Trinidad and Tobago 2012 - invesTT

Trade and Investment
Approvals and Procedures
Social Security
All employees between the ages of sixteen (16) and sixty (60) are
covered by the National Insurance System, on an earnings-based
system of benefits and contributions. Contributions are made,
two-third by employer and one-third by employee. The employer
is responsible for submitting payment of the full amount to the
National Insurance Board after deducting the employees’ share
from their wages.
Occupational Safety and Health
The Occupational Safety and Health Authority (OSHA) bill was
approved by parliament in February 2004. Amendments were made
to OSHA in February 2006. OSHA practices are now mandatory in
all workplaces throughout the country.
Labour Exchange
The National Employment Service of the Ministry of Labour,
Manpower Development and Industrial Relations, screens, registers,
interviews and counsels nationals seeking employment. A skills’
bank which categorises workers according to managerial, clerical,
secretarial, technical, manipulative and unskilled is maintained, and
supports the placement of individuals in companies that request
recruitment assistance. The service is provided free of charge.
Real Estate
Acquisition of Real Estate in Trinidad by Foreign Investors
The Foreign Investment Act, 1990 allows foreign investors
(including individuals and companies) to purchase up to one (1)
acre of land for residential purposes and up to five (5) acres for
commercial purposes provided that the purchase price is paid in
an internationally traded currency through a bank or other entity
authorised by law as a dealer in that currency. Additionally, the
A GUIDE TO INVESTING IN TRINIDAD AND TOBAGO (2012)
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foreigner must, through his Attorney, deliver to the Minister of
Finance a Notice specifying his name, address and nationality,
the date and registration particulars of the instrument by which he
became the owner of the property and evidence of his payment in
foreign currency.
Foreigners may exercise the option to lease property or buy freehold
title. Under the Foreign Investment Act, land may be acquired by
a foreign investor on an annual tenancy or for any less interest for
the purposes of his residence, trade or business but not exceeding
five (5) acres of land in all. Mortgages are given primarily upon
satisfactory evidence as to the value of the property and the fact
that the title to the property is free from all encumbrances.
If a foreign investor wishes to purchase land in excess of the
stipulated acreages, he must apply for a licence from the country’s
President. This application must indicate the proposed land use and
comply with the controls and restrictions of the relevant planning
and environmental authorities.
Acquisition of Real Estate in Tobago by Foreign Investors
Since the making of The Foreign Investment (Tobago Land
Acquisition) Order, 2007 and effective February 16, 2007 all foreign
investors desirous of purchasing any land in Tobago are required to
obtain a licence.
Although currently there is no requirement that a foreign investor
must carry out construction where it has purchased bare land, the
new legislation will provide that it must commence construction
on the land within twelve (12) months of the date of granting of
the licence. If it is unable to do so, it may seek an extension from
the Minister of Finance. The Minister may grant an extension for a
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