There are many benefits to investing in Turks and Caicos real estate, including:
TCI real estate is in big demand, and there are good reasons why. For investors, it’s a smart business decision. Turks and Caicos is a tax neutral jurisdiction, meaning there are no income, estate or inheritance, capital gains, corporate, foreign exchange or annual property taxes. There is only a one-time land transfer tax (ranging between 6 to 10 percent of the sale price of the property) that is paid to the Turks and Caicos Government upon purchase of real estate. Once that’s paid, there are no other taxes relating to the property. All purchased properties are registered with the Turks and Caicos Lands Registry Department. Since TCI is a British Dependent Territory, title is guaranteed by the British Crown. This adds an extra level of protection and security to everyone who invests here.
Another plus to buyers from the U.S. and Canada is the ease of access to the islands. Turks and Caicos is located just 575 miles southeast of Miami. Direct flights less than three hours in length are available all-year from New York City, Philadelphia, Newark, Boston, Charlotte, Atlanta, Miami, Toronto, Montreal, and several other major cities. A lot of people who buy real estate here are buying a second home. They may have a primary residence in the U.S. or Canada, and want a place to come to in Turks and Caicos for vacations. Because TCI is just a short flight away from the Eastern Seaboard, people can easily travel here just for a weekend if they want to. The fact that English is TCI’s official language is still another draw for visitors and investors from Canada and the United States.
Property values on average are in the million-dollar range. You have the option to purchase a property within a local resort, where you can use the property as a vacation home for several weeks each year and then leave it in the care of the resort’s management while you’re away. The property essentially operates as a hotel, which generates additional revenue that can offset the expense of maintaining the property while you’re away.
People also invest in high-end homes and villas, whether on the beach or farther inland. Those properties are usable anytime by the owners but can also be managed by local property management companies that look after properties while owners are gone.
Owners have the option to rent their homes as vacation properties to generate additional revenue while they’re away. When homes are rented out, the daily rate averages around $600 per night. This amount depends on how many bedrooms and bathrooms the property has, the square footage and number of acres, etc. By going this route, homeowners can invest in beautiful property in Turks and Caicos and also generate enough revenue from the vacation rental program to cover all of their expenses so that there’s no additional financial burden per year to maintain the property.
When you’re ready to purchase properties in Turks and Caicos, reach out to the owners/brokers Blair MacPherson and Woody Bonrud. They’ll be happy to assist you and answer any questions you may have.