Purchasing property in Turks & Caicos is incredibly simple and straightforward. Unlike many other Caribbean islands, there are no special permits or applications required before your purchase.
As a British Protectorate our islands are widely regarded as a very safe investment. Our system of Land Registry provides confidence to the purchaser, ensuring title is clear and clean. Buyers don’t rely of title insurance.
Along with our stunning beaches and turquoise waters, this has lead to a two decade long increase in foreign investment.
So how do you go about buying in the TCI? Where do you start?
Coldwell Banker Real Estate Turks & Caicos is a member of the TCI’s real estate association (TCREA) which operates a multiple listing system (MLS) similar to what you would be familiar with in North America. We can meet with you, help you understand what’s available and send you details on properties that fall within your criteria. Perhaps you’re looking for a luxurious condo in a hotel on the beach, or a spacious villa on the canal, or just a vacant plot of land to develop when the time is right. Let us guide you.
Many properties are vacation rentals, being rented “short term” on a nightly / weekly basis to tourists. In fact, almost every hotel is actually a condominium with a rental management program. If you’re reading this in your hotel room, you’re actually in someone’s personal condo. Through ownership, they’re enjoying some income by way of the hotel rental program. We will meet you and take you to the hotel/condo developments and villas that you want to see.
We can help you review past rental statements and understand the income potential of a property. Vacation rentals extend to free standing homes as well, and we can explain how rental / property management of a villa works. If you’re looking to secure land for the future, let us drive you around the different neighbourhoods across our islands.
You’ve found the property you want. Now what?
Once you’ve decided on the property you want, we will prepare an offer to submit to the owner. An offer is not a binding sales contract. Offers provide the basic details on price, purchase date, and introduce any special conditions you may want. If accepted, the offer identifies the basic elements of a sales contract and serves to effectively reserve the property for a short period of time. During that, your TCI lawyer works out finer contractual details with the seller’s and completes all the due diligence on your behalf that would be expected with a purchase. Condo by laws and reserve funds are reviewed. Boundary markers are identified. Home inspections are completed. You do not commit to the purchase until you’re completely comfortable with everything.
Once that process is complete and you’ve signed the sales contract a 10% deposit is lodged. Upon closing, the property is yours and you can begin enjoying you place in the sun.
While the TCI has no property taxes, no income taxes, and no capital gains taxes we do have some closing costs to consider. “Stamp Duty” is the main closing cost. This is tied to sales price and slides between 6.5% , 8% and 10%. This one time fee is paid by purchasers to the TCI Government, and when you sell the next buyer will pay that fee. When you sell this Government does not seek any fees from you.
Graham was a top real estate agent in Toronto Canada for several years before locating to TCI with his family in 2003. Contact him at 649 231 4790 for more information.