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Turks and Caicos Island Introduce Stimulus Incentive to New Investors

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Reduced Stamp Duty Rates on Transfers Country Wide

A recently announced investment stimulus incentive granted by the Turks and Caicos Islands Government aimed at attracting new real estate investors has been approved and set into effect for April 1st, 2020 – June 30th, 2020.

The bold action taken by the TCIG shows investors that they want their business and is committed to growing and developing the country respectively. The temporary stamp duty reduction will not only save investors thousands of dollars on up front closing costs but will also greatly assist the Turks and Caicos Islands and those working in the real estate industry by and large by helping to create business for all associated industries that local people work in; like attorneys, appraisers, banks, developers, contractors, trades and real estate brokers and agents. The reduction will also help local people that have been saving to purchase their first home or property – it will help cut down their costs.

Direct Benefits to Buyers (for the next 3 months)

  • 50% Savings on any property transfer
  • 50% Savings on all construction related import duty
  • 50% waived Planning fees

The Time to Buy Is Now

Although the Turks and Caicos Islands has always been a lucrative real estate investment due to their being no property tax, no income tax and no capital gains taxes and no estate or inheritance taxes to name a few; right now, is the time to buy.

Stamp Duty isn’t necessarily a small cost, but when factoring in what property tax would have cost over the years, it is a very fair trade-off, especially if you intend to keep your property for an extended period.

Typically Stamp Duty can fluctuate depending on the current economic state, with dips in tax costs during times of recession to motivate buyers to purchase. Now is one of those rare moments when investors can take advantage of huge savings. For the next 3 months investors can capitalize on 50% reduction of stamp duty!

STAMP DUTY RATES ON TRANSFERS:
Providenciales, West Caicos and East Caicos

$25K -$250K       6.5%      vs            3.25% (Expiring June 30th, 2020)

$250K -$500K     8%          vs            4% (Expiring June 30th, 2020)

$500K +                                10%       vs            5% (Expiring June 30th, 2020)

STAMP DUTY RATES ON TRANSFERS:
Grand Turk, Salt Cay, South Caicos, Middle Caicos, North Caicos

$25K -$100K       5%          vs            2.5% (Expiring June 30th, 2020)

$100K+                 6.5%      vs            3.25% (Expiring June 30th, 2020

Considering the volatility in the stock market, the uncertainty of the economy and overall anxiety of everything being impacted by the Covid-19 global pandemic, it’s worth considering a sound investment like a second home in the Turks and Caicos Islands.

Sincerely,

Kathryn Brown,CEO
1-649-231-2329
ERA Turks and Caicos Real Estate
7/8 Saltmills
363 Grace Bay Rd.
Providenciales, Turks and Caicos Islands

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