Residence Permits through Real Estate Investments

Investment in real estate may qualify individuals for residency, either through a Temporary Residency Certificate, a Permanent Residency Certificate (with or without the right to work), or Belongership. Residency in the Turks and Caicos Islands can have significant tax benefits. The Government is committed to seeing the population grow, and has designed an immigration policy to welcome visitors and workers who are committed to the development of the country. Temporary Residency Permit Government may grant temporary Residency Permit on an annual basis for those who wish to live here part time, but keep their official residence in another country. There is annual fee if $600 per person, plus $50 for an accompanying spouse and $25 for each accompanying child. There is also a non-refundable application fee of $50. Permanent Residency Permit Persons making a real estate investment in a residence or a business may apply for a Permanent Residency Permit. This applies to people who wish to come to the Island to retire, or who wish to invest in a business but have no intention of operating that business. There is no residency requirement in the Turks and Caicos, but the holder can claim the island as their principal residence for tax purposes. The minimum investment required is $500,000 on Providenciales, and $125,000 on the sister islands. There is also a one-time fee that ranges from $1,500 to $10,000. The dependant children of permanent residents may be granted permanent residence with the right to work upon reaching the age of majority, if they have grown up in the islands, or rightfully consider the islands as their home. Permanent Residency Permit with the Right to Work Permanent Residency Permit endorsed with the right to work are not issued automatically, but are reserved for investors and workers who have made a clear commitment to the country. Successful applicants will normally have: • Held a work permit as a self-employed person or as a skilled worker and have ordinarily resided in the Island for a minimum of five years, or held an “unskilled work” work permit and ordinarily resided in the island for six years; • Made an investment of not less than $100,000 in a business or residence Providenciales, or $75,000 on one of the other islands; • Demonstrated that he or she is capable of supporting hi/herself and his/her dependant in the islands. In such cases the government may recognize the applicant’s commitment by granting a Permanent Residency Permit endorsed with the right to work. However, the endorsement will restrict the permission to a specified occupation. Once a permanent residence has resided in the islands for the last 10 years, he or she may apply for permission to engage in gainful occupation without any limitation or restriction.