There are no restrictions on foreign ownership of property in the Turks and Caicos Islands. The buying process is simple and easy, and outlined as follows:
All purchased properties are registered with the Turks and Caicos Land Registry Department, and the title is guaranteed by the Crown.
The Turks and Caicos have no annual property tax on the ownership of real estate, although owners will need to pay a one-time transfer tax (Stamp Duty), which applies to anyone purchasing property.
Effective in 2013, stamp duty in the Turks and Caicos Islands has been restructured to the following amounts: The new rates established by the Turks & Caicos Government are as shown below:
Once you have finalized your property choice, the buying process starts by engaging and Turks and Caicos Islands Attorney to handle the purchasing process. This Attorney will ensure your investment is clear of all leans or encroachments and is officially registered in the name of your choice or one of the various other options to hold your investment i.e. a TCI LLC or Family Trust. The local Turks and Caicos Islands Attorney will charge a standard 1% fee based on the final negotiated selling price. The TCI Attorney will also request the buyer provide copy of a valid passport or proof of identification card and complete a form giving details of the property purchase including the buyers personal details. Buyers will be asked to provide proof of address, provide proof of Source of funds as well as a bank reference letter to comply with inward investment guidelines in the Turks and Caicos Islands.
This process starts by the parties signing a Preliminary Agreement which contains the basic terms and conditions of transaction. Once this agreement is signed and a 10% deposit has been received by the buyers Attorney, the seller is committed to sell the property at the agreed upon terms and conditions of the Preliminary Agreement. Once this step is complete both parties will negotiate and execute the formal Purchase and Sale Agreements. The buyer does not have to be present to perform final closing. Closing can be completed by sending notarized documents via courier service. All closing funds will be held in escrow until the fully executed Purchase and Sale Agreements are registered in the official land registry and confirmation is sent back from Grand Turk. This process usually takes 14days after final closing. Once land registry documents are back, closing funds are released to the seller and final exchanged of the property takes place.