Turks and Caicos Islands

Basic taxes (briefly)

Personal tax No
Corporate tax (in detail) No
Capital gains tax. Details
VAT. Details
Other taxes Hospitality and Tourism Tax, Telecommunications Tax, Financial Services Tax, Insurance Premium Tax, Social Contributions
Government fee
Stamp duty 5-10%

International tax agreement

Tax treaties entered
   
Tax Exchange Information Agreement (TEIA) Australia, Canada, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Ireland, Netherlands, New Zealand, Norway, Portugal, Sweden, United Kingdom.


Show all entries Hide all entries

TAXATION

General Info

According to Companies Ordinance for a period of twenty years from its date of incorporation an exempted company shall be exempt from any tax or duty to be levied on profits or income or on capital assets, gains or appreciations; estate duty or inheritance tax, payable on the shares, debentures or other obligations of a company.

Individual Taxation

There is no personal income tax in Turks and Caicos.

Corporate Income Tax

Exempted companies are exempt from corporate income tax.

Capital Gains Tax

Exempted companies are exempt from capital gains tax.

Withholding Tax

There is no withholding tax for exempted companies in Turks and Caicos.

VAT

There is no VAT fro exempted companies in Turks and Caicos.

Stamp Duty

Stamp duty is not levied in Turks and Caicos.

Government Fee

Pursuant to section 188 of the Companies ordinance 1981 an exempted Company shall pay annual fee of $350 not later than 31 January.
Where an exempted Company does not pay its annual fee until after 31st March in that year, the penalty fee in addition to the exempted Company's annual fee, shall be $200.

Other Taxes and Duties

Exempted companies are exempt from any tax or duty.

Double Tax Agreements

Turks and Caicos has not entered any double taxation agreements and has exchange of information relationships:

  • 19 TIEAs: Australia, Canada, Denmark, Faroe Islands, Finland, France, Germany, Guernsey, Greenland, Iceland, Ireland, Isle of Man, Netherlands, New Zealand, Norway, Portugal, South Africa, Sweden, United Kingdom.

Foreign Exchange Control

TCI use the US dollar with free determination of exchange rates. There are no restrictions on the transfer of money into or out of TCI. However, funds of over US$500,000 coming into TCI through local banks must be accompanied by satisfactory evidence of the source of funds, to comply with anti-money laundering guidelines. The figure specified is one set by the banks themselves, and lesser amounts may be subject to enquiry, depending on the comfort level of the bank concerned with the particular transaction.
There are no restrictions on, or reporting requirements for, the payment of profits abroad. Hard currency can be taken out of the country.

ACCOUNTS

Financial Statements

There is no requirement for filing financial statements, but financial records should be kept to reflect the financial position of the company.

Annual Return

In January of each year after the year of its registration each exempted company shall furnish to the Registrar a return which shall be in the form of a declaration that—

  • since the previous return or since registration, as the case may be, there has been no alteration in the memorandum of association;
  • the operations of the exempted company since the last return or since registration of the exempted company, as the case may be, have been mainly outside the Islands; and
  • various statutory requirements have been and are being complied with.

Tax Returns

As exempted companies are exempt from taxation there is no requirement to file annual return.

    Taxes of Turks and Caicos

    Min. rate for corporate tax 0%
    Capital gains tax No
    VAT No
    Withholding tax No
    Exchange control No
    RU EN