Tuesday, March 19, 2013

Questions asked by international buyers about TCI Real esate

The Turks and Caicos Islands is a Caribbean destination that attracts international buyers who are seeking for a second home or a vacation rental home. Some are first time home buyers in an international market, while others have purchased oversees but not in the Turks and Caicos Islands.

Here is a list of some of the questions that I am frequently asked in regards to purchasing in The Turks and Caicos Islands;

  1. Is there any restriction on non residents purchasing property? No there is not.
  2. Is the process different for a local vs. an international purchaser? The process is the same for both parties. There are no exception to the process. All have the same entitlement and have to abide by the same rules.
  3. Is there a fee for using a realtor to purchase a property? No. You can choose any realtor and you will find that their is no fee to use a real estate agent to represent you in the purchasing process.
  4. Do you have to use an attorney? Yes. The purpose of an attorney is to ensure that the purchaser is given freehold title to their land, and to protect your interest. The law requires you to use an attorney to prepare the contract.
  5. Are there property taxes? There are no property taxes currently on any real estate.
  6. Do you have to build right away if you purchase vacant land? No. You can hold on to your vacant lot for as long as you want. That is why vacant land makes for a good investment, as you can choose to hold on to it until the value appreciates, or transfer it from one relative to the other.
Send me and additional questions that you may have about purchasing in the Turks and Caicos Islands. Email me here.

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