UK Nationals based in the Cayman Islands seeking finance of £700,000 to assist with the purchase of two North London apartments on a buy to let basis.
Turks & Caicos Islands
The Turks and Caicos Islands ("TCI") are a group of 30 islands in the North Atlantic, 575 milessouth-east of Miami, with the Bahamas some 30 miles to the north-west. The total land area is about 430 sq. km. There are 6 inhabited islands (Grand Turk, South Caicos, Middle Caicos, North Caicos, Providenciales and Salt Cay. The estimated population of the TCI is about 32,000. The population is mainly of African descent. The capital is Grand Turk. The population speaks English and the official language is also English.
The Turks and Caicos Islands are a stable financial zone for offshore business, with company, insurance and banking systems that have developed rapidly since 1989-1990.
The TCI's principal corporate legislation is the Companies Ordinance, 1981. This legislation was closely modelled on Cayman Islands legislation and is very flexible. Two types of Companies may be incorporated: the Resident Company and the Exempt Company. Most foreign investors opt for Exempt Companies, which are free of taxes because the main business of such companies is conducted outside the islands. The Companies Ordinance provides for minimum disclosure in the case of an exempted company. An exempt TCI company receives a certificate that guarantees that the company will be exempt from all taxation for a period of 20 years from its date of incorporation.