TURKS & CAICOS Law and Practice Contributed by: David Stewart, Thomas Bucknall and Gareth Bathgate, Coriats Trust Company Limited
8.4 Elder Law The Turks and Caicos Islands does not have a specific tax or pension regime directed at longevity planning (outside of a government pension contributions sys - tem for those employed in the Islands). In practice, families typically address the financial consequences of longer life expectancy through trust and corporate structures designed to preserve wealth across mul - tiple generations, facilitate orderly succession and provide for the future needs of elderly family members. 9. Planning for Non-Traditional Families 9.1 Children By law, legitimate, illegitimate and adopted children are to be treated the same. There is no specific sur - rogacy law. 9.2 Same-Sex Marriage Same-sex relationships are legal and discrimination based on sexual orientation is prohibited. While same- sex marriage is not recognised in the Turks and Caicos Islands, the courts have held that denying recognition of overseas same-sex marriages for certain immigra - tion purposes is discriminatory and inconsistent with constitutional protections of private and family life. 9.3 Cohabitation and Unmarried Couples The Turks and Caicos Islands does not have a sepa - rate legal regime for cohabiting partners equivalent to marriage or civil partnership. As a result, unmarried couples do not generally acquire the same legal rights and obligations as married spouses solely by virtue of cohabitation.
As there are no inheritance, estate or other direct taxes in the Turks and Caicos Islands, the principal considerations are succession and family law rather than taxation. Unmarried partners do not enjoy the same automatic succession rights as spouses and should therefore consider appropriate estate plan - ning measures, including wills and trust structures, to ensure their wishes are carried into effect. In relation to family law matters, the courts may take account of the particular facts and circumstances of a relationship in determining property and financial claims, but cohabitation does not confer a status equivalent to marriage. Accordingly, wealth-holding structures and clear succession arrangements remain particularly important for unmarried couples and blended families.
10. Charitable Planning 10.1 Charitable Giving
In the absence of tax, the only relevant legal regime is the requirement for any charity or other not-for-profit entity to register with the TCIFSC. 10.2 Common Charitable Structures Usually, a simple company limited by guarantee is used for charitable planning.
616 CHAMBERS.COM
Powered by FlippingBook