Turks & Caicos Buying Property in Turks & Caicos

Buying Process, Fees & Taxes

Can foreigners buy property in Turks & Caicos?

Yes, foreigners can buy property in the Turks & Caicos Islands and the Government of the Turks & Caicos Islands welcomes investment from overseas buyers. There are no restrictions on foreign buyers acquiring real estate in the Turks & Caicos Islands and, unlike in other destinations in the Caribbean, foreign buyers do not require any kind of license or permit to purchase property. Property can be purchased by an individual or corporation.

Buying process

Buying property in Turks & Caicos is a relatively simple process, which typically involves the following steps:

1. Begin your property search.
2. Find your perfect property and make an offer.
3. Once accepted, engage an attorney to review the Sales Agreement.
4. Upon signing the Sales Agreement, you will need to pay a 10% deposit.
5. Pay balance upon closing.
6. Pay all required taxes and fees.

Fees & taxes

Legal Fees

Attorney’s fees typically amount to 1 to 2% of the purchase price.

Stamp Duty

Buyers are responsible for paying stamp duty which varies according to the location and value of the property as follows…

In Grand Turk, Middle Caicos, North Caicos, Salt Cay and South Caicos:

• Under $25,000: 0%
• $25,000 to $100,000: 5%
• Over $100,000: 6.5%

In Providenciales and all other locations excluding the above:

• Under $25,000: 0%
• $25,000 to $250,000: 6.5%
• $250,000 to $500,000: 8%
• Over $500,000: 10%

Important note: The tax band applies to the whole value, not the difference between bands. For example, a purchase on Providenciales valued at $245,000 incurs stamp duty of $15,925 (6.5%), whereas a purchase for $255,000 incurs stamp duty of $20,400 (8%).

Stamp duty must be paid within 30 days of execution of the transfer. Some people holding Turks and Caicos Islander Status, or persons who are British Overseas Territory Citizens, can qualify for a reduction or waiver of payable stamp duty.

Residency & Citizenship

How long can a foreign citizen stay in Turks & Caicos?

Citizens of the USA, Canada, UK, and many countries in the Caribbean are permitted to remain in Turks & Caicos on holiday without a visa for up to 90 days.

How do you become a resident of Turks & Caicos?

Individuals looking to stay longer than 90 days in Turks & Caicos can apply for temporary or permanent residency. So, if you are thinking of moving to Turks & Caicos, here’s how.

Temporary Residency

The minimum required property investment level to qualify for a Temporary Residency Permit is:

• Providenciales and West Caicos: US $500,000
• All other islands (Grand Turk, Salt Cay, South Caicos, Middle Caicos, North Caicos): US $250,000

Fees: A Temporary Residency Permit costs US $1,500 and must be renewed annually.

Permanent Residency

According to Section 13(2)(k) of the Immigration Regulations 2016, individuals investing in a home in Turks & Caicos may be eligible to apply for a Permanent Residence Certificate (PRC).

The minimum required property investment level to qualify for a Permanent Residence Certificate is:

• Providenciales and West Caicos: US $1,000,000
• All other islands (Grand Turk, Salt Cay, South Caicos, Middle Caicos, North Caicos): US $300,000

Fees: The Permanent Residence Certificate costs $25,000 plus a non-refundable administrative fee of $150.

Find out more: Turks & Caicos Residency

How do you become a citizen of Turks & Caicos?

Individuals who have lawfully resided in Turks & Caicos for 5 years (and held a Permanent Residence Certificate for 12 months) can apply for citizenship by naturalization.