What are the closing costs when buying real estate in the Turks and Caicos Islands?

Here’s a summary of the closing costs when buying real estate in the Turks and Caicos Islands

1. The agreed upon purchase price is the main closing cost when buying real estate in the Turks and Caicos Islands.
2. Stamp Duty Fee
   As mentioned in an earlier blog post titled “What’s involved in purchasing real estate in Turks and Caicos” there are no property taxes or capital gains taxes in the TCI. There are also no restrictions on foreign ownership of Turks & Caicos real estate. All real estate transactions in the TCI are, however, subject to a one-time only stamp duty fee. Rates for stamp duty fluctuate when buying real estate in the Turks & Caicos Islands, depending on where the property is located and the amount of the transaction.

Turks and Caicos Government Stamp Duty Rates

Effective from July 1st, 2013, the stamp duty rates are as follows for Providenciales, Parrot Cay, Pine Cay, Dellis Cay, Ambergris Cay, Water Cay, and East and West Caicos:
Transactions more than $25,000-$250,000-6.5%
More than $250,000-$500,000-8%
More than $500,000-10%

Stamp duty rates for Grand Turk, South Caicos, Middle Caicos, North Caicos, and Salt Cay:
Transactions more than $25,000-$100,000-5%
More than $100,000-6.5%

Stamp duty is not applied to property purchased under $25,000 in the Turks and Caicos Islands.

For residential properties, 10% is normally deducted from the purchase price and allocated towards the chattels staying with the property. Stamp duty is then charged on the remaining 90% of the purchase price.
3. Local Attorney Fee
Buyers will also require the services of a local attorney (on island) to facilitate the transaction. We would be delighted to make recommendations for you! Normally the attorney fee is between 0.75% and 1% of the purchase price.

Please let us know if you have any further questions regarding closing costs and buying real estate in the Turks and Caicos Islands. We would be happy to assist and answer all your questions! Contact Bernadette Hunt for more information.