OUR BUYERS' GUIDE

Why Invest? 3rd Largest Coral Reef in the World
70 Minutes Southeast of Miami
Year Round Sunshine & Trade Winds
Any Nationality May Purchase and Hold Title
British Dependent Territory
Eco Tours, Endless Water Sports, World-Class Spas
Excellent History from Bad Weather, Vibrant Economy
Freehold Title, No Title insurance Required
Golfing, Sports, Horse Riding
Great Infrastructure, Modern Amenities
No Capital Gains Taxes
No Income Taxes, No Inheritance Tax
No Property Taxes
One of the Lowest Crime Rates in the Caribbean
Perfect Beach Sand, Beautiful Water Color
Real Estate Title is Guaranteed by the Crown
State-of-the-Art Telecommunications
Title Can be Held in a Local Company or Trust
User Fee Consumption Based Economy

The Buying Process

  • Discuss Investment and Lifestyle Requirements with our team.
  • Discuss what money can buy here to start the process of determining good value.
  • Determine what properties fit within the price range of this first investment.
  • Make a short list of whatever suits your needs best and view each.
  • List all the pros and cons of each property to help determine the best value for you and your investment and lifestyle requirements.
  • Make an offer on what you feel is a fair market price for the best property.
  • Once you have received acceptance on your offer, meet with a local attorney to discuss different ways to hold property. If you will not be making an offer until after you leave, still meet with a local attorney before you leave, as that is the person to whom you will be sending your money.
  • Once your offer has been accepted, you will be paying a 10% earnest deposit to your attorney by wire transfer once you return home. You may also pay 10% of that as a reservation deposit to hold the property right away.
  • Once the deposit is with your attorney, the seller’s attorney will prepare a formal Sale & Purchase Agreement that both you and the seller will sign. At this point the deposit is given to the Seller’s attorney to hold. The balance of funds are transferred to the island and are placed in escrow until the completion date.
  • On the completion date, your attorney gives the Seller’s attorney the balance of funds in exchange for a transfer form signed by the Seller transferring the property to you.
  • The Seller’s attorney holds the funds until your attorney registers the transfer form with the Land Registry, showing you as the new owner. Because of the type of Land Registry system here in the Turks & Caicos Islands, the government guarantees title, so no title insurance is required.
  • The Seller normally pays the commission & each party pays their own legal fees.
  • Within 30 days of buying your piece of paradise, your attorney will pay the required stamp duty on your real estate investment less any chattels (furniture & appliances).

Due Diligence

  • A notarized copy of the picture page of your passport.
  • A notarized copy of your driver’s licence.
  • A reference letter from your bank or other financial institution addressed to (Grace Bay Realty or your TCI attorney), Providenciales, Turks and Caicos Islands indicating how long such financial institution has been providing banking services to you, that the banking relationship has been satisfactory and that the financial institution has no reason not to recommend you as a person with whom to do business (or words to that effect - sometimes the banks are fussy about what they will and will not say).
  • A reference letter from a professional (lawyer, accountant, doctor, etc.) addressed to Grace Bay Realty or your TCI attorney) Providenciales, Turks and Caicos Islands indicating how long such professional person has known you, the connection between you, that such professional person considers you to be respectable and trustworthy, and recommends you as a person with whom to do business (or words to that effect).
  • A copy of a bank statement, credit card statement or household bill, no older than three months.

Stamp Duty PROVIDENCIALES, PARROT & PINE CAY
AMBERGRIS CAY & WEST CAICOS

Between $25k and $250k = 6.5%
Between $250k and $500k = 8%
Over $500k = 10%

NORTH, MIDDLE & SOUTH CAICOS
GRAND TURK & SALT CAY

Between $25k and $100k = 5%
Over $100k = 6.5%

PLEASE NOTE
Stamp Duty is paid on the purchase amount less the chattels.