As tax season is upon us once again, many people in the United States find themselves at the computer exploring residential communities that offer tax advantaged living. Could there be a better solution for them now, and for the long-term? Where to go? What’s involved? Can they do it?
Following the 2018 new cap on deductions for taxes, including property taxes, there has been a mass exodus among high-tax states with buyers fleeing to garner the benefits of a less-taxing lifestyle, many of them going offshore, and down into the islands of the Caribbean where they can purchase a home while also receiving desirable tax benefits.
Tax Advantaged Living: The Strand | Providenciales, Turks and Caicos
Opening late this year, The Strand is a thoughtfully crafted private residential community in the heart of Cooper Jack Bay, an undeveloped and unspoiled stretch of coastline on the protected south side of Providenciales. With a limited selection of 46 luxury beachfront villas, custom residences, and homesites, The Strand is intimate in nature while bringing the community together with a collection of shared amenities for sport and socializing.
Owners and guests have access to the Beach and Tennis Club, a concept which does not currently exist in Turks and Caicos; 1,400 feet of canal and marina frontage with community yacht slips; a water’s edge restaurant and bar with an outdoor beachfront patio and lush open-air garden; and a resort-style swimming pool designed as a lagoon surrounded by native limestone and towering palms. Residences start at $2.2M, each perched above the ocean’s edge with access to the bay below and ocean-facing bedrooms and uninterrupted views.
Tax advantages: The beautiful destination of Turks and Caicos is a combination of turquoise blue waters, an intimate collection of islands and lucrative tax benefits. A legal tax haven, Turks and Caicos is often seen as the best place in the Caribbean to invest your money due to the British Rule of Law, where the crown guarantees title to your property and the U.S. dollar is denominated. There is no income tax, capital gains tax, property tax, inheritance tax, or corporation tax in the Turks and Caicos Islands, and buyers purchasing a second home there can qualify to obtain permanent residency status. Stamp duty is a one-time fee of 10% of the purchase price of a property. Once it is paid, there are no further taxes associated with ownership.