Exact cost of living index is unavailable. However, high import duties (around 35% on most goods) contribute to generally very high costs for groceries and other imported items. The restaurant price index is 80.3, indicating expensive dining, while the rent index is 32.1, suggesting potentially more affordable rental options compared to other costs.

Property prices are very high, driven by tourism and foreign investment, with construction costs elevated due to imported materials and labor. There is no annual property tax, but a one-time stamp duty of 5-10% applies to land transfers. Exact property price to income ratio is unavailable.

A specific purchasing power index is unavailable. Given the high cost of living, particularly for imported goods, general purchasing power is estimated to be low for many residents, although expats in high-earning sectors may experience better conditions.

The Turks and Caicos Islands have no personal income tax, capital gains tax, property tax, inheritance tax, or corporate tax. Direct taxation for individuals consists of mandatory National Insurance (5.5% employee contribution) and National Health Insurance Plan (3% employee contribution). Indirect taxes are significant, including customs duties (around 35% on most imports) and a 12% tourism tax on services.

The government aims to facilitate business with an Investment Policy and a 'one-stop-shop' for investors. However, restrictions exist, requiring many popular business categories to be majority-owned by a Turks and Caicos Islander, and new legislation has changed the environment. Bureaucratic obstacles can be frustrating for newcomers, though the government is working to improve ease of doing business. A small startup ecosystem is present.

The National Insurance Board (NIB) provides mandatory social insurance benefits for employed persons, including retirement pensions, sickness, maternity, injury, disablement, and death benefits. The mandatory National Health Insurance Plan (NHIP) funds public healthcare, with contributions from both employers and employees.

There is no deposit guarantee scheme in the Turks and Caicos Islands, meaning depositors will not receive compensation in case of a bank failure. The banking sector is regulated by the independent Financial Services Commission (FSC) and is described as resilient and well-capitalized. The TCI is a member of the CFATF and adheres to international AML/CFT standards.