{"id":122292,"date":"2026-01-09T09:01:39","date_gmt":"2026-01-09T09:01:39","guid":{"rendered":"https:\/\/my.legal500.com\/guides\/?post_type=comparative_guide&#038;p=122292"},"modified":"2026-01-09T09:01:39","modified_gmt":"2026-01-09T09:01:39","slug":"turks-caicos-private-client","status":"publish","type":"comparative_guide","link":"https:\/\/my.legal500.com\/guides\/chapter\/turks-caicos-private-client\/","title":{"rendered":"Turks &amp; Caicos: Private Client"},"content":{"rendered":"","protected":false},"template":"","class_list":["post-122292","comparative_guide","type-comparative_guide","status-publish","hentry","guides-private-client","jurisdictions-turks-caicos"],"acf":[],"appp":{"post_list":{"below_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">Stanbrook Prudhoe<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2024\/01\/Stanbrook-prudhoe.jpg\"\/><\/span><\/div>"},"post_detail":{"above_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">Stanbrook Prudhoe<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2024\/01\/Stanbrook-prudhoe.jpg\"\/><\/span><\/div>","below_title":"<span class=\"guide-intro\">This country specific Q&amp;A provides an overview of Private Client laws and regulations applicable in Turks &amp; Caicos<\/span><div class=\"guide-content\"><div class=\"filter\">\r\n\r\n\t\t\t\t<input type=\"text\" placeholder=\"Search questions and answers...\" class=\"filter-container__search-field\">\r\n\t\t\t<\/div>\r\n\r\n\t\t\t\r\n\r\n\r\n\t\t\t<ol class=\"custom-counter\">\r\n\r\n\t\t\t\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Which factors bring an individual within the scope of tax on income and capital gains?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p><span class=\"TextRun Highlight SCXW37746736 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW37746736 BCX8\" data-ccp-parastyle=\"Body Text 2\">Income and capital gains are not taxed in the Turks and Caicos Islands (TCI)<\/span><\/span><\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the taxes and rates of tax to which an individual is subject in respect of income and capital gains and, in relation to those taxes, when does the tax year start and end, and when must tax returns be submitted and tax paid?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>TCI does not have any direct taxes, such as income tax, corporate tax, property tax, wealth tax, succession, gift or estate tax, value added tax or capital gains tax.<\/p>\n<p>The heads of tax in TCI and rates are:<\/p>\n<ol>\n<li>Stamp Duty Tax is payable on the purchase of a property, and the range is 5%-10% of the purchase price depending on the Island where the property is located and the purchase price of the property, as outlined in the chart below. This is a one time tax paid on purchasing a property.<\/li>\n<li>Landholding Share Transfer Tax &#8211; 8% on the purchase price of the shares in the landholding company.<\/li>\n<li>Hotel and Tourism Tax &#8211; 12% for hotel accommodation, tourist related services and restaurants.<\/li>\n<li>Customs Duty is payable at the rate of 10%-40% of the value of imported goods, with an additional 7.5% Customs Processing Fee (CPF).<\/li>\n<\/ol>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does your jurisdiction provide advantageous tax regimes for individuals directly investing in or holding certain types of assets from an income tax or capital gains tax perspective?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There is no income tax or capital gains tax in TCI.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are withholding taxes relevant to individuals and, if so, how, in what circumstances and at what rates do they apply?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There are no withholding taxes in TCI.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How does the jurisdiction approach the elimination of double taxation for individuals who would otherwise be taxed in the jurisdiction and in another jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There is no double taxation and there are no tax treaties with TCI.\u202f However, there are a number of tax information exchange agreements which TCI has entered into with various countries whereby TCI has agreed to co-operate with relevant jurisdictions in tax matters through the exchange of information.\u202fwww.gov.tc\/eoi\/<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a wealth tax and, if so, which factors bring an individual within the scope of that tax, at what rate or rates is it charged, and when must tax returns be submitted and tax paid?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There is no wealth tax in TCI.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is tax charged on death or on gifts by individuals and, if so, which factors cause the tax to apply, when must a tax return be submitted, and at what rate, by whom and when must the tax be paid?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>TCI does not have inheritance, estate or gift tax.\u202f Persons will pay a de minims Court administrative fee when applying for a grant of probate.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are tax reliefs available on gifts (either during the donor\u2019s lifetime or on death) to a spouse, civil partner, or to any other relation, or of particular kinds of assets (eg business or agricultural assets), and how do any such reliefs apply?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>See below for spousal gift relief (real property). TCI does not recognise civil partnerships. There are no gift taxes in relation to personal or business property.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Do the tax laws encourage gifts (either during the donor\u2019s lifetime or on death) to a charity, public foundation or similar entity, and how do the relevant tax rules apply?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The only relevant head of tax is stamp duty and landholding share transfer duty, and the exemptions do encourage gifts only to spouses, parents and children. There is no stamp duty payable on: &#8211;<\/p>\n<p><strong>(a)<\/strong> a conveyance of any property by way of a gift to or in trust for the spouse, parent or child of the owner.<\/p>\n<p>Additionally, the owner can apply for an exemption to gift or settle in trust to a sibling, grandchild or grandparent (to the Permanent Secretary of Finance to certify that he\/she is satisfied that the transfer is not made for valuable consideration); or<\/p>\n<p><strong>(b)<\/strong> a conveyance or lease of any property, the transfer of shares, or any mortgage taken out by an entity (which is certified by the Permanent Secretary of Finance to be established solely for charitable purposes).<\/p>\n<p>Similar exemptions apply to gifts in the shares of a landholding company.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How is real property situated in the jurisdiction taxed, in particular where it is owned by an individual who has no connection with the jurisdiction other than ownership of property there?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There is no property tax in TCI (but please see our comments above regarding the payment of stamp duty). There are no restrictions on foreign nationals owning real property in TCI.\u202f\u202f Title to real property in TCI must be held by a natural person(s), or a TCI company, TCI partnership or a trustee.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does your jurisdiction have any specific rules in relation to the taxation of digital assets?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>TCI does not currently have any legislation or taxation for digital assets. However, they are in the planning stages for a comprehensive cryptocurrency and digital asset regulatory framework. We will have to see what happens in the future years to come. <a href=\"https:\/\/investturksandcaicos.tc\/government-of-the-turks-and-caicos-islands-in-the-planning-stages-for-a-new-regulatory-framework-for-digital-assets-and-tokenized-finance\/\">GOVERNMENT OF THE TURKS AND CAICOS ISLANDS IN THE PLANNING STAGES FOR A NEW REGULATORY FRAMEWORK FOR DIGITAL ASSETS AND TOKENIZED FINANCE &#8211; Invest Turks and Caicos<\/a><\/p>\n<p>&nbsp;<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are taxes other than those described above imposed on individuals and, if so, how do they apply?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>In addition to those indirect taxes referred to above. There are social security contributions payable by employers, self-employed persons and employees who work locally in TCI. The National Health Insurance Board (NHIB) contributions are paid on employment remuneration at the rate of 4.6% by employers and at the rate of 3.4% by employees. National Insurance Board (NIB) contributions are 6% for employers and 5% for employees and 10% for self-employed persons. The contribution is charged on earnings of up to USD $7,800 per month. For more details including increases in rates, visit\u202fwww.tcinhip.tc\u202f\u202for\u202fwww.tcinib.tc.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does your jurisdiction provide advantageous special tax regimes for individuals from a wealth tax, inheritance\/estate tax or gift tax perspective?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>TCI laws can be advantageous for individuals looking to relocate to TCI, especially those individuals seeking residency for all types of tax efficiency and succession planning.<\/p>\n<p>There are also incentives for developer investors who bring economic investment into TCI, incentives such as lower customs duty tax on importation of goods further to their development agreement that will be signed with the Turks and Caicos Islands Government (TCIG). Invest TCI, is an on island facility that is available to provide, \u201cinformation on the local business climate, facilitating the investment process through liaison with key Government Departments, advice on Government incentives and concessions to investors, introductions to local services providers and suppliers, advice on immigration matters, including permanent residence certificates and specifying ongoing supporting following the setup of the business,\u201d Invest TCI is a one stop shop for persons in TCI desirous of starting a business or persons moving to TCI desirous of bringing investments and developments to TCI.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What steps might an individual be advised to consider before establishing residence in (or becoming otherwise connected for tax purposes with) the jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Before relocating to TCI, it would be advisable for an individual to: &#8211;<\/p>\n<ul>\n<li>Identify which attorney, realtor, bank, accountant, insurance, architect, surveyor companies, doctors and schools they might engage for professional services<\/li>\n<li>Research on island homes for purchase or rent. Further information can be found here: &#8211; https:\/\/tcrea.com<\/li>\n<li>Ensure they are knowledgeable about the immigration procedures (whether seeking Permanent Residency, annual residency or a work permit with the right to work and all protocols in TCI). All persons must have an immigration status to reside or work in TCI. Further information regarding immigration can be found here on: &#8211; Work Permits (gov.tc)<\/li>\n<li>Consult a shipping company. Further information can be found here:- Shipping, Air, and Sea Freight in the Turks and Caicos | Visit Turks and Caicos Islands (visittci.com).<\/li>\n<li>Read and be well informed about the logistics of moving to TCI, such as opening a bank account, obtaining a TCI driving licence, purchasing or importing of a vehicle, purchasing or importing of a boat, importing of pets, utilities account opening etc.<\/li>\n<li>Procedures and fees for private planes on Providenciales and the other Islands. Further information can be found here:-https:\/\/www.provoaircenter.com; https:\/\/www.atlanticaviation.com\/locations\/PLS#tripplanning; https:\/\/www.visittci.com\/getting-here\/by-private-plane<\/li>\n<li>Procedures and fees for yacht mooring. Further information can be found here:-https:\/\/www.southbank.tc\/marine-services-fuel; https:\/\/www.igymarinas.com\/marinas\/blue-haven-marina\/; https:\/\/www.turtlecovemarina.com<\/li>\n<li>Please note that used personal goods imported by an individual relocating to TCI are customs duty free when arriving in TCI if imported within the first six (6) months of relocation to TCI and with the person holding a valid immigration status.<\/li>\n<\/ul>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Once an individual has left (and is no longer connected for tax purposes with) the jurisdiction, does the jurisdiction charge any form of exit tax or retain taxing rights over the individual's directly held assets or structures which they created or have an interest in?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p><span class=\"TextRun SCXW27221729 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW27221729 BCX8\" data-ccp-parastyle=\"Body Text 1\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;ebac6321-f82d-5a57-b529-d80cd9c742a5|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:[469777841,&quot;Arial&quot;,469777842,&quot;Times New Roman&quot;,469777843,&quot;Times New Roman&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial,Times New Roman&quot;,268442635,&quot;21&quot;,335559705,&quot;2057&quot;,335559740,&quot;240&quot;,201341983,&quot;2&quot;,335559739,&quot;240&quot;,335551550,&quot;6&quot;,335551620,&quot;6&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,201341986,&quot;1&quot;,469775450,&quot;Body Text 1&quot;,201340122,&quot;2&quot;,134234082,&quot;true&quot;,134233614,&quot;true&quot;,469778129,&quot;BodyText1&quot;,335572020,&quot;39&quot;,335559685,&quot;720&quot;,469775498,&quot;Body Text 2&quot;,469778324,&quot;Body Text&quot;]}\">There are no exit taxes in TCI.<\/span><\/span><span class=\"EOP SCXW27221729 BCX8\" data-ccp-props=\"{&quot;201341983&quot;:2,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:720,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the main rules of succession, and what are the scope and effect of any rules of forced heirship? Do any forced heirship rules apply automatically, or is it necessary for heirs to bring claims to enforce their rights?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>TCI follows English common law and testamentary freedom regarding succession. In TCI there are no laws which impose forced heirship or restrict the freedom of testators to dispose of their property in accordance with their wishes, as should be provided for in their Will. If a person dies intestate (without a Will), the rules are laid out in the Intestacy Act.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a special regime for matrimonial property or the property of a civil partnership, and how does that regime affect succession?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>TCI recognises marriage but not civil partnerships. In 2025 the TCI Court of Appeal ruled that the Immigration Act shall be construed with the definition of \u201cspouse\u201d being met by a same sex marriage which is lawful overseas.<\/p>\n<p>As in other common law jurisdictions, succession (irrespective of marriage) in relation to property first depends on whether the property is owned jointly or in common.<\/p>\n<p>The survivorship rules apply where such property is owned as \u201cjoint proprietors\u201d (where no joint proprietor is entitled to any separate share in the property). Therefore, when one spouse passes away, the joint interest in the property transfers directly to the surviving spouse and does not form part of the Estate of the deceased.<\/p>\n<p>Where such property is held by as \u201cproprietors in common\u201d (where each proprietor is entitled to an undivided share in the property, which can be any percentage), the interest of the deceased will form part of their Estate and their interest in the property will transfer in accordance with the terms of their Will, or where there is no Will, it will follow the rules of the Intestacy Act.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What factors cause the succession law of the jurisdiction to apply on the death of an individual?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>If a person is ordinarily resident in TCI and has any type of property in TCI, then TCI laws shall apply to the succession of the TCI assets. If a TCI resident\u2019s Will also provides for their assets outside of TCI, then those assets shall also be subject to the TCI probate process.<\/p>\n<p>Individuals who are not resident in TCI and depending on the laws of their home (resident) country, can either opt to have a separate TCI Will to provide solely for their TCI assets or they can provide for their TCI assets in their home country Will. TCI Wills are probated in TCI, whereas foreign Wills are probated in their country of jurisdiction and then an application to the TCI Court must be made to reseal the foreign grant of probate.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How does the jurisdiction deal with conflict between its succession laws and those of another jurisdiction with which the deceased was connected or in which the deceased owned property?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>TCI follows English private international law as it relates to conflict of laws.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">In what circumstances should an individual make a Will, what are the consequences of dying without having made a Will, and what are the formal requirements for making a Will?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Wills in TCI are governed by The Wills Act. It is highly recommended that persons have a TCI Will to provide for their TCI property and that a TCI qualified attorney draft and review the Will.<\/p>\n<p>If a person dies intestate, the laws are laid out in the Intestacy Act.<\/p>\n<p>The formal requirements for making a Will are that the Will is in writing, signed by the testator and witnessed by two persons who must sign the will in the presence of the testator.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How is the estate of a deceased individual administered and who is responsible for collecting in assets, paying debts, and distributing to beneficiaries?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>If an individual dies and has a valid Will then an Executor\/Executrix will be provided for under the Will. Following a grant of probate by the TCI Court, the Executor\/Executrix will then administer a deceased individual\u2019s Estate, this will include collecting assets, paying debts and distributing to the named beneficiaries. If an individual dies without a valid Will, they will have died intestate, and a personal representative will be appointed (following the grant of letters of administration by the TCI Court) to administer the Estate.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Do the laws of your jurisdiction allow individuals to create trusts, private foundations, family companies, family partnerships or similar structures to hold, administer and regulate succession to private family wealth and, if so, which structures are most commonly or advantageously used?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Common law and the TCI Trusts Act provide the TCI laws for trusts. Trusts in TCI may be administered in TCI but governed by the laws of another jurisdiction where the instrument of Trust contains a jurisdiction clause providing for another named jurisdiction.<\/p>\n<p>Subject to the jurisdiction clause, the TCI Court has jurisdiction over:<\/p>\n<ol>\n<li>TCI Trusts; or<\/li>\n<li>foreign Trusts where: (a) any trustee of the Trust is resident in TCI; (b) the Trust property is situated in TCI; (c) administration of the Trust or property settled under the Trust is carried out in TCI; or (d) the terms of the Trust provide that the TCI Court is to have jurisdiction.<\/li>\n<\/ol>\n<p>A foreign Trust is not enforceable in TCI when, \u201cit purports to do anything contrary to the laws of TCI, or confer any right or power, or impose any obligation that is contrary to the laws of TCI or is immoral or contrary to public policy.\u201d<\/p>\n<p>Where the assets are real property, title may be held only by an individual trustee, TCI company or TCI partnership, but not directly by a foreign entity. If required for family planning, then the shares in that TCI company, or partnership interests, can be owned by a foreign company, foreign partner or foreign trustee.<\/p>\n<p>The choice of structure by families will normally be subject to the laws of other jurisdictions where the individual is resident, a citizen or holds other assets.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How are these structures constituted and what are the main rules that govern them?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Trusts can validly be created by oral declaration, by an instrument in writing or by conduct. In TCI Trusts are normally settled by execution of a trust instrument.<\/p>\n<p>The main statutes that govern such structures are: &#8211;<\/p>\n<ol>\n<li>Companies Act (2017)<\/li>\n<li>Companies and Limited Partnerships (Economic Substance) Act (2018)<\/li>\n<li>Limited Partnerships Act (1992)<\/li>\n<li>Trusts Act (2016)<\/li>\n<li>Trusts Companies (Licensing and Supervision) Act (2016)<\/li>\n<li>Trust Companies (Regulations) (2016); and<\/li>\n<li>Trust Companies Code (2016)<\/li>\n<\/ol>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the registration requirements for these structures and what information needs to be made available to the relevant authorities? To what extent is that information publicly available?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The TCI Financial Services Commission (FSC) licenses and supervises trust businesses, trust services and TCI companies.<\/p>\n<p>From 30 June 2025, the Beneficial Ownership (Amendments) Regulations 2025 expanded access to foreign and domestic competent authorities with responsibilities for combatting money laundering and general law enforcement.<\/p>\n<p>Additionally, the 2025 Regulations expanded access applications to the following persons who satisfy a \u201clegitimate interest\u201d requirement (being that the information is sought for the purpose of preventing, detecting, investigating, combating or prosecuting money laundering or its predicate offences or terrorist financing). Persons with a legitimate interest who may apply for access are limited to those:<\/p>\n<ol>\n<li>engaged in journalism or bona fide academic research;<\/li>\n<li>acting on behalf of an organisation whose purpose includes the prevention or combating of money-laundering, predicate offences or terrorism financing; or<\/li>\n<li>seeking information in the context of a potential or actual business relationship or transaction with the company about whom the information is sought<\/li>\n<\/ol>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How are such structures and their settlors, founders, trustees, directors and beneficiaries treated for tax purposes?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There are no local TCI tax implications for settlors, founders, trustees, directors or beneficiaries.<\/p>\n<p>For the purpose of transferring real property to beneficiaries of a Trust in accordance with the Trust deed, stamp duty and landholding share transfer exemptions are available (particularly in relation to spouses, parents and children) resulting in no duty payable on real property transfers.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are foreign trusts, private foundations, etc recognised?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes, please see question 22.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How are such foreign structures and their settlors, founders, trustees, directors and beneficiaries treated for tax purposes?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>TCI has no direct taxes that are applicable to Trusts in TCI. Beneficiaries, trustees and settlors can estate plan in TCI without tax implications.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">To what extent can trusts, private foundations, etc be used to shelter assets from the creditors of a settlor or beneficiary of the structure?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>While TCI does not have any specific anti-avoidance rules, attempts to use a TCI Trust\/entity to shelter assets from such creditors may result in the issue of civil or criminal proceedings. Such TCI entities will also be subject to other countries\u2019 disclosure rules, for example: &#8211;<\/p>\n<p><strong>(a)<\/strong> the UK\u2019s Economic Crime (Transparency and Enforcement) Act 2022, and the requirement for overseas entities who want to buy, sell or transfer property or land in the United Kingdom, to register their registerable beneficial owners (or managing agents) on the Register of Overseas Entities held at Companies House);<\/p>\n<p><strong>(b)<\/strong> the US Foreign Tax Compliance Act;<\/p>\n<p><strong>(c)<\/strong> Common Reporting Standards; or<\/p>\n<p><strong>(d)<\/strong> any applicable Tax Information Exchange Agreements\/mutual legal assistance treaties with various countries.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What provision can be made to hold and manage assets for minor children and grandchildren?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There is no restriction in TCI for minor children and\/or grandchildren to be beneficiaries of a Trust.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are individuals advised to create documents or take other steps in view of their possible mental incapacity and, if so, what are the main features of the advisable arrangements?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Individuals can appoint an attorney pursuant to a Continuing Power of Attorney (CPOA).\u202f The CPOA would specify the scope of the powers conferred on the attorney, and would remain valid and continue in the event that the donor ceases to have mental capacity,\u202fand will last until revoked by the donor, the attorney, or the Court.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What forms of charitable trust, charitable company, or philanthropic foundation are commonly established by individuals, and how is this done?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>In TCI charitable organisations are classed as Non-Profit Organisations (NPO), and can comprise trusts, incorporated or unincorporated entities. Subject to limited exemptions contained in the Non-Profit Organisations Registration Guideline (2022), all NPOs operating in TCI are required to register with the TCI Financial Services Commission (as the NPO Supervisor).<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the jurisdiction's approach to information sharing with other jurisdictions?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>TCI is part of the Foreign Account Tax Compliance Act (FATCA) and is also complaint with The Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) with regards the International Standard on Transparency and Exchange of Information on Request\u202f(EOIR). TCI is open to sharing information with foreign jurisdictions.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What important legislative changes do you anticipate so far as they affect your advice to private clients?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>All Acts and Regulations are gazetted in the TCI gazette, located online at\u202fhttps:\/\/gov.tc\/cgis\/tci-gazettes<\/p>\n<p>In addition, TCI (through the FSC) has committed to implement the Financial Action Task Force (an intergovernmental organisation) standards and regulations, relating to the prevention and detection of money laundering and combating terrorist financing.\u202f As a result, TCI\u2019s anti-money laundering regulations are continuously evaluated and updated to achieve consistency with those standards.<\/p>\n<p>For those seeking Turks &amp; Caicos Islander Status (including voting rights), since April 2023 there have been applications for judicial review of refusals to grant Status under the immigration legislation. Tim Prudhoe of Stanbrook Prudhoe led several of those challenges successfully.<\/p>\n<p>In 2022 and again in 2025 the issues of same-sex marriage were also litigated, by way of challenge under the Constitution. That case was won by the plaintiffs and recently upheld by the Court of Appeal. Declarations were made by the Court of first instance and the Court of Appeal, as to breaches of human rights guaranteed by the TCI Constitution. The decision given by the Court of Appeal orders the Immigration Act to be construed with the definition of \u201cspouse\u201d being met by a same sex marriage which is lawful overseas. Tim Prudhoe of the law firm Stanbrook Prudhoe led those challenges and the Appeal.<\/p>\n<p>Litigation funding arrangements have been approved both inside and outside of insolvency.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\r\n<div class=\"word-count-hidden\" style=\"display:none;\">Estimated word count: <span class=\"word-count\">3901<\/span><\/div>\r\n\r\n\t\t\t<\/ol>\r\n\r\n<script type=\"text\/javascript\" src=\"\/wp-content\/themes\/twentyseventeen\/src\/jquery\/components\/filter-guides.js\" async><\/script><\/div>"}},"_links":{"self":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide\/122292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide"}],"about":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/types\/comparative_guide"}],"wp:attachment":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/media?parent=122292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}