With the largest economy in the English-speaking Caribbean, the twin-island country of Trinidad & Tobago’s (T&T) success largely stems from the country’s oil and gas production, particularly the petroleum industry, which accounts for roughly 40% of its GDP. The jurisdiction has also seen a notable boost in its LNG exports and continues to attract foreign direct investment into the broader energy sector. Recent developments in this regard include amendments to the Petroleum Taxes Act, which reduced the petroleum profits tax (PPT) rate from 35% to 30% for petroleum operations in deepwater; and an increase to supplemental petroleum taxes, which saw investment tax credits increased from 25% to 30% for approved developments in marine and land oil fields, as well as VAT changes for companies involved in alternate energy and renewable energy projects.

While historically less focused on the tourism industry than other Caribbean jurisdictions, T&T is placing an increasing emphasis on building out its tourist sector to counteract the fluctuations seen in the global oil market in recent years, particularly in Tobago where tourist activity has seen a notable boost, leveraging the island’s UNESCO designations.

T&T has also recently made a push into the fintech space with the Trinidad and Tobago Financial Centre recently launching One FinTech Avenue, a facility which will act as a centre of activity for fintech initiatives in T&T and the wider Eastern Caribbean region.

For the country’s legal market, T&T-based law firms are comprised of a mix of full-service firms, such as Fitzwilliam, Stone, Furness-Smith & Morgan, M. Hamel-Smith & Co. and Pollonais, Blanc, de la Bastide & Jacelon to name a few, which all offer a mixture of transactional, regulatory and contentious advice, as well as more boutique offerings. The country is also home to T&T offices of firms with broader Caribbean office networks, including Dentons Delany and Lex Caribbean.