Dream home Shopping in the Turks and Caicos
Buying a home in the Turks and Caicos is not nearly as challenging as it is in some countries. Foreign ownership is allowed, and there is a British land registry system in place. A safe and secure place to buy your vacation property in the Caribbean!
There are a few things you need to know however before making the plunge in the TCI real estate market; these are just a few.
The Costs of Buying in Turks and Caicos
There are no property taxes in the Turks and Caicos, for this reason the government has an upfront tax called a stamp duty. This tax is tiered depending on the amount you spend, and can be as high as 10%. This is not a problem if you plan to keep the property long term, but it can be a bit of a deterrent if this is a short term purchase.
Legal fees are another cost which can catch some buyers off guard. In the US and Canada, legal fees are generally not a major expense, however in the TCI, legal fees are often 1% of the purchase price. This can obviously be significant depending on the price of the property.
The Time Frame for Financing a Property in TCI
If you plan on using a bank to finance your purchase in TCI, make sure you give yourself a lot of time to close. Getting approved is not a one week process like you may be used to, it can often take months (no exaggeration). The process can also be frustrating, as the mortgages themselves are not approved on island; and of course island time is something you can’t get around (you will love it later but it takes time).
If you plan on trying the bank first, we recommend having a plan B in case they are not able to assist or assist in a timely manner.
Buying a home in the Turks and Caicos is a very exciting and rewarding experience. We recommend using a reputable realtor to assist you in getting the advice you need to make an informed decision. We will gladly recommend someone for you, if you don’t have one available.
