TCI Government Amends Stamp Duty Waiver Policy
The urks and Caicos Government announced the amendment of the Turks and Caicos Islands Covid-19 Stamp Duty Waiver Policy which came into effect on 21st September, 2020. The amendments are as follows: The removal from the Affidavit Form of the five (5)-year restriction on the acquired property; An extension of the fifty percent (50%) Stamp Duty concession rates timeline to the 30th November 2020 on the transfer of immovable property or any real right such property, valued up to $2 million, made from 21st October; and An extension of the twenty-five percent (25%) Stamp Duty concession rate which will now …
TCI Government reduces stamp duty on immovable property
In an effort to stimulate economic activity in the Turks and Caicos Islands, the Government has launched a new Stamp Duty Waiver Policy. The stamp duty waiver on immovable property is available to all eligible applicants that transact a transfer of immovable property or any real right over such property made on or after the 21st September 2020 but before 20th December 2020. Provided that the transaction is completed during the above-mentioned period. The stamp duty waiver granted would be as follows: 75% reduction of stamp duty on the transfer of immovable property or any real right such property, valued up …
TCI suffers highest % of GDP loss due to COVID-19 impact on tourism
According to Visa service provider Official-esta.com, Turks and Caicos suffered the highest percentage of GDP lost due to the financial impact of Covid-19 on world tourism. The country has lost USD$94 million in revenue representing 9.2% of GDP, and is among five other Caribbean nations occupying the top 10 list. The Caribbean islands which have suffered the highest percentage loss in GDP, alongside the Turks and Caicos Islands are Aruba, Antigua and Barbuda, St. Lucia and Grenada. The United States, from which most tourists visit the TCI, reported the most Covid-19 cases (5.7 million cases) and has suffered the biggest …
The Benefits of Making a Will
Where There is a Will There is a Way Many people do not make wills. My brother-in-law put off making a will for decades – he would never admit it, but I am convinced that that was because he secretly believed that making a will would bring about his immediate death. He was wrong: he has both a will and robust good health. There are many good reasons for making a will – and none that I know of for not doing so. The first, and most obvious, is that it enables you to choose where your property passes on …
Turks and Caicos welcomes first post-COVID-19 guests
On the first day flights resumption in Turks and Caicos Islands, two American Airlines flights and 18 private jets were welcomed into the country. Turks and Caicos Islands’ Premier Honourable Sharlene Cartwright-Robinson and other government officials were on hand at the Providenciales International Airport (PLS) to welcome guests for the first time since the COVID-19 pandemic begun. American Airlines flight 1279 carrying 77 passengers from Miami was the first to arrive around mid-day and was greeted by the customary water cannon salute given to a first flight at airports around the globe . As part of the new modus operandi, …
Why Bother with a Written Contract?
Business-people are frequently frustrated by the unnecessary restrictions that lawyers seem to want to introduce. They think (possibly rightly) that if they were more attuned to business matters the lawyers would be business entrepreneurs themselves. Why is it necessary, a business-person might ask, after having gone to all the trouble of negotiating the deal, and sealing it over a good lunch, to go to the trouble and expense of putting into writing what had just been agreed. And on those occasions when everything goes smoothly they would be right to ask the question. It is, however, different when trouble develops. …
Conflicted Attorneys in Turks and Caicos
In small jurisdictions such as the Turks & Caicos Islands, or small-town America, Ireland or the United Kingdom, it is not uncommon for clients to move from one firm of attorneys to another. The question frequently arises whether the former client can prevent his former attorneys from acting against him. The conventional, instinctive response is that an attorney can almost never act against a former client. That instinctive response is almost always wrong. The relevant principles were considered by the House of Lords in Bolikah. The court noted that there was no continuing legally enforceable obligation of loyalty on the …
Turks and Caicos Introduces Public Order Bill
The Turks and Caicos Public Order Bill seeks to introduce a series of public order offences, and a clamp down on, amongst other things, the sending of offensive messages and dissemination of false information. Two offences are created in the Bill with the stated aim of prohibiting people from the use of, for example, threatening, abusive or insulting words, signs or behaviour intended to cause that other person (i) to believe that immediate violence is going to be used against him or somebody else (Section 3); (ii) to be harassed, alarmed or distressed (Section 4). The violence also includes violent …
The Advantages of Incorporating a Turks and Caicos Company
Opening or expanding your business into the Turks and Caicos Islands (TCI) can be an exciting prospect. The TCI is fully open for business and investment, and offers a number of different business structures under the law, each offering unique benefits. This article looks at starting a company in the TCI – specifically the features of incorporation. Wessex Fairchild Attorneys and its associated company management business Lex Corporate Services Ltd is here to help you at every step of the process. The formation of TCI companies is regulated pursuant to the Turks and Caicos Islands Companies Ordinance 2017. Incorporating a …
What you need to know to bring a personal injury claim
Personal injury is something that happens from time to time and it is something that you may be able to make a claim for. We have put together an outline of what you need to know in order to bring a personal injury claim. …