The Family Islands: No Risk, No Reward

Why Local Investment Matters Now More Than Ever

An Op-Ed By Salik Garland

Invest Turks and Caicos

For decades, Providenciales has been the main driver of economic growth in the Turks and Caicos Islands. What was once a quiet island has grown into one of the Caribbean’s leading tourism and investment destinations. Foreign investment has played a major role in this transformation.

Salik Garland

International developers have built luxury resorts, modern marinas, high-end villas, commercial complexes, and world-class infrastructure.

These projects have created thousands of jobs, improved services, and helped put Turks and Caicos on the global map as a luxury tourism destination. Today, Providenciales is seen as one of the most attractive places in the region for tourism, real estate, and business investment.

Today, foreign investment in Providenciales is not limited to large resorts or luxury villas. Over time, it has spread into almost every part of the local economy. Many watersports’ companies, construction firms, restaurants, car rental businesses, property management services, and retail stores are now either foreign-owned or foreign-controlled.

Even behind the scenes, foreign companies play a role in supplying building materials, equipment, food products, and other essential goods and services that support daily life in the islands.

This level of investment has helped improve standards, expand services, and drive economic growth. At the same time, it has made Providenciales a highly competitive and expensive place to do business. For many locals, entering these industries now require large amounts of capital that are simply out of reach and therefore foreign investors continue to dominate not only the major projects, but also many of the smaller, supporting businesses that keep the tourism economy running.

As a result, Turks and Caicos Islanders now feel increasingly disconnected from the wealth being created around them. While the economy has grown, much of the most valuable land, property, and businesses are owned by foreign investors who entered the market early.

Rising land prices and soaring real estate costs have made it difficult for locals to buy property or start businesses of their own. For many, participation in the economy is limited to employment rather than ownership. This has led to frustration, a sense of exclusion, and growing skepticism toward foreign investment - not because development is unwanted, but because too many people feel they are watching success from the sidelines instead of sharing in it.

How Did Providenciales Get Here?

There are many explanations, and each likely holds some truth. But one thing is clear: foreign investors were willing to take the risk when others were not. They made a bold bet that Providenciales could one day become a leading luxury destination in the Caribbean. At the time, the future was far from certain. Infrastructure was limited, international flights were few, and the Turks and Caicos Islands were largely unknown to the world.

Many other Caribbean destinations were already more established, yet these investors chose Providenciales. They invested early, when conditions were challenging and the potential was not yet obvious. In doing so, they helped shape what the island has become today.

The Sun Rises in the East

The Family Islands now stand at a similar point in their development journey. Like Providenciales in its early days, infrastructure and accessibility remain limited in some areas. Yet, even when Provo looked uncertain, there was always something about it that stood out: its beaches, its location, its natural beauty, and its potential. Investors saw that spark and believed in what the island could become.

That same spark exists in the Family Islands today. Each island has its own character, history, and charm. They offer untouched natural environments, strong cultural identity, and real potential for eco-tourism, housing, and small-scale mixed-use development.

Despite this, many local investors remain cautious. Some prefer to wait for visible development and major improvements in infrastructure before committing so that the opportunities feel “safer.” For others, even a modest investment can feel uncertain when the future is not yet fully clear.

At the same time, international investors are increasingly willing to commit significant funding to projects in the Family Islands. Their interest reflects a long-term view of the islands’ potential and an understanding that entering a market early often brings the greatest rewards. Recent developments in South Caicos make this increasingly clear, with the island recording approximately $120 million in foreign investment over the past five years.

Are We About to Repeat the Providenciales Pattern?

The Cost of Waiting

It is natural to seek reassurance before investing. Many people prefer to wait for visible development, strong demand, and improved infrastructure before committing capital.

However, experience shows that once large-scale development takes place, land values rise, competition increases, and entry costs become much higher. By the time an opportunity feels “safe,” it is often far less affordable and far less accessible. Providenciales offers a clear example of how early hesitation can lead to later barriers to participation.

Building Local Ownership

While employment in tourism and related industries remains important, long-term economic strength is built through ownership and investment.

The Family Islands still offer opportunities with strong potential that are becoming increasingly limited elsewhere. Land remains relatively accessible, and there is room for locally driven development that reflects the character and needs of each island.

Opportunities extend beyond traditional resort development. They include eco-tourism ventures, boutique accommodations, marine and watersports services, heritage and cultural tourism, small residential developments, and community-based businesses. These types of projects are well suited to the scale of the Family Islands and create space for local ownership, local employment, and long-term economic growth.

Local participation does not need to begin with large resorts. It can start with smaller, practical investments that grow over time and allow Turks and Caicos Islanders to build a lasting presence in their own communities.

A Forward-Looking Approach

Every investment involves risk, particularly in developing markets. However, history shows that those who engage early, with careful planning and a clear strategy are often best positioned to benefit from long-term growth.

The Family Islands represent the next chapter in the country’s development, and perhaps the last major opportunity for Turks and Caicos Islanders to position themselves early.

Rather than waiting for foreign investors to arrive, this is the moment for Turks and Caicos Islanders to take the lead. Whether through land ownership, property development, small-scale business ventures or community driven projects, even small steps taken today can create long-term value for families, communities and future generations.

The Family Islands are not simply waiting to be discovered. They are ready to be developed - thoughtfully, sustainably, and inclusively.

Through the Encouragement of Development Ordinance, the MSME Programme, and the Heritage Islander Investment Policy (HTCIP), Invest Turks and Caicos remains committed to supporting local entrepreneurs in identifying opportunities and establishing themselves in the Family Islands.