
Turks and Caicos, June 28, 2025 – The Turks and Caicos Islands (TCI) has taken a bold step toward reimagining its economic future with the presentation of a Green Paper on independence, outlining an ambitious blueprint for diversification and self-sufficiency. The document, titled Economic Diversification and Self-Sufficiency, signals a major rethinking of the country’s development model—but it remains unclear who commissioned the paper and what, if anything, will become of its proposals.
At present, TCI relies heavily on tourism, its number one industry, followed by financial services and fisheries. While these sectors generate significant revenue, the country’s trade deficit is stark—TCI produces virtually nothing for export and remains deeply reliant on imports. The Green Paper argues that such a model is unsustainable for a country seeking political independence and national resilience.
Central to the paper is the goal of economic diversification. The first pillar is an expansion of financial services and offshore banking. It proposes positioning TCI as a regional hub for private banking, wealth management, and asset protection—while introducing strong financial regulations to avoid reputational damage. A citizenship-by-investment program, similar to those in St. Kitts and Dominica, is also suggested as a revenue stream.
Technology is another focal point. The paper envisions TCI as a digital-friendly jurisdiction through the creation of a Turks and Caicos Digital Nomad Visa, targeted at high-earning remote workers. Investment in fiber-optic infrastructure would help support fintech, offshore data centers, and the broader digital economy.
Food security and economic empowerment are addressed through support for local agriculture and aquaculture. The report calls for expanded hydroponic farming and sustainable fisheries, backed by government grants and training programs to reduce dependence on costly food imports and increase export potential.
Real estate and construction reform also feature prominently. The Green Paper recommends a government-backed homeownership program to help locals access property, along with stronger policies to prevent foreign monopolization of land and ensure local workers benefit from major development projects.
One of the more transformative ideas is a transition to renewable energy. By investing in solar, wind, and ocean power, TCI could reduce its dependency on imported fuel and eventually export clean energy to neighboring islands such as the Bahamas and the Dominican Republic.
To secure long-term economic stability, the creation of a Sovereign Wealth Fund is proposed. Modeled after Norway’s, the fund would be built from tourism taxes, real estate fees, and offshore sector contributions, then invested globally for future generations.
The plan emphasizes workforce development through vocational training and partnerships with international institutions. It also recommends enforcing local ownership quotas in key industries and boosting entrepreneurship with incubators and low-interest loans.
Finally, regional integration is a key part of the vision. TCI would deepen ties with CARICOM, the OECS, and major trade partners like the U.S. and Canada while developing its logistics infrastructure to become a trade hub.
Still, while the vision is expansive, the Green Paper’s authorship and political backing remain uncertain. With no clear indication of who requested the paper or how its recommendations will be adopted, the future of the plan remains as open-ended as the independence question itself.
