The Insider's Guide to Buying Property in Turks & Caicos
Overview - The Turks & Caicos Real Estate Market
The Turks & Caicos Islands comprises 40 islands and cays with 230 miles of postcard-perfect white sand beaches, crystal clear turquoise ocean waters and beautiful coral reefs.
As a British Overseas Territory with a US Dollar-based economy, a very attractive tax environment, a high quality of life and outstanding natural beauty, the TCI is widely considered one of the most sought after vacation and real estate investment destinations in the world.
The archipelago has a vibrant luxury property market, with consistently strong sales of luxury beach houses and exclusive apartments.
Like Anguilla, the BVI and the Cayman Islands (all of which are British Overseas Territories), the Turks and Caicos Islands offers spectacular luxury beachfront homes in some of the world’s most prestigious property developments and private island resorts.
For those looking to truly get away from it all, the tranquil islands of Middle Caicos and South Caicos, as well as the private islands of Pine Cay and Parrot Cay offer luxury beachfront homes in secluded settings.
“As a British Overseas Territory with a US Dollar-based economy, a very attractive tax environment, a high quality of life and outstanding natural beauty, the TCI is widely considered one of the most sought after vacation and real estate investment destinations in the world”
Highly attractive real estate market which has seen consistent growth in recent years.
Sophisticated destination with some of the Caribbean’s most luxurious homes for sale and most prestigious hotels and resorts.
As one of the Caribbean’s fastest-growing tourism destination, the Turks & Caicos Islands offers home owners very high rental income generating potential.
Highly accessible destination via a 75 minute flight from Miami and several new routes recently announced such as a second weekly BA flight from London, a daily JetBlue flight from Fort Lauderdale and a new nonstop United flight from Chicago.
Low tax jurisdiction with no property tax, no income tax and no capital gains tax.
Miles of sensational white sand beaches such as world-famous Grace Bay Beach which is regularly voted the “best beach in the world”.
Stable British Overseas Territory with US Dollar based economy enjoying an impressive financial recovery.
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:
- Begin your property search.
- Find your perfect property and make an offer.
- Once accepted, engage an attorney to review the Sales Agreement.
- Upon signing the Sales Agreement, you will need to pay a 10% deposit.
- Pay balance upon closing.
- Pay all required taxes and fees.
- Fees & taxes
Attorney’s fees typically amount to 1 to 2% of the purchase price.
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:
- Property valued at $25,000 to $100,000: 5%
- Property valued at over $100,000: 6.5%
In Providenciales and all other locations excluding the above:
- Property valued at $25,000 to $250,000: 6.5%
- Property valued at $250,000 to $500,000: 8%
- Property valued at over $500,000: 10%
Latest Real Estate Listings in Turks & Caicos
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.
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 investment level is US $300,000 in the case of Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos and US $1,000,000 in the case of other islands such as Providenciales. The Certificate allows the applicant (and his or her spouse) to become a permanent resident of the Turks & Caicos Islands. To apply, applicants are required to submit an application form, provide proof of ownership of qualifying property and make payment of a fee of $25,000 for the Permanent Residence Certificate 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.
Mortgages in Turks & Caicos
Looking for financing to fund the purchase of property in the Caribbean?
Contrary to popular misconception, it is possible for foreign nationals looking to invest in Turks & Caicos real estate to apply for a mortgage.
Our partner – a very well respected international financial organization – offers mortgages for qualifying non-residents buying, building or improving a second home in the Turks & Caicos Islands.
For more information, see our page on: Caribbean mortgages.
How to Get There
Various airlines operate direct flights to Turks and Caicos from cities across the United States and Canada.
From the USA, there are direct flights to Turks and Caicos from Atlanta (Delta), Boston, New York and Miami (American Airlines), Charlotte and Philadelphia (US Airways). From Canada, there are direct flights from Montreal (WestJet), Halifax, Ottawa and Toronto (Air Canada).
From Europe, fly to Miami Airport and take a connecting flight to Providenciales in the Turks and Caicos Islands.
- New York to Turks & Caicos 3h
- Toronto to Turks & Caicos 3h 30m
- Boston to Turks & Caicos 3h 15m
- Charlotte to Turks & Caicos 2h 15m
- Miami to Turks & Caicos 75m
- Atlanta to Turks & Caicos 2h
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