Turks & Caicos Is.: Overview

RENTAL YIELDS

Last Updated: Dec 16, 2008

Condo prices look promising

Prices for condominiums in Providenciales, Turks and Caicos, appear not to have moved for the last two years – strongly contrary to expectations when we wrote our last report on the Turks and Caicos in 2007. We estimate that the average cost of condominiums is around US$6,575 per sq. m., only $15 higher per sq. m. than found in our research two years ago, in 2007.

There is still a lack of information on rental prices in Providenciales. This is because so many lets are short-term. Without a reliable guide to vacancy levels, using short-term rentals figures would distort our results.

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TAXES AND COSTS

Last Updated: Jan 20, 2009

Turks & Caicos has absolutely no taxes

There are no income taxes, property taxes, capital gains taxes, or inheritance taxes in the Turks and Caicos Islands for residents and non-residents alike.

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BUYING GUIDE

Last Updated: Mar 05, 2008

Buying costs are high in Turks & Caicos

Roundtrip transaction costs are around 8% to 24% of the property value, inclusive of the real estate agent’s commission at 6% to 10%.

Stamp Duty for properties located in Providenciales is at 6.5% for property value of US$25,000 to US$75,000. This can go up to 9.75% for property value of more than US$75,000, and 3% on islands other than Providenciales.

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LANDLORD AND TENANT

Last Updated: Jun 15, 2006

Turks & Caicos law is pro-landlord

Rent: Rents and rent increases can be freely negotiated.

Tenancy Contract: Rental agreements in Turks and Caicos are either short-term contracts (up to a month) or long-term contracts (more than a month). For long-term rental agreements, tenants usually pay a security deposit equivalent to one month’s rent before occupancy.

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ECONOMIC GROWTH

Last Updated: Mar 24, 2008

Absolutely tax-free, low crime rate and high rate in tourist arrivals

The Turks and Caicos, whose capital is Grand Turk, has a population of about 32,000 and an economy based on tourism - the islands boast one of the world's longest coral reef systems - as well as offshore finance and fishing. Fees from offshore financial activities and customs receipts are other major sources of revenue for the government.

The islands became famous in February 1962 when US astronaut John Glenn splashed down in waters off Grand Turk after he became the first US citizen to orbit the earth.

Situated about 575 miles (1,000 km) southeast of Miami and north of Haiti, Turks and Caicos is made up of around 40 islands, eight of which are inhabited. The islands were declared a crown colony and dependency of Jamaica in 1874. In 1962, they became a British crown colony.

Seven years later, the powers held by the governor of the Bahamas were transferred to the governor of Turks and Caicos and in 1976 ministerial government and elections were introduced. The islands have a governor appointed by Britain's Queen Elizabeth, an executive council and a legislative council.

The weather is usually sunny and relatively dry, though it suffers frequent hurricanes. The islands have limited natural fresh water resources; private cisterns collect rainwater for drinking.

Import duties are a major source of revenue for the government because the islands import most capital goods and food products for domestic consumption.