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TheHonorablePremierDr.RufusW.EwingatProvidencialesInternationalAirportIslandspowerupforeconomicgrowthInternationalAirportexpansionunderwayDetailsonoperatingabusinessinTCIBUSINESSGUIDETURKSANDCAICOS2013-14 In2011DamianRodericToddwasappointedGover-norbyQueenElizabethIItobeherrepresentativeandtocarryoutkeydutiestosupportthepeopleoftheIslands.HistwoyeartermwillendinOctober2013.FromtheGovernorTheBritishGovernmenttheGovernorsOfceandtheTurksandCaicosIslandsTCIgovernmentareworkinginpartner-shiptobuildaprosperousfutureforthepeopleoftheTCI.HavingtheUnitedKingdomalongsidetheTCIisimportanttothoseseekingtoinvesthere.TheUnitedKingdomstandswithTCItoensureruleoflawandgoodgovernanceithasresponsi-bilityfordefenceexternalaffairsinternalsecu-ritypolicingandapprovespublicappointments.WearealsoresponsiblefortheregulationofTCIsnancialservicesweworkwiththeTCIFinancialServicesCommissiontoensurethatitsnancialservicesindustryiswellregulatedandmeetsthehighestinternationalstandards.WealsoprovidetechnicalassistancetofurtherstrengthenthecapacityofTCIsgovernmentandinstitutionsparticularlyintheareaofimprovingpublicnances.TheUKstandsreadytohelpTCIinprepar-ingforanddealingwithnaturaldisasters.WeprovideadedicatedRoyalNavywarshipwhichpatrolstheCaribbeanthroughoutthehurricaneseasontrackingthestormsastheypassthrough.AndwepromotetheTCIsinterestsabroadtoo.TheGovernorsOfceworkswithcolleaguesinWashingtontohelptheTerritorymaximisethebenetsfromjoiningtheUSCaribbeanBasinInitiativewhichprovidesimportdutyreduc-tionforcountriesintheregionexportingtotheUnitedStates.TheTurksandCaicosIslandsisverymuchopenforbusiness.H.E.DamianRodericToddGovernorTurksandCaicosIslands4 TheoremostcustomresidentialdesignfrmrenownedthroughouttheislandsforcreatingsomeofthemostsophisticatedandtechnologicallyadvancedluxurypropertiesintheCaribbeanoffersarchitecturaldesignandconstructionservicesrangingfromconcepttocompletion.RAShawDesignsspecializesincreatingauniquesenseofplacewithbuildingtechniquesandarchitecturaldetailsthatreflectthesurroundingculture.Formoreinformationvisitusonlineorcall1.649.941.4394WHEREFORMANDFUNCTIONAREONERASHAWDESIGNS.COM 6Dr.RufusW.EwingleaderoftheProgressiveNationalPartywaselectedPremieroftheTurksandCaicosIslandsinthe2012generalelection.Dr.Ewingisamedicaldoctorwithanextensivebackgroundasapublicservant.FromthePremierOnbehalfoftheGovernmentandthepeopleoftheTurksandCaicosIslandsIwouldliketowelcomeyoutothetranquilinvestorfriendlyandBeautifulByNatureIslandsoftheTurksandCaicos.TheTurksandCaicosIslandsisabeaconforinvestment.InmakingthisstatementwesaythiswithconvictioncondenceandaproventrackrecordoftheGovernmentsupportingin-wardinvestment.Thecountryboastsanidealinvestmentclimatelargelyowedtoastablescaleconomyawellregulatednancialservicesindustrycoupledwithaskilledprofessionalworkforceandad-equateinfrastructurewithincloseproximitytotheUnitedStates.Aspartofarangeofpoliciesdirectedatpro-motinginvestmentandstimulatingeconomicactivitytheInvestmentUnitwithintheMinistryofFinanceservesasacentralagencytofacilitateandsupportinvestors.TheGovernmentiscom-mittedtofurtherremovingunnecessarybarrierswhichmaydelayinvestmentandreplacethemwithpolicieslegislationandincentiveswhichareasattractiveastheislandsthemselves.Weareinterestedinexpandinginvestmentintomanyofthefamilyislandssoastoachieveabalancedeconomybasedaroundadiversiedeconomicbasepropelledbyentrepreneurship.TheGovernmentrecognizesthatinnovationisoneofthekeypillarsintheentrepreneurshipnexusandassuchwearecommittedtosup-portnewandinnovativeideasintheareasofAgricultureandMaricultureLightManufactur-ingTechnologyInfrastructureDevelopmentRenewableEnergyMedicalandPharmaceuticalTourismDevelopmentandFinancialServices.Welookforwardtowelcomingyoutoourislands.TheHonourableDr.RufusEwingPremierTurksandCaicosIslands InternationalBankingServicesandCashManagementInvestmentManagementFinancialPlanningPersonalLoansMortgagesOnlineBankingCreditandDebitCardsOurmulti-jurisdictionalteamsprovideInternationalCorporateandInternationalPersonalBankingsolutions.Wearelongtermrelationshipdrivennotonlytohelpmanageandmaintainwealthbuttoofferappropriatemeansforincreasingit.TheCIBClogoandForWhatMattersaretrademarksofCanadianImperialBankofCommerceusedbyFirstCaribbeanInternationalBankunderlicense.Formoreinformationpleasecontactusat649941-4558orvisitwww.cibcfcib.com.InternationalPersonalBankingInternationalBankingwithPersonaltouch.aInternationalCorporateBankingInternationalBankingServicesandCashManagementSecuritiesTradingandCustodialServicesInvestmentandAssetManagementSolutionsTradeFinanceSolutionsNAICOSFIApprovedLettersofCreditTreasuryProductsandServicesOnlineBanking 8Vol.1PublisherEdenMediaLtd.EditorChristaReckhornArtdesignXarktopiaCharlestonSCJanetEdensConoverContributorsContentDanConoverDwyaneKrzanowskiPaulColemanPrincipalphotographyChristaReckhornCoverJamesRoyParadisePhotographyPhotographyAmyCaicosRichardGreenJSPVisualsChristineMordenParadisePhotographyStevePassmoreProvoPicturesJamesRoyParadisePhotographyPrintcoordinationandprintingTBRGraphicsPlantationFLBusinessAccountingOfficeEmpowerCorporationLimitedAdvertisinginquiriesadvertisingtcibusinessguide.comContactusMailingaddressEdenMediaLtd.POBox1167CaribbeanPlace1254LeewardHighwayProvidencialesTurkandCaicosIslandsE-mailinfotcibusinessguide.comOntheWebwww.tcibusinessguide.comTurksandCaicosBusinessGuideispublishedannuallybyEdenMediaLtd.aTurksandCaicosIslandsregisteredcompany.Copyright2013byEdenMediaLtd.NopartofthispublicationmaybereproducedwithoutwrittenconsentfromEdenMediaLtd.TurksandCaicosBusinessGuideisaregisteredtrademarkofEdenMediaLtd.Thecompilationandreproductionofinformationcontainedinthismagazinehasbeendonewiththeutmostcare.Howevertheinforma-tionissubjecttochangewithoutnoticeandthepublisheracceptsnoresponsibilityforsuchalterationsorfortypographicalorothererrors.AdditionalphotocreditsP22cruiseportChristopherBradshawDreamstime.comP22lighthousesignmusselistock.comP23whaleNOAAP23ospreystevegeeristock.comP23saltpondsstevegeeristock.comP64sandcastleAlboDreamstime.comP56plantgrowingoutofmoneyTatianaPopovashutterstock.comP62kneejanullaistock.comP63surgeryucharistock.comP76womandrinkingwaterRonChappleDreamstime.comP80ATMJuanmoninoistock.comP82signatureDNY59istock.comP84shipcbarnesphotographyistock.comP91roundaboutsignpedrosalaistock.comWELCOMEFromtheGovernor..............................4FromthePremier.................................6UPCLOSETheTurksandCaicosIslands...........12Islandhistory......................................14Calendarofevents............................15QAwiththeMinisterofFinance....30Aviation...............................................32Population..........................................34THEISLANDSMapandoverview.............................16Providenciales....................................18GrandTurk..........................................20SaltCay...............................................21NorthCaicos......................................22MiddleCaicos.....................................23SouthCaicos......................................24EastCaicos.........................................26PrivateIslands....................................282013-14BUSINESSGUIDETURKSANDCAICOS Tourism....................................36CruiseShips............................40Retail........................................42Development................44Construction.................46PropertyPurchase.......50FinancialServices.........54Insurance.......................56WealthManagement.............58TaxPlanning............................60RegulatoryPerspective.........62MedicalTourism.....................64Agriculture.............................66Mariculture..............................68LightManufacturing..............70SpotlightSakaja.....................72Electricity.................................74Water.......................................78Telecommunications.............80ShippingReceiving.............82Banking....................................84Legal.........................................86AirportExpansion..................88Transportation........................93Sanitation..............94Food.......................96Education..............97SpotlightRelocation.............99HealthCare...........................100Security..................................102InvestingintheTCI.............104BusinessLicensing...............105CompanyIncorporation......105LabourImmigration.....106NationalInsurance...............107CrownLandPolicy...............109CustomsDutyGuide........111GuidetoGovernment.........111INDUSTRYPROFILESINFRASTRUCTUREBUSINESSESSENTIALSOursponsorsp11310BUSINESSGUIDETURKSANDCAICOS PopulationThetotalpopulationoftheTurksandCaicosIslandsismorethan31000withaworkforceofabout12000people.Detailspage34.TURKSCAICOSThereismuchthattheTurksandCaicosIslandshastooerpotentialinvestors.TheislandsarediversefromthemaintouristcentreofProvidencialestothemoretranquilislandsofNorthandMiddleCaicosthehistoricislandofSaltCaytothenationscapitalGrandTurkandtheshingmeccaSouthCaicos.Eachislandoersdierentexperiencesforvisitorsandadierentsetofopportunitiesforinvestors.Sustainabledevelopmentmindfulofthenaturalresourcesisthecoun-trysphilosophyyetthebusinessopportunitiesareasendlessasthemanymilesofbeautifulbeaches.TheTurksandCaicosIslandsislocatedinoneofthemostidyllictropicalsettingsintheworldoeringmanyincentivestore-locatepermanentlyortoestablishasecondhome.TheadvantagesoflivingandinvestingintheTCIareasclearasthecrystalwatersthatsurroundit.TimeZoneThesameastheU.S.EasternStandardTimeGMT5TheislandsalsoobserveDaylightSavingsTime.LanguageEnglishistheofciallanguageoftheislandsbutSpanishandFrenchCreolearealsowidelyspoken.CurrencyU.S.Dollar12 FACTSFIGURESLegalSystemSystembasedonEnglishcommonlaw.UKPrivyCouncilisthenalcourtofappeal.EconomyTourismbeganinearnestintheTCIinthemid-80swiththeestab-lishmentofaClubMedresortonProvidenciales.TodayProvidencialessees360000stay-overvisitorsperyear.In2007CarnivalCruiseLinesopenedthecountrysrstcruiseportonGrandTurkwhichnowwel-comesmorethan700000touristsperyear.FinancialservicesisthesecondlargestindustryaftertourismintheTCI.TheTCIhashadlegislationgoverningnancialservicessincethe1970sandisrenownedasacorporatedomicileforbusinessestrustscaptiveinsuranceandshipregistry.CockburnTownGrandTurk350daysofsunshinewithtropicalbreezesGovernmentAUKDependentterritorytheTurksandCaicosIslandshastheirowninternalgovern-mentwithaministerialdemocraticsystem.GeographyTheTurksandCaicosIslandsislocatedintheBritishWestIndiesroughly575milessoutheastofMiamiand30milessouthoftheBahamas.Theclusterofabout40islandsrisesotheoceanoorasalimestoneplateaucalledtheCaicosHeadcreatingshallowwatersthatdroptodeepoceanbeyondcoralreefs.Thegeologycreatesdiversemarineecosystemswithwhitesandbeachesandwatersofsuchbrightbluestheyarevisiblefromspace.LandPropertyTherearenolimitationstoforeignownershipoflandorpropertyintheTCIandnotaxesoncapitalgainsmakinglandandpropertyaninterest-inginvestmentproposition.Nopersonalcorporateinheritanceorannualpropertytax13 HISTORYTheTurksandCaicosIslandsmaybearelativelyyoungcountryintermsofdevelopmentbutitstillretainsastoriedhistorylledwitheventsfromitsrstsettlerstoitsnewestgovernment.Lateinthefirstmillenniatheislandswereset-tledbytheTainoIndians-latertobeknownastheLucayans.Tracesoftheircivilizationcanstillbefoundaroundtheislands.InthecenturiesleadinguptoBritishruleovertheTCItheislandssawthearrivalofEuropeansandre-sultingeradicationoftheLucayanpopulation.YearsaftertheirabsenceBermudianstookupseasonalsaltrakingontheuninhabitedislandsapracticethatwouldlaterbecomeastapleindustryfortheedg-lingcountry.TheBritishociallyclaimedtheislandsin1764puttingthemunderBahamianjurisdictiontwoyearslater.Overthenext80yearsthecountryremainedlargelyunchanged.TheendoftheAmericanRevo-lutionbroughtasmallinuxofBritishloyalistswhotooktosisalfarmingbuttheirsuccesswasrelativelyshortlived.In1848thecountrywasseparatedfromtheBa-hamasandforthersttimeself-governanceensuedfora25yearperiodknownasthePresidencyEra.Un-til1873aPresidentreignedoverthenationassistedbyCouncilunderthesuperintendenceofthegov-ernorofJamaica.Asaresultofunsustainabletaxa-tioncreatedtoosetincreasingdebtsthecountrywasannexedtoJamaicawhereitwouldremainuntilJamaicaclaimedtheirindependencefromBritainin1962.ThoseyearssaweventssuchastheinstitutionoftheTCIsowncurrencywhichwasreplacedwiththeJamaicancurrency25yearslaterandthecon-structionofaU.S.missilebaseonGrandTurk.TherstTurksandCaicosConstitutionwasestab-lishedandtherstelectionsoccurredin1959.WhenJamaicaseparatedfromtheBritishCrownin1962theTurksandCaicosIslandswasreturnedtoBahamianjurisdictionatwhichtimetheyadoptedtheU.S.dollarastheircurrency.TenyearslatertheBahamaswouldgoindependentaswellandtheTCIwouldreceiveitsrstgovernor.In1976aftertheinstallationofanewconstitutionJAGSMcCartneywaselectedastherstChiefMinis-teroftheTCIleadingaministerial-stylegovernment.AfteraCommissionofInquiryin2009Englandsus-pendedtheTCIConstitutionforasecondtimeinitshistorytherstin1986duetoallegationsofcorrup-tionandtookovertheadministrationofthenation.ElectionsinNovember2012markedthereturnoftheTCItoitsformerself-governancepracticeunderitsownreinstatedandrevisedconstitution.ThePro-gressiveNationalPartywaselectedbymajoritytogovernthecountryandtheirleaderDr.RufusEwingwasinauguratedasthethirdPremieroftheTurksandCaicosIslands.750to900circa16681764184119191962196619761969SourceHistoryoftheTurksandCaicosIslands.Dr.CarltonMillseditorSaltindustrybegins.Itlastedabout300yeasendingin1970.Thefrsttelephoneisinstalled.FirstbankinGrandTurkBarclaysopensonFrontStreet.FirsthotelisbuiltonProvidenciales.MercuryCapsuleImageNASATheTainoIndianssetuppermanentvillagesbecomingknownastheLucayanstheIslandpeople.GreatBritainclaimsownershipoftheislands.TheslaveshipTrouvadorewrecksnearEastCaicosfreeingnearly200slavesmanyofwhomwouldremainintheislands.Firstself-electedgovernment.14U.S.AstronautJohnGlennlandsnearGrandTurkaftercompletingthreeorbitsaroundEarth. July6zRacefortheConchEco-SeaSwimGraceBayProvidencialesAugust25zSeafarersBoatFestFiveCaysProvidencialesAugust5zEmancipationDayPublicHolidaySeptember27zNationalYouthDayPublicHolidayOctober14zColumbusDayPublicHolidayOctober18zInternationalHumanRightsDayPublicHolidayOct.31November2zCaribbeanFoodWineFestivalGraceBayProvidencialesNovember23zConchFestivalBlueHillsProvidencialesDecember25zChristmasDayPublicHolidayDecember26zBoxingDayPublicHolidayDecember26zMaskanooGraceBayProvidencialesPublicholidaysmaybesubjecttochangeJanuary1zNewYearsDayPublicHolidayFebruaryzValentinesDayCupBambarraBeachMiddleCaicosMarchzWineCellarGolfFishingTournamentProvidencialesMarch10zCommonwealthDayPublicHolidayAprilzAnnualKiteFlyingCompetitionProvidencialesNorthCaicosGrandTurkApril18zGoodFridayPublicHolidayApril21zEasterMondayHerMajestytheQueensBirthdayPublicHolidayMay26zNationalHeroesDayPublicHolidayMayzBigSouthRegattaRegattaVillageSouthCaicosJunezCaicosClassicAnnualReleaseTournamentBlueHavenMarinaProvidencialeszCrabFestivalBambarraBeachMiddleCaicosCALENDARCALENDAR15 NorthCaicosLushandgreenthefarminghubofTurksandCaicosisevolvingintoaretreatdestinationforthoselookingtogetawayfromthebusierscenes.Islandproflepage26.ProvidencialesThemostdevelopedoftheislandsplayshosttohundredsofthousandsoftouristslookingtoexperiencetrueCaribbeanrelaxationatitsbest.Islandproflepage22.AtlanticOceanPrivateislandsWestCaicosandthecaysPrivateislandswithcurrentdevelopmentsorunderdevelopmentincludethelargerislandofWestCaicossmallercaysbetweenNorthCaicosandProvidencialesParrotCayDellisCayPineCayandWaterCayandAmbergrisCayjusteastofSouthCaicos.Islandproflespage30.575milesSEofFlorida375milesNEofJamaica350milesNWofPuertoRico100milesNofHispaniola16 17MiddleCaicosThelargestoftheislandsoersculturalandhistoricalexperiencesalongwithplentyofwatersportsactivities.Islandprolepage27.GrandTurkHometothecountryscapitalandonlycruiseshipporttheislandscharacterisgrowinginattraction.Islandprolepage24SouthCaicosTheislandsshingcapitalisalsoanidealspotforbirdwatchingandsailing.Islandprolepage28.SaltCayGreatdivingandwhalewatchingarenowthehallmarksofthiscayoncethemainproductionsiteduringthebustlingsaltindustry.Islandprolepage25.EastCaicosUninhabitedbypeopletheislandishometodiversewildlifeoersbeautifulbeachesandmanyvaluablehistoricalgems.Islandprolepage30.islandsmakeuptheTurkandCaicosarchipelagoatthesoutheasternendoftheBahamaschain.milesoftheColumbusPassageseparatetheCaicosIslandsfromtheTurksIslands.islandsareinhabitedAtlanticOceanCaicosBanks40229TURKSANDCAICOSISLANDS17 OpportunitiesProvidencialesAlthoughitsthethirdlargestoftheinhabitedislandsProvidencialeshasthelargestpopulationwithnearly24000residents.ItisthemainattractionoftheTurksandCaicosIslandsandformostthemainentrypointasthecountryslargestinternationalairportislocatedhere.WiththeworldsbestbeachaccordingtoTripAdvisoralongthenortherncoastlineProvidencialestourismindustryhasseensteadygrowthovertheyearsandshowsnosignsofslow-ingdown.Theresidentialmarketisalsogrowingstrongasmoreandmorevisitorsarepurchasingvacationandretirementhomesaswellasrentalproperties.TheGraceBayClubisamongmanyluxuryhotelsthatofervisitorsaworld-classvacationexperience.An18-holechampionshipcourseProvoGolfClubisconsistentlyvotedoneoftheCaribbeansbest.The12-milebeachofGraceBayhasbeencalledoneoftheworldsbest.KnownasProvoitisthemostpopulousfastest-growinganddevelopedoftheislands.AssetsresourceszProvidencialesInternationalAirportzDeep-waterdockzMarinaszCommunityCollegezCheshireHallMedicalCentreTCIHospitalzThreeretailbankswithmultiplelocationszHotelsrestaurantsretailandactivityoperators37.5squaremileszAgriculturezMariculturezTechnologyzLightmanufacturingzHousingdevelopmentszTourismzMedicaltourismzRetailStevePassmoreProvoPicturesGraceBayClubProvoGolfClub18 Anewworldofopportunity...Suite103OceanClubWestPlazaTel6499413361Thelargestmixed-usedevelopmentinTCI.Excludingroadwaysandgreenspacethe22lotsnowbeingofferedtogetherprovide51acresofthebestpricedandlocateddevelopmentsitesonProvo.Themasterplanprovidesforgreenspaceandtherugbypitchiscomplete.Gatedentrancesroadwaysandundergroundutilitiesareallinplace.Lotsarezonedcommercialresidentialormixeduse.IntheheartofGraceBayclosetothemainresortsshoppingandthebeach.ArguablythemostvisuallystunninglocationofanyresortintheTurksCaicosthisdevelopmentsitsonalmost24elevatedacreswithhundredsoffeetofoceanfrontageoverlookingMudjinHarbour.Carefullyconstructedwalkingtrailsleadtospectacularcavesandaccess2beautifulsecludedbeaches.With5oceanviewcottagesmainhousenewrestaurantandabusinesspresenceinplacethisistheperfectopportunitytoacquireagoingconcernandexpanditasanexclusiveeco-resortretreat.OneofakindbeachfrontsiteonGraceBaybeachnestledbetweenTheMansionsandVillaRenaissance.Equallysuitableforcondodevelopmentresortorresidentialaboutiquehotelorforanestatehomeinanincrediblesetting.Thereisalargeattractivetwostoreyresidentialbuildingonthesouthernportion.LocatedrightintheheartofGraceBayjuststepstohigh-endshoppingrestaurantsandcafes.Resurgenttouristandrealestatemarketsmeanthetimingisnowperfect.BernadetteTurksAndCaicosProperty.comSalesTurksAndCaicosProperty.comTurksAndCaicosProperty.comTCPTURKSCAICOSPROPERTYCallBernadetteHunt231-4029BlueHorizonsResortUSD7950000Developmentsite-GraceBayBeachUSD6000000TheVillageatGraceBayUSD9950000 GrandTurkThehistoricislandofGrandTurkcapitaloftheTurksandCaicosIslandsisthecentreofgovernmentandthehomeoftheFinancialServicesCommission.CockburnTownisthecenterpieceoftheislandwithawonderfularrayofhis-toricbuildingsandinns.Thestreetsarelinedwithhistoric18thand19thcenturylandmarksthatrefecttheBermudianar-chitectureofthesaltandcolonialeras.Themulti-milliondollarGrandTurkCruiseCenterattractsmorethanhalfamilliontouristsayear.GrandTurkremainsoneofthemostpopularislandsfordiversaswellasforthosewhowanttoenjoyrelaxinginaplacesteepedinhistoryandsurroundedbywhite-sandbeaches.GrandTurkofersshoppinghistoricbuildingsandtherelaxedatmosphereoftheCaribbean.677000visitorsin2012CockburnTownisthenationscapital.AssetsresourceszHouseofAssemblyzJAGSMcCartneyInternationalAirportzChamberofCommercezCockburnTownMedicalCentreTCIHospitalzFinancialServicesCommissionzCruiseshipterminalzCommunityCollegezNationalMuseumzHistoriclighthouse6.5squaremilesSteepedincenturiesofcolorfulhistoryandhometotheNationalMuseum.OpportunitieszRetailzTourismzLightmanufacturingzMedicalserviceszFinancialServicesInsurancezTechnology20 SaltCayDescribedbylocalsastheislandthattimeforgotSaltCayistheperfectspotforunforget-tableexperiences.Thesmallestoftheinhabitedislandsthewarmthofthenearly100residentsandthecharmoftheBermudianinuencedarchitectureisimmeasurable.Fromthemid1600sto1900stheislandwashometoabustlingindus-tryofsaltproduction.Thesaltindus-trysrichhistoryincludesprovidingsalttoGeorgeWashingtonduringtheAmericanRevolutionaryWarandaidingCanadianandAmericanshingeetswithpreservingtheircatches.Buildingsconstructedduringtheislandsheydayremainalongwiththesalinasfromwhichsaltwasharvested.Alongwithremnantsofaby-goneeraSaltCayoerssomeofthebestscubadivingandwhalewatchinganywherethankstoitsproximitytothedeepColumbusPassage.SaltCayisagemofhistoryandalsooersopportunitiestoobservewildlifeinsomeoftheworldsmostbeautifulnaturalhabitats.AssetsresourceszAirportzDeepwaterportzUNESCOWorldHeritageSitenomineezWorld-classdivingzWhalewatching2.5squaremilesCloseproximitytotheColumbusPassagewhichplungesmorethan7000feetoersspectaculardiving.Acenterinthesalttradefornearlythreecenturies.OpportunitieszMariculturezMarineResearchzEcotourismzDevelopment21 NorthCaicosHistoricallythefarmingcentreoftheTurksandCaicosthesecondlargestinhabitedislandisevolvingintoatouristfriendlyscene.Knownforitslushvegetationandabundantwild-lifeNorthCaicosisaneasilyaccessibleislandwithanumberofnaturalattractionssuchasitsmanynaturereservesandocksofpinkamingos.Thelocalcultureisalsopresentwithcraftmarketsandahistoryofbuildingsloopssmallboatsthatonceferriedproducetotheotherislands.WithluxurypropertiesunderwayandthesamewhitesandybeachesthatneighbouringislandProvidencialesisknownforNorthCaicosisonitswaytobecomingaquietergreenertouristattraction.NicknamedTheGreenIslandNorthCaicosishometomostofthecountrysagriculturaloperations.Abundantrainfallmakesitthelushestoftheislands.Milesofpavedlightlytravelledroadsareidealforcycling.AssetsresourceszMarinawithregularferryservicefromProvidencialeszAirportzHeritagesitesandplantationzFlamingonestingsiteszFertilesoilz7-milestretchofbeachzSecludedbays41squaremilesOpportunitieszHotelCondodevelopmentzEcotourismzAgro-industriesincludingagricultureandlivestockzLightmanufacturingStevePassmoreProvoPicturesAmyCaicosAmyCaicos22 MiddleCaicosTheBlueHorizonResorttakesadvantageofthegrowingdemandforecotourism.ThelargestislandoftheTurksandCaicosMiddleCaicosishosttoasignifcantamountofcultureandhistory.TheislandcontainsartifactsfromtheonceindigenousLucayanIndiansandfeaturesTheConchBarCavesthelargestabovegroundcavesysteminalloftheBahamasandTurksandCaicosarchipelago.TheBambarrasettlementoriginatedasasettlementforshipwreckedsurvivorsfromtheAfricantribeofBambarra.Todayitisaplaceforpeopletoenjoyanumberofwatersportsincludingsnorkelingkayakingbonefshingandevenmodelsailboatracing.Anannualcompetitionseesthelocalwatercraftartisansracetheircreationsinafriendlycontest.MuchofwhatmakestheCaicosIslandsuniqueisaliveandwellonMiddleCaicosfromstrawworksandothercraftstonaturaltreasuressuchaswetlandslimestonecavesdiversewildlifeandunspoiledmarineenvironments.Thenortherncoastlinefeaturesdramaticlimestoneclifsandlongbeachesofwhitesand.RegularferriestraveltoNorthCaicoswhichconnectstoMiddleCaicosviaacauseway.48squaremilesOpportunitieszHotelCondodevelopmentzEcotourismzAgro-industriesincludingagricultureandlivestockzLightmanufacturingStevePassmoreProvoPicturesImagesAmyCaicosAssetsresourceszAirportzCausewayconnectingNorthandMiddleCaicoszHistoricandarchaeologicalsiteszLimestonecavesystem23 24SouthCaicosbigshingindustryshowsthateventhesmallerislandsofTurksandCaicoshavealottooer.KnownforitsshingavianlifedivingandhistorySouthCaicosservesupatreasuretroveofuniqueislandexperiences.AninternationalairportoncebroughtabuzzofactivitytotheBigSouth.Althoughthetourismfocusshiftedinrecentyearstootherneighbouringislandsnewhotelandresidentialdevelopmentsarereviv-ingactivity.Withlong-termplansforrestorationstothedowntownSouthCaicosisndinganewnicheasasustainabletourismdestination.StilltheshingcapitaloftheislandsSouthCaicossheriesarechurningoutthemajorityoftheshlobsterandconchcaughtinlocalwatersandpackagingthemforbothdomesticandinternationalsale.SouthCaicosTheBigSouthRegattasetssaileveryMay.Thefshingindustryhasfoundsuccesswithlobsterconchandothervarieties.AssetsresourceszAirportzNaturaldeepwaterharbourzInternationalSchoolforFieldStudieszFishingcapitalzSeveraldevelopmentsinprogressOpportunitieszTourism-relatedbusinesseszRetailzRestaurantzEcotourismzMarineResearchzYachtingSailing8.5squaremilesSouthCaicosisrenownedforrelaxedlivinginanaturalsettingwithadeepwaterharbourandgreatdivingopportunities.SchoolforFieldStudies24 Nowuninhabiteditoncewashometoasisalplantationandcattleranchers.Amagnicentmangroveecosystemourishesundisturbed.AssetsresourceszLargeplotsofavailablelandzHistoricsiteszUnspoiledvistas21.7squaremilesOpportunitieszHoteldevelopmentzEcotourismzTechnologyzAgricultureEastCaicosEastCaicosisthefourthlargestislandintheTCIwhichalsomakesitthelargestuninhabitedisland.Despiteneverseeinganexpansivepopula-tionitwashometoafewindustriousendeavorsinthelate1800swhenitsnaturalfeatureswereputtogooduse.Themostlyatterrainprovedtobegoodforgrazingcattleandsisalfarm-ingwhilethecavesystemswereanexcellentsourceofguanoforfertilizer.Thoseindustrieshavesinceshutdownbutremnantsofthemcanstillbefoundthroughouttheisland.UninhabitedbutnotwithoutitscharmsEastCaicosishometothehighestpointintheTCIFlamingoHillwhichstandsat48metersanditplayshosttotwowell-knownshipwreckstheTrouvadoreandtheEnterprise.StevePassmoreProvoPicturesAmyCaicosAt48metersFlamingoHillthehighestpointintheTurksandCaicosIslands.26 fortistci.com649-946-43131030LeewardHighwayProvidencialesTurksandCaicosIslandsEnergyForGood.TM CayscombineluxuryunspoiledbeautyInadditiontothelargerislandswherethemajorityofthepopulationre-sidestheTurksandCaicosincludesanumberofprivatecayswithintheirislandchain.SmallercayslikeParrotCayPineCayandAmbergrisCayarehometosomeofthecountrysmostlavishre-sortsandhomes.OnParrotCayyoullndextraordinaryprivateresidencesallapartoftheCOMOShambalaParrotCayResort.PineCayofersaback-to-basicsluxurywiththeMeridianClubandAmbergrisCaysremotelocationmakesitasecludedluxurycay.DellisCayandJoeGrantsCayareprimespotsfornewdevelopmentsca-teringtothoselookingfortheprivateislandfeelwhileWestCaicosisinthefinalstagesofdevelopmentwithitsownMolassesReefresortproject.PRIVATEISLANDS28Eachoftheprivateislanddevelopmentsblendsnaturalbeautywithpamperingforthesoul.AmbergrisCayWestCaicosJasonSintekParrotCayParadisePhotography 30QWhatisthecurrentstatusofthelocaleconomyAIthinktheeconomylookshealthyinthemedium-longterm.Intheshorttermwehavetobitethebulletbecausewehavethedebtweinheritedbutwearemakingsignicantstepstowardsreturningthat.Wewillbecontributing41milliontotheSinkingFundthisyearoutofadebtof170million.QWhatcanweexpectforthenextnancialyearAWeareobligedtosubmitabalancedbudgetsothe201314budgetwillshowsomegrowthbothintermsofrevenueandexpenditurebutwewillstillendupwithasurplus.ThelargerportionofwhichwillagaingotowardstheSinkingFundtoreducethedebtload.QAproposaltoimplementVATwasrepealedinAprilwhatmeasuresarenowbeingconsideredtomeetrevenueprojectionsAWeareintheprocessofestablishingaBlueRibbonCommissionontaxationorrevenuethatwillreviewthecurrentrevenueregime.Withthatwemayseeanadjustmentofsomeofthecurrenttaxationmeasuresorcompleteeliminationofsome.Theaimistosimplifythestructuresothatthetaxbaseisbroaderbutfairer.QDoesthismeanraisingtaxesAIdontexpectanyincreaseintaxationpersaywhatIexpectisarationalizationofthestructurewhichmayresultinsomeofthesmallermoreexpensivetocollecttaxmeasuresfallingaway.Ourintentionisnottoincreasethetaxburdenatallbuttomakesureeveryonepaystheirfairshare.QWhatarethemaincapitalinfrastructureprojectsplannedfor201314AInthe201314budgetcapitalinvestmentstotal14.5millionofwhichmorethanhalfisalreadycommittedtothreemainareasNorthMiddleCaicosCausewayacquiringthenecessarylandsurroundingtheairporttoaccommodatetheexpansionandsocialinfrastructureinvestmentsthataregoingtohavealong-termimpact.QLookingintothefuturethegovernmenthassuggestedsomelargerinvestmentplanssuchasaseaportinSouthCaicos.WhyAThesearelong-termstrategicdecisionsTCIgovernmenthastomaketoreducethebarrierofgettingintobusinessandtobeabletomaintainandencourageinvestmentbecausetherewillbepopulationgrowthandifwecanspreadthingsoutmorealloftheislandsbenet.QWhatisyourplantoencourageoutsideinvestmentintotheTurksandCaicosIslandsAOurplanistocreateasfriendlyaspossibletheinvestmentenvironmentsothatthegrowthwillbeprivatesectorledasitshouldbe.QTheInvestmentPolicy2012iscurrentlyunderreview.WhatisthefocusfortheshorttermAMakingsurethejurisdictioniscompetitivethatthedocumentiscomprehensiveanddetailedenoughbecausebusinessesareofdierentsizesandrequiredierentlevelsofassistance.Alsoinordertoencouragelocalinvestmentaddingincentivesforthelocalbusinesscommunitytogrow.QWhatotherareasareyoulookingatimprovingAStreamliningimmigrationsuchasdevelopingimmigrationprotocolswithsomeofthelargerdevelopmentssotheirimmigrationrequestscanbefasttracked.Creatingpoliciesthatwouldencouragepeopletodomicilesomeoftheircompanieshereparticularlyregionaloperations.Creatingincentivesfortechnologyparkswherecompaniesoreducationalinstitutionscanundertakeresearchanddevelopment.QHowdoyouenvisionthefuturerelationshipbetweeninvestorsandthegovernmentAWeareworkingtocreateamorerobustfocusedonaone-stopshopstrategyinvestmentagency.Creatingoneplaceinvestorsgotomakealltheirsubmissionsandgetalltheirresults.QWhatfutureprojectsareyoulookingtoentertainfortheTurksandCaicosIslandsAWeareidentifyingzonesofwhatcanbedonewherebutintheconnesofthoseguidelinesIthinkwehavetobeopentonewideas.Wedontwanttohaveasituationwherethetailstartstowagthedogbutwealsocannotbeafraidofsettingtrends.Ourplanistocreateasfriendlyaspossibletheinvestmentenvironmentsothatthegrowthwillbeprivatesectorledasitshouldbe.QAECONOMYTAXESINVESTMENTwithWashingtonMisickMinisterofFinanceTradeandInvestment 32fightconnectionsDirectfromU.S.zAmericanAirlineszContinentalAirlineszDeltazjetBluezUSAirwaysOthercountrieszAirCanadazBahamasAirzBritishAirwayszTortugAirzWestJetNationalairlineszAirTurksCaicoszCaicosExpressNewYork............3hoursBoston.............3hr15mNewark..............3hoursCharlotte...........3hoursAtlanta...............2hoursMiami..............1hr15mDallas...............4hr30mToronto............3hr30mOttawa...............4hoursMontreal.........3hr30mPhiladelphia....2hr45mLondon............12hoursModernairtravelisrightathomeinTurksandCaicosfrominternationalightsandFixedBaseOperatorFBOarrivalstoservicebetweenthelocalislandsanddestinationsthroughouttheCaribbean.Amajorexpan-sionisinprogressattheProvidencialesInternationalAirportthatwilldramaticallyincreasethenumberofightsitcanhandle.Severalislandshaveavailableair-stripsreadyforthecargoandpassengersofgrowingbusinesses.Formoreontheairportseepage88.326000averagenumberofstopovervisitors2011-12AirportsoftheTurksandCaicosTheTCIhasfourdesignatedinternationalairportsGrandTurkProvidencialesNorthCaicosandSouthCaicosandtwodomesticairportsMiddleCaicosandSaltCay.TherearealsotwoprivateairportsPineCayandAmbergrisCay.In2012ProvidencialesInternationalAirportsawanaverageof50commercialfightsaweek.fyingtimesAirlinesservingtheislandsAVIATIONPrivatejettravelaccountedfor3ofstop-overvisitors. DynamicgrowthcontinuestotransformthedemographicprofileoftheTurksandCaicosIslandsaccordingtothemostrecentcensusofthenationspopulation.Newcomersdrovetheexpansionwhichsawtheislandspopulationexpandbyarecord58percentbetween2001andJanu-ary2012.WithmoreforeignerswithoutafamilyconnectiontotheislandstakingupresidenceintheTurksandCaicosIslandsresidentswithoutvotingstatusnowcom-priseamajorityoftheadultpopulationforthefrsttimeinthenationshistory.TheinfluxofexpatriatespushedthepercentageofNon-TurksandCaicosIs-landersage18andolderto57.5percent.ExpatsnowcomprisethemajorityoftheadultpopulationsonProvidencialesandNorthCaicoswhichhadthe131residentsofParrotCayincludedinitscount.BoomingeconomicdevelopmentonProvidencialesremainedtheprimaryen-gineofthistremendousgrowthforthethirdconsecutivecensus.Asresortcon-structionalongGraceBayacceleratedthepopulationofProvidencialesexplod-edfrom977in1980to13021in2001.Itexpandedby82.5percentinthe2012countreaching23769residents.TodayProvidencialesishometo75percentofthenationspopulationandroughly62percentofthemtookupresidencewithouthavingafamilyhistoryintheislands.Thoughthetabulardataonthedemo-graphicquestionsfromthe2012cen-sushaveyettobereleasedthesimpleheadcountconfirmsthebigpicturethatresidentshavelongunderstood.Providencialestourismboomcontinuestoattractnotonlyforeignnationalsbutlocalsdrawntotheislandslabourmarket.POPULATIONTotalpopulation201231458Increaseinpopulation2001-201258.2ParrotCay129.9Providenciales82.5GrandTurk21.5SouthCaicos7.1Source2012TurksandCaicoscensusTotalpopulationbygender16037males15421females.MostdenselypopulatedGrandTurk700peoplepersquaremileProvidenciales23769GrandTurk4831NorthCaicos1312SouthCaicos1139MiddleCaicos168SaltCay108ParrotCay131About75ofthepopulationlivesonProvidenciales.Providencialesisthefastestgrowingisland.TurksCaicosIslanders42.5LeastdenselypopulatedMiddleCaicos4peoplepersquaremile34 INDUSTRYPROFILES 36Afterlimpingthroughseveralgloomyyearsinthewakeoftheglobalnancialcrisisworld-widetourismappearstobeturningacorner.Globalarrivalsareontheupswingtopping1billionforthersttimeinhistoryin2012.Likefarmerswelcomingrainafteradroughtinternationalindus-tryleadersareoptimisticifabittentative.ThestoryissomewhatdierentintheTurksandCaicos.RalphHiggsTCIdirectoroftourismde-scribestheindustryasonthereboundbutfromabroaderperspectivethelowsherewereneverasbadastheywereelsewhere.Withthebulkofitstourism-relatedeconomystillfocusedonProvidencialesandwiththeTurksandCaicosbrandcarefullyalignedwiththeinterna-tionalluxurytravelmarketinNorthAmericaandtheEurozoneovertheyearsTCItourismavoidedtheworstoftheglobalrecession.Todaywiththerestoftheindustrygenerallyconcentratingonrecov-eryTCItourismisplottingacoursetowardanewphaseofgrowthoutreachandheightenedinterna-tionalawareness.WhileNorthAmericandepartureswereamongKeyeconomicsectoralreadyexpandingTOURISMProvidencialesanditsmostpopularbeachGraceBayhaswonnumerousaccoladesincludingTripAdvisors1BeachDestinationintheworld.ChristineMordenParadisePhotography thehardesthitbetween2007-09TurksandCaicosweatheredthestormbyappealingtowealthytrav-elerswhowerelesslikelytoputoftheirvacationsasacost-savingmeasure.WithboththeUnitedStatesandCanadanowineconomicrecoverythepictureisonlyimproving.WehavenotevenbeguntoscratchthesurfaceofthepotentialtheNorthAmericanmarketholdsforusHiggssaid.Intheinterimthenationstourisminfrastruc-turehaslargelyeitherimprovedorhelditsground.Providencialesroadsmedicalfacilitiesandtele-communicationshavebeenupgradedandwithamajorrunwayextensionalreadyinplacethena-tionsprimaryairportiscurrentlyexpandingandmodernizingitsterminal.TheGrandTurkCruiseTerminalhasgrownandanewvisitorscentreinCockburnTownisbuiltandawaitinginvestors.Butmostimportantlythenaturalenvironmentremainsvirtuallyuntouchedprotectedbyafunc-tioningnationalparkssystemthatensurestheabundanceofmarinelifeandkeepsthebeachespristine.SothosefundamentalsbeingsoundlyinplacetheyarethebedrockonwhichTurksandCaicostourismwillgrowandbesustainedHiggssaid.Ithinkthefutureispromising.Tradewindsandshallowbeachesareasirencallforkiteboardersattractingbothprofessionalsandamateursfromaroundtheworld.QuincyDeinforBESTKiteboarding 38HiggssaidthependingconstructionofnewhotelsonProvidencialescouldnothavecomeatamoreimportanttimeinthecountrysdevel-opmentcycle.TheadditionofaluxuryEuropeanPlanEPhotelbrandincludingatleastonehotelwithconventionfacilitieshelpsdiversifythetour-ismbasewhilethenewresortskeepthecoun-trymovingontherighttrack.Thecontinuedsuccessoftherestaurantsceneisanimpor-tantfactorinestablishingtheEPmarketonGraceBayandeachtrendcannowsup-porttheother.InthemeantimethecountryhasbeenreachingouttotheSouthAmericantravelmarketparticularlyBrazilwhileexplor-ingnewopportunitiestoattractAsianlux-urytravelers.ThecountryrecentlyreceivedApprovedDestinationStatusfromtheChinesegovernment.Butexpandingthelocaltourismeconomyre-quiresmorethannewfacilitiesfordayvisitorsonGrandTurkandresorttravellersonGraceBay.ThefamilyislandsmustbepromotedasthegemstheyarebutalsoforwhattheycanbecomeHiggssaid.TourismgrowthinTCImustbedoneissuchawaythattheentirepopulationbenetsfromit.Thatistheonlywayitisgoingtobesustainableandhavelongevity.151372visitorsin2000nearly1000000visitorsin201279ofvisitorsarefromtheUnitedStates12travelfromCanadaHiggsalsocitedabroadercollaborationwiththeTurksandCaicosHotelandTourismAssociationasanotherrecentdevelopment.MichelNeutelingstheassociationsnewpresidentseessimilarben-etsfromanexpandingpartnershipwiththenewgovernment.TheresawholenewchapterbeingwrittenintheTurksandCaicoshesaid.TheassociationisworkingonfourmajorprojectsCreatinganationalskillsbankforthehospitalityin-dustrylaunchingaprivatelyownedhotelinstituteinconsultationwiththeTurksandCaicosCommu-nityCollegesoasnottointerferewithexistingIslandrestaurantstakefulladvantageofthenaturalsettingtoenhancevacationersexperiences.TheTurksandCaicosismakinganameforitselfasatopculinarydestination.GansevoortJSPVisuals.comBeachHouseErikGraham3500keysin20125000projectedin2017approximate programsproducingamultimediapublicrelationscampaigntoreinforcetheimportanceoftourismtothedailylivesofislandersanddevelopinganongo-ingprogramofmotivationaltraining.Additionallytheassociationiscommittedtoen-vironmentalprotectiongreenenergyproductionandideasthathelptomakeabetterandmorehar-moniousplaceNeutelingssaid.Theassociationhopestotakeamoreactiveroleindevelopingandifneedbefundingthelocaltourismagendainpartbecausethegovernmenthasbeencomingthroughaperiodofausterityanditsrevenueslimittheprojectsitcanundertake.Withthecountryrebootingitselfviaanewgov-ernmentandanewconstitutionastheglobalre-coverytakesholdNeutelingsseesgreatpotentialforTurksandCaicostogetallsortsofthingsrightfromlivabilitytojobtrainingandaninternationalreputationforqualityservice.Andallofthatcon-tributestoapricelessword-of-mouthbrandfortourismhere.Tobemorecompetitivecomparedtootherdes-tinationsithastobeagoodlivingenvironmentNeutelingssaid.Weresmallenoughtobeabletoaectthatkindofchange.Thatsthebeautyofbe-ingasmalldestination.AskilledandfriendlyworkforceisoneofthemanyreasonsTurksandCaicosisatoptraveldestination.GansevoortJSPVisuals.com 40CRUISESHIPSCarnivalCruiseLineslargestshipBreeze1004lengthinfeetvisitstheportwith3690passengers1386crewVisitorsbythehundredsofthousandspassthroughGrandTurkeachyearsteppingoftheircruiseshipstocontributetothelocaleconomy.GrandTurkCruiseCenterDespitestunninggrowthsincetheGrandTurkCruiseCenteropenedin2006thewordthatkeepscomingupwhenpeoplediscusstheis-landscruise-relatedeconomyisuntapped.TheGrandTurkterminalwelcomed261shipcallsin2012downslightlyfromthepreviousyear.Butthenumberofvisitorsonthoseshipsrose3.2percentto676647.Thatnumberwastrendingtoward800000in2013beforeanunanticipatedthree-weekportclosureinMarchsaidDavidCandibvicepresidentfordevelopmentandop-erationsforCarnivalCorporation.SeventypercentofallvisitstotheTurksandCaicosIslandsnowenterviatheGrandTurkCruiseCenter.Arrivalstypicallyspendsixtoeighthoursinportwiththemajorityoftheportcallsoccurringduringtheweek.Theterminalcanhandleasmanyastwoshipssimultaneouslywelcominganaver-ageof2500passengersand1000crewmemberspershiptothe18-acrecruisecentre.Visitorscanshopdinerelaxonthebeachsurfarticialwavesorswiminthepool.Avarietyofexcursionopera-torsstandbytogivevisitorsabetterlookatislandlife.MuchoftheinterestinGrandTurkasadestina-tionstemsfromtheislanditselfbutitslocationrelativetomultiplecruisedeparturehubsintheUnitedStatesalsomakesitcompatiblewithava-rietyofitinerariesCandibsaid.Wehaveseentre-mendouscontinuedinterestinthedevelopmentofGrandTurkasadestinationfromtheindustry.ButforallthatgrowthandsuccesscustomerfeedbacksuggestsvisitorswantmoreoptionsonGrandTurkandshowaninterestinvisitingotherislandsincludingSaltCay.Muchofthedestina-tionspotentialappearstobestilluntapped.Carnivalincreaseditscommitmenttotheislandin2011whenitconstructeda23000-squarefootvisitorscentreinhistoricdowntownCockburnTownaboutaneight-minutedrivenorthofthecruiseterminal.Thecompletedfacilityisexpectedtoboostthelocaleconomybutwontopenuntilitattractstherighttenants.Candibsaidopportunityisthereforretailaswellasfoodandbeverageop-erations.Weveseenaremarkablegrowthandaccep-tancefromthecruiseindustryinaveryshortamountoftimeCandibsaid.ButtherearestilltremendousopportunitiestobehadsevenyearslaterinGrandTurk.PeakseasonisNovemberthroughApril.Cruisescreatinguntappedpotentialpassengerson261cruiseshipsvisitedin2012passengerson136cruiseshipsvisitedin2006theinauguralyearfortheGrandTurkCruiseCenter67664729500047shipsscheduledtovisitwithoneinport27of31daysinDecember2013.47 Weinsurethisone...DoweinsureyoursA-ratedhomeinsuranceAmemberoftheBAFGlobalGroupBahamasCaymanTurksCaicosComprehensiveprotectionincludinghurricaneandood.Personalliabilityfor1000000Employersliabilitycoveringinjurytoyourstafffor1000000LossofrentalincomeoralternativeaccommodationifyourvillaismadeuninhabitablebyaninsuredperilNopolicydeductiblesapartfromhurricaneandearthquakelossesLossordamagetocontentsupto5000limitpersingleunspecifeditemofvaluablessubjecttocertainconditionsOurVillaPoliciesincludeatnoextrachargeContactusforaquotedwain.baylesinsurancecentretci.comcell649.232.3722www.insurancecentretci.comInstantquotationswithoutobligationVillasatBlueMountain 42RETAILAstheprofileoftheTurksandCaicosvisitorevolvesmultipleindicatorssuggestthatin-creaseddemandforthingstoseeanddowillequatetoincreaseddemandforretailspaceandcommercialrealestate.Inthelastsixto12monthsdemandhasstartedpickingupsaidRosieNichollsacharteredsurveyorwhatpeopleinNorthAmericawouldtypicallycallarealestateappraiserwhospecializesinthecom-mercialandretailmarketonProvidenciales.NichollsworksasanassociatedirectorforBCQSapropertyanddevelopmentconsultancywithocesacrossLatinAmericaandtheCaribbeanandman-agesthecommercialpropertyatSaltmillsPlazainGraceBaywhichshesayscurrentlyhasawaitinglistfornewtenantsfortheirgroundoorretailunits.Thatisabigturn-aroundfromjusteighteenmonthsago.Theeconomyisdirectlytiedtotheper-formanceofthetourismindustrysorecentactivityintheretailandcommercialsectorshaslargelybeentheresultofrecoveryfromtheworstofthereces-sion.WithProvidencialeshigh-endretailsectorshift-ingtoGraceBayfromdowntownoverthepast10yearsasurgeindemandforretailcommercialspacebroughtanewwaveofmixed-usepropertiesontothemarketjustastheglobaleconomyplungedintorecessionin2007-08.Theresultingglutinitiallybroughttheretailrealestatemarkettoastandstillandrentsdropped.Providencialeswhichrepresentsroughly80per-centofthenationspopulationandeconomyhasdevelopedthreecommercialareaseachwithadis-tinctidentity.Downtownisevolvingintoanaffordableplacetoshopanddobusinessbuoyedinpartbyseveralgovernmentocesandcloseproximitytotheair-port.WhatscometobedescribedasMidtownisanchoredbyshoppingdevelopmentssuchastheGracewayPlazaCourtyardPlazaandLaVistaAzulinTurtleCove.GraceBaywithitsresortsandhigh-endresiden-tialdevelopmentsisthrivingasadestinationforluxuryshoppinganddining.Itsalsothepreferredaddressforupscaleprofessionalswhocatertotheauent.CommercialretailoutletsonProvidencialestendtobeamixofretailwithocesontheupperoorsandwhileofficespaceremainslargelyavailableretailrentalandpurchasepriceshavestartedtore-bound.EverybodywantstobeonGraceBayRoadsothatsatapremiumsaidNicholls.ForsmallerstorefrontbusinessesGraceBaysmoderninventoryoerseverythingfrommanagedrentalstolong-termleasesorlease-to-buyoptionsandopportunitiesforcompaniestopurchasere-tailandcommercialspaceoutright.Thisgivesnewventuresawidearrayofinvestmentpossibilitiesdependingonthestart-upcapitalavailabletothem.Provohasreallyturnedacorner.ThereseemstobealotmorecondenceinthemarketnowwithacoupleofnewdevelopmentswhicharehappeningsaidNicholls.Otherislandsarealsoseeinggrowthintheretailmarketsuchasthenew23000sqftretailplazaonFrontStreetonGrandTurkthatisseekingqualiedtenantstooperatethespaces.RetailmarketonthereboundSeveralshoppingplazasfeaturingretailandothercommercialspacearerightofthebeachonProvidenciales.SaltmillsPlaza TEXTDEVELOPMENTInthemonthsleadinguptotheglobalrecessionandnancialcrisisof2008developmentintheTurksandCaicosIslandsboomedwithinterna-tionalcondence.Intheyearsthatfollowedisland-erswouldcontendnotonlywiththedoldrumsoftheworldwideeconomybutalsosuerthroughatop-to-bottomoverhauloftheirgovernmentalandnancialsystems.Butastheglobaleconomicrecoverycontinuesthecountryisre-emergingasadevelopmentoppor-tunityonlythistimeitswithamorereliableandprofessionalfoundationforinvestment.Iamextremelyoptimisticatthepotentialnotonlyinthenext12monthsbutthroughoutthecurrenttermofthegovernmentandbeyondsaidWashingtonMisickTurksandCaicosministerof-nance.ItsnotonethingthatgivesMisickcondencebutavarietyofthem.High-endinternationaltourismthefoundationofthelocaleconomyremainsthemostreliablesectorofthetourismindustry.Thelocaleconomygrewatabrisk4.3percentin2011.Thequalityofthedevelopmentandinvestorgroupsdoingbusi-nessintheislandsisontherise.Once-promisingresortprojectsthatfellintolimboin2008-09areontheirwaybackthankstorenancingbygroupswiththeresourcestobringthemtofruitionMisicksaid.Andtherstinwhatappearstobeanewwaveofresortdevelopmentsarejustbeginningtocomeashore.ConsiderthenewsfromlastfallDesarrollosHotelcoGroupsignedthreeMemorandaofUnder-standingcovering500millioninproposedresortdevelopmentnancingenoughtoconstructthreenewresortswithalmost900five-starroomsonGraceBay.WewereattractedtoTCIbecauseitisahighendtourismdestinationwithgreatpotentialfriendlyandwelcomingpeopleandanexcellentinvestmentclimatesaidPedroVeraoftheVenezuela-basedHotelcoGroup.WelookforwardtoinvestinginTCIandbeingaparticipantinbringingluxuryresortbrandstotheseislands.Thatalonecouldbeenoughtojump-startaneweraofgrowthonProvidenciales.Butsomeobserv-ersoftheislandeconomyincludingresortdevelop-erMarkDurliatseeanadditionalopportunity.TheybelievethegreatsortingofthepastveyearshasHotelindustryexpandingatbriskpaceWewereattractedtoTCIbecauseitisahighendtourismdestinationwithgreatpotentialfriendlyandwelcomingpeopleandanexcellentinvestmentclimate.PedroVeraDesarrollosHotelcoGroupAnnouncedprojectszThirdTurtleprojectProvidencialeszTheResidencesProvidencialeszGreatHouseSailrockSouthCaicoszHotelandMarinaGrandTurkzMolassesReefWestCaicoszJWMarriottProvidencialeszTheShoreClubProvidencialesArenderingoftheplannedMarriottprojectonProvidenciales.44 NeptuneCourtGraceBaycasltciway.tcwww.cas-tci.com649.941.3663ProvidingprofessionalcommercialandresidentialpropertyservicesintheTurksCaicosIslandssince1995.PropertyadvisoryservicesValuationappraisalservicesQuantitysurveyingDevelopmentcostconsultantsProjectmanagementDevelopersrepresentationInspectionreportsclearedthewayforanewstyleofresortproject.Themoneycominginisgoingtobemoreinstitu-tionalDurliatsaidinlate2012.Iseethathappen-ingwithoutquestion.Itwilldenitelyaswegrowbecomemorehomogenized.TheMarriottswillde-nitelyarrive.Thatiscominginevitably.Andaspredictedinthespringof2013JWMarriottHotelsandResortswasannouncedasthebrandbehindthepreviouslyrevealedDesarrollosHotelcodevelopment.Thisnextwaveappearstobearrivingdespiteatighttraditionalcreditmarketwhichisdriving-nancierstowardequityinvestorssaidSimonTaylormanageroftheTurksandCaicosoceofBCQSaconstructionanddevelopmentconsultancy.Inves-torsTaylorsaidperceivethatresortdevelopmentinTurksandCaicosisagooduseoftheirmoneythattheresgoingtobeanotherupturn.EvencomingoutoftheworstoftherecessionyearswithbankssittingonportfoliosofdistressedresortpropertiesandinvestorsfacinganxietiesabouttheoldTurksandCaicosgovernmentthebrightspotinanotherwiseatdevelopmentpicturehasbeenhigh-endpropertiesandprivatevillasTay-lorsaidcitingprojectslikeDurliatsTheResidencesbyGraceBayResorts.OthersectorsparticularlyProvidencialescondomarkethavestruggledundertheweightofpre-crashinventorysurpluses.ButJoeZahmaProvidencialesBrokerRealtorsaysthatavailablein-ventorieshavebeenshrinkingandthatnewcondoprojectswillbeannouncedonGraceBaywithintheyear.Theymaybenanciallystructuredabitdier-entlybutthiswillsoongetworkedout.Ofcoursewhilethemacropicturetrendstowardslargeanchorresortprojectsandluxurydevelop-mentonprimeGraceBayrealestatesavvydevel-opershavealsomanagedtoturnprotsonsmartsmallprojects.TherisingsuccessofProvidencialesresorteconomyhascreatedanunder-servedprofes-sionalclassthatneedsaordablehousingandCa-nadianexpatriateKellySullivanhasthreadedtheneedlebetweenqualityandaordabilitywithbothhisVenetianRidgeVillasandmorerecentlyhisOneOnMarlincondodevelopment.Itallcomesdowntohavingsomethingthatrep-resentsgoodvalueinthemarketplaceSullivansaid.GivenitsplaceinmodernTurksandCaicositsnosurprisethatmuchofthenewactivitycentersonProvidenciales.ButthegovernmentisinactivediscussionswithdevelopersaroundthreedierentprojectsonGrandTurkSailrockhasannouncedtheGreatHouseHotelonSouthCaicosandtherevivalofplansderailedduringthenancialcrisishassetinmotionalargeinvestmentonWestCaicos.IamextremelybullishFinanceMinisterMisicksaid.Iamabsolutelybusytryingtomoveprojectsthroughthepipelineatthemoment. 46CONSTRUCTIONTheinfrastructuremanagementexpertiseandskilledlabourhavelongbeenavailableintheislandsforconstructionprojectsbothlargeandsmall.AfterdecliningduringtheworstoftheglobaleconomiccrisisconstructioncostsintheTurksandCaicosareshowingsignsofstabilizationin2013reectinggrowinginvestmentanddevelop-menttrendsthatareexpectedtodriveupdemandforconstructionlabourevenasoverallcostsareprojectedtostayrelativelyatthrough2015.Costisanimportantbutnotall-importantfac-torinanydevelopmentprogramandthatspartic-ularlytrueintheCaribbean.Withnationalbound-ariesimportdutieswork-permitrulesfeesandisland-hoppingtravelrequirementsacquiringandmaintainingaskilledandlocallyadaptedworkforceofconstructionlabourerscraftsmenengineerses-timatorsandarchitectsisnosmallfeat.ThisiswhyitisalsosoessentialtothehealthoftheconstructionindustryinTurksandCaicos.Ithardlymattersifinternationalinvestorswanttoputdownmillionsofdollarstobuildnewluxuryresortsifthecountrylackstheworkforceandinfrastruc-turetoexecutetheirvision.Therstthinginvestorsneedtounderstandisyoudonthavetobringincontractorsfromout-sidesaidDavidHartshornprincipalofProjetechalocalrmthathasbeenintheindustryinTurksandCaicosfor32years.Therearewell-organizedex-periencedgood-qualitybuildersonisland.ItisimportanttounderstandthatwedontbuildhereliketheydoonotherCaribbeanIslands.Everyislandisdiferent.Youhavetodesigntothetoolsandtheskillsyouhaveontheisland.Allthoseskillsandallthatexperienceisavailablehereandhasbeenhereforalonglongtime.Thatexperiencewasoftenhard-won.Theis-landsdidnthavemuchofanexperiencedworkBuildingindustryonsolidfoundationTCIGGovernorsOceTheconstructionindustryissupportedbyanumberoflocalsupplierssuchasconcreteplantsandmillworkshops.BeachesTurksCaicosResortVillagesSpa designbuilddevelop649.941.3600moreinfonorstargroup.tcforcewhentheGraceBayresortboombeganinthe1990s.ButafteragenerationofIslandersre-turnedtotheislandsfromoverseasandaninuxoftalentedconstructionprofessionalsstakedtheirca-reerstoProvidencialestheconstructionlandscapeherewasvastlydierentbythetimeglobaldemanddroppedin2008.ThelocalworkforcenowhasanumberofreturninggraduateswithconstructiondegreesHartshornsaidmostofthemschooledintheBritishsystemwhichisaverygoodsysteminasmuchasitcollectsalotofdetailinthepricingprocess.Annualexposuretotropicalstormsmakeshigh-qualitybuildingcodesanecessityandtheTCIcodetypicallymeetsorexceedsthestandardsofFlori-dasfamouslyrestrictiverules.Overtheyearsalocalclassofsmall-scalemanu-facturershasevolvedonProvidencialesoeringeverythingfromgranitefabricationtonishedmill-workwithpricesandqualitylevelsthatrivalsimilarproductsfromNorthAmerica.Sincedutiesonn-ishedproductsaregenerallyhigherthanthoseonrawmaterialslocallyproducedconstructioncom-ponentstypicallyrepresentasavingstothedevel-oper.Localserviceproviderswithexperienceinau-diovideoandelectronic-securitysystemshavealsoputdownrootshere.ConstructionrmsintheTCInowoermultipletypesofcontractualstructuresrangingfromstan-dardturnkeyprojectstoFFEFurnitureFixturesandEquipmentdeals.Alltheusualapproachestoprojectnancingandmanagementthatafor-SourceBCQSInternational2012CaribbeanandLatinAmericanConstructionMarketTrendReport.Forthefullreportvisitbcqs.comBuildingcostshaveremainedstableintheTurksandCaicos. 48eigninvestormightbefamiliarwithareavailableHartshornsaid.Thatallowstheinvestortoseeaveryopen-bookdocumentthatcanbesensitizedtohitwhateverbud-gettheyarelookingforsaidSteveThompsonman-agingdirectorofProjetech.MaterialscostsacrosstheCaribbeanarelargelydrivenbydemandintheUnitedStatessaidSimonTaylorofthedevelopmentconsultancyBCQSLtd.andsinceallthematerialsusedinconstructionhereeventhesandforconcretemustbeimportedlocalmaterialscostsarebasicallydeterminedelsewhere.LabourcostswhichvarygreatlyfromjurisdictiontojurisdictionwerehigherherethanmostplacesintheCaribbeanbeforethenancialcrisisandhavesincemoderated.Whilecommercialworkessentiallydriedupduringthecrisisactivityinhigh-endsingle-familyhomecon-structionhasgrownoverthepastthreeyearskeep-ingmanyofthelocalrmsaoat.Thenewcommer-cialprojectsinthepipelinerepresentabigboosttotheconstructionsectorThompsonsaidbutwhatsbookedoverthenextthreeyearsprobablydoesntadduptowhattheindustrywasproducingsevenyearsago.Sosingle-familyconstructionwilllikelyremainabigpartofthepicturefortheshort-term.WedoseethatcontinuingThompsonsaid.TheprimebeachfrontlandsuchasLongBaywhilesteadilybeingdevelopedstillhascapacityoverthenextfewyears.ThenIthinktherewillbesomeotherbeachfrontareasthatwilltakeoinasimilarway.ItsabigleapoffaithforpeoplecomingoutofNorthAmericaorEuropetobuildahouse.Theywanttoknowtheyaregettingvaluefortheirmoneyandtheyareworkingwithareputablecontractor.Sowordofmouthisveryimportant.SowhileconstructionintheWestIndiesremainsmoreexpensivethanmostplacesonthemainlandHartshornencouragesinvestorstolookatthecom-pletepicture.Peopleshouldnotfocusononesideoftheequation.Itisexpensivebutitisalsohighval-uehesaid.InvestorsshouldtakecomfortthattheskillsareherethattheratesarecorrecthereTherearepeopleyoucantalktowhohaverepeatedlyin-vestedherehavebeenhappyandsuccessfulinwhattheybuiltanddeveloped.Thereisatrackrecord.SourceBCQSInternational2012CaribbeanandLatinAmericanConstructionMarketTrendReport.Forthefullreportvisitbcqs.comFindingsandprojectionsforoverallconstructioncostescalationtrendsbasedonthreeyearsofcollecteddata.TurksandCaicoscomparesfavourablytootherCaribbeannations. 50BUYINGPROPERTYTourismattractsabout1millionvisitorstotheTurksandCaicosannuallybutforsometravel-lersaroomataresortforaweekisjustthebeginning.ForthosewhowishtopurchasetheirownpieceoftheislandslawsintheTurksandCaicosmakethatprocessfareasierthaninsomeotherjurisdic-tionsaccordingtoKathrynBrownproprietorofERACoralieProper-tiesLtd.andpresidentoftheTurksCaicosRealEstateAssociationTCREA.Buyingpropertyhereisastraight-forwardsimpleprocedureBrownsaidandbuyershaveguaranteedownershipabenetofTurksandCaicosassociationwiththeUnitedKingdom.Therearenorestrictionsonfor-eignpropertyownershipandnoimposedrequire-mentstodeveloplandwithinastipulatedtime.AdditionallytheTurksandCaicostaxsystemisattractivetomanybuyersandmortgagesandin-suranceareavailabletonativesandnewarrivalsalikeshesaid.Buyerspayaone-timestampdutyonnewpurchasesbutdontpayannualpropertytaxesoreventualcapitalgainstaxesonpropertyappre-ciationprotsorincometaxonrentalincome.PropertyownerslikethattheydonthavetopayataxeveryyearBrownsaid.Whiletheglobaleconomiccrisisdepressedtherealestatemarketforseveralyearsindicatorsim-provedmarkedlyinthefourthquarterof2012andstabilizedinearly2013.Arecentdeclineinthenum-beroflistingsservesasconrmationthatlastyearsincreasesinpricesandtransactionsconveyatrendthatsgatheringstrength.ThemajorityofforeignbuyerscontinuestocomefromtheUnitedStatesbutCanadianpurchasershaverisenfrom5percentto15percentofthemarketsince2008.ForBrownthebasisforoptimismisobvious.De-spitegloballossesintherealestatesectorthelocalmarkethasnotlostanyofwhatwevaluehighlyOwninginparadisecanbesimpleprocessAmazingGraceaneight-acreestateon280feetofGraceBaybeachisforsalefor14.5million.AgrowingnumberofpropertypurchasersareCanadian.750583AveragepriceofpropertysalesfromJuly2012-13SourceTCREAhomescondosandvacantlandTCSothebysInternationalRealtyTropicalImaging TCIrealestateagentsprovidehighlevelofprofessionalismThebeautifulvistasofTurksandCaicosarenotjusteagerlysoughtafterbyvacationersandglobetrotterstheyrealsoinhighdemandamongstthoselookingforamorepermanentstay.FortunatelytheTurksandCaicosRealEstateAssociationhassetupanincrediblyeectivenetworkamongtheislandsrealtorsallowingfortransparencyinthelocalrealestatemarketforbothcustomersandagents.Nowhometo17rmsand90agentstheTCREAhasgrownsignificantlysinceitsbeginningsin2000andhasincorporatedmajorbrandssuchasERASothebysInternationalCentury21REMaxColdwellBankerChristiesandmoreintotheiroperation.Theyhavees-tablishedtherulesandregulationsgoverningtherealtyindustryhereincludingrequiredtrainingandtestingalongwithensuringagentsareassociatedwithabrokerrm.PossiblythebiggestaccomplishmentachievedbytheTCREAistheMultipleListingsSystem.TheMLSisasys-teminwhichallpropertieslistedwithanyTCREAagentaremadeavailabletoallagentsandbrokerstherebyallowingallagentsandbrokerstoworktogetherinfur-therdevelopingandstrengtheningtheislandsreales-tateindustry.AlsoavailableforpublicviewtheMLSfurtherbenetstheindustrybyal-lowingtheTCREAtotrackvary-ingstatisticsregardingsalesandlistingsgivingboththeconsumersandthebrokersawaytogaugemarkettrendsbackgroundsandmore.sunseaandsandshesaid.Thisisastableeconomyandthatswhatattractspeopletopurchasehere.Salesofhigh-endsingle-familyhomesledthelo-calmarketoutoftherecessionsaidJoeZahmBro-kerOwnerTurksCaicosSothebysInternationalRealtywhohasbeeninvolvedinrealestatedevel-opmentontheislandforovertwodecades.Hehasalsowitnessedarealdemandforupper-level1millionandabovecondominiumsforthersttimeinyears.Whileluxuryhomesandprimebeachfrontloca-tionscontinuetodrivetherecoveryZahmseesop-portunitiesinsectorsthathaventbouncedbackasquickly.Thereremainsomegreatbuysandsomehangoverdistressedandstressedvaluesforsec-ond-andthird-tierlandonProvidencialesandrst-frmsaremembersoftheTurksandCaicosRealEstateAssociation.TCREA.com17 52tierlandonouterislands.Zahmanticipatestheannouncementofnewcondoprojectsin2013astheex-istinginventoryshrinks.HebelievesthearrivalofEuropeanPlanhotelssuchastheannouncedJWMarriottonGraceBaywilldrivecontinuingexpansionofProvidencialesairliftcapacitywithasso-ciatedbenetsforpropertyvalues.Andheforeseesincreaseddemandformanagedsingle-familydevelopmentsandenclaves.Themarketlovesthisconceptofpurchas-ingamanagedhomewithnomussorfusswithterricrentalincomepotentialifde-sired.FinancingavailabilityhasloosenedupabitsincethedepthsofthecrisisbutallthelocalbanksstillcarrysomedefaultingpropertiesontheirbookssaidSimonTay-loracharteredquantitysurveyorandthemanageroftheTurksandCaicosbranchofBCQSInternationalapropertyanddevel-opmentconsultancywithocesacrosstheWestIndiesandCaribbean.Itsstillaverytightmarketcredit-wiseTaylorsaid.Butallofthehigh-streetbankswehavehereareCanadianbanksandtheyweregenerallymoreconservativebeforethecrisisthantheirAmericancounter-partsandsofaredbetter.StillthenancingpictureinTurksandCaicosisamixtureofcautionandoppor-tunity.Ithinkthebanksaremorecarefulnowaboutwantingtoknowtheperson...andtheirabilitytopay.Youreprobablyget-tingnomorethan70to75percentnanc-ingsoyourestilllookingatasignicantdepositTaylorsaid.Butbecauselendersarestillliquidating...thereisopportunitytopickuppropertyofadesirablenatureatapricethatslessthanitwasduringtheboom.Soallthesignsaregoodthatthingsaregoingtoimprove.ProvidencialesremainstheengineoftherealestatesectorBrownsaidbutdevel-opmentsarepoppinguponSouthCaicosandotherislandsastherecoverygatherssteam.Additionallyanewfractionalown-ershipordinanceisexpectedtopasstheHousethissummeropeningthedoorforalimitednumberofinvestorstopurchasepropertiestogether.Fractionalownershiphasexistedforsometimeinotherluxury-productindus-triessuchasjetsandboatsshesaid.WhynothomesWithitsrootsinEnglishCommonLawandtraditionspropertyinsuranceintheTurksandCaicoslookslargelyfamiliartomostforeignpurchasers.ThelocalindustryisregulatedbytheFinancialServicesCom-missionandthecompaniesrepresentedbylocalagentsandbrokersundergocon-stantinternationalreview.Theresalsoanationalinsuranceassociationthatself-policesindustrystandards.InadditiontotherebeingnorestrictionsonpoliciesforforeignpropertyownersinsurershaveworkedtoamendstandardinternationalrulestoreecttheneedsofThis7000squarefootEstateatGraceBayClubPenthousesoldin2012formorethan7million.TurksandCaicoshasnotlostanyofwhatwevaluehighlysunseaandsand.Thisisastableeconomyandthatswhatattractspeople.KathrynBrownPresidentTCREATCSothebysInternationalRealtyStevePassmore TheSaltmillsIP.O.Box158IProvidencialesITurksCaicosIslandsIT16499464238IF16499464670IEstaylorbcqs.comCharteredQuantitySurveyors-ProjectandConstructionManagement-RealEstateValuersandAppraisersPROPERTYANDDEVELOPMENTCONSULTANTSTHROUGHOUTLATINAMERICAANDTHECARIBBEANAmanyaraTurksandCaicosIslandsthelocalmarket.ForexampleallhomepoliciescontainexclusionsforperiodswhiletheinsuredresidencesareunoccupiedsaidDwainBaylesgeneralmanageroftheInsuranceCentreonProvidenciales.Asmanyofourforeignclientspur-chasedtheirhomesforuseasshort-termrentalorasaholidayhomewehaveagreedwithunderwriterstoremovethestandardexclusionsaslongascertainbasicproceduresareadopted.WithtropicalstormsanannualfactoflifeintheWestIndieslocalinsurersretainarelativelysmallproportionoftheriskun-derwrittenintheTurksandCaicos.BaylessaidallinsurancecompaniesintheTCIpur-chasereinsurancefromoverseasmarkets.Thisallowsthelocalcompaniestospreadtheirexposureandintheeventofamajorhurricaneourlocalunderwriterscancallontheirreinsurerstocontributetotheirlosshesaid.Ourlocalindustryhasmorethanenoughresourcestodealwithanymajorcatastrophe.StampDutyRatesInGrandTurkSaltCaySouthCaicosMiddleCaicosandNorthCaicosz5percentor5forevery100wheretheamountorvalueinconsiderationis25k-100kz6.5percentor6.50forevery100wheretheamountorvalueinconsiderationisgreaterthan100kElsewhereintheTurksandCaicosz6.5percentor6.50forevery100wheretheamountorvalueinconsiderationis25k-250kz8percentor8forevery100wheretheamountorvalueinconsiderationis250k-500kz10percentor10forevery100wherethevalueinconsiderationisgreaterthan500kTheTurksandCaicosmarkethaskeptupwithcuttingedgetrendssuchasmanagedpropertiesandupcomingfractionalownershipopportunities.TheShoreClubJonNickson 54FINANCIALSERVICESWhiletourismcontinuestobethemainstayofthelocaleconomythenancialservicesin-dustryhasquietlybeendevelopingitsprod-uctbaseandattractingaplethoraofnewclientstotheTurksandCaicosIslandsmakingitthesecondlargestcontributortothecountrysGDP.TheTurksandCaicosIslandshashadlegislationgoverningnancialservicessincethe1970sbutitsstrategytooerspecializedproductsthroughper-sonalservicehaskeptitsreputationintherealmofaboutiquedestination.TodaytheTCIoersawell-denedregulatoryframeworkwithinwhichtooperateacomprehen-siverangeofnancialactivitiesincludingbankinginsurancetrustsmutualfundsinvestmentdeal-ingcompaniesandpartnershipstotheinterna-tionalbusinesscommunity.TCIishometoreputa-bleinternationalnancialservicesbrandssuchasScotiabankCIBCandRoyalBankofCanadaalongwithmanyothernancialserviceproviders.InhisopeningaddresstotheCaribbeanAssocia-tionofInsuranceRegulatorsCAIRwhoheldtheirannualmeetingintheislandsinJune2012H.E.GovernorRicToddtoldindustryprofessionalsthatwhilewehaveasmallerfinancialservicessectorthansomeotherOverseasTerritorieswewanttobuildonitssuccessesanddevelopitfurther.WewantTCItocompeteintheworldnancialservicesindustrythroughthequalityofourprod-uctsthestrengthandcredibilityofourindustrytheeaseofdoingbusinessandtheskillsofourpractitionersexplainedGov.Todd.Internationallyexperiencedpractitionersbasedintheislandsprovideamultitudeofnancialser-vicestocustomershereandthroughouttheworld.AsthenancialservicesindustryintheTurksandCaicosIslandscontinuestostrengthenandgrowseveralchangesarebeingmadetolegislationtoac-commodatethisevolution.Wearealsocommittedtodevelopingournan-cialserviceindustryasadynamicsuccessfulandwellregulatedsectorwhichmeetsgloballyrecog-nisedstandardsoftransparencyandcompliancetheHon.PremieroftheTurksandCaicosIslandsDr.RufusEwingsaidabouttheindustry.Andwestandreadytorespondtochange.FinancialindustryThequietgiantMorethan1100newcompaniesincorporatedin2012.FinancialServicesIndustrymadeup16ofthenationsGDPin2011.Servicesincludebankingcompanyformationinsuranceinvestmentsandtrusts.RuleandregulationrevisionsConsultationsareongoingbutrecentandproposedchangesincludezAmendmenttotheCompaniesOrdinanceInJuly2013theGovernorassentedtoanamendmenttotheCompaniesOrdinanceallowingapartialchangetocompaniesregistrationdatestherebyreducingdelaysincalendaryearendlings.zNewTrusteesLicensingOrdinanceToincorporategreaterpowerstoaccesscriticalinformationandallowinterventionincaseswherethereareconcernsovertrustactivities.zNewSecuritiesOrdinanceToprovideTCIwithamodernsecuritiesregimealignedwiththeISOCOstandardsanddesignedtoattractnewareasofbusinesstotheislands.zNewDomesticInsuranceOrdinanceProposedchangesincludenewrequirementsintheareasoflicensingcapitalreservesreportingandcompliance.zNewBankingOrdinanceToreplacethepresentlegislationandimprovelegalprovisionsforthesupervisionofbanks.AmendmentswillincludeupdatedcapitalandliquidityrequirementsaswellasenhancedinterventionpowersfortheFinancialServicesCommission.zFinancialServicesCommissionTheCommissionhasbeenappointedasthesolesupervisoryauthorityforNon-ProtOrganizations. BordierBankTCILtdCaribbeanPlaceP.O.Box5ProvidencialesTurksCaicosIslandsBritishWestIndiesT16499464535F16499464540GenevaBerneZurichParisLondonMontevideoSingaporeFamilyownedandoperatedforfivegenerationswww.bordier.comAglobalapproachtowealthmanagementandfamilyservices.Wefosterandgrowyourwealthasifitwereourown.Aglobalapproachtowealthmanagementandfamilyservices.Wefosterandgrowyourwealthasifitwereourown.TransparentTrulyIndependentTailor-madeServicesImpartialGuidanceEfficientRelationshipStrongandStableTransparentTrulyIndependentTailor-madeServicesImpartialGuidanceEfficientRelationshipStrongandStable 56INSURANCETheinsurancemarketisanimportantsectorandagrowthareaintheTCInancialservicesindus-try.Itencompassesacomprehensiveportfolioofproductswhichhavedominatedtheindustrysactivityinrecentyearsledbythecaptiveinsuranceproducts.TheTCIhasdevelopedanichemarketforcaptiveinsurancecompaniesknownascreditlifeorPro-ducerAliatedReinsuranceCompaniesPARC.Infactover5000suchcompaniesaredomiciledintheTCImakingitthelargestPARCdomicileintheworld.TheTCIinsurancelegislationprovidesfortheselowcostreinsurancecompaniestobelicensedandusedbydirectwritersthatareregulatedbythereg-ulatoryauthoritiesintheUnitedStates.Inadditionbecauseofthevolumeandhistoryofcaptiveinsur-ancecompaniesbeingdomiciledintheTCIthereisabodyofprofessionalslawyersaccountantsin-surancemanagersandcorporateserviceproviderswhohaveexpertiseintheincorporationlicensingandmaintainingofcaptiveinsurancecompanies.InsuringthefutureoftheindustryCapturingagrowinginsurancesegmentInrecentyearscaptiveinsurancecompanieshavebecomeoneofthelargestcontributorstothe-nancialservicesindustryintheTurksandCaicoswhichisitselfsecondonlytotourismintheislandnation.InNovemberof2012theTurksandCaicosAs-sociationofInsuranceManagersTCAIMinpart-nershipwiththeTurksandCaicosIslandsFinancialServicesCommissionhostedaCaptiveInsuranceConferenceonProvidenciales.Theyinvitedindus-tryexpertstosharetheirinsightaboutcaptiveswithinterestedbusinessexecutives.Thisrstan-nualconferenceistimelyfortheTurksandCaicosasinsurancemanagersrecognizethesignificantopportunitythatcaptiveinsurancerepresentsfortherevenuegrowthoftheseIslandssaidTCAIMPresidentAdrianCorr.CaptiveInsuranceisawidetermthatcoversmanynicheinsuranceproductsbutisprimarilywhereaninsurancecompanyisformedtoinsuretherisksofitsparentcorporationorownerandortheircus-tomers.Oneofthekeybenetsofhavingacaptiveinsur-ancecompanyisthattheownergetstoshareintheprotsmadebythecompanytowhichitpaysitspremiums.Youaretakingthesweetspotwhichistheex-pectedprotofatraditionalcarrierandconvertingitbacktoyouexplainsSterlingShuttleworthwhohasbeenmanagingcaptivesformorethanthreedecades.ShuttleworthrstcametoTurksandCaicosin2002afterleavingalargemulti-nationalcompany.Hehaddecidedin2000thatthecaptivebusinesswasimportantbutthemiddlemarketintheU.S.wastotallyunderservedfromthecaptiveperspec-tive.Afterspendingmostofhis30plusyearsinthecaptiveindustryinBermudaandtheCaymansthecostofdoingbusinessinthosevenuesbecameaconcernandhebeganasearchforaBritishOver-seasTerritorythatofferedtheinfrastructureheneededandthelawsherequired.Ipurposelynewinternationalinsurancelicensesin2012activeInternationalInsuranceLicensesin201112source2012TCFSCAnnualReport551559156 Providingfastandeffectivelegalandcservicestoourlocalandinternationalcforover30years.InassociationwithMSTrustCompanyLimitedalicensedTrustCompanyandlicensedCompanyManagerMemberofMeritasLawFirmsWorldwideJ201-205RegentVillageP.O.Box260ProvidencialesTurksCaicosIslandsB.W.I.Telephone649-946-4650Facsimile649-946-4663E-mailmslawtciway.tcWebwww.mslaw.tcMILLERSIMONSOSULLIVANMILLERSIMONSOSULLIVANlookedatthevenuesandchoseTurksandCaicosmyselfadecisionShuttleworthsayshasreapedgreatrewards.OurcaptivesinTurksandCaicosarereturning40percentontheirinvestmentonanun-derwritingprotbase.GregPetrowskiSecretaryTreasurerGPWandAssociatesinPhoenixArizonamadethatsamechoiceseveralyearsearlierintheearly1990s.Hefeltwelcomedbyocialswhowerewillingtoworkwithindustryaliatestocreatetheidealbalanceoflegislationandoperationalcosts.Theyarenotoverlyregulatedanddontrequireanexcessiveamountofcapitalheexplains.IslandssuchastheBritishVirginIslandsCaymanIslandsandBermudahavelongbeenconsidereddo-micilesofchoiceprimarilybecausepeopledidnotknowaboutwhattheTurksandCaicoshastooersaysPetrowski.TurksandCaicoshasbeenoneofthebest-keptsecretsintheinsuranceindustry.TheTurksandCaicoscreatedspecicregulationsdeal-ingwiththesestructuresmakingitanappealingmarketforboththeinvestorsandthecountry.TheTurksandCaicosIslandsarethepremierdomicileforproducerownedproduceraliatedreinsurancecompaniesintheworldnotjusttheSterlingShuttleworthCEOofVentureCaptiveManagementLLC.CaribbeanislandssaysPetrowski.Withanincreaseinnewformationsofover40percentin2012theswellofcaptiveinsurancebusinessesinTurksandCaicosisslowlyturningintoasurge. 58WEALTHMANAGEMENTIncreasingindividualwealthhasalwaysbeenchal-lengingbusinessespeciallyinrecentyearswhichhaveseenseveraloftheworldslargestinvest-mentinstitutionsclosetheirdoors.Moreandmorecompaniesfamiliesandindividualsarelookingforsecurewaysnotonlytogrowbutprotecttheiras-sets.ThisdesirehasalsobeenapparentinTurksandCaicosevidencedbythegrowthofthenancialser-vicesindustrywhichhelpsglobalclientstomanagetheirassetsandgrowtheirwealth.Aprivatebankisanon-incorporatedentitytypi-callyapartnershipwithoneormorepartnershav-ingunlimitedliabilityprimarilyprovidingwealthmanagementservicestohigh-net-worthindividualsandfamiliesexplainsKenrickWaltersrelationshipmanagerwithBordierBankTCILtd.Manyprivatebanksoerportfoliomanagementservicesexclu-sivelywhileothersgowellbeyondthatoeringlegalcorporatetrustestateplanningandfamilyoceservicesWaltersadded.Therearesevenlicensedbankinginstitutionsintheislandscarryingoutbothna-tionalandoverseasactivities.AdistinctadvantageofusingaprivatebankinparticularWaltersexplainedisinser-vicing.Theclient-servicingofferedbyprivatebanksishighlycustomizedandpersonalanapproachthatisdiculttoachieveinatraditionalretailbankingsetting.Trustsareanothervehiclefamiliesutilizefortaxandes-tateplanningasawaytopre-servetheirassetsforfuturegenerations.WemaintaininternationalstandardsexplainsPeterSavoryacharteredtrustocerintheTurksandCaicosastowhytheislandsareapopulardomicilefortheseinvestmentvehiclesaswellasawellregulated-nancialservicesindustry.LegislationintheTurksandCaicosoverseestheadministrationoftrustsandcurrentlytherearetwelvelicensedtrustcompanies.Trustcompaniesaswithbanksmoneytransmittersandothernan-cialoperatorsareregulatedbytheFinancialServic-esCommission.Diversificationofassetsandasoundplacetotakeuppart-timeresidencyareadditionalreasonsSavorysaysmaketheislandsanattractivedomicile.Thetaxincidencebasedonspendingnotearninggivesgreatercontrolofnancestothosewholiveinorareregularvisitorstotheislandshesays.ForoverthreedecadesSavoryhasbeenhelpinginternationalfamilieswithhistoricconnectionstotheislandsactingasanancialquarterbacktohelpmanageintergenerationalwealthwhethercreatedorinherited.LookingtothefutureoftheindustrySavorysaysTheTurksandCaicosarewellpositionedwithourproductsandex-pertisetocatertothewealththatwillcometoTCI.Theportfolioofthenancialser-vicesindustryintheTurksandCaicosIslandshasgrownorganicallyandcontinuestothriveunderthestew-ardshipofprofessionalswithex-pandingexpertise.Astheindustrydevelopsproductsandservicesarebeingaddedtotheindustrysport-folioatestamenttoitssuccess.RecentlytheFinancialServicesCommissionintroducedlegislationtoregulatemutualfunds.Thisleg-Protectingmanagingandgrowingwealth AteamofexpertsprovidingcomprehensivevillamanagementforpropertyownersinTurksandCaicos4PropertyManagement4LandscapeandIrrigation4DestinationWeddingandEventPlanning4PoolMaintenance4HouseCleaning4AccountingT649.941.7714C649.431.2618infotrail.tcwww.trail.tcRegentVillageWestSuiteG202ProvidencialesTurksCaicosIslands1.649.941.7299infowbnancial.tcProvidingprofessionalaccountingandcorporateservicestoadiverseclientbaseintheTurksCaicosIslandswww.WBFinancial.tcProfessionalAccountingServicesCompanyFormationServicesFinancialReportingProvisionofRegisteredOfceCorporateFinanceAnnualMaintenanceFilingsFinancialAdvisoryServicesLicenseApplicationServicesAssuranceServicesMaintainingStatutoryRecordsislationprovidesformutualfundstobeestablishedintheislandsandalsoformutualfundsconstitutedunderthelawsofaforeigncountrytobelicensedintheislandsasrecognisedmutualfunds.Severalrmsarealreadyinoperationwithinthecountryoeringavarietyofmutualfundproducts.Investmentdealerslegislationwasalsorecentlyintroducedprovidingforlicensingoffundman-agersinvestmentadvisersorinvestmentdeal-ers.Investmentsunderthislegislationincludecommoditiestradingcorporatebondsequitiesgovernmentandlocalauthoritybondsunitsincollectiveinvestmentschemeswarrantscoveredwarrantsoptionsfuturesforwardcontractscon-tractsfordierencesswapsandspreadbetsandanysimilarsecuritiesorderivatives.QWhatisaprivatebankandwhyuseoneKWAprivatebankisanon-incorporatedentitytypicallyapartnershipwithoneormorepartnershavingunlimitedliabilityprimarilyprovidingwealthmanagementservicestohigh-net-worthindividualsandfamilies.Privatebanksoercustomizedsolutionsandpersonalizedservicingthatwouldbenearimpossibletoachieveinatraditionalretailbankingsetting.QWhattypesofservicesareoeredbyprivatebanksKWManyprivatebanksoerportfoliomanagementservicesexclusivelywhileothersmayalsooerlegalcorporatetrustestateplanningandfamilyoceservices.Someevenoerconciergeserviceslikebookingprivateyachtsandjetchartersarrangingluxuryaccommodationsandotherhigh-endservices.QAwithKenrickWaltersCompanymanagersandagentsareregulatedbytheCompanyManagementLicensingOridinanceandregulatedbytheFinancialServicesCommision. 60TAXPLANNINGTaxspecialistscanhelpmaximizebenetsforforeigninvestorsForthoseconsideringaninvestmentintheTurksandCaicosIslandsandforthoseinvestorswhohavealreadyinvesteditisimportanttounder-standhowtheseinvestmentswillimpacttheinves-torsdomestictaxobligations.Theworldisawashineortstocombatinternationaltaxevasionandavoidanceplanningmakingpropertaxadviceim-perative.TheTurksandCaicosIslandsalongwithallotherreputablenancialcentershasdeclareditssupportformultinationalnancialtransparencyrules.TheseincludeTaxInformationExchangeAgreementsTIEAstheU.S.ForeignAccountTaxCom-plianceActandahostofMemorandaofUnderstandingallowingbilat-eralcooperation.Keepingupwithallofitisachallengeforasmallcountry.WearenotataxhaventhePremiersOfficedeclaredwhilecallinguponinternation-aleconomicpowerstoaligntheirvariousrulesandproposals.ButtosaythattheTurksandCaicosispartoftheinternationaltransparencymovementisnottosaythatitlackscertaintaxadvantagesforforeignnation-als.Itsjustthattheyrenotblanketadvantagesortax-avoidancepoliciesbasedonlook-the-other-wayanonymity.Largercountriesofferparticipa-tionperkstojurisdictionsliketheTurksandCaicosIslandsasincentivesforenteringintotaxtreaties.Makingthemostofwhatthelawwillallowre-quiresspecializedadvice.ThatswherespecialistssuchasPhilipFriedlananOntario-basedCanadiantaxattorneyandestateplannerentersthepicture.ThereisacomplicatedandImeancomplicatedregimeinplacetotrytopreventCanadiansfromearningforeignincomeparticularlypassivein-comewithoutpayingtaxinCanadaFried-lansaid.ButFriedlanistalkingaboutresi-dentsofCanadanotcitizensofCan-ada.ItsadistinctionthatdoesntmeanmuchunderUnitedStatestaxlaw.TheU.S.tax-esarebasedoncitizenshipregardlessofresidencyanotherexampleofwhynancialplanningintheTCIcanbehighlyspecictotheoriginalnationalityoftheresi-dent.ACanadiancitizenwhore-sidesintheTurksandCaicosIslandsisnttaxedbyhisnativecountryonincomeearnedoutsideofCanada.ButforaresidentofCanadawithbusinessinterestsintheTCItheTaxInformationExchangeAgreementgivesCanadatheabilitytorequestinformationthatwouldrevealhisincomeandactivity.WhatthatsystemallowsyoutodoisandtheseareveryverycomplicatedrulesthatImtryingtokeepsimpleisifyouearnwhatscalledactivebusinessincomethroughaforeigncompanyinaju-risdictionthateitherhasataxtreatyoroneoftheseTIEAagreementstheprotstherecanbebroughtbackasatax-freedividendtoaCanadiancompanywithoutpayinganyCanadiantax.TherewouldonlybeCanadiantaxonthatincomeifyoudistributeitoutpersonally.Sothatsthebigadvantageinbeinginajurisdictionthathasoneoftheseagreementsorhasatreaty.HoweverunderourrulesifyouownaforeigncompanythatearnspassiveincomeandyoucontrolittheCanadianownerwouldhavetopaytaxonitFriedlansaid.SincepassiveincomecouldincluderentcollectedforavacationrentalpropertyintheTCIthatsarulethatpotentiallyaectsmanyCana-dianswithtiestotheislands.WhichkeepsFriedlanandothertaxspecialistsbusy.IfyourestillaresidentofCanadaandyouregoingtobebuyingpropertyintheTurksyoushouldgetadvicefromaCanadianadvis-erbeforeyougooutanddoitFried-lansaid.Becausedependingonwhatyouredoingtheanswermightbedierent. 62REGULATORYPERSPECTIVEByPaulColemanTCIFinancialServicesCommissionStrongregulationisthecornerstoneofastrongfinancialservicesindustry.AverysimplestatementwhichwhenplacedinthecontextoftheTurksandCaicosIslandsmeanssomuchtotheirsuccess.TheFinancialServicesIndustryisthesecondlargestcontributortotheeconomyoftheTurksandCaicosIslandsaftertourism.KnownasahighendtouristdestinationvisitorstotheTurksandCaicosIslandsareexactlythosewealthyindividu-alswhohavelegitimatenancialneedstoman-agetheirwealthportfoliosinanadvantageousmanner.Unfortunatelysomeoshorenancialcentresintheworldhaveareputationnotalwaysjusti-edofcriminalslaunderingmoneyandunfairtaxregimes.Thisisaglobalissueandnoonesinglecountryneedstobesingledout.TheG8groupofcountrieshasrecentlyadoptedastrategyofad-dressingtaxevasionandencouragingtranspar-encywiththeoverarchingaimofdrivingglobalprosperity.IncreasingpoliticalwillasevidencedbytheG8strategymakesitevenmoreimportantthatoshorenancialcentresfocusonattract-inglegitimateinvestorsanddiscouraginginves-torswhoarelookingtoinvestforallthewrongreasons.Failuretoadoptsuchastrategyaddstotheriskofbeinganattractiveplaceforthewrongsortsofmoneyandconverselyevenmoreworryinglegitimateinvestorssteerclearofaparticularoshorenancialcentreratherthanbecomingtaintedbyassociation.AperfectlyreasonablequestiontobeaskedbyanypotentialinvestorisAremymoneyandmyreputationsafeThedevelopmentandimplementationofstrongandfocusedlegislationinacountryistherststeptoattractingtherightsortofinvestor.TheRegulatorhasthejobofdrivingstandardsandensuringcompliancewiththelegislation.InasmallcountrytheroleoftheTurksandCaicosIslandsRegulatorisdiverse.TherearemanyverytechnicalproductsandservicesintheformofBankingTrustCompaniesCompanyManage-mentandInvestorsandInsurancewithinthescopeoftheTurksandCaicosIslandsFinancialServicesCommissionTheCommissionasRegu-lator.Allproductsandservicesatsomestagearedesignedtotakecareofsomeoneelsesmoneyasignicantresponsibilitydependentuponstrongandeectiveregulation.TheCommissionimple-mentsitsregulatoryresponsibilitiesbyoperatingwithinaframeworkofinternationallyacceptedstandardsprovidedbyamongstotherstheBaselCommitteeonBankingSupervisiontheIn-ternationalAssociationofInsuranceSupervisorsandtheInternationalOrganisationofSecuritiesCommissions.TheCommissionformsthatbridgebetweentheindustryandthelegislativebranchoftheGovernment.Theindustryknowsthattheyneedtobeabletooercompetitiveproductswhichtheircustomerswillbuy.TheGovernmentknowsthatdisgruntledorworriedinvestorswillvotewiththeirfeet.InbetweentheRegulatorplaysanactivepartinlisteningtotheindustryproposingchangestolegislationtoachieveclar-ityandtransparencyforboththeinvestorandtheindustrypractitioners.FinallytheRegulatormustexamineandreportthatthebusinessesarecompliant.Successfulcomplianceinturnhelpsconvinceinvestorsthattheirmoneyisinsafehandsandtheirreputationisunlikelytobecometainted.Permeatingallnancialproductsandservicesislegislationcoveringtheverytopicalglobalis-sueofpreventionofmoneylaunderingandpre-ventionofterroristnancing.Hardlyadaygoesbywithouthearingaboutthelaunderingofmon-ey.Criminalslaundermoneybecausetheywishtobeabletospendtheirill-gottengainswithoutraisingsuspicion.TheFinancialActionTaskForceisthevanguardintergovernmentalbodythatsetsgloballyac-TheTCIFinancialServicesCommissionisanindependentstatutorybodytaskedwiththesupervisionofthefnancialservicessector.TheCommissionwhichisalsoresponsiblefortheoversightofcompanyformationandregistrationisaccountableforitsperformancetotheGovernoroftheTurksandCaicosIslands.TheTCIFinancialServicesIndustryFromaregulatorspointofviewRegulatorApersonorgroupthatsetsstandardsofpracticeespeciallythoseestablishedbylaw.SourceWiktionaryTCIFinancialServicesCommissionzKeycontactJKevinHigginsManagingDirectorzHarryE.FrancisBuildingPondStreetGrandTurkzOnlinewww.tcifsc.tczMailPOBox173TurksCaicosIslandszTel16499462791Fax16499462821 TheSaltmillsIP.O.Box158IProvidencialesITurksCaicosIslandsIT16499464238IF16499464670IEstaylorbcqs.comCharteredQuantitySurveyors-ProjectandConstructionManagement-RealEstateValuersandAppraisersPROPERTYANDDEVELOPMENTCONSULTANTSTHROUGHOUTLATINAMERICAANDTHECARIBBEANGansevoortTurksCaicosaWymaraResortceptedstandardsofagovernmentsapproachtoanti-moneylaunderingandthepreventionofterroristnancing.TheFATFasitisreferredtonotonlysetstherecommendedstandardsbutthroughitsrelatedlocalbodiesitactuallymeasuresthesuccessofvariouscountriesinimplementingastrongAnti-MoneyLaunder-ingregime.FATFgoesevenfurtherandpro-videsalistonitswebsiteofthosecountriesthatarentcomplyingwiththestandardsorwhoaremakinginsucientprogresstoachiev-ingfullcompliance.SuchapublicationontheFATFwebsiteisadoubleedgedswordasnon-appearancetellstheinvestorofthosecoun-trieswithstrongregimesbutitalsomakesitknowntothecriminalwhichcountriesarenotinastrongpositionandhenceareattractivetolaundermoney.TherequirementofcountriesaimingtoachievecompliancewithFATFrecommenda-tionsisnotnecessarilyinresponsetotheoccur-renceofmoneylaunderinginthatcountrybutmoreimportantlyitisabouthavingasucient-lystronganti-moneylaunderingregimeaimedtoensurethatwarningsignsandsuspicionsareidentiedatanearlystageandreportedtolawenforcement.TheTurksandCaicosIslandsGovernmentiscommittedtoensuringthatitsapproachtoachievingFATFcompliancewillen-surethatskillsandexperiencetoghtmoneylaunderingmeetsthechallengeofaneverchangingcriminallandscape.TheCommissionhasademandingagendatosupporttheTurksandCaicosIslandsnancialservicesindustry.InadoptingitsthreeyearplantosupportthedevelopmenttheCom-missionhascommittedtothreecoreactivi-tiesimprovingstakeholderengagementmodernisingthelegalframeworkandrede-ningtheCommissionsoperatingmodel.Achievementofthethreecoreactivitieswillprovideasoundbaseclearlyencouragingtherightinvestorwhocaninvestwiththeutmostcondence.ThenumberofinternationalbodiesandinitiativesinwhichtheFSCparticipates.9ThenumberofregulatoryauthoritieswithwhichtheFSChasMemorandaofUnderstandingMOUs.17 64MEDICALTOURISMTheip-sideoftheTurksandCaicosongoingmodernizationofitsmedicalinfrastructureisthatbuildingthehospitalsthecountrywillneedforthefuturecreatesextracapacitytoday.Matchingthatcapacitytoglobaldemandforwhatsnowcalledmedicaltourismisalreadyreturningsurprisingbenets.InterHealthCanadaTCILtd.operatesthena-tionalhospitalinapublic-privatepartnershipwiththeTCIGovernment.With20bedsatCheshireHallMedicalCentreonProvidencialesand10bedsatCockburnTownMedicalCentreonGrandTurkthepartnersidentiedanopportunitytogener-ateadditionalrevenuetoosetthecostoflocalhealthcare.WorkingwithNorthAmericanmedicalproviderssuchasUS-basedGlobalMedChoicetheTurksandCaicosIslandsHospitalismakingthebestuseofitsavailablecapacity.Whiletraditionalmedicaltravelowedfromlessdevelopedcountriestothosewithmoreadvancedsystemsimbalancesincostinsurancecoverageandaccesstotimelyqualitycarearereversingthatow.Morethan500000Americanswereestimat-edtohavetraveledabroadformedicalpurposesin2011contributingtoanindustrythatsestimatedtobeworth15billionayearworldwide.WiththelocationsoftheTurksandCaicosIslandsamenitiesandeasilyaccessibleairliftcapacitythecountrywasaprimecandidatetojointheglobalmedicaltourismmovementonceits21stcenturymedicalfacilitieswerecompleted.ThenatureoftheislandsandtheenvironmentisonewherepeoplewouldliketovacationsaidJillMagriCEOofInterHealthCanadaTCILtd.AndwhatbetterwaytorecoverfromyoursurgerythaninaprivaterelaxingenvironmentForeigntravelerswhobookmedicaltripstoProvoandGrandTurkgetcompetitivepricesandaccesstotop-qualitysurgeonsinmodernfacilitieswithattractiveoptionsforrehabandrecovery.ThecountrygetsrevenuesthatcanbecycledbackthroughtheNationalHealthcareSystemreducingthenancialburdenonresidents.Andvisitingspecialiststypicallyprovideprobonocareforlo-calsbetweentheirforeignbookings.Thephysiciansthemselveswhomustbelocallylicensedpermit-tedandcredentialedbytheTCIHospitalmayre-ceivetaxadvantagesfromthearrangement.Manyalsobringtheirfamiliesturningaworkingtripintoarelaxinggetaway.First-ratefacilitiesoeropportunitiesGrandTurkandProvidencialeseachhaveastate-of-the-artmedicalfacility.Moreonp.100GlobalMedChoicesexpectstohandle200proceduresinTCIin2014.CurrentlyperformedareasofmedicaltourismincludezTotalkneereplacementzUnikneereplacementzTotalhipreplacementzHipresurfacingzShoulderarthroscopyzKneearthroscopyzEndoscopiccarpaltunnelreleasezPlasticsurgeryComplicatedorthopedicsurgeriessuchaskneeandhipreplacementshavepredominatedtheTCImedicaltourismmarketthusfarbutthetypesofspecializedservicesareexpanding.Whilesomeoftheseproceduresarenotcoveredbycertaininsur-anceplansintheUnitedStatescostisnttheonlyfactorthatdrawspeopletoseekoffshorecare.WaitinglistsforqualifieddoctorsintheUnitedStatescanbelongcomparedtoschedulingthesameprocedurehere.ThefacilityitselfhasreceivedtheAccreditationCanadaDiamondStandard.Notonlyisthatgoodforpatientsbutitsalsoasignalforphysiciansandothermedicalprovidersthatthequalityofcareandqualityofsupportcaretheirpatientswillreceiveis ofhighqualityMagrisaid.Soiftheyweretodoasurgeryitsalloftheotherthingsthatgointothecareofthatpatientthe24hoursofthedaywhentheyareoutsideoftheoperatingtheater.InterHealthandGlobalMedChoicestestedtheirproceduresin2012andhavebeenexpandingeversince.CollinChildressGlobalMedChoicesCEOcalledtheearlyreturnsasuccessandsaidtheirbusinessoperationsareunfoldingastheydhoped.Dr.JamesBreschaGlobalMedChoicesorthope-dicsurgeonsaidhesbeenextremelypleasedwithpatientsatisfactionandoutcomes.Thecompanyanticipatesitwillhandle200proceduresintheTurksandCaicosin2014.BecauseoftravelcostsaccesstohotelsandresortsandsomedifferencesinequipmentCheshireHallhasbeentheprimaryfocusofGlobalMedChoiceseortshesaid.Asitiscurrentlycon-guredhesaidthehospitalisprobablycapableofhandlingamaximumof10medicaltourismcasesaweekbutBreschhesitatestocallthattheceilingformedicaltourismintheislands.OpeningtheunusedwingatCheshireHallwoulddoubleitscapacityandanecienthospitalwithtwomodernoperatingroomscanhandleupTCIhashighlyskilledphysiciansandhealthcareworkersinresidenceandinternationalexpertsvisitregularlytooferspecialtyservices.to10proceduresadayhesaid.Newcompaniesareenteringintothebookingandreservationsideofthebusinessandthegov-ernmenthasidentiedmedicaltourismasoneofthemostpromisingareasfordevelopmentandin-vestmentinthenation. 66AGRICULTUREMARICULTUREAscolonistslearnedinthelate18thandearly19thcenturyherefarmingintheTurksandCaicosIslandscanbeadicultproposition.Todaylocalagriculturalproductionmakesuplessthan1percentofthecountrysGDPandmuchofwhatgetsgrownisconsumedwithoutevergoingtomarkethighlightingtheneedforgreaterproduc-tionandcommercialapplicationtoagriculturalpracticestomeetdemand.Onlyahandfulofcommercialfarmersstilloperateontheislandstodayalto-gethergeneratingroughly100000inannualsales.Butontheotherhanddu-tiesonimportedfoodanexpandingde-mandfororganiclocalproduceandship-pingandspoilagecostsallcombinetocreateintriguingopportunitiesinasectorthatsgen-erallyconsideredtobeanunder-capitalizedpor-tionoftheTCIeconomy.Thegovernmentseesagricultureasasectorwithsignicancetothenationsfoodsecurityaswellasitseconomicdiversityandstability.Thedutyonagriculturaltechnologyandmanufacturingequip-mentisathirdofthestandardassessmentandevenamodestincreaseinproductioncouldpro-ducerelativelybigreturnsgiventhenationscur-rentfoodbill.In2012thecountryimported62.5millionworthoffood.Thelargestportionofthatbillnear-ly30percentwentforfruitsandvegetables.Eveniflocalfarmersreplacedjust5percentofthatfruitandvegetablespendinglocalfarmrevenueswouldincreasebymorethan800percent.TheCaribbeanDevelopmentBankestimatesthatlocalproductioncouldreduceimportsofkeycropsbymorethanhalfwithinveyearsgiventherightinvestments.Pluswithauentconsumersaroundtheworldgeneratingincreaseddemandforlocallygrownorganicproduceopportunitiestofillthatvoidabound.ParrotCayResortisamajorconsumeroforganicproducefromNorthCaicossnappingupev-erythingfromeggstoherbs.Butcustomerdemandissogreattheresortisnowworkingtodiversifytheproductbaseplantingcoconutsandbananasandtestingthepotentialofaquaponicsasustainablesystemthatcombineshydroponicplantproductionwithaquaculturetheproductionofmarineani-mals.Weareencouragingdevelopmentinthisareaasitbenetsusandbyvirtueourguestswhoenjoyorganiclocallygrownproductsaswellashelpsto-supporttheeconomyofourneighboursonNorthFruitsandvegetablesgrownontheislandsincludeitemssuchasbananascoconutscorneggplantmelonpeaspeppersplantainsandtomatoes.Stillmostfreshproduceisimportedcreatingopportunitiesforlocalgrowers.Goatsaswellaspigsandchickensdowellonthenorthernislandswhererainisplentiful.LushlandfeaturesgrowingpotentialContinuesonpage69 68AGRICULTUREMARICULTUREWhentheTurksandCaicossalttradecol-lapsedinthe1960saftermorethan300yearsofproductiontheinhabitantswhoremainedontheislandslargelyturnedtoshingtomaketheirliving.Formorethanadecadesh-ingrepresentedtheislandsmostsignicanteco-nomicactivity.ButastheGraceBaydevelopmentandtour-ismboomrevolutionizedtheTCIeconomyinthelate20thcenturytheseafoodbusinesslostitsprimacy.Lobsterandconchhavealwaysmadeupthemajorityoftheproductcomingoutofthelocalwaters.HarvestedbylocalfishermanthecatchissoldtoprocessingplantslocatedonProvidencialesandSouthCaicos.TheplantscleanprepareandpackagetheproductsforresaletorestaurantsandwholesalersacrosstheUSandevenasfarasEurope.TodaysTCIeconomybenetsfromroughly5millioninannualseafoodexportswiththemajori-tyofthatamountnowcomingfromthetraditionalspinylobsterharvest.Whilethecountryremainsanetexporterofseafooditnowimportsasigni-cantamountofshareectionofthegrowingrestauranttradeanddemandforfreshseafoodwithawidevarietybyvisitorsandnewarrivals.Analystsandgovernmentocialsconsidertheindustryanobviouscandidateforincreasedinvest-mentandprotablediversication.CaicosPridewhichprocessesandexportssea-foodfromitsbaseonSouthCaicosrecentlycommissionedastudyintothehealthofpe-lagicormigratoryshspeciesinthearea.Theone-yearstudyisbeingmonitoredandmanagedbyDEMAandtheresultsaretobemadeavailabletothepublicaftertheresearchiscompletedandthefindingsanalysed.ThestudyisbeingfundedbyagrantfromtheUnitedKing-dom.ForitspartthegovernmenthasshownaninterestinencouraginginvestmentsthatHistoricindustrynetsmodernmarketsInthelate1800squeenconchwereshippedbythemillionstoHaitiaboardCaicos-builttradingsloops.Thepeakoccurredin1943with3.9millionpoundsexported.SourceDEMAMARICULTUREFACTS201020112012ExportpoundsLobster80251127040159470Conch835950433500228890ValueU.S.dollarsLobster144451822867202870460Conch752355039015002060010FishermenselltheirdailycatchtooneofthethreeprocessingplantslocatedonSouthCaicoswhereshingiscurrentlythecentreoftheislandseconomy.valueoffishlobsterandconchexportedin2012sourceDEPS4.9million couldboostthescale-shingindustrysupportingthestudyintotheviabilityofapelagicshingin-dustryfortheTCI.Wahoosnappergrouperjacktarponandtunaareallfoundinlocalwatersandcouldbecaughtcommerciallyusingwhatistermedasartisanalscalehandlinemethods.Anotherreasonfordiversifyingthelocalsea-foodindustryistheseasonalnatureofthework.TCIhasanobligationtoreportourcatchandtoes-tablishmanagementplansifweintendtoengagewithCITESsignatorycountriessuchastheUSourprimaryqueenconchexportmarketDirectoroftheDepartmentforEnvironmentandMaritimeAf-fairsDEMAKathleenWoodexplainedinanOcto-berpressreleasedeningthe201213quota.Toprotectconchandlobsterstocksfrombeingoverfishedthegovernmenthasstrictlimitsonhowmuchconchcanbeharvestedandlimitslobstercatchtoadenedseason.WiththelobsterseasonlimitedtothesixmonthsbetweenAprilandSeptemberandwiththeconchharvestusuallyreachingitsquotaaroundthesametimemuchofthenationsharvestingandprocess-inginfrastructureisunderutilisedforroughlyhalftheyear.Thecountrycurrentlyhasfiveprivateprocessingplantsandthegovernmentiseagertogrowandsupportthisindustrytoencourageyear-roundoperation.FrozenconchandlobsterareexportedtomarketsintheU.S.andEurope.CaicossaidCrawfordShermantheresortsman-agingdirector.TheTCIGInvestmentUnitreportsthatlocalandforeigninvestorsareactivelyseekingopportuni-tiesinthissectorwithpotentialforproductionofcitrusfruitsplusmangossapodillaspapayaspineapplesandpassionfruit.Vegetablecropsin-cludingcucumberspumpkinsandmelonscouldbevaluableasexports.Herbsandspicesareun-dergrowingdemandandmeatpoultryanddairyproductionhavetremendousmarketslocallyandintheCaribbean.IbelieveagricultureisanareawherewecanbroadentheeconomicbasesaidMinisterofFi-nanceWashingtonMisick.Itmaybenecessarytobringinspecializedskillsandcreatezonestoal-lowthatindustrytothrivebutIthinkifyoulookatdesertclimateslikeIsraelwhichexportstoma-toestoEuropetheresnoreasonwhywecant.Itsjustamatterofcreatingtherightincentiveforpeopletowanttogetinvolvedinthatindustry.Continuedfrompage66Asunnyoutlookforagriculture 70LIGHTMANUFACTURINGTheTurksandCaicosIslandsrelativeisolationandlackofrawmaterialsmakesitanunlikelymanufacturinghub.Butthatdoesntmeanthereisntanopportunityforcompaniesandentre-preneurstocreatejobsandwealthandeconomicdiversitythroughsmall-scalelightmanufacturing.Unlikeinthe19thcenturywhenTurksandCaicossaltindustryexportedamass-producedcommod-itythe21stcenturyopportunityformanufacturinggrowsoutofservingthenationsdominanttourismeconomywithavarietyofau-thenticlocalproducts.Morethan1millionvisitorscyclethroughtheislandseachyearprovidingapredictabledemandforlocalfoodbever-agessouvenirsanddesignedgoods.Thegovernmental-readyprovidestaxbenefitstolocallightmanufacturingrmsandtheTCIreceivesdu-ty-freeaccesstoCanadaviatheCARIBCANTradeAgreementplusadvantageousexportstatusintheEuropeanUnionandtheUnitedStatesviaparticipationinadditionaltradeagree-mentsandorganizations.Butgiventhegrowingawarenessofthebenetsoflightmanufacturingtothelocaleconomythegovernmentbeganworkingtowardacomprehen-sivemanufacturingpolicyaimedatencouragingstart-upsandattractinginvestment.TotheextentthatitcanbecompetitivethegovernmentisopentoanylightmanufacturingproposalsbecauseitisimportantthatwebroadentheeconomicbaseoftheislandssaidMinisterofFinanceandTradeHon.WashingtonMisick.Light-manufacturingreferstomanufacturingprocessesthatdontrequirelargesumsofinvest-mentlikemassiveassemblylinesorcapitalin-tensivemachinetools.WeclearlydonthavethecapabilitytogetintosomethinglikeassemblingvehiclesbecausewesimplydonthavethedemandlocallyMisicksaid.ButyoudonthavetolooktoofararoundGraceBaytondexamplesoflocallight-manufacturingsuccessstories.TheFOTTACFlavoursoftheTurksandCaicosstoreonGraceBayRoadfeaturesBambarrabrandproductsincludingrumssaucesandcakes.TheBambarraRumstoryillustrateshowsimplesmall-scalemanufacturingintheCaribbeancanstillpayoffwithbigreturns.TheSpiritoftheTurksandCaicosisnotdistilledfromlocallygrownsugarcanebutbypurchasingselectedrawhigh-proofrumsbythevatfromotherislandslocalrumex-pertsproducealineofcriticallyacclaimedrumsbyagingblendingandbottling.Taxadvantagesgivethelocalproductanedgeontheimportedcom-petitionandasBambarragrewinpopularitybothasadrinkandacovetedkeepsakedemandfortheproductdroveseveralroundsofexpansionandup-gradesatthecompany.AmorerecentadditionatFOTTACrepresentsamoretraditionalapproachtodevelopingnewproducts.TheSakajalineofsaucesisaculinaryin-ventionbyislandnativeandU.S.ArmyveteranDel-anoHandeld.WhileenjoyingaconchsaladatdaConchShackaboutthreeyearsagoHandeldreal-izedthatamangosalsarecipeheddevelopedasahobbywouldtastegreatonconch.Afterabitofex-perimentationwithlocalingredientshepresentedProductionpossibilitiesaboundBambarranotonlymakesseveralvarietiesofrumfordrinkingbutalsocreatesarumcakeintwofavors.Totheextentthatitcanbecompetitivethegovernmentisopentoanylightmanufacturingproposals.TheHon.WashingtonMisickMinisterofFinanceTradeInvestment animprovedversionofhisoriginaltothemanageratdaConchShack.DemandforHandeldsuniquesauceseventuallyledhimtoexpandhisdowntownoperation.Handeldcouldtakehisrecipestoapackingfacil-ityintheUnitedStatesbuthehasntbecausemywholedreamwastodosomethinginthiscountrythatwouldbeusefultothecountry...Thingscanbedoneheretoo.Youdonthavetorunosomuch.Todayoneoftheareasofemphasisistheoppor-tunitytodeveloplocallybottledandlabeledprod-uctslikesoapsthatcouldbeusedbyresortsandhotels.Guestsappreciatequalitylocalproductsmanufacturingcreatesjobsandanintelligenttaxpolicycankeeppricescompetitive.Butgettingeverythingrightwithabig-picturepolicyrequiresmorethanpiecemealsolutions.ThereisalotweneedtolookatMisicksaid.Wehaveboatscominginhereloadedwithcargoandgoingbackempty.Wehavetotrytomakesomesmartdecisionsinthatwayifwearegoingtobeabletoincreasephysicaltradebecausethatiswhatwedonthave.ofGDPmanufacturingislessthan2Thenewadministrationisintheprocessofdevelopingamanufacturingpolicytoencouragemoreactivityinthisarea.SaltCaySaltWorksproductsrecalltheislandsonce-globalsaltindustry. 72DelanoHandelddidntcomehometotheTurkandCaicoswithaplantostarttheSakajagourmethot-saucecompany.HefoundthatimprobablefuturewaitingforhimatdaConchShack.TheProvidencialesnativeandU.S.Armyvet-eranalreadyhadarecipeforakillermangosal-sabutthatwasjustahobbyprojecthedpickedupduringaninternationalcareerthatrangedfromwrenchingvehiclesintheMiddleEasttocontractworkindesertwar-zones.Butby2009hisplaceinMarylandnolongerfeltlikehomeandhedalreadyhadenoughofthedesert.OnedayIwaslookingouttothehorizonandIrememberedtheplacewhereIgrewupthewhitesandandtheblueoceanandIthoughtWhydidyoueverleavethatplaceHandeldlefttheTurkandCaicoswhenhewas13butevenwithhisfamilynetworkjobswerehardtondontheislandin2009-10.HeeventuallygotanoerfromthepoliceforceanditwasaroundthattimethathewentdowntodaConchShacktocontemplatehisfuture.WhenthewaitressbroughthisconchsaladtohistableoverlookingtheseaHandeldbitintoanepiphany.TherstthingthatclickedinmymindwasYoursauceIcouldalmosttastemymangosauceontheconchsaladAndIthoughtImgoingtobetheonetomakethesauceoftheTurksandCaicos.ItwasatenuousstartbutHandelddecidedtoturndownthepolicejobandtakeachanceonhisrecipe.Thissaucehasavorhesaid.Itsnotallabouttheheat.Itsasweetpeppersauceanditsareactionbetweensaltsweetandhot.Allofthesebattleeachotheranditgoesperfectonseafood.IntheyearsincethebuzzsurroundingSakajahassaturatedtheislandandjumpedtheGulfStream.TouristsmakeapointofbuyingHand-eldssaucesinbulkmultipleProvidencialesrestaurantsnowoeritatthetableheispri-vatelabelingforseveralrestaurantchainsintheUSandhiswebsitewww.SAKAJAltd.comisgearinguptotakeinternationalweborders.MywholeideamywholedreamwastodosomethinginthiscountrythatwouldbeusefultothecountryHandeldsaid.Icouldtakeashort-cutandgotoaco-packerintheUnitedStates.Buthedidnt.Thingscanbedoneheretoo.EntrepreneurbottlessuccessInterestinSakajasaucehasbeenheatinguponislandandininternationalmarkets.Mywholeideamywholedreamwastodosomethinginthiscountrythatwouldbeusefultothecountry.DelanoHandfeldSPOTLIGHTLIGHTMANUFACTURING INFRASTRUCTURE 74ELECTRICITYFinelinesFortisprovidespowerinchallengingdelicateenvironmentOperatinganelectricutilityintheCaribbeaninvolvesplanningandlogisticsthatexceedthedemandsfacedbycontinentalproviders.Therearenopipelinesandrailroadstotransportfuel.Inclementweathercanswirloutofthetropicsoverthesummer.Andwhendisasterstrikesarmiesofutilitytrucksfromunaectedareascantsimplydrivedowninconvoysfromneighbouringislands.YettherelativelysmallnationalutilityoperatedherebyFortisInc.theCanadian-basedenergycompanythatprovidespracticallyalltheelectricalpowerusedintheTurksandCaicoshasmanagedtorecordanAverageSystemAvailabilityIndexof99.98percent.ThatsthehighestASAIintheregion.FortisTCIwhichacquiredtwoolderlocalelec-triccompaniesin2006grewagainin2012withtheacquisitionofTurksandCaicosUtilitiesUn-limited.FortisTCIstilllacksauniedgridbutthe2012mergerallowsthecountryandFortistobe-ginthinkingaboutanationalenergystrategysaidFortisTCIPresidentandCEOEddintonPowell.Westillhavetheproblemsofsmallstand-aloneverti-callyintegratedoperations...butweareinamuchbetterpositiontodeploypeopleandassetsinanoptimalintegratedway.Thecompanynowprovides98percentofthenationselectricityservingmorethan12000cus-tomers.Thatpowercomesfromdiesel-redgen-eratorswithacapacityof75megawattsandmetarecordpeakdemandof34.7megawattslastyear.OneintegratedsystemprovidesenergytoNorthandMiddleCaicosfromthegenerationplantonProvidencialesandFortisTCIssubsidiariesoper-atesmallergenerationanddistributionsystemsonGrandTurkSaltCayandSouthCaicos.Despitethetechnicalenvironmentalandnan-customersservedbyFTCIAEPandTCUabout98ofelectricityconsumersintheTCIcircuitkilometersoftransmissionanddistributionlinesmegawattcapabilitypeakdemandin2012120006007534.6WebelievethattheTurksandCaicosIslandshassignifcantpotentialforlong-termgrowthinthetourismsector.H.StanleyMarshallFortisInc.PresidentandCEO TEXT75FortisInc.thelargestinvestor-owneddistributionutilityinCanadaacquiredthelocalenergyrmin2006.From2007totheendof2010Fortisinvestedapproximatelyonehundredandtenmilliondollars110000000ininfrastructureprojects.FortisinvestmentintwoWartsilageneratorenginesin2010-11.20mcialchallengesassociatedwithenergyproductionintheislandsFortisInc.sexperienceintheCarib-beanattractedittothegrowingeconomyinTurksandCaicossevenyearsago.Wealreadyhadinvest-mentsintheCaymanIslandsandBelizesoitwasanaturalprogressionsaidFortisInc.PresidentandCEOH.StanleyMarshall.FurthermorewebelievethattheTurksandCaicosIslandshassignifcantpo-tentialforlong-termgrowthinthetourismsector.Ofcoursethedynamicsofanyrapidlygrow-ingeconomypresentaseriesofchicken-and-eggdilemmas.Howdoyoukeeppacewiththeenergydemandsofapopulationthatgrew37percentoverthepastdecadewithboominggrowthprojectedintothefutureFortiscorporateinfrastructurein 76WhileenergyproductionintheTurksandCaicosIslandscontinuesitstrendtowardgreaterefficiencyandreliabilitysupply-chainoverheadandareboundindieselpricescombinetokeeptheunitcostofenergyherehigherthanratespaidbymainlandconsumers.SoEcon101Thehigherthecostofen-ergythegreatertheprivateincentivetoinvestinenergy-savingtechnologies.Andwiththecurrentgovernmentbackingarenewable-energyagendathingsarelookingupforgreenenergyintheislands.Thebest-sellingproductsatProviden-ciales-basedGreenRevolutionaresolar-powereddevicesthatpayforthemselvesinelectricalsavings.Asolar-poweredpoolpumptypicallypaysbackthebuy-ersinvestmentin18to30monthsthensavesownersanaverageof3000to4000annuallysaysGreenRevolutionManagingDirectorPaulChaplin.Solarhotwaterheatersarealsopopularasarestandardcompactuorescentbulbsandthenewhyper-ecientLEDlights.Thecurrentadministrationstronglysupportstheuseofgreentechnologiesandinadditiontoencouragingindividualsandbusinessestoutilisethemwherepos-sibleitisalsoworkingonreformstotheregulatoryframework.Whilethegovernmentdoesntdirectlysubsidizeprivategreen-energyinvest-mentsitdoesencouragethemthroughlowerdutiesonenvironmentallyfriendlyproducts.AppliancesthatqualifyforanEnergyStarratingareimportedata10percentdutycomparedtothestandarddutyof30percent.Solarenergydevicescarrynodutyatall.Oneofthenextlikelyareasofprogresscouldbealocalversionoftheutilitybuy-backruleusedinothernations.TheTurksandCaicosIslandsputsnorestrictionsonprivateelectricalproductionviarenew-ableresourcesbutcurrentlyoffersnomechanismforprivateproducerstoselltheirsurplustoFortiswhichoperatesthenationselectricalgrids.TCIGandtheCa-nadian-basedenergycompanyhaveen-teredintotalksrecentlyaimedatdraftingthenecessarylegislativelanguage.Thebuy-backapproachhasgenerallyencour-agedprivateinvestmentinphotovoltaicsystemswhilereducingdemandonpow-erplantsandloweringelectricitycosts.ThetropicalclimatewithintheCa-ribbeanisperfectforpeopletoadoptbothwindandsolartechnologiessaidChaplinmakingthisregiononeofthemostviableenvironmentsforrenewableenergyandenergy-ecientproductstosucceed.FortisTCIhas151employeesthroughoutallitsserviceterritoriesincludingProvidencialesNorthCaicosMiddleCaicosGrandTurkSaltCayandSouthCaicos.Canadaandmanagementhistoryoersbenetstolocalbusinessesthatmightotherwisestruggletogrowtheirownlocalenergysector.Theutilitybusinessisalong-termbusinessMarshallsaidcitingsignicantinvestmentsinper-sonnelandtechnologyaimedattransformingthecompanyintoamodernutility.Fortisput110mil-lionintoinfrastructurebetween2007-10andspent20millionontwoWartsila20V32generatoren-ginesin2010-11.Notonlydothosehigh-eciencydieselenginessignificantlyreducefuelcoststheyalsoreduceemissionswhileshrinkingtheislandscarbonfoot-print.ThesystemisthesmallestintheFortisportfo-liowhichexceeds2millioncustomersgloballybutwhilethecompanysotherCaribbeansystemsarecomparableinsizetheTCIutilityisfarmoregeographicallydispersed.Thoseassociatedcostsalongwiththesystemsrelianceonimporteddie-selputupwardpressureonprices.Windandsolarenergyproductionremainintriguingoptionsbutdieselfuelwillremaintheprimaryenergysourceforutility-scaleelectricitygenerationintheTurksandCaicosIslandsforsometimeyetPowellsaid.Thereisnodoubtthatastechnologyimprovesandpricesdeclinewindandsolarwillplayaroleinourenergymix.Butwearenotthereyet.Furthermorewefundamentallybelievethatrenewableenergyshouldnotcostourcustomersmoreorresultinre-ducedreliability.Powellbelievesimprovementsinthetranspor-tationandstorageofLiquiedNaturalGascouldmakeitabridgetotheenergyfutureofmorerenewablesbutfornowthecompanyisdevotingitselftostreamliningitsdieselsupplychain.Ourprimaryfocusisongeneratinganddeliver-ingelectricityinthemostecientwayincludingreducingfuelconsumptionPowellsaid.Wealsocontinuetofocusonimprovingandprovidingser-viceoptionstoourcustomersthroughinformationtechnologiessmartmeteringdevelopingasmartgridanddemand-sidemanagement.Goinggreenmakinguseofrenewableresources 78WATERForanationsurroundedbywaterensuringasafeandreliablesourceofthedrinkablekindhasntalwaysbeenaneasyoperationintheTurksandCaicosIslands.Residentsofmanyislandsinthetwochainshistoricallyreliedoncisternsandothercatch-mentdevicesforpotablewater.NorthandMiddleCaicoshavetraditionallybenetedfromsignicantgroundwaterreservesaswell.Thosepre-20thcenturywaterresourceshelpedshapelifeintheTurksandCaicosbutasreverse-osmosistechnologiesbeganoeringdesalinationonanindustrialscalethefirstmodernwaterandseweragesystemsbeganappearingonGrandTurk.Thistechnologyalsoenabledmoderndevelopmentonotherislandsandthenationswatersupplyevolvedasapatchworkofsourcesandmanage-mentsystems.Inrecentyearsthegovernmenthasworkedtounderstandtheneedsofitswaterandsewerageinfrastructureal-thoughrecession-erarevenueshavelim-iteditsoptionsinaddressingthoseneeds.Withgovernment-runsystemsonGrandTurkSouthCaicosandSaltCayallsuffer-ingfromobsoleteinfrastructureTCIGhasgenerallypursuedastrategyofdivest-mentwherepossible.Theinterimgov-ernments2012developmentstrategyacknowledgedthatprivatelyrunwatersystemsaregenerallyoperatingeffi-cientlyandmeetingguidelinessetoutintheWaterandSewerageOrdinanceandinaccordancewiththeregulatoryframeworkandexpressedaninterestinregulatingratherthanproducingthenationswater.InJune2012TCIGsoldits46percentshareoftheProvoWaterCompanytothesystemsownerHABGroupfor7.5million.GovernmenthasadutytoensurethatallofitsassetsareusedtocreatethebestvalueforthetaxpayersaidPatrickBoylethenChiefExecutiveTurksandCaicosIslandsGovernment.Itisbettertorealizethesemoniesandputthemtogoodusethanforourinvestmenttoremainidle.FurthertheGovernmentcannowbetterassumeitsproperroleensuringconsumerrightsareprotectedratherthanattemptingtoincreaseprotstomaximizeitsre-turn.ProvoWaterCompanyproducesenoughreverse-osmosiswatertoexceeddemandof1.5millionU.S.gallonsadayandrunsmorethan1000qual-itytestspermonth.PWCdeliversmostofitswaterviapipelinebuttruckssupplytooutletsinareasbe-yondthenetwork.DevelopersontheislandsofDellisCayAmber-grisCayWestCaicosandParrotCayallbuilttheirownprivateplantandpipelinenetworks.Thecabinethassinceagreedtofundanemer-gencyreplacementtoSaltCaysROplant.SaltCayisservedbyoneROplantwithacapacityof8000gallonsperday.Thisplantwasinstalledintheearly1970s.Waterproducedisstoredinanadjacentstoragetankandthentransferredtootherstoragetanksatvariouspointsontheislandwherecustom-erswillgoandpurchasewater.Waterissoldatthevariousissuepointsat0.03pergallon.Therearenoindividualserviceconnections.Ofthebudgeted1.3millionalmost1millionisearmarkedforanewROwaterproductionplantonGrandTurkpartofacontractthatwillalsorepairandoperatetheolderplantsasbackupstothenewone.At300000gallonsadaythenewplantwillmorethandoubletheoutputofitspredecessors.TheimprovementscouldmaketheGrandTurksystemamoresalableproperty.Butgovernmentresearchhasalsoconcludedthatthecurrentpub-licsubsidyforwatersoldbythegalloninthethreeTCIG-runsystemsactsasabarriertoprivatization.ModernizedsystemkeepswaterfowingapproximatenumberofgallonsconsumeddailybyProvidencialescustomersSource2012TCIGDevelopmentStrategy1.5TCIGmanageswatersuppliesonGrandTurkSouthCaicosandSaltCay. 80TELECOMMUNICATIONSCommunicationstechnologyhasalwaysbeenoneofthegreatacceleratorstoeconomicgrowthindevelopingareasbutnowhereisitmorevaluablethaninplacesisolatedbygeography.Foranislandnationthathasmovedfromaniso-latedchaintoaninternationaltraveldestinationinjustagenerationthetelecominfrastructureranksamongthecountrysmostimportantsystems.WhiletherehasbeensometelexlinktoTurksandCaicosforthepast115yearsmobilephonetech-nologydidntarriveuntil2005.Thedemandsofmod-ernluxurytravelmadecellularcoverageanecessitybutthetrulytransformativefeatureofmobilephonesherehasbeenitsabilitytoconnectremoteareasacrossafar-ungislandchainaordablyimprovingqualityoflifewhileloweringthecostofdoingbusiness.Todaywirelessinternetandcellphoneaccessiseectivelyavailableacrossthenation.Whilesomelimiteddeadspotsremainthetransformationtouniversalcoverageisoneofthegreatstoriesofthepastdecade.EssentiallyonlytheuninhabitedislandofEastCaicoscurrentlylackscellularservicethoughthatcouldberemediedwiththeadditionofatower.ThreecompaniesoermobileservicesinTurksandCaicos.TwoothersoerxedInternetwithLIMEprovidingserviceviaADSLandWIVoeringwebconnectionsviacablemodem.MeanwhiletwocompaniesDigicelandIslandcomoer4GwirelessbroadbandinternetontheEvolvedHSPAstandard.Bothhavebeenlicensedtorolloutthenext-generationLTEstandardbutwirelessserviceintheTCIhasalreadyevolvedtothepointwherein-ternetspeedsinsomelocationsrivalorexceedtheperformanceofxednetworks.Thefullresultsofthisrapidexpansionwontbeapparentforsometimebuttechnologyisalreadychangingthewayresidentsdobusinessgettheirnewsandconnecttoentertainment.Perhapsthebiggestlong-termchangewillbeineducation.Everychildineveryschoolinthena-tionnomatterhowremotewillsoonhaveaccesstotabletswithfreebroadbandthankstoanagree-mentwithDigicel.CostsremainhigherthaninthecontinentalU.S.andCanadamostlybecauseofthelimitednumberofwholesalecarriersandtheaddedoverheadasso-ciatedwithsendingsignalsunderseaviacable.Butpricingisnotprohibitiveandconsumercostsarefallingovertime.InternetisavailableviaADSLcablemodemand4Gnetworks.State-of-the-artconnectionsLTEissettoberolledoutinthenext18months.LTEis20xfasterthanthecurrent4GHSPATherapidexpansionofcellphonecoverageandinternetavailableonislandhasbeenaremarkableaccomplishment. 81Governinganationevenasmalloneisalwaysachallenge.Butgoverninganationthatsdividedovernineinhabitedislandswithmanyotherstoadmin-isterwithyourseatofgovernmentseparatedby70milesofwaterfromyourcenterofpopulationandcommercethatrequiresadegreeoflogisticalandcommunicationssophisticationthatland-lockedcountriesseldomdemand.Likemanygovernmentsaroundtheglobetheinformationtechnologiesthatstrungtogethervari-ousocesandministriesinTurksandCaicoshadevolvedovertimeintoanadhocmixtureoflegacysystemswithvaryingdegreesofcompatibilityandobsolescence.TheITnetworkinthisgovernmentwasinacom-pleteshamblesthengovernmentChiefExecutivePatrickBoylesaidlastfall.ButunlikemostnationalgovernmentstheTurksandCaicosremainssmallenoughtomakenimblechanges.InNovemberDigicelalocaltelecommunicationscompanywona1.76millionfive-yearcontracttooverhaulthegovernmentsentireinformationtechnologyinfrastructure.Inadditiontosavingthecountryaprojected3.7millionoverthelifeofthedealitsprovisionsareexpectedtorevolutionizehowcitizensandresidentsinteractwithcivilser-vantshere.Digicelhasbegunrebuildingallthegovernmentslocal-areanetworks.Plansalsocallforinstalling400desktopPCsoutttinganother100laptopsandre-placingalldeskphoneswithCISCOIPphones250ofwhichwillcomeequippedwithbuilt-invideotoenablepeer-to-peeradhocvideoconferencingnosmallfactorinanislandnation.ThecompanyisalsoprovidingITsupportandafullystaedhelp-desk.InshortwecompletelyrebuiltthegovernmentnetworkprovidedthemnewPCstorunontheirLANanycustomizedprogrammingtheyneedandthemonthlyservicesontopofitsaidDigicelTCICEOE.JaySaunders.SaidAnyaWilliamsTCIdeputygovernorandheadoftheTCIPublicServiceIamquiteenthusi-asticaboutthenewagreementwithDigicelasitwillrevolutionisenotonlythemannerinwhichcivilser-vantswillbeabletocarryouttheirdutiesbutalsothewaythatwecommunicatebothinternallyandRefninglogisticscommunicationE-GOVERNMENTexternallywithpersonson-islandandabroadandthemannerinwhichweprovideservicestothepub-lic.Thisformsapartofourcommitmenttomoder-niseTCIGandtobringmuchneededreformstothewayweconductbusiness.Byupgradingtheentiresystemsimultaneouslythecontractcapturedmultipleefficienciesandeconomiesofscale.Communicationsacrossthegovernmentsownnetworksreplacesphonecalls.Securitysystemspoliciesandtechnicaladministra-tionreduceoutsidethreatsanddowntime.Videoconferencingreducestravel.Datamovesfaster.On-linepaymentsnotonlymaketransactionseasierforcitizensandpublicservantstheyrealsoexpectedtoreduceoverallcostsbothinandoutofgovern-ment.Thenewstructurealsowasengineeredasanextensibleexpandableplatformwhichmeansitcanbeadaptedfortheneedsofanye-governmentservicethatarises.ThatsparticularlyvaluableonthemostremoteislandslikeSaltCayandMiddleCaicoswherethenewITnetworkgivespeoplevast-lybetteraccesstogovernmentservices.ButformostofthepopulationwhichresidesonProvidencialesthenewe-governmentservicesmeangreaterconvenienceandeciency.ServicesyoucurrentlyhavetogotoGrandTurkforparticularlywithinthebusinesscommunityyouwillbeabletodoinProvidencialesoverthenet-workSaunderssaid.Itgivesthemamuchbetterplatformtoconducttheirbusiness.Itwillrevolutionisenotonlythemannerinwhichcivilservantswillbeabletocarryouttheirdutiesbutalsothewaythatwecommunicatebothinternallyandexternally.AnyaWilliamsTCIdeputygovernor 82SHIPPINGRECEIVINGUnderstandingthedynamicsoflogisticsforabusinessoperatingintheTurksandCaicosIslandsistantamounttoachefknowinghowtousehisfavoriteingredientstoachievetheperfectdish.Opportunitiesex-istinvariousformsforgoodstotraveltoandfromtheislandsaswellaswithintheislandsbutknow-howisthekeytogettingthingsquicklyandeciently.Withlittleinthewayoflocalmanufactur-ingnearlyeverythingfromcerealtoprinterinkisimported.Seafreightiscommonlyusedwithseveralrmsoeringserviceslo-callyalmostallofwhichutiliseSouthernFlor-idaastheirinternationalpointoforiginanddestination.Shipsgenerallymakethereturntripweeklyinsomecasesbiweeklyorbimonthlyatregu-larlyscheduleddaysandtimesabletotrans-porteverythingfromsmallpackagesuptofullforty-footcontainers.MostshipsarriveattheportonProvidencialesbuttrans-shipmentsareavailabletoGrandTurkandSouthCaicos.Airfreightarrivesregularlyofferinganequallyreliablesolutiontogettingdocu-mentsorgoodsintoandoutofthecountry.Overnight-servicesareavailabletoandfromsomeareasforwhichlocaloperatorscanpro-videspecictimesandrates.ItisalsopossiblethroughalocalagencytosetupaU.S.basedmailboxwhichwillforwardmailregularlytoaP.O.BoxonProvidenciales.Mostshippingfreight-forwardingorconsolidationagencieswillaidforafeeinprocessingofpaperworkwhenitcomestoclearingcustomsandpayingdutiesandfees.Brokeragefirmsalsoexistofferingadviceandassistancewiththeseprocesses.Movinggoodsbetweenislandscanalsobehandledbyairorbysea.Regularseacar-goserviceiscurrentlyavailablebetweenProvidencialesandNorthCaicoswithpos-siblestopsontheminorcaysalongthewayaswellasweeklyservicefromProvidencialestoSouthCaicosandGrandTurk.Shippingsched-ulestoSaltCaycanvarydependingonseasonandweather.Individualneedscanalsobemetbasedonavailability.Inter-islandairser-vicessuchasAirTurksandCaicosandCaicosExpressalsooeroptionsbasedonsizeandavailability.Movinggoodsacrossasingleislandcanbehandledbyvariouslocaltruckingrms.WhenitcomestotransportingcargotoMiddleCaicositisnecessarytoutiliseoneofthesecompa-niesasthecargoisonlyshippedtoNorthCaicosandthendriventotheconnectingis-land.ByairlandandseaGettingthingsfromtheretohereandbackagainAirfreightavailabledaily.DHLUPSandFedExallservetheislands.Seafreightroutesareglobalandinter-island.AirfreightandshippingimagesStevePassmoreProvoPictures 84BANKINGTherearemanycontributingfactorstothegrowthandsuccessofanationbutthereisonethingthatonecertainlycannotdowithout.Moneyormorespecicallyaccesstoawell-functioningnancialsystemisrequiredinordertostimulateindustryandattractin-wardinvestment.AfterhavingitsowncurrencythenusingtheJamaicanDollartheTurksandCaicosIs-landshasusedtheUSDollarastheocialcur-rencysince1962.In1966therstcommercialandretailbankopeneditsdoorstocustomersonGrandTurk.Sincethenbankinginstitutionshavebeenaregularpartofthebusinesscommunityandoeralltheserviceslargercountrysbusinessandprivateentitiesareac-customedto.AllbanksandmoneytransmittersareregulatedbytheFinancialServicesCommissionFSCandoperateaccordingtoindustrystandardregulations.TodaytherearesevenlicensedbankinginstitutionsoperatingintheTurksandCaicosIslands.ThecountryisfortunatetohostseverallargercommercialrmswithinternationallyrecognizedbrandssuchasCIBCFirstCaribbeanRoyalBankofCanadaandScotiabank.Commercialandre-tailservicesareofferedlocallybyeachoftheseinstitutionsallheadquarteredontheislandofProvidenciales.ScotiabankandCIBCFirstCaribbeanhaveanadditionalbranchonGrandTurkopenfivedaysaweekandCIBCFirstCaribbeanhasabranchonSouthCaicoswhichisopenonedayaweek.Scotiabankop-eratesATMsonNorthCaicosSouthCaicosandGrandTurk.Allthelargerfirmsofferonlinebankingtotheircustomers.Bankingservicesarealsooeredthroughseveralprivatebankssomeofwhichfocusonactiveportfoliomanagementforhighnetworthindividuals.Whethertheneedsarelargeorsmalltherearenancialinstitutionsthatcatertoboththeprivateandcorporateclientsneeds.Banksthatoperatewithinthelocalmarketarerequiredtoholdanationalbankinglicense.UndertheBankingOrdinancetherearetwotypesofbankinglicensesspeciedanationalBankskeypartnersinbusinesscommunityTheFinancialServicesCommissionsupervisestheactivitiesofbankstrustcompaniesandmoneytransmittersintheTurksandCaicosIslands.Totalassetsofthebankingsectorrecorded20112012source2012TCFSCAnnualReport1.72billionlicensedbanksoperatingintheTCI7Bankinginstitutionshavebeenservingtheislandssince1966. bankinglicenseandanoverseasbankinglicense.Someoperatorswhodealonlywithcustomersoverseasarelimitedtoanoverseasbankinglicense.Howeverbothanationalbankinglicenseandanoverseabankinglicensecanbeissuedtothesameentity.ForthesecurityandstabilityoftheindustryaminimumcapitalrequirementissetbytheBankingCapitalRegulations2003theCapitalRegula-tionsmadeunderSections9-13oftheBankingOr-dinanceforlicenceescarryingonbankingbusinessinorfromwithintheIslands.Holdersofabankinglicensearealsorequiredun-derSection291-6oftheBankingOrdinancetolemonthlyandquarterlyreturnswiththeFSC.BankingoperationstypicallyfollowUStrendssuchasinterestratespreadswhichaccordingtotheFinancialServicesCommission2012AnnualRe-portrangedfromaround0.4to2fordepositsto4.5-6.5forsecuredlendingand9-17forunsecuredlending.AsiscommoninmanyCaribbeancountriesmon-eyisoftentransferredfromislandnationtoislandnationviaamoneytransmitter.FivelicensedmoneytransmittersalsooperateintheTCI.TheselicensesrequireaminimumnetworthsetoutbytheMoneyTransmittersOrdinance2008aswellaslingrequirementswiththeFSC.GlobalnetworkATMsareavailableonmostislands.21 86TheLaws2009RevisedEditionoftheLawsoftheTurksandCaicosIslandsareavailableat3000.00forthe11VolumesetandCD-ROM.Individualbookletsareavailablefor75.0050.00and10.00eachdependingonsize.LEGAL113LawyersintheTurksandCaicosBarAssociationSourceTCIBA.TC38FirmspracticingintheislandsLikemanyinstitutionsintheTurksandCaicosIs-landsthelegalsystemisalocalvariationonathemethatlooksinstantlyrecognizabletoanyonefamiliarwiththeBritishoriginalanditsvariouscolonialinterpretations.Thelegalheadlinesintheyearsafterthe2008gov-ernmentcrisishavebeenaboutreformandmodern-ization.TheCommissionofInquiryfoundmultiplede-ciencieswithinthenationslawsandoverthepasttwoyearstheTCIAttorneyGeneralhasconsultedwithstakeholderslocallyandworkedwithexpertsfromtheUnitedKingdomsForeignCommonwealthOfficeandtheEuropeanUniontodraftanambitiouspro-gramofnewordinances.Oncecompletethiscomprehensivereviewandoverhaulofthenationslawswillgivelocalgovern-mentamodernlegalcodethatmeetstheneedsofagrowingpopulationandanexpandingeconomywhileadheringtointernationalstandardsandbestpractices.Thatwillbealeapforwardforthelegalsystemac-cordingtoGeorgeMissickmanagingpartneratthermofKaramMissickandthepresidentoftheTurksandCaicosBarAssociation.BecausetheTurksandCaicosremainsasmalldevelopingjurisdictionmuchofitsnecessarylegislationwaseitherarchaicornon-existentMissicksaid.Updatingallofittogetherwhileorganizingthenationscommonlawrecordsintoasearchabledigitalformatisexpectedtoreturnongo-ingbenets.Beneaththatnewlayerofmodernizationhowev-ertheunderlyingstructureoftheTurksandCaicosjudiciaryendures.ThereisalowercourttheMagis-tratesCourtwhichhandlesminorcriminalchargesandcivilsuitswithdamagesbelow10000.DecisionsoftheMagistratesCourtmaybeappealedtoahighercourtTheSupremeCourtwhichalsohandlesmoreseriouscriminalchargesandlargercivilsuits.AndofparticularinteresttomanybusinessesthereisalsoaLegalcodegetsmodernupdateLabourTribunal.LabourissuescoveredundertheEmploymentOrdi-nancearetypicallyreferredtomediationbytheLabourDepartmentandonlycasesthatcannotberesolvedatthatlevelarereferredtothetribunal.Itsdecisionslikethosefromotherrst-instancecourtsoflawmaybereferredtoorreviewedbythenationsCourtofAp-pealswhichconsistsofapresidentandatleasttwojusticesofappeal.TheSupremeCourtisledbyaChiefJusticeandconvenesonbothProvidencialesandGrandTurk.ButunlikeintheUnitedStateswheretheSupremeCourtistheCourtoflastappealSupremeCourtverdictsinTurksandCaicosmaybeappealedthroughtheCourtofAppealsontotheUnitedKingdomsPrivyCouncil.ThePrivyCouncilinEnglandisthenationsnalappel-latecourt.MostappealstakeseveralmonthstoreachthePrivyCouncilbutappealsaretypicallyresolvedinlessthanayear. 350AveragenumberofcasestheSupremeCourthearsannually3NumberoftimestheAppealsCourtmeetsyearlyThoughtherearefewjudgesinthecountrythejudiciaryalwayskeepsoneoncallsothaturgentmat-terssuchasinjunctionscanbedealtwithrapidly.AndbecausethedocketissmalltheSupremeCourthearsabout350casesayearjusticeisswift.Imustsaycas-esmovequitequicklythroughthecourtsystemhereMissicksaid.OnedierencebetweentheTurksandCaicossys-temandtheEnglishsystemfromwhichitdrawsmostofitstraditionisthatpracticinglawisafusedprofes-sionhereaswithintheUnitedStateslegalsystem.ThatmeansthatanylawyerintheTCIwhethercalledtotheBarasabarristerorasolicitormaypracticeallformsoflawwithintheircompetency.ThenationsBarnumbersbetween100and150lawyersrepresentingthenearly40lawrmsthatcomprisetheBarAssocia-tion.MostlawyerspracticingintheTCIweretrainedintheUKorCanada.LawyersseekingtopracticeintheTCImusthavealawdegreeandforeignattorneysmusthaveatleastveyearsofexperiencepracticinglawinanotherCom-monwealthjurisdiction.Asaresultmostofthemem-bersoftheTurksandCaicosBarareseniorattorneysandfewhavelessthan10yearsofexperienceMissicksaid.ApplicationstopracticeintheTCIaremadetotheChiefJusticewhoconsultswiththeBarAssociationpriortoanyadmission.Mostattorneyschargeonanhourlybasiswithratesthatrangefrom200to550anhour.Forlegalser-vicesrelatedtocommercialorrealestatetransactionsthestandardfeeisbasedon1percentofthetransac-tionsvalue.Someattorneysmaychargeaatfeeforsmallercasesandactions.LegalremediesintheTCIincludinginjunctionsgar-nishmentchargesonpropertytosecurepaymentandexaminationofdebtorsaregenerallysimilartowhatcanbefoundelsewhere.Overseasjudgmentscanberecognizedherealthoughtheyarenotdirectlyen-forceable.Wehavealltheremediesthatpersonsinlargerju-risdictionswouldusetoprotecttheirrightsMissicksaid.Investorscanfeelcondenttheywillgetafairdecisionattheendoftheday. 88AIRPORTEXPANSIONClearedfortakeoThisrenderingfromtheTurksandCaicosIslandAirportAuthoritydepictsthefeaturesoftheplannedterminalimprovements.Withtravelandtourismconsultantspro-jectingthatannualtrafficthroughtheProvidencialesInternationalAirportwilltop1millionpassengerswithinveyearstheongoingoverhaultothisall-importantgatewayrepresentsoneofthenationsmostimportantinvestments.Gettingtheairportrightrequiresmorethanmerephysicalexpansion.Yesthenewterminalwillbelargerupfrom52462squarefeetto92321squarefeetjustlikethe35million2011infrastructureprojectmadetheprimaryrunwaylonger.Butbe-yondthoserawnumberstheupgradesatProvoInternationaltellastoryofchangingtechnologiesevolvingglobaltravelpatternsandadeepeningna-tionalappreciationfortheroleairtravelplaysinthevitalityoftheTurksandCaicos.Withitseconomybasedalmostentirelyontour-ismProvosairportissoessentialtomodernlifeontheislandthatairliftcapacityremainsacasualconversationaltermamonglocals.Provosdevel-opmentboompusheditscurrentairlifttonearly400000passengersannuallybutastheglobalre-RenderingTCIAA88 coveryfromthe2008nancialcrisisacceleratesthatnumberisexpectedtorisesignicantly.WearedrowninginoursuccessconcedesJohnSmiththeCEOoftheTurkandCaicosIslandsAirportAuthority.InadditiontoProvohisorgani-zationmanagesfacilitiesonGrandTurkSaltCayNorthMiddleandSouthCaicos.SimplyallowingtheterminaltosprawlhoweverwontexactlysolvetheproblemparticularlywhenyouanalyzetracatProvoInternationalfromtheperspectiveofwhenaircraftarriveanddepart.With80percentofightsarrivingfromNorthAmericathevastmajorityofpassengerscyclethroughtheterminalduringaroughlyfour-hourwindow.SowhiletheAirportAuthorityisexpandingitsfa-cilitiestomeetthosepeakdemandstherecentrun-wayextensionwasaimedataccommodatingdirectightsfromEuropeandSouthAmericathatarriveanddepartoutsidethepeakNorthAmericantraf-cwindow.At9200feetthenewrunwayatProvoInternationalnowcomfortablyexceedstherequire-mentsforfullyloadedBoeing777-300ERandB747series.SoevenasdirectflightsfromfarawaymakeAirportrenovationsreadyTCIforsuccessfulfuture89 90Provomoreattractivetotravellerstheyalsoe-cientlydistributemorepassengersacrossnon-peakhours.Tomaketheairportexperienceaseasyaspossi-bleplanningforthethree-phaseterminalupgradebeganwithimprovingprocessingeciencyinev-erythingfromcustomstobaggagehandling.Whencompletedinwinter2014thenewterminalwillfeaturemoresecurityscreeningpositionsticket-ingimmigrationsandcustomscountersmorede-parturegatesanadditionalbaggagecarousela35percentlargerparkingareaandavastlyimproveddesigntotheroadwaythatservesthefacility.TheAuthorityisalsoworkingtoimproveairporttech-nologyaninvestmentthattheyexpecttopaydivi-dendsintimesaved.WiththosefeaturesinplacetheTCIAAbelievesitsworld-classgoalof15-minutecurb-to-gatepro-cessingtimeswillbewithinreach.PeoplewhousetheairportfacilitiesknowthatitcanbecomecrowdedatpeaktimessaidGov.RicTodd.Thatswhyairportmanagementhasbeenplanningthesecrucialworksaspartoftheiroverallmasterplan.InternationalresorttravellersarenotfreightandwhatmakesaprocessecientmightnotmakeitTherenovationdesignseekstoextendtheatmospherethatdrawspeopletotheislandssothattheirvacationfeelsasifitstartsassoonastheystepofontothetarmacanddoesntenduntiltheyarebackontheplane.ImagesTCIAA TEXT91Open-aircheckinareawillincludewaterfeatureswhichareexpectedtoreducetemperaturesbyupto6degrees.Becausesunandtropicalbreezesarewhatmosttravelersarecomingtotheislandsforthenewdesignoersnaturallightandprevailingwindsbutcanbecompletelyclosedupincaseofinclementweatherwhichhappensonanaverageof15daysoutof365.Addingadrop-oandpick-uplaneandcreatingpassinglanestoimproveroadtracinandoutoftheairport.Addingkioskstocatertobothleftandright-handvehicles.CarparkzNew60000sqftzOld38925sqftFacilityexpansionzNew92321sqftzOld52462sqftThecustomsclearanceareaisbeingoptimizedandaddingacustomsocer.Securityscreeningpositionsincreaseto2withthecapabilitytogoupto4.Moreticketcountersaddedwithtechnologyupgradestostreamlineoperations.INNOVATIONRENOVATIONAnair-conditionedfoyerwillbeavailableforthoseawaitingarrivingpassengers.Thenumberofimmigrationcounterswillincrease.SkyLoungeisexpandingandrestroomsarebeingrenovated.Thenumberofdeparturegateswillbeincreased.Aspecicfacilitywillbeaddedfordogsarrivingviatheairport.In2011a35millioninfrastructureprojectextendedtheprimaryrunwayto9209ft.Moreretailoutletsandfoodvendors...addingababychangingroommedicalinspectionandquarantinearea.Addingasecondbaggagecarousel91 92pleasant.Sotheprojectsemphasisonenhancingthequalityoftheairportexperienceisrepresent-edrstinbetterstandardamenitiesalargerSkyLoungeafoodcourtwithexpandedretailplusmoreandmoremoderncomfortfacilities.ButitstheAuthoritysinsistencethatthenewterminalre-ectstheaestheticoftheislandsthatshouldmakeitavisuallystrikingintroductiontotheTurksandCaicosIslands.TheconceptbehindthedesignistocreatethefeelingthatyouarriveataresortandyouleaveataresortSmithsaid.TheresultisauniquelyCaribbe-anairportwithopen-aircheck-inswaterfeaturesthatpassivelyreducesurroundingairtemperaturesbyasmuchassixdegreesandarchitecturaltouchesthatcommunicatethepersonalityoftheTurksandCaicos.Pluspassengerswillstillmakethatsigna-turewalkacrossthetarmac.Administratorsestimatethecostoftheprojectat10millionallofwhichhasbeennancedthroughtheAuthoritysoperatingprofits.Payoffonthedebthasbeenprojectedfor2016-17withfuturegovernmentrevenuesfromtheexpandedairportexpectedtobetwo-tothree-timeslargerthantheyaretoday.Makingthosechangesworktakescoordinationandforesightandairportocialsareworkingwithgovernmentofficialsandresortmanagerstoen-surethattheindustryadaptstoaccommodatetheexpectedincreasesinvisitorsfromoutsideNorthAmerica.Europeanvacationersforinstancetendtostaylongerwhichmeanstheyneedmoreonis-landactivities.Thenumberssofarareencouragingwitha30percentincreaseinSouthAmericantravel-ersoverthepreviousyear.Weareembarkingonajourneyoffundamen-talchangeinthewayweconductbusinessandwelcometouriststotheTurksandCaicosIslandsSmithsaid.Ourterminalexpansionprojectwillnotonlyoerbetterfacilitiesforpassengersbutpro-videuswiththeroomtogrowoverthenexteighttotenyearsandpossiblybeyond.visitorsfewintoProvoInternationalAirportin2012projectednumberofpassengerswithin5years3260001millionOneofthefewairportstocontinuetarmacdisembarkingTurksandCaicosletsthewarmsunandCaribbeanbreezewelcomevisitorstotheislands.WeareembarkingonajourneyoffundamentalchangeinthewayweconductbusinessandwelcometouriststotheTurksandCaicosIslands.JohnSmithTurksandCaicosIslandsAirportAuthorityCEOVisitorsbyfightoriginzNorthAmerica85zCaribbean11.74zEurope2.34zSouthAmerica0.32increaseinvisitorsfromSouthAmericain2012over201130 93Foracommunityspreadacrosseightislandsanddoz-ensofmilesofseatravelonandbetweentheis-landsiseasygiventhenumerousoptionsavailabletogetaround.Rentalstaxisferriesandightsareallreadilyavailabletogetresidentsguestsandbusinessownersfromplacetoplaceincludingislandtoisland.Providencialesiswellservedastheinternationalhuboftheislandswithaccesstoallislandsviavari-ousmodesoftransport.Ferryserviceisavailablethreetimesadayforthe30-minuteridefromProvotoNorthCaicoswhichoersfurtheraccessviaacausewaytoneighbouringMiddleCaicos.ServicetoSouthCaicosviaferryfromProvoa1.5hourridehasrecentlybeenex-pandedtothreetimesaweek.RegularlyscheduledflightsarealsoavailabletoreachSouthCaicosaswellasthefurtherdestinationsofGrandTurkandSaltCay.CharteredightscanalsoprovidetransportationtoAmbergrisCayaswellasactasanalternativetousingtheferryforNorthandMiddleCaicos.RentalcarsareavailableonProvidencialesNorthandMiddleCaicosGrandTurkandSouthCaicosinlimitedquantity.RentaloptionsincludelongstandinglocalestablishmentsaswellasmorefamiliarinternationalbrandssuchasAvisBudgetHertzandThrifty.Outsideofcarrentalsyouwillndtaxisatmostair-portsanddocks.Thedriversofthesevehicleshaveathoroughunderstandingoftheislandsroadwaysandpricingisgovernmentmandated.Thefarepricinglistcanbefoundattheairportorbyaskingadriver.Bikesscootersandgolfcartsarealsoavailableforrentalinsomelocations.ForfurtheraelddrivingonProvidencialesNorthandMiddleCaicosarentalcarfortransportationisgenerallythemosteconomicalop-tion.HoweveronsmallerislandslikeGrandTurkandSaltCaythealternativesoerabotheco-friendlyandeconomicaloptiongiventhelimiteddistancesandlackofpavedroads.WhendrivinginTurksandCaicospleaseremembertodriveonthelefthandsideasisstandardintheU.K.andmostofitsterritories.Alsowhenrentingbesuretonoteapreferenceastowhatsideofthevehicleyouwouldlikeforthesteeringwheeltobeonasmostrent-alcompanieshavevehiclesthatcatertobothvarieties.Thespeedlimitonislandis40mphatitshighestandtherearenotraclightstodirecttrac.Tracatma-jorintersectionsismanagedviaroundabouts.Thesecircularintersectionsusuallyrequiredriverstoyieldtoanytraccomingfromtherighthowevertherearesomeexceptionssoitisrecommendedtoslowdownwhenapproachingoneandobservethetracbeforeproceeding.OnthemoveFerriesandfightsrunregularlybetweenislands.Golfcartsscootersandbikesmayalsoberented.Carrentalsboatchartersandtaxiservicesareavailableonthelargerislands.IslandtracfollowstheU.K.drive-on-the-leftstandard.TRANSPORTATION 94ExperiencedcompanykeepsthingscleanItshardtostartnewthingsrightwhenyoureawashinaleftovermessfromthepast.Whichmadetheoldridge-topdumpintheBlueHillshighlandsasymbolofthechallengesofrapidmod-ernizationonProvidenciales.Twoyearsagotheopen-airdumpwasatoxicdi-sasterwaitingtohappenunlinedunsecuredandlargelyunregulated.Homelessscavengerstookupresidence.Wilddogspatrolledsmolderingpilesofgarbageamidsttheburned-outhulksofcars.TodaythatolddumpalongwiththesiteonGrandTurkhasbeencleanedcappedandstabi-lized.AnewlinedlandllengineeredtoexactingUnitedStatesEnvironmentalProtectionAgencySubtitleDregulationsismakingitswaythroughtheregulatoryandpermittingprocess.AndforthersttimeinitshistorytheTurksandCaicosIslandsareontheirwaytooperatingonacomprehensivesanitationsolidwasteandrecyclingprogram.ThenationsgovernmentpaidTurkandCaicosEnvironmentalManagementTCEM3milliontocompletePhaseOneandthelocallystaedstart-upgottoworkinApril2012.ItnishedthejobofrehabilitatingtheolddumpsinFebruary2013.Whatyouseenowistheresultofdealingwithaproblemwhichhadbuiltupovermanyyearssoac-tuallyaninvestmentwasneededupfronttosortouttheproblemHisExcellencytheGovernorRicToddsaidduringaSept.19pressconferenceattheProvidencialessite.PhaseTwoisexpectedtocostabout2.3millionwithabout1.5millionearmarkedforlandllcon-structionandanother400000setasideforinstitut-inganationwiderecyclingsystem.Thecompanyesti-matesannualoperationswillcostabout1.5million.TCEMPresidentTimHodgewhosefamilytiestotheislandsdateto1971knewaboutthewaste-dis-posalproblemsontheislandslongbeforeformingthecompany.Thestateofaairswasjustshock-ingandthesituationwasnotuncommonHodgesaid.ItsaproblemthroughouttheCaribbean.Butwealsoknewitwasasolvableproblemsowhenwesawthatthegovernmentwasreadytoaddressitwewerekeentogetengagedandtrytobepartofthesolution.Movingthenationfromopendumpstoamod-ernlinedlandllendstheriskofastormushingtoxicleachatethroughthenativelimestoneandoutSANITATIONzTCEMandtheGovernmentoftheTCIhaveen-teredintoapublic-privatepartner-shiptobuildonnationalinitiativesforenvironmentalandeconomicsustainability.zApproximately40000tonsofwasteperyearareexpectedtobeprocessedintheislandsthroughthenewwastemanagementsystem.ParadisePhotography 95intothenationsperfectbluewaters.Butonarou-tinelevelstandardizingthenationswastestreamgivesbusinessesandresidentsincentivestodiverttheirrecyclablematerialsreducinglong-termcostsandgeneratingnewbenetsforthecountry.Takecompostforinstance.MostoftheTurksandCaicosIslandslackssufficienttopsoilsothecompostingcomponentoftheTCEMplanisexpect-edtogenerateanewresource.Homeandcommercialpick-upiscurrentlyman-agedbyboththegovernmentandseveralprivatehaulingentitiesontheislandofProvidenciales.Onesuchcompanyhasalreadybuiltarecyclingfacilityandtheircustomersareoeredtheopportunitytoseparategarbageandrecycleitemssuchasglasscanscardboardandplastic.TCEMsproposedrecyclingcomponentisbasedonalow-techbluebagsystemusedfromChicagotosmallcommunitiesaroundtheworld.Everythingrecyclablegoesintoaseparatebluebagwhichworkershand-sortattheprocessingcenter.Theresanadditionallabourcostoverpre-sortingbutthesystemworksouttoasavingsbecauseitdoesntrequirespecializedtrucksandadditionalinfrastruc-ture.Itwouldalsoallowforanyoneprivatehomestohotelguestsonanyislandtobeapartofana-tionalplantoprotecttheenvironment.Themakeoverincludesconsolidationoffacili-tiesonotherislandsaswellandplacingcollectionpointssupervisedcontainersatplaceswherelo-calshavetraditionallygonetodumptheirgarbage.ParadisePhotographyTCEMhasmorethan50yearsofcombinedexperienceinsolidwasteincludingthedevelopmentofthelargestwaste-by-railsystemintheUS.Theyarealsodesigningconstruct-ingandoperatinganewsolidwastetransferstationinSt.CroixintheU.S.VirginIslands.TheHodgefamilypatriarchbuilthisrsthomeintheTurksandCaicosin1971.TimHodgeandhisfatherJimofTurksandCaicosEnvironmentalManagement. 96FOODDISTRIBUTIONMakinganameforitselfasafoodloverspara-disedoesntcomeeasyforanislandnationwhichimportsthevastmajorityoftheprod-uctsitconsumes.ButtheperksthatcomewithproximitytotheU.S.dontjustlimitthemselvestodirectightslanguagecurrencyandtimezone.ThefoodcultureintheTurksandCaicosIslandshasourishedinrecentyearsandProvidencialesasitsculinarycapitalboastsnotonlyanimpressivenumberoftop-ratedrestaurantsandchefsbutalsoarobustarrayofchoiceswhenitcomestogroceries.RegularshipmentsoftopbrandedgoodsEu-ropeanandAsianspecialtyproductsandorganicfruitsandvegetablesprimarilyfromtheUnitedStatesmaketheirwaytotheislandsavailablethroughwholesaledistributorstorestaurantsandcaterersaswellastoconsumers.AsthemostdevelopedandpopulatedislandintheTCIProvidencialeshasthelargestselectionofnotonlyproductstobuybutalsoplacesinwhichtopurchasethem.Withseveralmajorgrocerystoresandnumeroussmallerretailersthereareplentyofoptionsforshopping.ThelargeretailersarespreadacrosstheislandofProvidencialesfromdowntowntomid-town.IslandPrideIGAGracewayQualitySu-permarketsandPriceCluballoerawideselectionoffamiliarproductsfromCheeriosandOreocook-DistributionnetworkbringsqualityvarietyiestoHassavocadosandIdahopotatoes.InGraceBayGracewayGourmetcaterstothespecialtymarketwhereitemssuchasgoatcheeseGluten-freepizzaandsoymilkcanbepickedupdaily.Mostotherislandshaveretailersrangingfrommid-sizetosmallandonnearlyalltheislandsyouwillndlocallygrownproductsintheshops.Ofcourseconvenienceandselectioninparadisecomeatapremiumwithpricesonmostitemshigh-erthanonmainlandnationsduetofactorssuchasshippingcostsandimportduties.Whiletherearenoextradutiesappliedtoim-mediateperishablessuchasmilkeggsmeatsandmostfruitsandvegetablesthereisa10percentdutyappliedtofoodslikecheeseandbutteranda15-30percentdutytomostothergrocerygoods.Foranationofunder35000residentstheselectionofwinesandbeersrivalsthatofmanylargercities.FromFrenchcham-pagnetoBelgianbeerseveralboutiqueis-landdistributorsmakeupforsizeinvariety.Dutiesonalcoholarehigherthanthoseforothergroceriesandin2010theMinistryofHealthincreasedthedutyratesonfoodswithahighsug-arcontentsuchasicecreamconfectionariesandchocolateto40percent.Dutiesarefactoredintotheretailpricesonoadditionaltaxesareaddedatcheckout.Thestorepassesthecollectedtaxesontothegovernment.TurksandCaicosgrocerystoresarestockedwithfreshvegetablesnewinesandgourmetitemsalongwiththebrandsandessentialsmodernconsumersexpect.62.5moffoodwasimportedin2012about28ofwhichwasfreshproduce 97meetsthedevelopmentalneedsinanevolvingmul-ticulturalsocietysuchasourssaidTurksandCaicosDeputyPremierandMinisterofEducationYouthSportsandCultureAkierraMissick.WearendingthedicultyinouroeringisthatstudentswhowouldliketomatriculateintheUKandUSAarehavingtofocusonafoundationyearorareunabletoachievetheSATresultsthatwouldberequiredtogetthemintowhatwecalltoprateschools...MyendgoalthatIamworkingtowardsforthenextthreeyearsisthatwehaveacomprehensivesystemthatallowsforeaseofma-triculationtoworlduniversities.TheMinistrymanagesasignificantscholarshipfundwith2.5millionobligatedinscal2013-14andaswithsuccessivegovernmentsthecurrentadministrationhastriedtoadministerthataccountwiththeintentoffunding20to30studentsperyear.Buttheneedtosendstudentsforayearofcol-legeprepcourseshasbeeneatingintothenationalscholarshipfund.Thedebatenowiswhethertokeepthecurrentsystemwithenhancementsortransitiontooneoftwoalternatives.IfthenationconservestheheartofitsexistingEducationintheTurksandCaicosIslandsisinthemidstofthemostsignicantmodernizationef-fortinthenationshistoryaspoliticaleduca-tionalandindustryleadersseekanewcourseforthenationsschoolsandabetterrelationshiptothecountryseconomy.Ontheacademicsidethenationisinvestigatingalternativestoitscurrentcurriculumwhichatthesecondary-schoollevelisbasedontheCaribbeanSecondaryEducationCerticateorCSEC.Thestan-darddoesntaligndirectlytoeducationalsystemsintheUnitedStatesCanadaortheUnitedKingdom.Sincemostpublicschoolstudentswontbetrav-elingabroadforafour-yeardegreefromaliberalartsuniversitythenationsleadershavebeenwork-ingtocreateprogramsthatwillbetterpreparestu-dentsforthetypesofjobsthemoderneconomydemands.Thecenterpieceofthisreformprogramin2013hasbeentheNationalConsultationonEduca-tionwhichbeganinAprilwithapublicoutreachandcommentperiodfollowedbyaseriesofpub-licmeetingsonProvidencialesNorthandMiddleCaicosGrandTurkandSouthCaicosinMay.WewanttoensurethatwehaveasystemthatSchoolsinvestinginislandsfutureEducationismandatoryforallchildrenages4-16residinglegallyontheisland.Thegovernmentprovidesschoolingfortheseagegroupsfreeofcharge.estimatedliteracyratefor15-24yearolds95primarysecondaryschoolsgovernmenthighschools103privateschoolsoperatingintheislands31Studentswearschooluniformsacrosstheislandsfromprimarythroughhighschool.EDUCATION 98systemitwouldlikelyaddtheCaribbeanAdvancedPlacementExamswhichwouldincreasehighschoolintheislandsbytwooptionyearswithachoicebe-tweenacademicorvocationalprograms.ShouldthegovernmentdecidetorebuildtheeducationalsystemaroundanewcurriculumtheresultingsystemwouldbebasedeitherontheUnit-edKingdomssystemofGCSEALevelscur-rentlyoeredonProvidencialesbytheprivatelyrunBritishWestIndiesColle-giateSchooloronthegloballyrec-ognizedandacceptedInternationalBaccalaureateIBsystem.Makingthatsystemworkforallstudentsalsomeansresolvingtheovercrowdingissuesthathaveaect-edschoolsonProvidenciales.ThetourismboomdrewworkersfrommostofthefamilyislandstoProvidencialesinashortperiodoftimepackingstudentsintothethreepublicprimaryschoolsandonehighschoolonthatisland.Theministryaddedcontainerclassroomsinaneorttodealwiththatexplosivegrowthbutisnowresearchinglong-termsolutionstodealnotonlywithcurrentdemandbutalsoan-ticipatedpopulationgrowth.WearetryingtoensureasthepopulationgrowswedonothavetocontinuouslyputupanewblockMissicksaid.PersonsthatcometoliveintheTCIhavefamiliesandwehavetoensuretheyhaveaplacetheycaneducatetheirchildrenwhetheritisinthegovernmentschoolsortheplethoraofpri-vateschoolsespeciallyonProvidenciales.Thecurrentexpansionplanwhichwouldincludeanewhighschoolwithanestimatedpricetagof15millionwouldbreakgroundinthesummerof2014.GiventhelimitedgovernmentfundingforcapitalprojectsMissickisactivelyseekinggrantsupportfromtheUnitedKingdomsDepartmentforInternationalDevelopmentandtheEuropeanUnion.Missickanticipatestheincorporationofthere-formprogramwillcoincidewiththeopeningofthenewschoolsduring2015-16.Wewanttomakesurewehavethefacilitiesandresourcestoseethesystemthroughshesaid.Thechangeswillrequiremoreteachersandthegovernmentisworkingtoencouragemorelocalstudentstojointheprofes-sion.Inrecentyearseducatorsandbusinesspeoplehavebeeninanexpandingconversationabouthowtopreparestudentsforlocaljobsandchangesarealreadyintheworks.TraditionallyscholarshipsweredesignedtoassistthecivilserviceMissicksaid.Wearetryingtoshiftthefocusfromthecivilservicetothelocaleconomy.HowcanweensureTurksandCaicosIslanderscanfacilitateandgrowthelocaleconomythemselvesTheTurksandCaicosCommunityCollegepro-videsmostoftheislandsjobtraining.Thecollegeiscurrentlyseekingapartnershipwithano-islandcollegeinordertohelpacquireaccreditationfortheirprogramswhichareincreasinglydirectedto-wardtrades.ButMissicksaidtheresalsoamoveafoottocreateaseparatecollegeparkby2020withtheintentofhelpingprestigiousuniversitiestosetupcampuseshereattractinginternationalstu-dentsandresearchers.ThatiswherewewanttobeMissicksaid.Wearenowwalkingthestepstogetthere.certifcateprogrammes8Bachelorsdegrees3TCICommunityCollegeofersSchoolsworkwiththebusinesscommunitytogivestudentsreal-worldexperiencetopreparethemfortheworkplace.11associatedegreesincludingTeacherEducationplannedinvestmentinnewhighschool15m 99Asshereadiedhercity-dwellingChicagofamilytomovetotheislandsofTurksandCaicosHal-eyWeldonpreparedherselfforadistinctlydif-ferentlife.Sortingthetreasuredtoysofherthreeboysintopilespoignantlymarkedtakingandleav-ingsheremindedherselfthatthiswastherightde-cisionforherfamily.ToherreliefitwasjustafewmonthsafterarrivingwhenthetakingtoysfoundtheirrightfulplaceamongstthesportstrophiesandacademicawardsontheshelvesoftheirnewhomeonProvidencialesthatsheknewthedecisionwasmorethanright.ImustadmitIwasconcernedWeldonsaysasshewatcheshernowten-year-oldsonTheoswing-inganimpressiveforehandashecompetesinayouthtennistournament.WeldonandherhusbandTedaseasonedrealestatedeveloperwereafraidislandlifemightlacktherichculturetheywereusedtointhebigcity.ArtmusictheatredancethingsTedandIfeelareimportanttoincludeinourkidslivesWeldonexplains.ButwithintherstmonthherfearswerelaidtorestasWeldonwasinvitedtoassistwithaTurksandCaicosFriendsoftheArtsperformanceofTheNutcrackerwhereTheoplayedatoysoldierper-formingalongsideworld-classdancers.ItwassomethingheneverwouldhavebeenabletodoinChicagoshesays.Nightlyfamilydinnersareanothercherishedele-mentoftheWeldonsnew-foundlife.Commutingandcommitmentsleftuswithlittletimetospendasafamilyandgettingthattimebackissomethingwewillalwaysvalueaboutourtimehere.Ironicallythoughislandlifedidntnecessarilymeanaslowerpace.TedsSaturdaysbeginwithcall-ingoutformationsfromthesidelinesofthesoccerpitchandafternoonsheadeptlyswapsoutaspiringfuturehockeyprosfrombehindtheglass.AllofasuddenhehadtimetodothatWeldonsaysofTedcoachingtheboysvarioussportsteams.Anditsnotjusttheboysinthefamilywhoarelappingupthevarietyofsportingactivitiesavail-ableontheisland.Womensballhockeymixed-tagrugbyandkite-boardingareallsportsWeldonhasrecentlytakenup.Whatsurprisedmethemostshesaysisthattherearenoagelimitsorparam-etersforwhatyoucandohere.IndeedWeldonistakingadvantageofitall.Overthepastseveralmonthsshehasco-producedadoc-Makingthejumptoislandlifeumentarychairedamajorislandfundraiserplayedside-by-sidewithaninternationalrugbylegendandevenmodeledforalocalrmsbillboardad.Youtendtoforgethowoldyouareshesaysofislandlifetherescertainlynopressuretoactyourage.ThediversityofactivitiesisalsoreectedinthefriendshipstheWeldonshaveforgedoverthepasttwoyearsonProvo.BreakingfromthetraditionalrelationshipscirclingaroundworkcolleaguesorchildrensfriendsWeldondescribeshersocialnet-workontheislandasbeingmorediversethansheeverimagined.Itsrefreshingtomixandminglewithpeoplefromallovertheworldandinsuchvar-iedagesandstagesintheirlife.FromworkandeducationtoentertainmentandsocialeventstheWeldonskeepabusyschedule.IslandlifehasbeenanadjustmentforsureWel-donsaysreflectingbacktotheirarrivalin2010.Butexposingtheboystoawholedierentwayoflivinghasbeenpricelessaswellasanincrediblyfunadventureforusasafamily.TheWeldonsHaleyandTedandtheirthreesonsfromleftTheo10Spencer9andNate7movedtotheislandsin2010soTedcoulddirectlyoverseeworkonhisSailrockDevelopmentonSouthCaicos.Thefamilyisinvolvedinmanycommunityactivitiessuchasrollerhockey.SPOTLIGHTRELOCATION 100HEALTHCAREAftermakingenormousstridesintheimprove-mentofitsnationalhealthcaresystemoverthepastdecadetheTurksandCaicosIslandsisnowturningitsattentiontoanagendathattargetsenhancedeectivenessreducedcostsandexpand-edaccesstoqualitycareacrossthenation.ThemostvisibleevidenceoftheneweraistheTurksandCaicosIslandsHospitalwithitstwostate-of-the-artfacilitiesthe20-bedCheshireHallMedicalCentreonProvidencialesandthe10-bedCockburnTownMedicalCentreonGrandTurk.De-velopedthroughapublic-privatepartnershipwithInterHealthCanadaTCILtdaspartofthegovern-Multipleresourcesdeliverqualitymedicalcarementsambitious2006HealthCareRenewalStrat-egythemodernhospitalsbuiltin2010vastlyim-provethenationsabilitytodelivermultiplelevelsofcare.Bothcentresareacute-carefacilitieswithemer-gencydepartmentsmaternityservicesoperatingtheatersrecoveryroomsdialysisunitsandfamilypracticeclinics.Corestacoverthemajoreldsofmodernmedicinebutregularvisitingconsultantsexpandthosecapabilities.ThesystemhasreceivedthehighestavailableaccreditationDiamondAc-creditationbyAccreditationCanadaInternationalmakingitoneoftheveryfewhospitalstohave2FullservicefacilitiesCheshireHallMedicalCentreCockburnTownMedicalCentreTheCheshireHallMedicalCentreontheislandofProvidencialesoferstopqualitycaretoresidentsandvisitors.ItssisterfacilityCockburnTownMedicalCentreisonGrandTurk.3-yearstats100000outpatientvisitsinpatientadmissions591486810accidentemergencyvisitsdaysurgeries2100CorestafObstetricsGynecologyFamilyPracticeEmergencyOrthopedicsUrologyPediatricsGeneralSurgeryandInternalMedicine.RegularvisitingconsultantsOncologyNephrologyENTOphthalmologyPlasticReconstructivesurgeryNeurologymoreOrthopedics 101reachedthatstatuswithintwoyearsofopeningsaidDr.RobynBarnesChiefofMedicalServicesforTurksandCaicosIslandsHospitalLessvisiblearetheassociatedadvancementsinenvironmentalandpublichealthandthecreationofthecountrysrsttrulyinclusiveNationalHealthInsurancePlan.Government-fundedcarehadprevi-ouslybeenoeredonlytothosewithBelongersta-tusbutthenewsystemnowcoversnearly30000residents.WiththatmoderninfrastructureinplacetheMin-istryofHealthhasembarkedtowardaseriesofnewgoals.JobOneiscreatingahealthnancingstruc-turethatwillmakethesystemmoreaordableandfiscallysustainablebutthecurrentagendaalsoincludesarangeofsmallerprogramsthattakead-vantageofthesystemsnewcapabilities.Theygen-erallyfallundertwoheadingsImprovingresidentshealthandqualityoflifeanddrivingdowncosts.ThenewTCIHospitalhassignicantlyreducedtheannualcostofoverseastreatment.Tomeetthosegoalsthecountrywilllikelyneedtoincreaseinsurancerevenueswhiledecreasingcosts.Todayemployeeandemployercontributionsaddupto19millionoftheprogramsannual60millionexpenditureswiththegovernmentcover-ingthebalance.Thosedemandslimitresourcestootherhealthinitiativesyetthecomprehensiveapproachisalsoearningsomemajorsystem-widesavings.MinistryofHealthclinicsinBlueHillsonProvidencialesandtheless-populousislandshandleprimarycarebutreferpatientstotheTCIHospitalstwoflagshipmedicalcentersformoreadvancedprocedures.Andplansfortelemedicinelinksbe-tweenhospitalstaandprimarycareprovidersonremoteislandspromisetoimprovecarewhiledriv-ingdowncosts.Thefullresultsofthepastdecadesmoderniza-tionwillemergeonlythroughyearsofdatabutsomeimprovementsarealreadyquantifiable.Thanksinparttoacomprehensiveimmunizationprogramthecountrysufferednoinfantorma-ternaldeathsinthemostrecentannualmeasure.Malariawhichaected9.57peopleper1000resi-dentsin2000droppedtozeroreportedcasesin2005.Stillsignicantchallengesremain.TheincidenceofHIVAIDSisontheriseandchronicthreatssuchasdiabeteshypertensioncardiovasculardiseaseandobesitystillposemajorhealthproblems.Butwiththeproperinfrastructureinplacehealthcareintheislandsismovingfromanintracta-bleproblemtoanationalasset.Decienciesinon-islandhospitalcareoncerepresentedanenormousimpedimenttoattractingvisitorsandresidents.ThatsnowacompetitiveadvantageforTCIwhenprospectivevisitorsandnewcomerscompareislanddestinations.InternationalandveryexperiencedmedicalcommunityincludingPrivateprimarycarepractitionersaswellasspecialtycareproviderssuchaschiropractorsosteopathsphysiotherapistsdermatologistsandmore.SeveralcompaniesfromsouthernFloridaandotherCaribbeanislandsservicethecountrywithairmedevacintheeventahigherlevelofcareisrequired.AhyperbaricchamberonProvidencialesHyperbaricTreatmentofDecompressionSickness.Thereareanumberofwellstockedpharmaciesintheislands.Themedicalcommunityismadeofinternationalexperiencedphysiciansnursesandotherhealthcareexperts. 102SECURITYLastyearinNewYorkCityjusttheincreaseintheannualnumberofpropertycrimesinvolv-ingiPhonesandotherAppleproductsaddedupto3890atinypercentageoftheroughly109000majorcrimescommittedinthecityin2012.MeanwhileintheTurksandCaicosIslandspo-liceinvestigated2693crimesin2012.Thatsanav-erageofsevencrimesofallvarietiesperdayfortheentirenation.AndthebestnewsThenewfigureisdown6percentfrom2011whenpoliceinvestigated2857crimeseightperday.CommissionerofPoliceColinFarquharoftheRoyalTurksandCaicosIslandsPoliceForcedoesnttypicallyemphasizethosestatisticsandremindslistenersthatmodestchangesinsuchsmallsamplesizescanproducebigshiftsinrates.ForexamplewhenFarquharinstitutedanaccountabilitypolicythatrequiredamoreformalpoliceresponsetoallcitizenreportshewarnedothergovernmento-cialstoexpectanincreaseinthecrimerate.ThemorecondencepeoplehavethattheyllgetapoliceresponsetoareportthemorelikelytheyaretoreportsomethingFarquharsaid.Truetohispredictionthepolicyincreasedthenumberofcrimesreportedandafteratemporarysurgeinthecrimeratetheratewentbackintodecline.Thatsinpartbecausethesolved-crimerateisim-proving.In2012itrosefrom18percentto29per-cent.TheTurksandCaicosIslandsremainsoneofthesafestnationsintheWesternHemispherewithlowcrimeratesonProvidencialesandGrandTurkandvirtuallynocrimeonsomeofthelesspopulatedislands.Forinstanceofthe45robberiescommit-tedlastyear42occurredonProvothreeonGrandTurkandnoneonanyoftheotherpopulatedis-lands.Andwhiletheislandsdrawroughlyonemil-liontouristsannuallyonly23crimeswerecommit-tedagainstvisitorsin2012.Thatsnottosuggestthatpolicehavelittletodo.Astheonlypoliceorganizationinacountrywith-outamilitarymultipledutiesfalltoFarquhars270ocers.Theystastationsonsixofthenations40islandsprotectthecountrysmarineresourcesfrompoachersparticipateinjointaerialpatrolswiththeU.S.CoastGuardcooperatewiththena-tionscustomsandimmigrationservicesandinves-tigateallthenationsmajorcrimesrarethoughtheymaybe.Thepoliceforcedatesbackto1799makingittheoldestintheCaribbean.AveteranoftheRoyalCanadianMountedPoliceFarquharhasheldthetopjobintheTurksandCaicospoliceforcesince2011.Hispreviousexperiencesincludeassign-mentsastheDeputyPoliceCommissionerfortheU.N.MissiontoHaitiandCanadasrstpoliceadvi-sortotheUnitedNationsinNewYork.Hesexpectedtoserveinthispostforanothertwoyearsandhopestousethattimetocontinuehisseriesofgentleupdatestotheforcespro-grammesandprocedures.ThepoliceforceherehasalotoftraditionsandtheresalotoffondnessforthemFarquharsaid.ItoldthemYoucankeepyourtradition.Traditionsaregood.Butyouneedtomodernizeyourtechniques.Radicalchangesarenotontheagenda.OcerswillcontinuetopatrolincrispkhakiuniformsthatreecttheislandsBritishheritageleavingrearmsatthestationduringroutineduties.Butwhetheritstrainingthecountrybegantrainingitsownca-detsin2010orequipmentthetraditionaluniformhasbeenupdatedtoincludenon-slipshoesandaservicebeltmadeof21stcenturymaterialsorpol-iciesFarquharhasemphasizedamorevisibleroleforhisocersinthecommunitythetrendfortheTurksandCaicospoliceforceismoremodernandlesscrime.ProfessionalpoliceforceamongCaribbeansbest1NumberofpoliceagenciesRoyalTurksandCaicosIslandsPoliceForce8NumberofstationsDivisionAGrandTurkSaltCaySouthCaicosDivisionBOnProvidencialesFiveCaysChalkSoundGraceBayNorthCaicosMiddleCaicosResourceszFiveboatsandonetwin-engineaircraftplusjointaerialpatrolswiththeU.S.CoastGuardzTrainingacademyonGrandTurkzTacticalTeamzMorethan30yearsintheRoyalCanadianMountedPoliceservingintheProvincesofManitobaOntarioandBritishColumbia.zPoliceAdvisoratthePermanentMissionofCanadatotheUnitedNationsinNewYork2008-2011wherehemanagedthedeploymentofCanadianpoliceocersandprisonocerstooverseasU.N.missions.zDeployedtotheU.N.StabilizationMissioninHaitifrom2006to2008wherehewastheoperationalcommanderforabout1500UnitedNationspoliceocersfrom44dierentcountries.ChiefocerCommissionerofPoliceColinFarquhar 103CrimeStoppersCrimeStoppersTurksCaicoswaslaunchedin1996toassistlawenforcementagenciesintheTCItodeteranderadicatecrimeandbringperpetratorstojusticebytheprovisionofacondentialandanonymousintelligencegatheringservice.Anonymoustipscanbesubmittedtollfree1-800-TIPS8477.270Numberofocers1799911EmergencyresponseserviceisinuseYearthedepartmentwasfoundedThatmakesittheoldestintheCaribbeanCoastalRadarStationTheTurksandCaicosspentnearly3milliononaradarstationtohelpauthoritiesbettertackleillegalim-migrationthesmugglingofgoodstransshipmentofdrugsweaponsandpeopletracking.Manned24hoursadaythestationincludesonemediumrangex-bandcoastalradaranda5.5-meterreectorantennaatopa40-metertowerwhereithasa180-degreeviewofthebusiestcoastalareaintheTCI.Theradarisastate-of-the-artsys-temabletodetectatargetassmallas2.7squarefeetat22nauticalmiles.Theradarcanoperateinacomplete360-degreecirclebutwillbeautomat-icallyswitchedoasitscans180de-greesoverthelandofProvidenciales.RadartowerRichardGreen 104TURKSCAICOSGOVERNMENTINVESTMENTUNITAttractingqualityinvestmentsthatcreateasus-tainableeconomyfortheTurksandCaicosIs-landsisamajorobjectiveoftheTurksandCaicosIslandsGovernment.ThebusinesscommunityhascometorealizethattheTurksandCaicosIslandsistrulygiftedwithanattractivenaturalenvironmentanduntappedresourceswhichmakesitatruepara-diseformanyreasons.Thisisnotonlybecauseoftheyear-roundsunthecrystalblueseasandthepowder-whitesandybeachesbutalsotheattractiveInvestmentPolicy2012createdbythegovernmenttofacilitatetheeaseandeectivenessofdoingbusinesstheskilledprofessionalworkforcemoderninfrastructurewellregulatedandestablishednancialser-vicesindustryproximitytomajorNorthandLatinAmericanmarketstheuseoftheUSdollarandofcourselifestylesarejustsomeoftheelementsthatcreatethisidealinvest-mentclimate.InadditiontotheabovewiseinvestorsalsocometotheTurksandCaicosIslandsbecauseitisahighendtourismdestinationrichwithopportunitiesandfriendlywel-comingpeople.TheTCInvestmentUnitwasestablishedbythegovernmentin2012tofacilitatebothdomesticandforeigninvestmentproposalsandtocreateasinglewindowforprospec-tiveinvestorstomaketheprocesseasierforestablishinganddoingbusinessintheTCI.OperatingdirectlyundertheMinistryofFinancewithamandatetopromoteandfostertheowofinwardinvestmenttheTCInvest-mentUnithasbeendesignatedaonestopshoptosimplifyinvestingintheTurksandCaicosbyconsult-ingonbehalfoftheinvestorwiththerelevantgov-ernmentdepartments.Weencourageyoutomeetwithustodis-cussyourinvestmentproposalandndoutmoreabouthowwecanassistyouinmakingyourdreamsareality.Abeaconforinvestment104zOnlinewww.gov.tczTel1.649.946.47761.649.946.4804zEmailinvestmentunitgov.tcInvestmentUnitMandateTopromoteandfostertheowofinwardinvestmentwhichsupportsthenationaleconomicpolicyanddevelopmentobjectivesthroughbestpracticesininvestorservicesandgovernmentcoordination.InvestmentUnitMissionStatementTobetherstpointofcontactforinwardinvestmentactivitiesbyprovidinghighqualitytimelyecientservicewhilstadheringtobestpracticesgoodgovernanceandtransparency. TURKSCAICOSGOVERNMENTINVESTMENTUNIT105QUESTIONSVISITWWW.GOV.TCAcompanycanbeincorporatedwithinthreedaysintheTurksandCaicosIs-lands.Incorporatingacompanyrequiresthreekeypiecesofdocumentationname-lyMemorandumofAssociationArticlesofAssociationandAnyResolutionwhichmaybesignedbytheparties.TherearesixtypesofcompaniesthatcanbeformedintheTCIzOrdinaryzExemptCompaniesincorporatedinTCIbutoperateoutsideofTCI.zLimitedPartnershipzForeignOrdinaryAcompanyincorporatedinanotherjurisdictionanddoingbusinessintheTCIzForeignExemptAcompanyincorporatedinanotherjurisdictionandcontinuedinTCIi.e.redomiciledtoTCIzLimitedLifeCompaniesExemptCompanycanapplytobeLLCforaperiodofupto50years.Canextendincircumstancesforanother150years.AllindividualsorcorporationswishingtoengageinbusinessactivitiesintheTurksandCaicosarerequiredtocarryaBusinessLicense.Annualfeesforbusinesslicensesrangefrom300-13500dependingonthetypeofbusiness.Therearecurrently45categoriesofbusinessactivitiesand65feeclassications.Twentyclassica-tionsarereservedforTurksandCaicosIslandersorTurksandCaicosIslander-controlledbusinesses.Anybusinessengagedinmultipledis-tinctactivitiesmustacquirealicenseforeachappropriatecategory.Businessesthatrequireadditionallicensesforvariousactivitiessuchasliquorsalesmustobtainseparateli-censespriortocommencementofop-erations.Inadditionbusinesseswhoseem-ployeesneedtobelicensedsuchasmedicalpractitionersneedtoensurethattheiremployeesareappropriatelylicensedseparatefromtheirbusinessli-cense.TheBusinessLicenseapplicationmustbecompletedandsubmittedtotheRevenueDepartment.Thereisa50feeforbusinessnameregistrationunlessthenameofthebusinessisinthenameofthepersonortheirinitials.BUSINESSLICENSINGCOMPANYINCORPORATIONAssociatedfeesToincorporateaCompanyzOrdinaryCompany....................300zExemptCompany.....................150dependingonsharecapitalzForeignOrdinary......................300zForeignExempt.........................150zLimitedPartnership.................500zLimitedLifeCompanies...........300TofleAnnualReturnszOrdinary......................................300zExempt.........................................350zForeignOrdinary.......................300zForeignExempt..........................350zLimitedPartnership..................300zLimitedLifeCompanies............300zEachprintedsearch......................50TURKSCAICOSGOVERNMENTINVESTMENTUNITTheTurksandCaicosGovernmentwelcomesforeignandlocalinvestors.SubmitaproposalTheInvestmentUnitIUmakestheprocessconvenientandsimple.zSubmityourProjectProposalandsupportingdocumentstotheInvestmentUnit.Youmaysubmityourproposalasahardcopyorelectronicallyviainvestmentunitgov.tc.TheProjectProposalGuidelinesmustaccompanytheproposalvisitwww.gov.tcforacopyoftheguidelines.zTheInvestmentUnitwillconrmreceiptoftheproposalwithin2workingdaysandcontinuetocommunicatewithyouonthestatusofyourproposal.TheprocesszIUconsultswithrelevantgovernmentdepartmentsforadviceonyourbehalf.zIUmanagestheprocessforyourconvenienceandcommunicatesbacktoyou.zUponapprovalwecontinuetocoordinatewithgovernmentdepartmentsandhelpfacilitateyourprojectimplementation.IncentivesforqualiedinvestmentsWearecommittedtocuttingthecostofdoingbusiness.TheseareafewoftheincentivesavailablezAlleviationofessentialxedinvestmentcostscapitalandlabourcostsforqualiedinvestments.zReducedimportdutiesonxedinvestmentcostsforqualiedinvestmentsandnewindustries.zReducedstampdutyforlandpurchasesinthefamilyislandsandfornewdevelopmentsorrst-timesalesofcondominiumsacrosstheTurksandCaicosIslandsforqualiedinvestmentsandnewindustries.GETTINGSTARTED EveryemployerintheTCIisrequiredtohaveavalidworkingcontractforallemployees.Employmentcontractsdefinetheconditionswithinwhichtheemployeremployeerelationshipoperateswhichcanincludebutarenotlimitedtowagesworkschedulevacationdayspayproba-tionaryandterminationconditions.AstandardformatisavailablefromtheLabourdepartment.TheEmploymentServicesDepartmentcon-ductsperiodicinspectionsofworkconditionstomonitorcompliancewiththeregulationsoftheEmploymentOrdinance2004.FormoreinformationregardinglabourlawsstandardproceduresfordealingwithemployeesortheemployeeemployerrelationshipcontacttheEmploymentServicesDepartment.ForthepurposesofworkingintheIslandstherearetwotypesofdenedemploymentzEmployedpersonsarethoseworkingforanemployerunderacontractofservice.zSelf-employedpersonsarethosepersonswhoaregainfullyworkingforthemselves.WorkPermitsIndividuals18yearsandolderareeligibletoap-plyforaWorkPermitintheislands.Thepermitallowsforlawfulresidencyandtherighttoworkwithinarestrictedcategorywithintheislands.Workpermitscanbereneweduptothreetimesforunskilledandvetimesforskilledworkers.Forrsttimepermitholderstheymustremainoutsideofthecountryuntilsuchtimeastheirpermitisapproved.Forrenewalsaworkpermitholdercancontinuetoworkduringtherenewalprocessunderthesamecompanyemployer.Inthecaseofanownermanagerpermitorself-employedpermitabusinesslicenseshouldbeobtainedrst.Suchapermitwillnotbeissuedwithoutavalidbusinesslicense.Aworkpermitentitlesapersontoworkforoneemployerwhoappliesfortheemployee.Spousesandchildrencanbeendorsedonworkpermitsforskilledworkers.Unskilledpermitsarepreventedfromincludingspousesorchildren.ApplicationscanbeobtainedfromtheEmploy-mentServicesDepartmentwebsiteatwww.immi-gration.tcorwww.labour.tc.Severalaccompanyingdocumentswillbere-quiredalongwiththeapplicationsubmissionin-cludingbutnotlimitedtothefollowingitemszLocalmedicalcerticateofgoodhealthobtainedwithinsixmonthszTwopassportsizedphotoszLabourclearancezCoveringletterfromintendedemployerzCopyofemployerspassportshowingphotopageorinthecaseofabusinesscopyofbusinesslicenseandpaymentreceiptzProofoflegalstatusorproofofdeparturezRequireddepositrepatriationfeeseparatefromworkpermitfeezPolicerecordpolicerecordsarenotacceptedfromHaitiandDominicanRepublic.zFeesforworkpermitsvarydependingonthetypeofpermitrangingfrom4009500TemporaryResidencePermitsATemporaryResidencePermitcanbeobtainedfromtheEmploymentServicesDepartmentforthoseinterestedinresidingintheislandswithouttherighttoworkforalimitedperiodoftimegen-erallyuptooneyear.Spousesanddependentsuptoage18canbeendorsedonaTRP.PermanentResidenceCertifcatesAPermanentResidenceCerticatecanalsobeissuedwithorwithouttherighttoworkbutisaone-timeapplication.TURKSCAICOSGOVERNMENTINVESTMENTUNITTheDepartmentofBorderControlandEnforcementisresponsibleforpromotingadherencetolabourlawsandprovidinglabourmarketservicessuchasmanpowerplanningdisputeresolutionjobreferralsetc.ThedepartmentpolicesthelawspertainingtoimmigrationpermissionforpersonstoenterremaininandworkintheIslands.ImmigrationocershavepowertoarrestpersonswhoenterremaininorworkintheIslandsillegally.DOINGBUSINESSINTHETURKSANDCAICOSISLANDSLABOURIMMIGRATIONEmploymentServicesDepartmentformerlyLabourImmigrationdepartmentszOnlinewww.labour.tczTel1.649.946.4575zFax1.649.946.4164zOnlinewww.immigration.tczTel1.649.941.7792zFax1.649.941.7793TherearemorethantwodozenagenciesonrecordwiththeEmploymentServicesDepartmentthatcanassistwithemploymentandimmigrationissues.106 107ProvidencialesBranchzHillyAEwingBldg.ProvidencialeszTel1.649.941.58061.649.941.5906zFax1.649.941.5854zMailP.O.Box283TurksCaicosIslandsSouthCaicosBranchzGeneralDeliverySouthCaicoszTel1.649.946.3280zFax1.649.946.3664NorthCaicosBranchzGeneralDeliveryNorthCaicoszTel1.649.946.7200zFax1.649.946.7110NationalInsuranceBoardHeadOfceGrandTurkzWaterlooPlazaGrandTurkzEmailinfotcinhib.tczOnlinewww.tcinhib.tczTel1.649.946.10481.649.946.1049zMailP.O.Box250TurksCaicosIslandsTURKSCAICOSGOVERNMENTINVESTMENTUNITNationalInsuranceBoardTheTurksandCaicosIslandsNationalInsuranceBoardwasestablishedunderTheNationalInsur-anceOrdinanceNo.10of1991comingintoeectApril61992.TheNationalInsuranceisthesolepro-viderofsocialinsurancebenetstopersonswhoaregainfullyemployedwithintheTurksandCaicosIslandsbetweentheagesof16and65years.TheNationalInsuranceBoardNIBisastatutorybodyoftheTurksandCaicosIslandsGovernment.TheboardsHeadOceislocatedinthecapitalislandofGrandTurkwithotherbranchesinSouthCaicosNorthCaicosandProvidenciales.Ifyouare16-65yearsoldandworkingyoumustberegisteredwiththeNationalInsuranceBoard.Togetyournumberandcardyouwillneedtocompleteandsubmitaregistrationapplicationandprovidedocumentsthatshowyourageidentitycitizenshipandyourworkpermitwhereapplicable.ToregistertheemployeeandtheemployermustcompleteandsubmittothenearestofficeoftheBoardtheInsuredPersonsRegistrationApplicationForm.Everyemployeemustthereforeensurethathisemployerproperlyregistershimherpromptlywithintheprescribedtime.RegistrationontheislandsofGrandTurkorProvidencialesshouldtakenomorethan5workingdays.Familyislandsmaytakeslightlylonger.Onceregisteredtheemployeeisallocatedana-tionalinsurancenumberandaregistrationcardisissuedbearinghishernameandnationalinsurancenumber.Theemployeeisresponsibleforthesafecustodyoftheregistrationcardandmustproducehiscardtohisemployerwhencommencingemploy-mentwithanewemployerorwhenevertheemploy-ermayaskforitsproduction.RegisteringwiththeNationalInsuranceBoardandobtainingyouroriginalcardisfreeofcharge.TheNationalInsuranceBoardcurrentlyissuesonetypeofcardwhichwillshowyournamedateofbirthsignatureandNationalInsuranceNumberNINO.NINONationalInsuranceNumberisusedtostoreallyourrelevantinformationthisincludesarecordofyourearnings.VoluntaryContributorsAninsuredpersonwhohaspaidatleast50contri-butionsasanemployedorself-employedpersoncanapplyforaCerticateofVoluntaryInsurancewhichentitleshimtopayVoluntaryContributions.Theap-plicationforacerticateofvoluntaryinsuranceismadeonFormIns.002andmustbesubmittedtoanyoceoftheBoardnotlaterthantheendofthecon-tributionyearwhichfollowstheyearwhichincludesthecontributionweeksforwhichtheinsuredpersonwishestomakevoluntarycontributions.AninsuredpersonshallnotbeentitledtoreceiveavoluntarycerticateduringanyperiodthatheisnotresidentintheTurksandCaicosIslands.FailuretoapplyforaCerticateofVoluntaryInsur-ancewithintheprescribedtimemayresultinthere-jectionoftheapplication.LiabilityforContributionsInthecaseofanemployeethereisliabilityforcontributionforeveryweekinwhichheshereceivesearningsfromhisemployerofnotlessthan25.00perweekifheisaweekly-paidemployeeor108.00permonthifheisamonthlypaidemployee.Inthecaseofanapprenticethereisalwaysliabilityirrespec-tiveoftheamountofearnings.Inthecaseofaself-employedpersonthereisli-abilityforcontributionsforeveryweekinwhichheworksasaself-employedperson.Liabilityforcontributionsceaseswhentheinsuredpersonreachestheageof65.AssessmentofContributionsInthecaseofanemployeecontributionsareas-sessedonhisherearningsandincludeallpaymentsfromhisemploymentwiththeexceptionofex-gratiapayments.Inthecaseofanapprenticewithnoearn-ingsorwithearningsbelow25.00perweekcontri-butionsareassessedonearningsof25.00Nocontributionispayableonearningsexceed-ing600.00perweekinthecaseofaweeklypaidemployeeor2600.00permonthinthecaseofamonthlypaidemployee.Inthecaseofamonthlypaidemployeetheearningsforthemonthareacceptedforthecontributionweeksbeginninginthemonthforwhichthereisliabilityforthepaymentofcontri-butions.Inthecaseofaself-employedpersonthecontri-butionsareassessedontheweeklyincomehehaselectedforthepurposeofcontributions.Theself-employedpersoncanelectsubjecttocertainlimita-tionsaweeklyincomeof100.00200.00400.00or600.00InthecaseaVoluntaryContributorthecontribu-tionsareassessedontheaverageweeklyearningsorincomeonwhichcompulsorycontributionswerepaidorcreditedintheyearprecedingthatinwhichNATIONALINSURANCEDOINGBUSINESSINTHETURKSANDCAICOSISLANDS 108NATIONALINSURANCEcontinuedtheapplicationforvoluntaryinsurancehasbeenmade.RatesofContributionsInthecaseofemployeesotherthanpublicoffi-cerstherateofcontributionis84.6payablebytheemployerand3.4payablebytheemployee.InthecaseofPublicOcerstherateofcontributionis6.854.025payablebytheemployerand2.825payablebytheemployee.Therateofcontributionforself-employedpersonsis6.8voluntarycontributorsis5.5.PaymentofContributionsInthecaseofemployedpersonstheemployerhastopayhisportionofcontributionandthatoftheem-ployee.Hecandeducthowevertheemployeessharefromtheearningspaidtotheemployeeforthepe-riodforwhichthecontributionsarepayableandnototherwise.Inthecaseofanapprenticeearninglessthan25.00perweektheemployerhastopaythetotalrateofcontributiononthedierencebetweentheactualearningsoftheapprenticeand25.00.Theemployerhastopaycontributionsforallhisemployeesbeforetheendofthemonthfollowingthemonthinwhichthecontributionweeksforwhichthereisliabilityforcontributionsbegin.Theself-employedpersonhastopayhiscontribu-tionsforallcontributionweeksbeginninginanycal-endarmonthnotlaterthantheendofthefollowingmonth.Thevoluntarycontributorcanpayhiscontribu-tionsforcontributionweeksbeginninginanyyearnotlaterthantheendofthefollowingyear.Failuretopaycontributionswithinthisprescribedtimeresultsinthecancellationofthevalidityofthecerticateofvoluntaryinsurance.InsuchacasetheinsuredpersoncanapplyforanewCerticateofVoluntaryInsuranceafterhehaspaid50contributionsasanemployedorself-employedperson.Contributionspayablebyemployersself-em-ployedpersonsorvoluntarycontributorscanbepaidincashorbychequeatanyoftheocesoftheBoard.NationalHealthInsurancePlanEnrollmentintheNHIPismandatoryforallthosewhoareemployedorresideintheTCIincludinga.TurksandCaicosIslandersresidentintheislandsb.Expatriatesemployedbythegovernmentoranygovernmentagencyoranystatutorybodyc.Expatriatesoncurrentworkpermitsortempo-raryworkpermitsd.Permanentresidentcardholderswitharighttoworke.Pensionersthatsatisfyalleligibilityrequire-mentsf.NIBnon-contributoryoldagepensionersg.IndigentsenrolledwiththeSocialDevelopmentDepartmenth.Prisonersi.DependentsofanypersonreferredtoinabcdAllemployersarerequiredtoregistertheirem-ployeeswiththeNHIPanddeclareandpaymonthlycontributions.Atotalcontributionof6ofthemonthlysalaryisrequiredforallemployeeswhichissplit50-50betweentheemployer3andemploy-ee3.TheemployerwilldeducttheemployeesportionfromtheirregularpaycheckandpayitontheirbehalftotheNHIP.Self-employedindividualsarealsorequiredtosub-mittheirpaymentsmonthlybasedontheirsalaries.Deadlineforsubmissionofsalaryinformationandpaymentsisonthe7thofeverymonth.Howeverpaymentscanbemadeonorbeforethe14thofthemonth.Ifthe14thfallsonaweekendorholidaycus-tomershaveuntilthenextbusinessdaytosubmitcontributions.Failuretosubmitpaymentswithintheallottedtimewillresultina10latefeepermonth.SalarysubmissionscanbemadeonlineviatheNHIPeServiceswebsite.Paymentsarealsoaccept-edviaonlinebillpaymentwithyourlocalCIBCorScotiabank.RegisteringwiththeNationalHealthInsuranceBoardisquickandsimple.ThepackageofbenetsfortheNHIPincludeszAllessentialmedicalservicesmostofwhichareprovidedbythehealthcarefacilitiesmanagedbyInterhealthCanadaonGrandTurkandProvozAccesstotheprimarycareclinicswhichthegov-ernmentmanagesontheOuterIslandszGovernmentsprovisionofpublichealthservicesdirectlysuchasimmunizationsandwellnessprograms.zBenetsarestructuredonsocialprinciplesofequalaccesstocomprehensivehealthcareservicesforallresidents.Unlikeprivateinsurancetherewillbenoexclusionsorwaitingperiodsforpre-existingconditionsandnodeductiblesorco-insurance.NationalHealthInsurancePlanzEmailinfotcinhip.tczOnlinewww.tcinhip.tcProvidencialeszUnits5556SaltMillsPlazaGraceBayRoadzTel1.649.941.8861GrandTurkzCockburnTownMedicalCentrezTel1.649.232.2555NationalHealthInsuranceisaformofhealthcoveragethatinsuresregisteredpersonsagainstmeetingthecostsassociatedwithillhealth.Itisakeypillarofacomprehensivesocialsecuritysystemintendedtoprotectthewell-beingofthepeopleoftheTurksandCaicosIslands.TheNationalHealthInsuranceBoardNHIBwasestablishedundertheNationalHealthInsuranceOrdinance2009asastatutorybody.NHIBsgoalistofacilitatetheprovisionofaccessibleaordableandqualityhealthcareservicestoallitsbeneciariesasspeciedintheordinance. 109CrownlandisdenedintheConstitutionasanylandorotherimmovablepropertywithintheislandsthatmaybelawfullygrantedordisposedofbyHerMajesty.AllCrownlandismanagedandallocatedac-cordingtotheCrownLandOrdinance2012.Ac-cordingtorecentdataofallusablelandintheTurksandCaicosIslandsapproximatelyonlyaquarterremainsasusableCrownlandtherestbeingheldinprivatehandsbothindividualandcorporate.TheLandsDivisionwasestablishedin2012andisaresultoftheTurksandCaicosGovernmentPublicSectorReformProgramme.Itspurposeistoensurethatthelandresourceisusedinane-cientandresponsiblewaytoachievethesustain-abledevelopmentoftheIslands.CommercialdevelopmentsWithasignicantlevelofprivatelandholdingsamongsttheislandscommercialdevelopersnowhaveagreaterchoiceoflocationsthroughtheprivatelandmarketandwillrarelyneedtoresorttoapplyingforCrownland.Crownlandallocationforcommercialpur-posesmaythereforeonlyprovideanalternativemeansofaccesstolandforthecommercialde-veloperwheretheprivatelandmarketsareun-abletoprovidesuchaservice.Iftheychoosetodosotheywillfacefoursimpletests.SpecicallytheyarethatztheprivatelandmarketisunabletofullltheparticulardevelopmentneedzaviableanddetailedbusinesscasehasbeendemonstratedztheamountofCrownlandrequestediscommensuratewiththeplanneddevelopmentzaclearandcontinuingbenetwillaccruetotheTurksandCaicosIslandsCrownlandforcommercialpurposeswillbeavailableonalongleaseholdbasis.Inadditionunlesstherearecompellingargumentsinthepublicinterestcommercialdevelopmentswillnotnormallyattractconcessionsfeereductionsorimmunityfromfutureliabilities.OthercommercialsalesofCrownlandwillbeundertakenthroughatransparentpubliccom-petitivetenderingprocess.Commercialdevel-operswillinallcasesberequiredtoproduceabusinessplanthatdemonstratestheirintendeduseofthelandinquestionandthedegreetowhichthelandwillbeutilisedbytheenterprise.TURKSCAICOSGOVERNMENTINVESTMENTUNITCROWNLANDPOLICYMapsCrownLandInventorymapsareavailablefortheislandsofGrandTurkandProvidencialesSouthCaicosMiddleCaicosNorthCaicosEastCaicosWestCaicosandSaltCay.Themapsshowremain-ingCrownlandthatcouldpotentiallybeusedfordevelopmentinthefuturesubjecttoplanningconsiderationsandfurthertechnicalassessments.ThemapsexcludeareaswithinProtectedAreasandareasoflandthatareparticularlylowlyingandpronetoooding.SamplemapDOINGBUSINESSINTHETURKSANDCAICOSISLANDSCrownLandUnitzEmailtcilandinfogov.tczOnlinewww.gov.tczTel1.649.941.7448zFax1.649.9417449 110PartAGrantOfLeaseOrLicenceTourismdevelopmentincludinghotelgolfcourseetc.1000Marina1000Mining500Generalindustrial500Communicationsite500Commercialrecreation250Generalcommercialexcludinghotelmarinaorgolfcourse250Publicutilities250Residential100Agricultural100InstitutionalCommunity100PartBOtherItemsExtensionconversionsurrenderofconditionalpurchaselease100Surrenderofaleaseotherthanaconditionalpurchaselease50Grantofaneasement100Extinguishmentofaneasement50CopyofrecordheldbytheCrownLandUnitperpage10Thisistoensurethatdeveloperstailortheirlandrequirementstomatchtheirintentionsanddonotengageinlandbankingorspeculationasanad-juncttotheircoreplannedbusinessactivity.Simi-larlyanygrantoflandforcommercialusewillcon-tainconditionsthatensuretheappropriatefuturecommercialuseofthatland.Commercialdevelopmentthatprovidesforthecreationofjobopportunitieswillbeparticularlyencouraged.Commercialdevelopmentthatresultsintheprovisionofqualityaordablehousingwillalsobeencouraged.TheLandsDivisionfallsundertheauspicesoftheAttorneyGeneralsChambersandcomprisesfourmaindepartmentsCrownLandUnityzpolicyformulationformanagementandadministrationoflandzallocationofCrownlandforvariouspurposeszapprovalforextensionsofleasechangeofuserandsubdivisionschemeszprocessingandissuanceoflandtitleszgenerationandcollectionoflandrevenueandotherchargeszdocumentationandprotectionofpubliclandszprovisionofup-to-datelandinformationValuationDepartmentzpolicyformulationformanagementandadmin-istrationoflandzprovisionofvaluationoflandforassessmentofstampdutiescompensationpayableoncom-pulsoryacquisitionbyGovernmentlandsalerentpayableandreceivablebyGovernmentandvaluationofpropertyforanyotherpurposes.SurveyandMappingDepartmentzpolicyformulationformanagementandadmin-istrationoflandzmaintenanceplansforpropertyboundariesinsupportoftheLandRegistryzmaintenanceandstorageofallsurveyrecordszapprovingalltitlesurveyszprovisionofnationalgeodeticcontrolnetworkzprovisionoftitlemapszmaintenanceandprovisionofcadastralandgeographicaldataindigitalformzgenerationandcollectionoflandrevenueandotherchargesLandRegistryServiceszregistrationoflandtransactionszarbitrationoflandandboundarydisputeszcollectionofstampdutyconveyancingandotherlandtransactionfeeschargeszCustodymaintenanceandupdatingofcrownlandregistryExamplesofassociatedfeesThefeesapplytovariousCrownlandsadministrativetransactionsincludingapplicationforleaselicenceandeasementoverCrownlandsurrenderofleaseandothercharges.ThefeesareestablishedtorecovertheDepartmentsadministrativecostsofprocessingvarioustransactions.CROWNLANDPOLICYcontinued 111AllgoodsimportedintotheTurksandCaicosIs-landsaresubjecttobothcustomstarisaswellasacustomsprocessingfee.Thecustomstarisvarydependingontheitembeingimportedandrangefrom0dutyfreeto65.Thecurrentcus-tomsprocessingfeeis6andisleviedonthetotalvalueofthegoodsbeingimportedregardlessoftheircustomstarithisincludesdutyfreegoods.DutyiscollectedatthepointofentryandnogoodsarereleaseduntilalldutiesleviedarepaidinfulltotheCustomsDepartment.Manygoodsrequiredintheeldofconstructioncarrythedutyrateof10.Thisistoencouragebuildinganddevelopmentintheislands.SeveralitemsconsideredgreenalsocarrylowerdutyratessuchasEnergyStarratedappliancesandsolarwaterheaters.Encourageagreenereconomybyreducingtariffonenergyrelatedproductswhilesimultaneouslyincreasingtheratesofdutyonthoseitemswhichcontributetodamagingtheenvironment.OrReductionsinratesofdutyonenergysavingproductstoencourageagreenereconomyLuxuryitemssuchaswinesbeersspiritsandto-baccogoodscarrythehighestdutyrates.ImpositionofhigherratesofdutyonluxuryitemssuchashighpoweredgasguzzlingmotorvehiclesboatsetcTheCustomsDepartmentusestheinternationallyrecognizedASYCUDAcomputerisedcustomsmanagementsystem.Thesystemhandlesmanifestsandcustomsdeclarationsaccountingprocedurestransitandsuspenseprocedures.TheTurksandCaicosIslandsareaBritishOverseasTerritory.TheTurksandCaicosIs-landsConstitutionOrder2011providesforanelectedGovernmentcomprisingofaMin-isterialCabinetandanelectedHouseofAs-sembly.GovernorH.E.DamianRodericToddTheGovernorisappointedbytheQueentobeherrepresentativeandtocarryoutkeydu-tiestosupportthepeopleoftheIslandssuchaschairingCabinetandensuringthegoodgovernanceoftheTerritory.UndertheConstitutiontheGovernorhasresponsibilityfordefenseexternalaffairstheregulationofinterna-tionalnancialservicesandinternalsecurityincludingthepoliceforce.TheQueenalsohasthepowertolegislatefortheIslandsbyOrderinCouncilandtoinstructtheGovernorthroughtheBritishGovernmentsSecretaryofStateforForeignCommonwealthAairs.DeputyGovernorHon.AnyaWilliamsTheDeputyGovernorisappointedbytheGovernorbywayofanopenapplicationpro-cess.ThepositionmaybeconsideredthemostseniorcivilservicepostastheDeputyGover-norheadsthePublicServicethelinemanagerforpermanentsecretariesandisanon-votingmemberofCabinet.TheDeputyGovernoralsoactsasGovernorwhenthelatterisawayfromtheterritory.UndertheConstitutionthispositionmustbeheldbyanativeislander.TheHouseofAssemblyThereare19seatsintheTurksandCaicosIslandsHouseoftheAssembly.Fifteen15oftheseseatsarelleddirectlybycandidateswhomhavebeendirectlyelected.Therearealsofour4othermembersoneeachnomi-natedbyaleaderofthetwopartiesthatmakeuptheHouseandtwoofwhomareappoint-edbytheGovernor.CUSTOMSDUTYGUIDEGUIDETOGOVERNMENTTurksCaicosCustomsDepartmentz67AirportRoadProvidencialeszEmailcollectortcigmail.comzOnlinewww.customs.gov.tczTel1.649.9464450zFax1.649.946.4453TURKSCAICOSGOVERNMENTINVESTMENTUNITDOINGBUSINESSINTHETURKSANDCAICOSISLANDS TURKSCAICOSGOVERNMENTINVESTMENTUNIT112OceofthePremierHon.Dr.RufusEwingThePremieristhepoliticalleaderandheadofgovernmentoftheTurksandCaicosIslands.ThepostofPremieristheequivalenttothatofChiefMinisterorPrimeMinisterinotherBritishOver-seasTerritories.In2006theTurksandCaicosIslandsnewCon-stitutionintroducedthetitlePremierasreplace-mentforChiefMinister.ItisthehighestpoliticallevelthatcanbeattainedwithintheBritishcolo-nialsystem.MinistryofTourismHon.Dr.RufusEwingzTouristBoardzProtocolOceMinistryofFinanceInvestmentandTradeHon.WashingtonMisickzBudgetDepartmentzStrategicPolicyandPlanningUnitzCustomsDepartmentzTreasuryDepartmentzGamingInspectoratezRevenueControlUnitzInvestmentUnitzTradeDepartmentzComputerUnitDeputyPremierandMinisterofEducationHon.AkierraMissickzEducationDepartmentZone1zEducationAdministrationZone1zEducationDepartmentZone2zEducationAdministrationZone2zHighSchoolszHJRobinsonHighSchoolzClementHowellHighSchoolzRaymondGardinerHighSchoolzMarjorieBasdenHighSchoolzYouthDepartmentzSportsDepartmentzCultureDepartmentzTertiaryandFurtherEducationMinistryofHealthandHumanServicesHon.PorshaStubbs-SmithzPrimaryHealthCareDepartmentzEmergencyMedicalServiceszNationalHIVPreventionUnitzDentalDepartmentzEnvironmentalHealthDepartmentzNationalPublicHealthLaboratoryzDrugsandMentalHealthUnitzSpecialNeedsUnitMinistryofBorderControlandLabourHon.RicardoGardinerzEmploymentUnitzBorderControlandEnforcementzRadarStationzImmigrationDepartmentzImmigrationAppealTribunalzLabourDepartmentzLabourTribunalzRegistrarGeneralsOcezOneStopShopMinistryofEnvironmentHomeAairsandAgricultureHon.AmandaMisickzDistrictAdministrationzRoadSafetyDepartmentzPlanningDepartmentzPrisonszTurksandCaicosFireandRescuezAgricultureDepartmentzDEMAzSocialDevelopmentandGenderAfairsMinistryofGovernmentSupportServicesHon.GeorgeLightbournezEnergyandUtilitiesDepartmentzCentralInformationTechnologyUnitzCentralPurchasingUnitzDisasterManagementandEmergencieszEMSMaintenanceDivisionzEMSMechanicalServicesDivisionzEMSProjectManagementDivisionzEstateManagementDivisionzPostalServiceszPublicWorksDepartmentzTCIGPublishingzWaterUndertakingzWaterandSewageBoardzElectricityBoardGUIDETOGOVERNMENTcontinued zTurksandCaicosIslandsGovernmentInvestmentUnitOnlinegov.tc.................................................Tel1.649.946.4776RETAILzJaisOnlinejais.tc................................................Tel1.649.941.4374ARCHITECTSzR.A.ShawDesignsOnlinerashawdesigns.com........................Tel1.649.941.4394LEGALSERVICESzFChambersOnlinefchamberslaw.com.........................Tel1.649.339.6275zGrithsPartnersOnlinegrithsandpartners.com.............Tel1.649.941.8250zKaramandMissickOnlinekarammissick.com..........................Tel1.649.941.5082zMillerSimonsOSullivanOnlinemslaw.tc...........................................Tel1.649.946.4650BUSINESSANDFINANCIALSERVICESzBordierBankTCILtd.Onlinebordier.com......................................Tel1.649.946.4535zCIBCFirstCaribbeanInternationalBankOnlinecibcfcib.com....................................Tel1.649.941.4558zEmpowerOnlineempowercorp.com.........................Tel1.649.941.3160zIntegraServicesLtd.Onlineintegraservicesltd.com..................Tel1.649.941.7967zPioneerCommercialLinensDryCleaningOnlinepioneertci.com................................Tel1.649.441.4402zScotiabankOnlinescotiabank.com...............................Tel1.649.339.7040zTrailEnterprisesOnlinetrail.tc................................................Tel1.649.941.7714zWBFinancialGroupOnlinewbfnancial.tc..................................Tel1.649.941.7299CONSTRUCTIONSERVICESSUPPLIESzBCQSOnlinebcqs.com.........................................Tel1.649.946.4238zBuildingServicesDesignLtd.Onlinebsd.tc.................................................Tel1.649.946.8504zCarlisleSuppliesOnlinecarlislesupplies.com.......................Tel1.649.946.4417CONSTRUCTIONSERVICESSUPPLIESCONT.zConstructionAdvisoryServicesLtd.Onlinecas-tci.com.....................................Tel1.649.941.3663zE.D.S.EngineeringDesignServicesLtd...........................................................................Tel1.649.332.4405zGreenRevolutionOnlinegreenrevolutionltd.com................Tel1.649.232.1393zMEPSolutionsOnlinemepsolutionstc.com..........Tel1.649.231.27573696zNorstarGroupLtd.Onlinenorstargroup.tc...............................Tel1.649.941.3600zProjetechOnlineprojetech.tc.....................................Tel1.649.941.3508INSURANCEzCSCInsuranceBrokersLtd.Onlinecscinsurance.org.............................Tel1.649.941.7975zFirstGlobalInsuranceBrokersLtd.Onlinefgibtci.com.......................................Tel1.649.946.4823zTheInsuranceCentreOnlineinsurancecentretci.com.................Tel1.649.232.3722REALESTATEzEquinoxVillasandApartmentsOnlineridgeresidencesinn.com................Tel1.649.441.3121zRegencyInternationalEstatesOnlinetheturksandcaicos.com.................Tel1.649.441.1151zSailrockOnlinesouthcaicos.com.............................Tel1.649.333.2020zSaltmills..........................................................................Tel1.649.946.4238zTurksCaicosPropertyOnlineTurksAndCaicosProperty.com.....Tel1.649.941.3361zTurksCaicosSothebysInternationalRealtyOnlineturksandcaicossir.com...................Tel1.649.946.4474INFRASTRUCTURETECHNOLOGYzDigicelOnlinedigiceltci.com..................................Tel1.649.331.3444zFortisOnlinefortistci.com....................................Tel1.649.946.4313zTCEM..........................................................................Tel1.649.946.8236zTurksandCaicosIslandsAirportAuthorityOnlinetciairports.com...............................Tel1.649.946.4420113ADVERTISINGPARTNERS CondominiumsHomesVillasLandCommercialTurksCaicosIslandsCasaBaranaVillaBlueCaribeVillaAmazingGraceVillaFromtheacclaimedAmanyaraonthenorthwestpointofProvidencialestothefamedParrotCayTurksCaicosisamagnetforAlistersandinternationaltravelersseekingthebestinislandtravel.ThecenterpointisonrenownedGraceBayBeachwithitshighendresortcondominiumdevelopmentsanchoredbythefive-starGraceBayClub.JustbehindtheseresortsliesuptownGraceBaywithawonderfularrayofretaildiningspasandservices.TheProvidencialesInternationalAirportboastsabrandnewrunwaycapableoflandingJumboJetsandtheterminalisinthemidstofmajorexpansion.ThereiscurrentlyoneFBOforprivateaircraftwithanotherstate-of-the-artterminalunderconstruction.VentureHouseGraceBayRoadProvidencialest649.946.4474f649.946.4433infotcsothebysrealty.comwww.turksandcaicossir.comTheTurksCaicosisnowfulfillingitsdestinyasthepremiereupscaledestinationintheCaribbean.sInternationalRealtyAffiliatesInc.Eachofficeisindependentlyownedandoperated.SothebysInternationalRealtyisalicensedtrademarktoSotheby DevelopmentOpportunityBeyondtheHorizonTurksCaicosIslandsDellisCayPrivateIslandJoeGrantsCayPrivateIslandEastCaicosPrivateIslandVentureHouseGraceBayRoadProvidencialest649.946.4474f649.946.4433infotcsothebysrealty.comwww.turksandcaicossir.comWewelcomeyoutocontactusforacompleteportfolioofourresidentialandcommercialofferings.LOCALEXPERTSWORLDWIDETheresilientTurksCaicosrealestatemarketisbusierandbrighterthanatanytimeinthepast5years.Inves-toranddeveloperactivityisveryactiveasthedestinationcontinuestoattractinternationalinvestorsfromaroundtheworldincludingtheUSCanadaEuropeRussiaAsiaandSouthAmerica.Increasedinvestoractivityisleadingtovalueincreasesintoptiercommercialparcelsasscarcityisagainonthehorizon.Majorprojectsonavarietyofislandsareinthepipeline.SothebysInternationalRealtyisalicensedtrademarktoSothebysInternationalRealtyAffiliatesInc.Eachofficeisindependentlyownedandoperated. www.zenith-watches.comfollowyourownstarElprimErostratosflybackstriking10hTrIBUTETOFELIxBAUMGArTNErThefrstwatchevertocrossthesoundbarrierinanearspaceenvironmentitnutuesthelegendoftheElPimeomovement.EquippedwithStiking10thandybackfunctionsthesthigh-fequencyautomaticcolumn-wheelchonogaphmovementaccompaniedthehistoicalecodssetbyFeliBaumgatneduingtheredBullStatosmission.Alegendaywatchthatpaystibutetotheentepisingspiittohumanbeingsandtotheiaccomplishments.