Turks & Caicos Offshore Banking Services
In recent years in line with international banking guidelines the Turks and Caicos Islands have adopted a policy of accepting only established banks or the treasury operations of listed corporations. In 1998 Belize Bank selected the Turks and Caicos Islands as the venue for its first venture outside Belize making Belize Bank only the 4th bank ever to be licensed in the Turks and Caicos Island for domestic purposes. The introduction of mutual funds legislation was expected to attract further applications for banking licences. There are seven licensed banks in the jurisdiction (2007), most of which are licensed to carry out domestic and international services from within the islands.
Two types of banking licence can be granted:
All banking licences are subject to continual detailed review. Whilst there are no published guidelines as to the minimum capital, two of the main requirements are the submission of a detailed business plan and the written consent of the home supervisory banking authority. A national banking licensee holder must file monthly and quarterly statements. An overseas banking licensee holder is required to file less detailed returns on a quarterly basis. All banks must submit annual audited accounts.
If you have $300,000 or more that you wish to protect click here for a Private Banking consultation. Our private bankers will advise you on the best way to secure your assets.