TCI News
Turks and Caicos Implements New Beneficial Ownership Law in Major Transparency Reform
Deandrea Hamilton | Editor
Turks and Caicos, July 4, 2025 – The Turks and Caicos Islands has officially enacted the Beneficial Ownership (Amendment) Regulations 2025, bringing long-awaited changes to the territory’s financial oversight and transparency framework. The new law was published in an extraordinary issue of the Gazette on June 30 and was confirmed as enforceable during the July 1 sitting of Parliament.
This legislation marks a major shift in how the jurisdiction handles information about the individuals who ultimately own or control companies registered in the islands. It is the result of years of international pressure, particularly from the United Kingdom and global financial watchdogs, and aligns TCI with evolving international standards on financial transparency and corporate accountability.
According to a statement released by the Financial Services Commission (FSC) on July 1, the new law underscores the government’s continued commitment to transparency, international cooperation, and the rule of law. The regulations are part of a wider pledge made by the TCI and other British Overseas Territories to enhance access to beneficial ownership data for law enforcement agencies, regulators, and persons with a legitimate interest.
The FSC highlighted that the legislative changes were informed by a period of public consultation, during which stakeholders across the public and private sectors were invited to provide feedback. That input, the Commission noted, was critical in shaping the final structure of the law, which now aims to strike a balance between protecting privacy rights and promoting responsible disclosure.
The new regulations introduce a number of critical provisions, including:
- Enhanced Access: Beneficial ownership information will be accessible to competent authorities and those with a proven legitimate interest, such as law enforcement, regulatory bodies, and entities involved in investigations.
- Legal Safeguards: Data protection mechanisms remain in place to ensure the responsible use of sensitive information.
- Reporting and Verification: Entities registered in the Turks and Caicos are now legally required to disclose accurate beneficial ownership information, subject to verification and penalties for non-compliance.
- International Cooperation: The framework enables increased collaboration with international partners and regulators, supporting broader efforts to combat money laundering, terrorist financing, and illicit financial flows.
The implementation of this legislation represents the culmination of a process that faced numerous delays and resistance over the years, particularly from sectors concerned about data security and potential impacts on the ease of doing business. Despite these hurdles, the law is now fully in force, requiring businesses and legal entities to ensure compliance or face regulatory consequences.
For the private sector, the immediate focus is on adaptation. Financial service providers, corporate managers, and legal professionals are advising clients to review company structures, reporting protocols, and internal compliance systems in light of the new requirements.
The FSC’s statement also reiterated that the new law is designed not only to meet international benchmarks but to enhance confidence in the Turks and Caicos Islands as a jurisdiction that values integrity, transparency, and the responsible management of corporate entities.
While some industry insiders remain cautious about the impact of the reforms on the financial services sector, others welcome the change as necessary and overdue. The increasing global emphasis on transparency, particularly in offshore financial centres, has made such reforms all but inevitable for jurisdictions seeking to maintain international legitimacy and competitiveness.
The introduction of the Beneficial Ownership (Amendment) Regulations 2025 sends a clear message that the Turks and Caicos is ready to modernize its regulatory environment in step with global norms. As implementation unfolds, the focus will now shift to effective enforcement, practical compliance support, and ongoing dialogue between regulators and the business community to ensure a smooth transition.
Almost two million visitors recorded in 2025
PROVIDENCIALES, TURKS AND CAICOS ISLANDS – The Turks and Caicos Islands saw an increase in stayover arrivals in December, seven percent higher than the corresponding period in 2024.
Preliminary data suggests that stay over arrivals by air for the month of December was 66,427 in comparison to 62,610 in December 2024.
From January to December 2025, preliminary visitor arrival numbers totalled 640,754; on par with the number recorded for the same period of 2024.
Stay Over Arrivals YTD December 2024/2025
The first quarter of the calendar year attracted the largest number of arrivals with visitor arrivals three percent higher than the first quarter of 2024. Reduced airlift from the United Kingdom and the United States, most notably the Virgin Atlantic and JetBlue services, was however felt from the second quarter (April to June). As a result, visitor arrivals dropped three percent in the second quarter.
By the third quarter of this year (July to September), geopolitical and economic conditions in the key source markets, namely the United States, led to further contraction of arrivals. In the last quarter of 2025, arrivals were impacted in October due to the passage of Hurricane Melissa but additional airlift from the USA and Canada resulted in an increase in arrivals in November and December.
Mr. Paul Pennicook, Interim CEO Consultant of Experience Turks and Caicos, said December’s increase in stayover arrivals is an encouraging indicator of the sustained interest in the Turks and Caicos Islands as a premier destination.
“While we note and continue to monitor geopolitical shifts that affect us, Experience Turks and Caicos is focused on increasing marketing initiatives in our primary source markets. We have spent the last two years investing in groundwork such as crucial travel advisor training to assist them in selling the destination more effectively. In the next fiscal, we will be building on those initiatives with co-op activities with partners as well as out of home advertising to increase visitation to our destination,” he said.
In Cruise, the preliminary count of passenger arrivals for the month of December 2025 was 129,346, a 22 percent increase over last December. This growth follows the berthing of 11 additional ships in Grand Turk this month.
From January to December, the cruise sector continued to outperform the same period last year, as the 1.3 million total cruise passengers recorded, marks a five percent Year-on-Year increase. 
The cruise sector experienced significant growth in the first quarter of 2025, with passenger arrivals surpassing last quarter by 53 percent. In the second and third quarter however, several cruise lines adjusted their itineraries as vessels were pulled from the fleet or from the Caribbean region, which resulted in fewer passengers.
Arrivals dropped seven percent and 10 percent in the second and third quarters, respectively. Double digit growth was recorded in the last two months of Quarter 4. This growth however, was not sufficient to outweigh the drop in arrivals experienced in October, following the cancellation of cruise calls due to the passage of Hurricane Melissa. Despite the late-quarter rebound, arrivals for the final quarter of 2025 closed six percent below the same period in 2024.
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Providenciales, Turks and Caicos Islands – Wednesday, 11 February 2026: The Informal Settlements Unit (ISU) coordinated a multi-agency enforcement operation on Thursday, 29 January 2026, led by the Planning Department, with support from the Crown Land
Unit, the Turks and Caicos Islands Border Force, and security provided by the Royal Turks and Caicos Islands Police Force. The operation, carried out at three different locations in Providenciales, formed part of ongoing government efforts to address unauthorised development and illegal occupation of land in accordance with governing legislation.
The operation commenced in Blue Hills, where five Section 58 Enforcement Notices were issued on unauthorised structures identified on Block and Parcel 60502/48.
Enforcement activity then moved to a second location off the Leeward Highway near Caicos Lodge, where six Section 58 Enforcement Notices were issued on additional unauthorised structures on Block and Parcel 60802/66.
The final phase of the operation took place in The Bight, where three unauthorised structures were removed, with all debris cleared from the site in keeping with established safety and environmental protocols.
The Informal Settlements Unit remains committed to working alongside its partner agencies to support lawful development, protect public and private land, and ensure that planning regulations are enforced in a coordinated and transparent manner across the Turks and Caicos Islands. Similar joint operations will continue as part of the Government’s wider strategy to address unauthorised development and informal settlement activity.
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