Investment
Turks and Caicos Real Estate Investment
The process of purchasing property in the Turks & Caicos Islands is simple:
A Purchase and Sales Agreement (PSA) for the selected homesite is executed between the Developer and the purchaser.
A separate construction agreement is executed at the same time covering all aspects of the design and construction of the residence.
With execution of the PSA a 10% land deposit is required. The remaining 90% of the land value become due with land title transfer to the buyer.
The purchase of a homesite on Providenciales is subject to a one-time stamp duty tax payable by the purchaser, which is 10% of the land value (applicable for Oceanfront Villas or the Affordable Luxury Home).
While it is a simple process, we recommend that the purchasers retain local legal counsel to support them.
We can provide recommendations upon request.
Additional information worth mentioning:
— There are no restrictions on foreign property Ownership. You can own as many as you want.
— Land titles are held personally or in a Trust or corporation.
— Property investors who purchase an oceanfront villa are entitled to apply for residency permit.
— There is no land/asset holding tax, thus investors would not carry any on-going tax burden. Furthermore, there is no corporate, capital gains or inheritance tax. The only taxes currently in place are regular import duties on items brought into the country and a one-time Stamp Duty on real estate acquisitions.
— There will be a Home Owners’ Association (HOA) in place only for the “Oceanfront Villas”, which is designed to maintain a high-quality development in the long run. HOA fees will cover refuse collection, common area maintenance and security monitoring.
— All Architectural design, engineering and permitting costs for the Oceanfront Villa designs are included in the turn-key prices