Offering world-class beaches, an unrivaled lifestyle and some of the best homes and condos for sale in the Caribbean, the Turks & Caicos Islands has a flourishing luxury real estate market.
If you are currently considering investing in real estate in Turks & Caicos but you are wondering “where are the best places to buy property in Turks & Caicos?” or “how do I go about owning property in Turks & Caicos as a foreign buyer” then this guide is for you.
Our guide takes you through the process of buying property in Turks & Caicos from beginning to end, and the taxes you will need to be aware of.
Buying property in Turks & Caicos is a relatively simple process, which typically involves the following steps:
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%
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.
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.