Turks and Caicos Islander Investment Incentive Policy Launched to Boost Local Ownership
- Vivian Tyson, NewslineTCI Editor
- 1 hour ago
- 3 min read
A landmark policy aimed at increasing local ownership of national assets and ensuring economic participation keeps pace with the country’s growth has been officially launched by the Government of the Turks and Caicos Islands.
The Turks and Caicos Islander Investment Incentive Policy, officially branded as the HTCI Policy, was introduced during a ceremony on Monday, November 17, at The Shore Club Resort in Providenciales, entitled ‘Breakfast and Business’.
The policy provides a structured system of incentives to support Turks and Caicos Islanders with ancestral ties to invest in medium and large-scale development projects, closing gaps that have historically limited domestic ownership despite strong GDP and tourism growth.
Angela Musgrove, CEO of Invest Turks and Caicos, described the policy as a defining moment for economic inclusion.
“This is not just a destination; it is a turning point,” Musgrove said. “It is a meaningful and deliberate step towards correcting long-standing inequalities within our economy and building one that is fair, inclusive and reflective of the people and heritage of the islanders who built these islands.”
While foreign direct investment has fueled economic transformation, she noted, it has also created disparities.
“Foreign direct investment accounts for more than 80% of our private investment,” she said. “That growth has generated jobs and infrastructure, but it has also created imbalance. Local productive assets remain lower than we would like them to be. We need to see local ownership keep pace with the country’s development trajectory.”
Musgrove pointed out that Turks and Caicos Islanders currently represent about 40% of the population, a share, she warned, could further decline without targeted measures to strengthen domestic participation.
The HTCI Policy will provide a range of benefits for qualifying projects owned by Turks and Caicos Islanders with verified heritage status, including:
100% import duty concessions on development materials, furnishings, equipment and related inputs
Up to 50% reductions in stamp duty for eligible property acquisitions
A streamlined 12-week approval timeline from complete application to Cabinet decision
Recognition under the Encouragement of Development Act, improving access to existing national development incentives
Musgrove emphasized that the Act was never intended solely for foreign investors.
“The policy dispels the notion that development incentives were reserved for foreigners,” she said. “We are providing a clearer, structured pathway for islanders to utilize provisions that were always available to them.”
The policy also requires applicants to demonstrate lineage to Turks and Caicos Islanders, beyond Belonger status, through parent or grandparent documentation.
“This puts you at an advantage not just as a status card holder, but someone who can establish a genuine heritage connection,” she added.
The Turks and Caicos Islander Investment Incentive Policy complements the National Investment Policy and the MSME Programme, creating what officials describe as a seamless investment ladder.
“From a small manufacturer to a multi-island developer, we want a defined and supported pathway for expansion,” Musgrove said. “This is a step in the right direction, but it is not the finish line.”
Premier Hon. Washington Misick, credited as architect of the new policy, said its success will depend on collaboration with the private sector and continued policy evolution.
“Our policy establishes a clear foundation that opportunity must be equitable,” Misick said. “But the real work lies in sustaining momentum and adapting our instruments to build a fairer, more resilient economy.”
He encouraged investors to engage actively with government.
“We want to hear from you, what it takes to make your projects work,” he said. “We may not be able to provide everything immediately, but we will work toward supporting you.”
He added that the government plans to improve access to financing, build technical capacity and foster public-private partnerships.
“This policy is an open door for every entrepreneur, professional and investor who calls these islands home as a Turks and Caicos Islander,” he said.
As implementation moves forward, Invest TCI will guide qualified applicants from concept to Cabinet approval and onward to execution.
“We want to keep the momentum moving, policy by policy, project by project, toward a future where economic success truly reflects our heritage, our talent and our people,” Musgrove noted.