Financial industry: The quiet giant

While tourism continues to be the mainstay of the local economy, the financial services industry has quietly been developing its product base and attracting a plethora of new clients to the Turks and Caicos Islands, making it the second largest contributor to the country’s GDP.

More than 1,100 new companies incorporated in 2012.

The Turks and Caicos Islands has had legislation governing financial services since the 1970s, but its strategy to offer specialized products through personal service, has kept its reputation in the realm of a boutique destination.

Today, the TCI offers a well-defined regulatory framework within which to operate a comprehensive range of financial activities including banking, insurance, trusts, mutual funds, investment dealing companies and partnerships to the international business community. TCI is home to reputable, international financial services brands such as Scotiabank, CIBC and Royal Bank of Canada along with many other financial service providers.

In his opening address to the Caribbean Association of Insurance Regulators (CAIR) who held their annual meeting in the islands in June 2012, H.E. Governor Ric Todd told industry professionals that while we have a smaller financial services sector than some other Overseas Territories, we want to build on its successes and develop it further.

Financial Services Industry made up 16% of the nation’s GDP in 2011.

“We want TCI to compete in the world financial services industry through the quality of our products; the strength and credibility of our industry; the ease of doing business; and the skills of our practitioners,” explained Gov. Todd.

Internationally experienced practitioners, based in the islands, provide a multitude of financial services to customers here and throughout the world.

As the financial services industry in the Turks and Caicos Islands continues to strengthen and grow, several changes are being made to legislation to accommodate this evolution.

Services include banking, company formation, insurance, investments, and trusts.

“We are also committed to developing our financial service industry as a dynamic, successful and well regulated sector which meets globally recognised standards of transparency and compliance,” the Hon. Premier of the Turks and Caicos Islands, Dr. Rufus Ewing, said about the industry. “And we stand ready to respond to change.”

Services include banking, company formation, insurance, investments, and trusts.

Image: Tatiana Popova/