Turks & Caicos
There are no restrictions on foreign buyers acquiring real estate in Turks and Caicos Islands, and unlike in other destinations in the Caribbean, foreign buyers do not require any kind of license or permit to purchase property. Property can be purchased by an individual or corporation. Title to real estate is evidenced by a land register and guaranteed by the British Crown.
As a British Overseas Territory with a U.S. dollar-based economy located just over an hour from Miami, Turks and Caicos Islands is widely known as a secure destination for investment. It has established itself as a firm favorite with American, Canadian, and British property investors.
The Buying Process
- Make an offer on your property
- Once accepted, engage a local attorney to review the purchase and sale agreement
- Upon signing the purchase and sale agreement, you will need to pay a required deposit
- Understand the payment structure and process
- Pay all required taxes and fees
Taxes and Fees
- Stamp duty (transfer tax) is payable by purchaser to the government
- Legal fees are typically 1%
Banking and Mortgages
The primary banks in Turks and Caicos are Canadian based, specifically FirstCaribbean International Bank (CIBC), Royal Bank of Canada (RBC), and Scotia Bank. Mortgages are generally available up to 50% LTV, however, construction loans can be difficult to obtain.
Residency and Citizenship
It is possible to purchase real estate without having any sort of legal permission to reside in the country. Currently, it is possible to obtain a Permanent Resident Certificate (PRC) depending on the purchase price. If you are considering purchasing land, you should consult with your local attorney as to what status you will receive.
Turks and Caicos Islander Status is a locally conferred status that is normally equated with ‘citizenship’ in other countries and is extremely difficult to obtain. In order to obtain British Overseas Territory Citizenship, with a physical passport, invariably, one must first obtain a Permanent Residence Certificate (following significant investment) and then reside almost permanently for five years in the country. However, this does not entitle one to operate restricted businesses categories or vote in elections.