Personal accounts: Turks and Caicos Islands
An honest assessment before work starts, the quote is fixed in writing.
A personal account in the Turks and Caicos Islands is needed by people living here on a work permit or permanent residence, owners of villas and flats on Providenciales and other islands, and people letting homes to tourists. The currency is the US dollar, and there is no income tax on the islands. There are few banks, licensed by the Financial Services Commission, and all of them check clients without local status strictly.
Who can open a personal account
| Your status | Chances | What else the bank will ask |
|---|---|---|
| Resident with a work permit | high | permit, employer letter, address on the islands |
| Holder of permanent residence | high | permanent residence certificate, source of funds |
| Owner of property on the islands | medium to high | title document, references, source of funds |
| Non-resident with no link to the islands | low | local banks rarely take such clients |
Documents required
- Passport and a second photo ID.
- Proof of address: on the islands or in your country of residence.
- A reference letter from your bank and often a professional reference from a lawyer or accountant.
- Proof of income and source of funds: statements, certificates, documents on the sale of a business or assets.
- Tax residence: island banks report foreigners' accounts to the tax authorities of their countries.
The account and permanent residence
| Route | Condition | Government fee |
|---|---|---|
| A home on the smaller islands with the Governor's undertaking | from $300,000 in buying, building or renovating a home on Grand Turk, Salt Cay, South, Middle or North Caicos | $25,000 |
| A home or business on the islands | from $1,000,000 | $25,000 |
| Contribution to a public project | from $1,000,000 to an approved project | $25,000 |
| Application submission | each time an application is filed | $150 |
Data from the islands' government website. The investment goes through a bank, so the account is one of the first steps.
An account for letting to tourists
If you let a villa or condo to tourists, the management company transfers the income to your account net of its fees and the accommodation tax. Letting requires a business licence. Banks find it easier to work with an owner who has a management agreement and clear receipts, so we attach these documents to the application from the start.
Taxes
The islands have no income tax, capital gains tax or inheritance tax. But for citizens and tax residents of other countries the absence of taxes on the islands does not exempt them from taxes at home: income and the account must be reported under the rules of the country of residence.
How the opening works
- Assessment of your status and choice of bank.
- Document pack, references, explanation of the source of funds.
- A branch meeting on the islands.
- Account opening, card and online banking.
For residents with documents the opening takes from a few days to two weeks; for property owners without residence the review often takes three to six weeks.
Who gets refused
The bank will refuse if the client has no link to the islands, no references and no documented source of funds, or if the client or their money is linked to sanctions. We check whether the bank works with your citizenship before preparing documents.
What we do
Murblz specialists assess the chances before applying, choose a bank, prepare documents, references and the explanation of the source of funds, arrange the branch visit and handle correspondence until the account is open. If you are buying property or applying for permanent residence, we link the account to the deal and the application. We fix the estimate in writing; the decision to open an account always rests with the bank.
What we do
- Personal account - opening assistance
See also
Company formation · Business account · Investment property
We will calculate online the cost of opening a personal account and maintaining it for a year.
FAQ
Can a non-resident open a personal account in the Turks and Caicos Islands?
Do I need to travel to the islands?
Is there income tax on the islands?
How do I get permanent residence on the islands?
What documents are needed for an account?
What taxes does an owner letting to tourists pay?
How much does it cost to open an account with your help?
Which Turks and Caicos bank will accept your profile?
We assess which bank in the Turks and Caicos Islands will accept your profile, prepare the source-of-funds documents and follow the review. Every country is in the searchable catalogue.
The Murblz consultant replies straight away in the chat on this page. Describe your situation and we will work it out together.
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