What is the main income of the Turks and Caicos?

The Turks and Caicos economy is based on tourism, offshore financial services, and fishing. Most capital goods and food for domestic consumption are imported.



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The economy of the TCI relies primarily on the tourism industry, but also real estate development and the exportation of seafood. A wide variety of financial services are available, including company formation, offshore insurance, banking, trusts, limited partnerships and limited life companies.

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The Turks and Caicos is a very expensive place to live. Groceries, auto fuel, utilities, and almost everything else as well will often be around twice as costly as is common in the United States or Canada. There are several ways to save when moving to the Turks and Caicos.

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The exclusive all-inclusive resorts on Providenciales, Parrot Cay, and Pine Cay are favorites with the rich and famous, yet the expansive private rental mansions have also become popular as well.

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Since the Turks and Caicos Islands is a British Overseas Territory with an economy based on the United States Dollar, TCI has an attractive tax environment with no property tax, no income tax, and no capital gains tax.

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You have both temporary and permanent options open to you. Temporary residency is pretty easy to establish if you're willing to invest in real estate here. You'll need $500,000 on Provo or West Caicos, or $250,000 on other islands. The permit costs $1500 annually- so don't forget to renew!

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The United States was the main market for inbound tourism in the Turks and Caicos Islands in 2020, accounting for more than 138 thousand out of the 164,539 stop-over visitor arrivals registered in that year.

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Turks and Caicos Tax Residency FAQS Yes, Turks and Caicos is a haven from excessive taxes abroad. They do not have income, corporate, or other taxes that are common overseas.

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In the second quarter of 2021, 82 single-family homes sold at an average price of $2.31 million, according to the Turks and Caicos Real Estate Association.

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20 Best Things to Do in Turks and Caicos, According to Locals
  • 01 of 20. Linger at Grace Bay Beach. ...
  • 02 of 20. Eat conch, in its many forms. ...
  • 03 of 20. Take a boat tour. ...
  • 04 of 20. Explore island caves. ...
  • 05 of 20. Plan a spa day. ...
  • 06 of 20. Explore one of the world's largest barrier reefs. ...
  • 07 of 20. Book a photo session. ...
  • 08 of 20.


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