Secrets of Turks and Caicos Real Estate
Turks and Caicos real estate is HOT right now…so what a better time to cover how to purchase real estate and the taxes associated with Turks and Caicos real estate.
We are always adding value to our ever growing platform by providing you with time saving connections and relevant information that can save you money, time and steer you in the right direction.
If you are interested in purchasing property in TCI, contact Mike Fenimore of TCI Sotheby’s International Realty.
New Real Estate Law Firm Partner
We have partnered with real estate lawyers throughout the Caribbean in order to save potential property investors time and provide a qualified and experienced lawyer they can speak with and have their questions answered.
Turks and Caicos real estate is flying off the shelves, whether you are buying grace bay real estate, Turks and Caicos real estate for sale by owner, or properties anywhere else on the islands, we want to provide you with a great real estate attorney you can speak with.
We love this beautiful home at 24 Dolphin Lane in Turks and Caicos
Themis Bishop Attorneys
In Turks and Caicos we have partnered with Jeffrey Blanchard of Themis Bishop Attorneys.
You can contact Jeff at his email at jb@themisattorneys.com. You can also call him at +1 649-332-0505.
Don’t forget to follow Jeff on Instagram here. You can also follow him on LinkedIn here.
About Jeffrey Blanchard
Jeffrey is a senior attorney, having been in active practice since 1990. He completed his education at Memorial University of Newfoundland (B.A. 1984) and the University of New Brunswick Law School (LL.B. 1989). Jeffrey was called to the Nova Scotia Barristers’ Society (1990), the Law Society of Prince Edward Island (1991), and the Turks and Caicos Islands (TCI) Bar Association (1995). In 1999, he was admitted as a solicitor to the Law Society of New South Wales (Australia).
Check out all of our real estate in Turks and Caicos here
Jeffrey’s practice focuses on real estate, corporate-commercial, estates & trusts, finance, banking, immigration, regulatory, tax, and asset protection law. Along with an emphasis on the purchase and sale of residential, commercial and condominium properties, he has been involved in the mutation/sub-division and development of land, and has represented clients with their respective applications for business licenses, work permits and residency certificates. He has provided advisory opinions to both local and international clients, and has experience in incorporating, structuring, reorganizing, and amalgamating corporations.
Jeffrey holds permanent residence status in both the Turks and Caicos and the United Kingdom. In his spare time, he enjoys traveling, participating in sporting events, and photography.
Do you want to build your dream home on the beach? Check out this beachfront lot in TCI for sale
Turks and Caicos Condos For Sale
Secrets of Turks and Caicos Real Estate
The secret is to do your research before your buy.
So lets dive into the tax situation in Turks and Caicos.
* There are no taxes if you hold a piece of real estate in your personal name or with a corporation. *
* You may also hold the real estate in a US trust and not have to pay taxes on the TCI side. *
There are no taxes in Turks and Caicos. Which mean you will not be taxed in TCI in any capacity.
Below holds true for Americans and Canadians.
No Property Tax
No Corporation Tax
No Estate Tax
No Capital Gains Tax
No VAT
If you decide to sell your property there is still no Capital Gains Tax. You will not be taxed at the TCI level when you sell the property.
Grand Turk Homes For Sale
If you are interested in building your dream home in Turks and Caicos then we suggest checking out this blog where we provide some insight into building in TCI. Also be sure to read one of our mist popular blogs ‘Top 10 Caribbean Real Estate Tips‘. Lastly, be sure to swing by our ‘Caribbean Resources‘ page where you can find all the different real estate lawyers, lenders, and custom home builders we have developed relationships with throughout the Caribbean.
Triton Luxury Villa For Sale In Turks and Caicos
Stamp Duty Tax
When you purchase property you will have to pay at Stamp Duty Tax which is a 1 time payment.
You are only taxed if you rent out the property (if you own it independently). In order to do that the owner of the property must have a Short Term Business License. The owner of the property would collect the rent from the tenants, and from that rent payment the owner would have to pay 12% to the TCI Government. This is call a ‘Hotel and Tourism Tax’. Usually this tax is paid per business quarter.
Condo Pool
Now, if the owner puts condo in the “condo pool” (this usually happens at resorts where individuals can purchase a single unit) then they don’t have to pay the 12% to the TCI Government, the property manager would take care of that for them.
There is no limit to the amount of properties you can purchase in Turks and Caicos.
If you are interested in purchasing property in Turks and Caicos make sure to reach out to Ian Hurdle, Founder and Director of The Agency Turks and Caicos. Follow him on Youtube as well!
Closing
We hope you have received some value from this blog and always, if you have any questions about purchasing real estate in Turks and Caicos or anywhere in the Caribbean please feel free to reach out to us via our Contact page, we are always here to help.