Turks and Caicos Islands enquiry called for

#1
BBC Report: Turks and Caicos Islands enquiry called for:

A Commons Foreign Affairs Committee report raises concerns over allegations of corruption and intimidation in the Turks and Caicos Islands.

The MPs criticise the Foreign Office and British Governor Richard Tauwhare for failing to act over the claims.

The islands' premier, Michael Misick, denied corruption when he appeared before MPs in London in December.
Any guesses as to how many "UK" Companies the political situation in T & C could impact, if the basis of this article is right?

More FCO headscratching and late nights then.
 
#2
was going to post that, but you have beaten me to it.

Its a good thing that this is aired and action taken and possibly a timely warning to any thinking of Independence, of how quickly a stable government without any checks and balance can quickly revert to a banana Republic.

British Governance whatever its faults is far far better than a Banana republic in the making, we have a duty to stamp this out, as long as these Island remain our responsibilty we have a duty to their well being.

if these allegation are proven true that T & C Prime Minster and Governor is sacked and stripped of assets as a warning to others thinking of abusing their position.
 
#3
went to Grand Turk on an arduos military exercise in 1990... it was tough man, more so on the pocket. you need money to live in a place like that (its also very good for hiding money) so no shocker really. Why do we keep the islands anyway, they dont really contribute anything
 
#4
The_Rattler said:
... Why do we keep the islands anyway, they dont really contribute anything
There is almost no taxation

There are no income, capital, inheritance or general sales taxes. Government revenue comes mainly from import duties, stamp duty and business licenses; there are some taxes on tourism. There are no tax treaties and the Islands' mutual assistance arrangements with other countries do not include fiscal crime.

In February, 2004, the government, under pressure from the UK, committed itself to implementing the European Union's Savings Tax Directive, subject to the creation of a level playing field on the issue for all offshore and onshore jurisdictions. The Directive came into effect on July 1, 2005.
Source: LowTax.net

I understand that TCI really is the "winter sunshine" destination of choice for many UK based CFO's. Now, why would that be?

While there are no direct restrictions on investment, certain categories of businesses (reserved categories) are required to have the majority of its interest owed by a Turks and Caicos Islander (belonger). Generally businesses in the reserved categories do not require significant start up capital. There, however, is provision for an investor to apply to the Government for special permission to invest in a business activity that is reserved for belongers.
Source: Page 4.

Go figure. :)
 
#6
semper said:
was going to post that, but you have beaten me to it.

Its a good thing that this is aired and action taken and possibly a timely warning to any thinking of Independence, of how quickly a stable government without any checks and balance can quickly revert to a banana Republic.

British Governance whatever its faults is far far better than a Banana republic in the making, we have a duty to stamp this out, as long as these Island remain our responsibilty we have a duty to their well being.


if these allegation are proven true that T & C Prime Minster and Governor is sacked and stripped of assets as a warning to others thinking of abusing their position.
It is probably too late as British Governance oversaw the sale of Qinetic (?) and the buildings of the former Inland Revenue and HM Customs and Excise to the private sector.
 

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