FAQs - Turks & Caicos real Estate
What form of government does Turks and Caicos Islands have?
The Turks and Caicos Islands are officially English speaking with a population close to 30,000 people made up of both "Belongers" (citizens) and Expatriates. The official currency is the US Dollar.
Presently, the Turks and Caicos Islands is an internal-governing Overseas Territory with a ministerial system of government. The country operates from the 2006 constitution which provides for a Governor appointed by HM the Queen, an Executive Council and a Legislative Council.
The Governor is responsible for external affairs, defense, internal security, offshore finance and certain other matters, but is otherwise normally required to act on the advice of the Executive Council.
The Executive Council deals with the affairs of the Government. It is presided over by His Excellency the Governor and is made up of the elected Ministers of Government. The Legislative Council is responsible for the passage of laws, monitoring Government policies and bringing to account the Executive Branch on behalf of the electorate.
Under this structure the Turks and Caicos enjoys a stable government guided by British Law. The Government is pro-development but is taking a responsible approach by learning from the experiences of other West Indies neighbors. Tourism is the number one industry with Offshore Financial services coming in second and growing. TCI has proven to be a major attraction for property investors who value UK oversight and the stability that it brings.
What legal system is in place?
TCI is governed by British law. It has a common law court system with appeal ultimately to the Privy Council in the UK. Again the tie to the UK on matters of law enforcement is very appealing and familiar to investors who are themselves from common law jurisdictions (e.g. USA, Canada, UK, etc.).
What is the political climate of the Turks and Caicos Islands?
The Turks and Caicos Islands are an independent governing overseas territory protected by Britain and governed by British law. Professionals are required to pass U.K. licensing, and because of this political support, the islands enjoy a stable government guided by British law. The government is supportive of the development taking place on the islands, and has helped to make tourism the number one industry followed by a growing offshore financial service industry.
What is the currency used in the Turks and Caicos?
The official currency used in the Turks and Caicos is the U.S. Dollar. This is attractive for many of our clients as they are not exposed to currency fluctuations, a significant advantage given the recent slide in the dollar.
Are their any legal limitations on foreigners owning land in the Turks and Caicos?
No, there are no legal limitations or restrictions on foreigners owning homes and land in the Turks and Caicos. All of the land in the Turks and Caicos is registered, providing secure ownership. Any foreigner can either acquire the title in their own name or in the name of a Turks and Caicos company, whichever is more convenient.
What are the taxes associated with owning property in the Turks and Caicos?
A 9.75% stamp duty is paid on the acquisition of the real estate. There are currently no capital gains tax or property tax due while you own the property or when you sell.
What financial institutions are available?
Part of TCI’s attraction to investors is a well defined regulatory framework within which to operate a comprehensive range of financial activities including banking, insurance, trusts, mutual funds, investment dealing, companies and partnerships. TCI's modern legislation is complemented by an experienced professional infrastructure in the public and private sectors.
The Turks and Caicos Islands provide a full range of international banking and trust services. There are many licensed entities that carry out banking business, five licensed to carry out domestic and international services from within the islands. The Financial Services Commission (FSC) embodies in a single agency all regulatory aspects of the financial services industry. The FSC is responsible for licensing and supervising all finance-related operating entities to internationally accepted standards. The FSC also provides a centralized and cost-effective service for registering companies, partnerships, trademarks and patents in TCI.