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.
News
The Turks and Caicos Islands Set Positive Start to 2026 with Increase in January Stayover Arrivals
PROVIDENCIALES, TURKS AND CAICOS ISLANDS – (February 25th, 2026) – The Turks and Caicos Islands began 2026 on a positive note, with stayover arrivals in January surpassing the same period in 2025.
Preliminary figures indicate that 56,830 stayover visitors arrived in January 2026, representing a two percent increase year-on-year. The steady growth continues the positive momentum experienced at the close of 2025.
Mr. Paul Pennicook, Interim CEO Consultant, attributed the encouraging performance to new collaboration with tour operator partners as well as increased airlift from key source markets.
“We anticipated a strong January performance following the growth recorded in November and December. The winter season has traditionally been a robust period for the Turks and Caicos Islands, and this year that strength has been further supported by enhanced collaboration with partners and expanded airlift from Canada and the United States We are cautiously optimistic about maintaining this upward trajectory in the weeks and months ahead.
Cruise Sector
In cruise, preliminary figures show 122,935 cruise passenger arrivals in January, reflecting a 15 percent decrease compared to January 2025.
The decline is attributed to a reduction in cruise calls during the month. A total of 33 vessels called on Grand Turk in January, seven fewer than during the corresponding period last year.
Marketing Shows
As part of its ongoing efforts to position the Turks and Caicos Islands as a premier luxury destination, Experience Turks and Caicos has been actively participating in the Travel & Adventure Shows across several major cities in the United States.
The destination has already been showcased in Washington, D.C., New York, and Chicago, with Fort Lauderdale and Denver scheduled in the coming weeks.
Public Relations Manager Laura Dowrich represented the Turks and Caicos Islands alongside the destination’s U.S. marketing agency, ABA Global.
Beaches Turks & Caicos – Stone Creek Travels
“One of the most encouraging takeaways from these shows is that the Turks and Caicos Islands is indeed on travellers’ radar. We met many visitors who shared fond memories of their time here, others who already have trips booked and were seeking recommendations on activities and dining, and many more who aspire to visit. It was a pleasure highlighting our multi-island destination and sharing the many experiences that make the Turks and Caicos Islands truly special,” said Ms. Dowrich.
Awards & Recognition
Building on a stellar year of accolades in 2025, the Turks and Caicos Islands has begun 2026 with additional international recognition.
The destination earned a Gold Badge in the U.S. News & World Report rankings, placing #5 in Best Family Vacations in the Caribbean and #5 in Best Beaches in the World. In the USA Today 10Best Readers’ Choice Awards, Grand Turk was ranked #10 among the Best Caribbean Islands to Visit.
About Experience Turks and Caicos
Middle Caicos Dragon Cay Resort
Experience Turks and Caicos is the official destination marketing and management organisation (DMMO) for the Turks and Caicos Islands. The organisation is committed to positioning the destination as a premier, sustainable luxury tourism hub. By leveraging smart tools, data-driven strategies, and stakeholder collaboration, Experience Turks and Caicos focuses on enhancing the visitor experience and fostering long-term industry success.
About the Turks and Caicos Islands
The Turks and Caicos Islands consist of two island groups in the Lucayan Archipelago—the larger Caicos Islands and the smaller Turks Islands. Home to some of the world’s most pristine beaches, including the award-winning Grace Bay Beach, the destination is renowned for its crystal-clear turquoise waters, luxury accommodations, and rich cultural heritage. Each island and cay offer a unique experience:
- Providenciales boasts world-class resorts, fine dining, and high-end tourism offerings.
- Grand Turk serves as the vibrant hub for cruise tourism and historical exploration.
- The sister islands provide a gateway to nature, adventure, and authentic local culture.
Recognised as the world’s best-kept secret, the Turks and Caicos Islands offer effortless luxury, with seamless connectivity via direct flights from major cities in the United States, Canada, and the United Kingdom.
Photo Captions:
Grand Turk – slow travel with us
North Caicos – Correy Forbes
South Caicos Sail Rock
Providenciales, Turks and Caicos Islands – Wednesday, 25 February 2026: Staff of the Department of Disaster Management and Emergencies (DDME) participated in a one‑day Professional Staff Development Workshop on Thursday, 19th February 2026. The session was facilitated by former DDME Director (2011–2021) and current Permanent Secretary of the Governor’s Office, Dr. Virginia Clerveaux.
The in-house workshop was organised by the DDME Training Unit, to focus on the National Disaster Management Framework, strengthening staff understanding of their roles and responsibilities within disaster management. The session also aimed to enhance the effectiveness of the National Emergency Operations Centre (NEOC) and reinforce inter‑agency coordination.
Drawing on her extensive experience in disaster management in the Turks and Caicos Islands, as well as several deployments to CDEMA member states including Haiti, The Bahamas, and Jamaica, Dr. Clerveaux provided practical insights that reinforced key concepts and clarified operational expectations. Staff members actively participated in discussions and shared recommendations to improve sub‑committee performance and overall departmental efficiency.
To support learning retention, the workshop incorporated pre‑ and post‑assessments, enabling participants to evaluate their understanding and track improvements.
Acting Director of DDME, Mr. Kevaun Lucas stated: “Investing in the continued development of our team is essential to strengthening national resilience. This and future planned workshops will help to reinforce our commitment to building a highly skilled, well‑coordinated workforce capable of leading and supporting disaster management efforts across the Turks and Caicos Islands. I am proud of the team’s engagement and encouraged by the meaningful contributions they made throughout the session.”
This Professional Staff Development Workshop forms part of DDME’s ongoing commitment to enhancing internal capacity, strengthening operational coordination and improving overall departmental synergy as the agency continues to advance national preparedness and response capabilities.
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Providenciales, Turks and Caicos Islands, 20 February 2026 — The Informal Settlements Unit (ISU), in collaboration with key
government agencies, coordinated a multi-agency enforcement exercise on Thursday, February 5, 2026, at Block and Parcel 60609/33 in the Five Cays area.
The exercise was led by the Crown Land Unit, pursuant to its statutory mandate under the Crown Land Ordinance to prevent squatting and encroachment on Crown land. The ISU coordinated the operation, with support provided by the Planning Department and the Turks and Caicos Islands Border Force, while the Royal Turks and Caicos Islands Police Force ensured security throughout the activity.
The enforcement action followed a series of inspections conducted by the Crown Land Unit throughout Five Cays, which identified several illegally constructed buildings made of concrete and timber on sections of the subject parcel. In keeping with the provisions of the Crown Land Ordinance, occupied structures were served Letters of Illegal Occupation, delivered by hand to occupants and
posted on structures where individuals were absent. Incomplete and unoccupied structures were served Notices of Unauthorized Occupation pursuant to section 22 of the Ordinance. A total of ten (10) Letters of Illegal Occupation and three (3) Notices of Unauthorized Occupation were issued during the exercise.
The Informal Settlements Unit reiterates that these coordinated enforcement exercises form part of the Government’s ongoing efforts to uphold the law, protect Crown land, and manage informal settlements in a structured and lawful manner. Members of the public are reminded that unauthorised occupation and development on Crown land is unlawful and subject to enforcement action.
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