Buying property in Turks and Caicos
Is buying property in Turks and Caicos difficult? Can you get a decent rental return on the cost of your vacation home? Here is our guide to buying property in Turks and Caicos.
- Political stability- The Turks and Caicos Islands are a constitutional democracy with Queen Elizabeth ll as head of state.
- A legal system based on English Common Law.
- US Dollar is the local currency with a well-regulated banking system with international banks located on the islands.
- English is the official language.
- Taxes- No land/asset-holding, corporate, capital gains, or inheritance taxes; just a one-time ‘Stamp Duty’ on real estate acquisitions and regular import duties.
- Residency is a straightforward process for non residents buying property in Turks and Caicos to obtain.
- Vacation rental rates are some of the highest in the Caribbean with the local average price per night of US$1,000+ and a long season meaning a high occupancy rate for a large part of the year.
- Direct flights from 12 US & Canadian cities including Atlanta, Miami, New York and Toronto. British Airways fly from London with a 1 hour stop in Antigua. US, Canadian and EU citizens do not require visas to visit the islands.
- Natural beauty- Turks and Caicos is home to the third-largest coral reef on earth. Dolphins are permanent residents and humpback whales are annual visitors. Beaches like Grace Bay and Long Bay are regularly named by international publications as some of the most beautiful beaches in the world.
- Luxury Living- The islands have some very high-end restaurants and are a favorite destination for movie stars, famous musicians and celebrities. Brad Pitt, the Beckhams and Drake are recent visitors. As local part-time resident Keith Richards says, ”it’s a place where I can loosen up and people don’t give a shit who I am.”