Owning real estate in Turks and Caicos is a dream for many—after all, what could be dreamier than sipping a cocktail at sunset in a sleek, luxurious villa overlooking the glistening turquoise waters of the Caribbean?
Property is a finite resource, and the demand for real estate in Turks and Caicos has never been higher. This past year, Turks and Caicos recorded its best financial year ever, processing over $782 million USD in transactions across the overall market. With the islands anticipating unprecedented growth in the luxury tourism and real estate sectors, it’s a great time to get into the market. Here are some reasons why.
Turks and Caicos Is Among the World’s Best Tax Havens
The lack of property and other types of taxes in Turks and Caicos is very attractive to potential real estate investors. Tax savings enhance property owners’ overall return on investment, making property ownership an enticing opportunity for those looking to preserve wealth and improve their lifestyle. Benefits of buying a Turks and Caicos investment property include:
● No income tax
● No capital gains
● No estate or inheritance tax
● No property tax
Tax savings do come at a cost. To purchase property in Turks and Caicos, you will need to pay Stamp Duty. The value of this one-time fee varies, depending on the island and the cost of the property—on Providenciales, it is 10% on properties over $500,000. However, paying Stamp Duty is less expensive than paying years and years of property tax, especially for investors planning to hold property for the long term. Stamp duty does not apply to chattels (furniture and appliances) when purchasing property. The Turks and Caicos also has a 12% government tax on all hospitality rentals and restaurants.
Turks and Caicos Has a Thriving (and Growing) Vacation Rental Market
The robust and growing luxury tourism sector in Turks and Caicos presents a lucrative opportunity for real estate investors, particularly luxury villa and estate owners. Short-term vacation rentals are high in demand, and long-term rentals even higher. Owning property in Turks and Caicos can provide you with significant, consistent rental income.
For example, homeowners at The Strand will be able to enroll their properties in the exclusive club’s rental program once the development is complete. This provides a turnkey solution for those seeking steady income from properties, with minimal effort required, allowing homeowners to enjoy their home while in Turks and Caicos and gain income when they are away.
Investing in Turks and Caicos Improves Your Lifestyle
With a population of less than 50,000 across the archipelago, modern amenities, and regular flights from major North American cities, the Turks and Caicos provide an ideal, safe, and reliable climate for real estate investors. Crime in the islands is low, and developers’ adherence to the international building code and south Florida building code reduces the likelihood of property damage from tropical storms and other adverse weather events.
Life in the Turks and Caicos is idyllic—low population density means that you never struggle to find a spot on the beach, grab a table for dinner, or book a tee time at the Royal Turks and Caicos Golf Club. Many developments on the islands are suited for investors living abroad. The Strand, for example—which comes with pristine and meticulously designed residences on a swimmable shoreline—offers concierge services that help you plan your vacation ahead of time and manage your property, so you and your guests can focus on relaxing right from the get-go.
Here’s What You Need To Invest in Turks and Caicos Real Estate
To invest in the Turks and Caicos—a British Overseas Territory—you do not need to obtain permission from the government before purchasing property. Consider contacting a realtor, who can help you find the perfect property and navigate the legal and financial processes that come with buying property in Turks and Caicos. There are several agencies on Providenciales that specialize in luxury real estate, including Turks and Caicos Sotheby’s International Realty.
The real estate agent’s fee (typically 6 percent) is paid by the seller. Before purchasing a property, you will also need to provide your realtor’s office or Turks and Caicos attorney with:
- A notarized copy of your passport’s photo page
- A notarized copy of your driver’s license
- A reference letter from your bank or other financial institution addressed to your realtor or local attorney describing your banking history
- A character reference letter from your lawyer, accountant, or doctor addressed to your realtor or local attorney
- A copy of a bank statement, credit card statement, or household bill no older than 3 months addressed to you at your home address
There is no restriction on foreign ownership of Turks and Caicos real estate. Owning property may make you eligible for a Permanent Resident certificate, or PRC, which grants you residency in the island without the right to work. PRC applicants must have no criminal record and have purchased a home over $1 million USD to be eligible.
Invest in Providenciales Real Estate at The Strand
Investing in The Strand offers travelers an opportunity to own a slice of paradise overlooking the sapphire blue waters of Cooper Jack Bay. This exotic oasis is home to one-of-a-kind residences, spacious estates, and villas, all of which enjoy state-of-the-art design and amenities.
When you become an owner at The Strand, you buy into a timeless luxury development at a great cost with a high potential return on investment. You can also rent your residence when you aren’t using it yourself—The Strand Owners’ Club is a private club focused on homeowners (Club members), and their families and guests. This includes potential short-term renters.*
During their stay, your guests have access to all the communities’ amenities and operational facilities, which include The Strand’s fitness facility and club pool, restaurant and bar, beach toys, and tennis and pickleball courts. Ready to add luxury Turks and Caicos living to your real estate portfolio? Contact us today to learn about our available units, slated for completion this year.
*Note that all short-term rentals of The Strand units must be facilitated through the Strand Management rental program.
