Country Guides Country Guide: Turks And Caicos

Date Published:

03/08/2009

Purchase Process

There are no restrictions to foreigners buying property in Turks & Caicos.

As a buyer, it’s advisable to engage the services of a lawyer to look after your interests. You should engage the services of an English-speaking solicitor. See the Law Society website at www.lawsociety.org.uk for a list of international solicitors. On selecting a property, it is customary for the buyer to provide a 10 per cent deposit to secure the transaction, which is expected to close within 30 days from the date of the agreement. Once the balance is paid, keys change hands and your lawyer will register the property in your name.

Purchase Costs

Budget approximately 6-12 per cent for all purchase costs and fees. Based on a £100,000 property as a buyer you should expect to pay the following:

Exit Costs

There is no CGT in Turks & Caicos, but if you are a UK resident for tax purposes you will be liable for CGT in the UK.

Mortgage Status

Non-residents mortgages are available in Turks & Caicos, loaned in US dollars. Up to 70 per cent LTV’s are available, amortized over a maximum of 15 years.