LOW TAX COUNTRIES
Andorra
Anguilla
Antigua & Barbuda
Aruba
Australia
Bahamas
Barbados
Belize
Bermuda
British Virgin Islands
Cayman Islands
Cook Islands
Costa Rica
Cyprus
Dominica
Dominican Republic
Gibraltar
Hong Kong
Isle of Man
Jersey & Guernsey
Liechtenstein
Luxembourg
Malta
Mauritius
Panama
Singapore
St.kitts & Nevis
Switzerland
Turks & Caicos
Vanuatu
Index of Articles
|
|  |
|
TURKS AND CAICOS ISLANDS
About The Turks & Caicos Islands
The Turks & Caicos Islands are located in the Caribbean. The Islands are a dependent territory of the UK with self-rule under a Governor and an elected legislative council. The 14 islands, south-east of the Bahamas, have land area of 430 sq km and a population of 19,000 'Belongers' plus expatriates; the culture is mostly Afro-Caribbean. The climate is sub-tropical; average daily temperature ranges from 17 to 30 Celsius; there can be hurricanes. The time zone is 4 hours behind GMT.
The official language is English and the legal system is largely derived from English law. There are international airports with daily flights to Miami (90 minutes). The currency is the US dollar. Unemployment is high, but good growth has been improving matters, although there are skills shortages. Work and residence permits are available for most activities, but can be pricey.
The two island groups are in the North Atlantic Ocean, southeast of the Bahamas, north of Hispaniola, and 914 km from Miami, at 21°45′N 71°35′W. The territory is geographically part of the Bahamas, but is politically a separate entity. The Caicos Islands are separated by the Caicos Passage from the closest Bahaman islands, Mayaguana and Great Inagua.
The eight main islands and more than 20 smaller islands have a total land area of 616.3 km², primarily of low, flat limestone with extensive marshes and mangrove swamps and 230 miles of beaches front. The weather is usually sunny and relatively dry, but suffers frequent hurricanes. The islands have limited natural fresh water resources; private cisterns collect rainwater for drinking. The primary natural resources are spiny lobster, conch and other shellfish. The United Nations Committee on Decolonisation includes
the Turks and Caicos Islands on the United Nations list of Non-Self-Governing Territories.
The two distinct island groups are separated by the Turks Passage. The Caicos Islands
are the larger group, with almost 96 percent of the land area (589.5 km²) and 82 percent of the population (26,584 out of a total of 32,337 in 2006). The spatial arrangement of the islands around the large Caicos Bank (roughly 3700 km²) resembles an Atoll, with the six large islands in the west, north and east, and a few tiny reefs and cays in the south. The unofficial capital of
the Caicos Islands is the village of Kew on North Caicos. There is no official capital because the island group is not an administrative unit. The
Caicos Islands encompass four of the six administrative districts of the territory. Four of the six main islands are inhabited, plus two of the smaller islands
| Turks and Caicos |
|
| Capital |
Cockburn Town
|
| Official languages |
English |
| Area |
417 km² (199th)
161 sq mi |
| Population
|
32,000 (156th) |
| Currency |
U.S. dollar (USD) |
| Time zone |
(UTC-5) |
| Dialling code |
+1-649 |
TURKS AND CAICOS ECONOMY
The economy of the Turks and Caicos is based on tourism, fishing, and offshore financial services. Most capital goods and food for domestic consumption are imported. The United States was the leading source of tourists in 1996, accounting for more than half of the 87,000 visitors; another major source of tourists is Canada. Tourist arrivals had risen to approximately 200,000 in 2006.
Apparently the government is pursuing a two-prong strategy to get money from tourists. Upscale resorts are aimed at the wealthy, while a large new cruise ship port and recreation center has been built for the masses visiting
Grand Turk.
Major sources of government revenue include fees from offshore financial activities and customs receipts. The territory's gross domestic product as of late 2006 is approximately $400 million (per capita $12 500), with a real growth rate of about 4,9% (2000) and an inflation rate of about 4%. The labour force totalled 12000 workers in 2006. The labour force distribution is as follows:
The unemployment rate is about 10%. The territory takes in revenues of $47 million against expenditures of $33.6 million and receives economic aid, $5.7 million in 1995. The territory's currency is the United States dollar, with a few government fines (such as airport infractions) being payable in British pounds.
The primary agricultural products include limited amounts of maize, beans, cassava (tapioca) and citrus fruits. Fish and conch are the only significant export, with some $169.2 million of lobster, dried and fresh conch, and conch shells exported in 2000, primarily to the United States and the United Kingdom. In recent years, however, the catch has been declining. The territory used to be an important trans-shipment point for South American narcotics destined for the United States, but due to the ongoing pressure of a combined American, Bahamian and Turks and Caicos effort has this trade been greatly reduced.
~ Books About The Turks and Caicos Islands ~
Be sure to check out our range of expert reports from The Property-Seekers Tax Bookshop
Property-Seekers has teamed up with Taxcafé to bring you a variety of useful resources to help you pay less capital gains tax, inheritance tax & other taxes.
Though written originally for the UK market, this acclaimed informative series, written by highly qualified tax authors and tax experts, is equally relevant for residents of North America, Europe and Australasia.
 ...if you are looking for a new home, an investment or somewhere to rent
 ...if you have a property to sell or to let (including vacation properties)
Whether you are a buyer or a seller, whether you have a property to let or want to rent somewhere for your next vacation, Property-Seekers is here to help.
P.S. Special low-cost deals available at Property-Seekers.com until midnight,
[CaRP] Can't open cache file.
[CaRP] Failed to open file: /home/propseek/public_html/carp/autocache/5ee8f7f0fa72fb3d80335a8b05324c15
[CaRP] Can't open remote newsfeed.
|
