TURKS & CAICOS Law and Practice Contributed by: Christopher Smith, Dentons Turks and Caicos
3.10 Taxes on Loans Interest rates on most domestic lending transactions are calculated by reference to a domestic bank’s prime lending rate. To the extent that facilities refer - ence the London Interbank Offered Rate, lenders and borrowers would be advised to review their terms to ensure that an alternative method for calculating inter - est has been included.
A permit is also required under the Building Code Regulations before the construction or change to a building or structure, or any work that requires plan - ning permission, is carried out. All such works must be carried out in the manner authorised by the permit. On completion of any development, a certificate of occupancy is issued, which confirms that the works have been carried out in accordance with the planning permission and Building Code Regulations and that the property can be legally occupied. Regulatory Authorities Responsibility for the regulation of development and designated use of individual parcels of real estate lies with the Planning Department. 4.2 Development Process, Challenges and Enforcement Obtaining Entitlements to Develop a New Project An application for planning permission may need to be advertised in the newspaper and the Islands’ Govern - ment Gazette, and notices may need to be posted on the land as well as sent to adjoining owners within 200 feet. Generally, this notification regime does not apply to routine applications to build a house, but rather to larger-scale commercial and residential develop - ments, changes of density, changes of use and so on. Third parties have the right to object, and objections will be taken into account by the planning director when considering applications. Right of Appeal Against an Authority’s Decision An applicant can appeal a planning board decision. Such appeals are heard by the Planning Appeal Tri - bunal. Agreements With Local or Governmental Authorities Planning permission may be granted subject to such conditions as the relevant authority sees fit. A pru - dent developer would engage with utility suppliers at the outset of a project to incorporate their input into their plans. Planning permission runs with the land, although any agreements will be personal to the par - ties.
4. Planning and Zoning 4.1 Planning and Zoning Framework
The main legislation is the Physical Planning Act, and there is a development plan in effect for the Islands that is reviewed and updated periodically. Land in the Islands is also subject to zoning restrictions. Definition of “Developments” Any development of land requires a grant of planning permission. “Development” encompasses the carry - ing out of building, engineering or other operations in, on, over or under any land, the making of any mate - rial change in the use of any building or other land, or the subdivision of land, but is subject to a number of exclusions including any works for maintenance, improvement or other alteration that only affect the interior of a building or do not materially affect the external appearance of the building. Planning Permission Planning permission may be refused, granted uncon - ditionally or subject to such conditions as the relevant authority deems fit. The Planning Department is responsible for review - ing and considering applications to obtain planning permission. The director of planning is empowered to take enforcement action where necessary. Planning permission is required for any proposed development or material change in use of any build - ing or land. However, planning permission will not be necessary if certain exclusions apply – eg, if the works are carried out for maintenance, improvement or other alteration, and affect only the interior of the building or do not materially affect the external appearance of the building.
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