One aspect of considering the purchase of Turks and Caicos condos for sale is the tax advantage.
Property buyers pay a stamp tax (land transfer tax) when they purchase a Turks and Caicos property. Stamp taxes are quite competitive in the Turks and Caicos compared to other high-end destination islands in the Caribbean, and the tax is applied only to the value of the real estate and does not include the value of the contents – i.e. furnishings and appliances.
Aside from this one time tax on Turks and Caicos condos for sale, the Turks and Caicos is a low-tax destination:
- No corporate taxes
- No personal income taxes
- No capital gains taxes
- No inheritance taxes
- No annual property taxes
In addition, some property buyers may qualify to apply for a Permanent Residence Certificate (PRC), based on the sum paid for the property. A PRC allows you to live (but not work) in Turks and Caicos. Other requirements must also be met. A lawyer can provide the necessary advice, and additional information may be acquired from Turks and Caicos Government offices.
There are a number of Turks and Caicos Island lawyers who are qualified to assist property buyers with learning more about the tax advantages of owning property in the Turks and Caicos Islands. We would be pleased to provide you with a list of lawyers on Providenciales who specialize in real estate law and can assist you with considering the tax advantages that may be available through Turks and Caicos condos for sale.