Recently signed up CWEIC Strategic Partners, Invest Turks and Caicos (Invest TC), spoke to us around our recent financial services roundtable on what they hope to accomplish out of their new membership and and on securing investment to small island states.
On what Invest TC hopes to accomplish out of its recent membership with CWEIC
Invest TC, the investment arm of the Turks and Caicos Islands Government, aims to achieve a range of both short and long-term benefits by its new membership with CWEIC. First, through this new relationship, InvestTC is signifying to the wider Commonwealth member states that the Turks and Caicos Islands are open for business.
Secondly, with CWEIC’s knowledge of the investment climate and expertise in both business and government in many Commonwealth countries, we are determined with our membership to build new relationships across borders in areas of common or mutual interest. These new relationships would be grounded in an abiding respect for the rule of law, good governance and the potential for inward investment which would have a mutually beneficial outcome.
Beyond the scope of CWEIC organising programmes and securing access for InvestTC, our overall strategic and commercial goal via this membership is to engage with the membership of CWEIC to boost the investment attractiveness of the islands.
On attracting investment
Investors are looking for markets to do business where they are guaranteed not only a good return on their investment but also where there is high potential for growth, transparency and a pro-business climate.
In the Turks and Caicos Islands, investors will find that potential growth has been estimated at 4.4% (2016) and the noted credit ratings agency Standard and Poor’s have given the islands a sovereign credit rating of BBB+. We benefit from a strong legal system based on English Common Law and the democratically elected government supports at all levels, including the provision of investment incentives in priority sectors. Additionally, Turks and Caicos levies no direct corporate, personal, capital gains or inheritance taxes.
The challenges for small island states include market size, name recognition and demonstrating the presence of regulatory compliance in certain industries. Luckily, for the Turks and Caicos Islands, we meet all these challenges and are seeking to promote investment sectors, namely: tourism and real estate, where there is huge room for growth. Additionally, the islands do not lack for name recognition in the North American market but through CWEIC membership, we now hope to attain a higher profile throughout the Commonwealth.
Finally, we boast a strong and effective base of regulation and compliance, particularly in the financial services sector where IMF, OECD and FATF standards have all been met as well as UK FATCA and the Common Reporting Standards.