The Turks & Caicos Islands Government (‘TCIG’) has announced a Stamp Duty Waiver Policy that will run from the 21st of September through Sunday the 20th December 2020. It is available to all eligible applicants that transact on a property valued up to $2M.
The process of purchasing property in the Turks & Caicos Islands is simple: A Purchase and Sales Agreement (PSA) for the selected homesite is executed between the Developer and the purchaser. A separate construction agreement is executed at the same time covering all aspects of the design and construction of the residence. With execution of the PSA a 10% land deposit is required. The remaining 90% of the land value become due with land title transfer to the buyer.
The purchase of a homesite on Providenciales is subject to a one-time stamp duty tax payable by the purchaser, which is 10% of the land value (applicable for Lagoon or Ocean Estate Villas). The purchase of a Boathouse is subject to stamp duty payable on the overall purchase value.
While it is a simple process, we recommend that the purchasers retain local legal counsel to support them. We can provide recommendations upon request.
There are no restrictions on foreign property Ownership.
Land titles are held personally or in a Trust or corporation.
Property investors at South Bank are entitled to apply for a residency permit.
There is no land/asset holding tax, thus investors would not carry any on-going tax burden. Furthermore, there is no corporate, capital gains or inheritance tax. The only taxes currently in place are regular import duties on items brought into the country and a one-time Stamp Duty on real estate acquisitions.
There will be a Home Owners’ Association (HOA) in place at South Bank, which is designed to maintain a high quality development in the long run. HOA fees cover refuse collection, common area maintenance and security monitoring.
Our construction team is mobilized on site and can take advantage of economies of scale, we are able to offer superior quality at reasonable prices. Architectural design, engineering and permitting costs for the villa designs are included in the turn-key prices.
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