About Buying Property
in the Turks & Caicos Islands
» Purchase and Sale Agreement
» Agent Commissions
» Stamp Duty & Legal Fees
»Incorporation Fees
» Mortgage Costs
» Property Management Fees
» Fees
» Building Considerations
» The Other Islands
» Residency Permits through Real Estate Inv.
Stamp Duty
The Buyer normally pays stamp Duty, or transfer tax, for Sales. For sales under $25,000 Stamp Duty does not apply, for sale between $25,000 and $75,000 - 6.5% on Providenciales, 5% on other Islands, for sales above $75,000 - 9.75% on Providenciales, 5% on other Islands.
The Government reserves the right to assess a value higher than the sale price for purpose of Stamp Duty, if it feels a property sells below market value. There is also Stamp Duty of 1% of the sum secured by a mortgage.
Legal Fees
Each party is normally responsible for its own legal fees, and can range from 1 to 2% of sale price or hourly rate