|
TCI is a particularly attractive and convenient jurisdiction for many
individuals considering acquiring a second residence.
The islands are a Common Law, British Dependent Territory which
places no restrictions on foreign investment in real estate, the currency is the US
dollar, and the language is English.
Furthermore the environment (particularly the
surrounding ocean) is relatively untouched and the jurisdiction is not commercialized to
the extent of its neighbors - visitors and residents alike can enjoy the beaches, shopping
and other public areas without harassment from street hawkers, etc.
There are six categories of
residency in TCI which arise in different ways, namely:
Temporary Residence Permits -
which are 30 day permits granted to tourists on arrival (can be extended on application
for a further 30 days).
Residence Permits - which
entitle individuals to reside in the islands for a period of one year from the date of
issuance at a cost to Government of US$1,000.00 per annum.
Permanent Residence Permits
(PRC's) - PRC's last for the duration of the life of the holder and extend to
the holder's spouse and dependents (until the age of majority when they can apply for
their own PRC). PRC's are issued to applicants who have made the requisite
investment in TCI and come either with the right to work (i.e. individuals who have held
work permits for 5 years) and without the right to work (i.e. the retirement investment
category). the investment prerequisite for PRC's in the retirement category varies
depending on where the investor acquires property (Providenciales - US$500,000
/ less developed islands US$125,000).
Work Permits - the fee payable
depends upon the category which the individual falls into. The grant of a work
permit (renewable annually) entitles the holder to reside in the islands for the relevant
period.
Citizenship/Belongership -
although logically separate (the grant of TCI passports falls under the British
Nationality Act - whereas the discretion to grant Belongership rests with TCI Government)
these two categories tend to be bound together. Belongership status entitles an
individual to vote in general elections, be considered for public offices, and so forth.
The possibility of acquiring Belongership status for persons not born to TCI
citizens is generally restricted to individuals who have made a significant contribution
to the islands.
If you are interested in becoming resident in
TCI or have related questions, feel free to contact us by email or otherwise and we will be happy to provide
you with further, more detailed information, relating to the requirements, projected costs
and considerations.
WORK PERMITS
Whether you will be resident or
working in TCI, or if you are already working or resident in the islands and have
questions or require assistance with the renewal of work permits or residency status, or
alternatively are considering taking on non-Belonger employees for your TCI business the
firm is well positioned to assist with the application process.
BUSINESS LICENSING
Every business in TCI is
required to be licensed pursuant to the local Business Licensing laws. The grant of
Business Licenses for certain types of businesses are restricted to undertakings which
have a majority Belonger interest. The applicable fees (which accrue annually) vary
depending on the category of business proposed to be carried on. Before taking steps
to start up a business in TCI it is imperative that individuals are fully aware of the
applicable Business Licensing laws and regulations - there are significant penalties
imposed on individuals who become involved in businesses in TCI which are not properly
licensed. We recommend in each case that professional advice is sought at the outset
to avoid the pitfalls.
Finbar F. Dempsey & Company
are experienced in this area of the law and can assist with all manner of Business
Licensing applications, structuring of joint ventures with Belongers, and so forth.
In the event that you require assistance in this respect, contact us to arrange a
consultation. |
