Monday, October 7, 2013

Six frequently asked questions about Real Estate in The Turks & Caicos

Here is a list of six frequently asked questions about real estate in the Turks and Caicos Islands. You can always send us an email of additional questions you would want answers for if it is not in this short list;
  • Q: Are there property taxes? A: Currently there are no annual property taxes, just a one time stamp duty payable to the TCI Government. No capital Gains tax.
  • Q: Is there any restriction on a time frame to build? A: There is no restriction on a time frame to build. If you have a vacant lot, you are free to sit without building as long as you desire.
  • Q: What is a home owners association? A: this is an association formed by the owners of an area/subdivision. A body which may decide to impose a fee for ownership of property based on the amount of bedrooms or vacant lot you have. Using the fees collected to beautify the area, and maintain the value of those properties. - areas with a home owners association includes Leeward and Richmond Hills Commons which have paved roads, street lights and extra security, as some of the benefits.
  • Q: Is the process different for non locals to purchase? A: Locals and non locals go through the same process when purchasing real estate in the Turks and Caicos Islands. They pay the same fees, and are subject to the same laws.
  • Q: What is the standard deposit when making a purchase? A: the standard deposit is 10%. However it may differ dependent on other factors, i.e. if you are obtaining a loan from the bank, or if you are obtaining owner financing.
  • Q: What is the best investment property? A: The best investment depends on the customer requirements, as each person my have different ideas of what they want to achieve out of a purchase.

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