Known throughout the globe as a world-class, luxury vacation destination, it’s no wonder that investing in real estate in the Turks & Caicos Islands is a smart move. With consistent, sustainable, year-over year-growth in high-end vacationers to the island, purchasing a home in the Turks and Caicos Islands not only ensures the lifestyle you want, but also provides an investment whose value and income generating potential will increase.
If you’re thinking of buying a vacation home in the Turks & Caicos, or wondering whether foreigners can own property in the region, this article is for you. This guide takes you through the process and what it’s like to buy property in the Turks and Caicos Islands.
WHY BUY IN TURKS & CAICOS
Just a 75-minute flight from Miami, the Turks and Caicos Islands is highly assessable and attracts sophisticated travelers and vacation homeowners with its luxury villas and prestigious resorts. Since the Turks and Caicos Islands is a British Overseas Territory with an economy based on the United States Dollar, TCI has an attractive tax environment with no property tax, no income tax, and no capital gains tax. In addition to providing a stable environment, political system, and legal system, the British Crown guarantees Absolute Title through a land registration process making title insurance unnecessary.
WHAT IS THE BUYING PROCESS LIKE?
The Turks & Caicos Islands government welcomes foreign investors and there are no restrictions on who (be it individuals or corporations) can purchase real estate. Unlike many other Caribbean islands, when buying a vacation home in the Turks & Caicos, foreigners do no need any sort of license or permit to purchase property.
Purchasing a vacation home in the Turks and Caicos Islands works like purchasing a home in many other places:
- Find your ideal vacation home property
- Put in an offer
- Once the offer is accepted, obtain an attorney to review the sales agreement
- Upon signing the agreement, a deposit is required (normally 10% of the agreed upon purchase price)
- The balance is paid on closing as well as other fees and taxes
Regarding the “other fees and taxes,” the Turks and Caicos Islands requires a one-time Stamp Duty at the time of purchase. In Providenciales this fee is 10% and in South Caicos it is 6.5%.
CAN FOREIGNERS OBTAIN MORTGAGES IN THE TURKS & CAICOS ISLANDS?
The answer is yes! Many vacation homeowners in the Turks and Caicos Islands obtain mortgages as foreign nationals and there are several reputable insinuations that provide them for qualified buyers looking to build or buy an island home in the Turks and Caicos.
AT SAILROCK SOUTH CAICOS, THE VACATION HOME BUYING PROCESS IS EVEN EASIER
- Enjoy a Real Estate Discovery Visit to Sailrock to explore our diverse real estate offerings while enjoying a taste of the authentic lifestyle South Caicos offers.
- Receive gratis consultation on all legal matters related to property acquisition at Sailrock with an on-island client attorney of your choice.
- Via your gratis local attorney, execute a non-binding Reservation Agreement with placement of a $10,000, fully refundable deposit within 21 days of selecting your dream property.
- Execute legal documents and place a 10% deposit with your local island attorney.
- Close on your fee-simple property within 30 days with payment of balance.
BUYING A VACATION HOME AT SAILROCK SOUTH CAICOS
There are many options for vacation homes in the Turks & Caicos Islands, but if you’re looking for peace and serenity in a low density, five-star resort community, then Sailrock South Caicos is the place for you. Sailrock South Caicos exists amongst ocean-side bluffs, white sandy beaches, and 2,400 acres of untouched natural beauty. Each neighborhood offers attractive attributes and boast a vast array of topographies and shorelines. Turks and Caicos vacation homes at Sailrock accommodate a variety of vacation homeowners from families to couples and individuals.
Sailrock South Caicos offers turnkey and hassle-free ownership. Plus, homeowners enjoy the optional added benefits of professional management services via Sailrock Resort, which include a structured rental program designed to maximize your Turks and Caicos vacation home investment.
COME ON A DISCOVERY VISIT
Because we understand that seeing is believing, we’ve developed the Discovery Visit—an opportunity to experience Sailrock South Caicos and all that it has to offer. Plus, should you choose to invest in a vacation home within the Sailrock South Caicos community, the visit is credited against your real estate purchase.
During your Discovery Visit you’ll get a sense of what the Sailrock community is all about: uninterrupted views over turquoise water, natural beauty that moves from outdoor spaces to indoor ones, acres upon acres of open space, hiking paths, wildlife, unadulterated oceans, white sand beaches, a team that will make you feel at home as soon as you land, and an island that manages to epitomize the Turks and Caicos. Our Discovery Visit makes the real estate investing process easy while ensuring you don’t miss a thing from exciting island adventures to in-depth villa tours.
If you’re considering investing in real estate in the Turks & Caicos Islands, don’t miss out on a Discovery Visit of your own to Sailrock South Caicos. Contact us today at +1 (649) 941-2121 or via email: [email protected].