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Turks and Caicos Real Estate Buying Guide

Disclaimer: Visit Turks and Caicos Islands® is not an investment agency and this information is provided for general educational purposes only, without any guarantee as to the accuracy, validity, or suitability of this information for any purpose whatsoever. Visit Turks and Caicos Islands® does not provide legal and/or tax advice.

See also Guide to Real Estate Locations in the Turks and Caicos, Residency and Living in the Turks and Caicos, and Building a Home.

The Turks and Caicos Islands, through its status as a British Overseas Territory, is a stable Caribbean country, and there are no restrictions on purchasing real estate in the country by foreign individuals. However, if the owner is not an individual, the land must be held by a local corporation or trust (foreign corporations cannot own land directly). It's not required to obtain permission from the Government beforehand.

Islands and Price

over-under photo of Long Bay Beach and the Shore Club Resort in the Turks and Caicos
The Shore Club, located on beautiful Long Bay Beach, Providenciales.

Real estate price varies considerably based on island and location. As expected, beach-front properties demand a premium. Providenciales land is significantly more expense than other islands, and the differences in government tax reflects this.

Taxes and Fees

The following fees are typically applicable:
  • Stamp duty of 0-10% is payable to the government (paid by purchaser).
  • Real estate agent's fee is between 6-10% (normally paid by seller). 6% for developed parcels, 10% for undeveloped parcels (commission rate set by local real estate association).
  • Additional legal fees will be payable.

Stamp Duty Rates

For properties under $25,000, no stamp duty is charged. There are exemptions on property conveyances as gifts to a spouse, parent, or child. On conveyances to brother, sister, grandparent, or grandchild, the Permanent Secretary of Finance to certify that the gift is not for valuable consideration (in order to obtain a 0% rate). The tax band applies to the whole value, not the difference between bands. For example, a purchase on Providenciales of value $245,000 incurs stamp duty of $15,925 (6.5%), whereas a purchase for $255,000 incurs a stamp duty of $20,400 (8%).

Stamp Duty Rates by Value and Island
Value> Islands Rate
Under $25,000 All Islands 0%
$25,000 - $100,000 Grand Turk, South Caicos, Middle Caicos, Salt Cay 5%
More than $100,000 Grand Turk, South Caicos, Middle Caicos, Salt Cay 6.5%
$25,000 - $250,000 Everywhere else (including Providenciales) 6.5%
$250,000 - $500,000 Everywhere else (including Providenciales) 8%
More than 500,000 Everywhere else (including Providenciales) 10%

Purchase Considerations

It's possible to purchase real estate without having any sort of legal permission to reside in the country. In the past, it has been possible to obtain (mostly) automatic Permanent Resident Certificates (PRCs) depending on the purchase price (which varies depending on the island).

If you are considering purchasing land, you are highly advised to confirm what status you will receive. Depending on the purchase price, you may be eligible for a Permanent Resident Certificate (PRC), a 25-year residence permit, or nothing.

Citizenship and Investing

rental villas and boats at Chalk Sound and Sapodilla Bay on Providenciales
The Chalk Sound area on Providenciales is a popular place for rental and private villas.

Turks and Caicos Islander Status is a locally conferred status which is normally equated with 'citizenship' in the other countries. It is possible to obtain British Overseas Territory Citizenship (Turks and Caicos), which gives you a physical passport, but this is different from Turks and Caicos Islander Status. It's possible to obtain British Overseas Territory Citizenship (the physical passport) after residing 5 years in the country, *and* having indefinite leave to remain (which means a PRC). However, holding a 'Turks and Caicos Islands' passport, without the extremely difficult to obtain 'Turks and Caicos Islander Status', does not allow you to operate restricted businesses categories or vote in elections.

Driving Licenses

luxury resorts on Grace Bay Beach in the Turks and Caicos
Along with the many resorts, Grace Bay offers private condominiums.

If you are not a British Overseas Territory Citizen (by virtue of a connection with the Turks and Caicos Islands, or hold Turks and Caicos Islander Status or a PRC, you may encounter difficulty obtaining a driving license.

The Motor Vehicles (Driving Licenses) Ordinance (2009) does not state that an applicant must be a resident in order to obtain a license. However, the Road Safety Department does require applicants to provide 'proof of status'. This is normally citizenship, a PRC, or an annual residence permit.

Some people who have purchased condominiums did not meet required thresholds to obtain a PRC. As a result of not having any legal status in the country, they were unable to obtain a driving license. It is only valid to drive in the country for a maximum of 3 months on a foreign license, but again the law is unclear if this is within a 1 year time period or what duration.

Foreclosures and Defaulted Property Sales

Vacant property and house bank foreclosures sales due take place occasionally in the Turks and Caicos, and the purchase of these properties are typically conducted on a closed bid process with by financial institutions. Contact the local banks for a listings and availability.

Browse Listings and Agents

The Agency
The Agency is a leading luxury real estate agency in the Turks and Caicos and Caribbean. Led by Ian Hurdle, The Agency has represented buyers and sellers in record-breaking transactions of finest real estate in the Turks and Caicos.
Turks and Caicos Property
Led by owner and broker Bernadette Hunt, Turks and Caicos Property was established in 2000 and is a leading broker of premier real estate, with a wide portfolio of luxury homes, vacant land, and beachfront condos.

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