Purchasing a home or other property in Turks and Caicos Islands is not much different to what you are probably accustomed to. Once a price is agreed a purchase and sale agreement is prepared, describing the property, price and terms, and any other conditions. A 10% deposit is generally paid under the terms of the sales contract to the seller’s attorney and is held in escrow until closing, which is usually within 30 days. At closing, executed land transfer forms are provided by the seller to the purchaser in exchange for payment of the balance of the purchase price. Original signatures are required and signing must be witnessed and signed by a notary with his/her stamp affixed.
There are no property taxes or capital gains taxes and no restrictions on foreign ownership of Turks & Caicos real estate. Purchasing property in the Turks & Caicos Islands is simple, usually enjoyable, and potentially extremely financially rewarding. Whether it is the right choice for you depends on your objectives, expectations and budget. If you are interested in finding out more about buying a second home here, or real estate related investment opportunities, we can help