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Buying property in the Turks and Caicos Islands (TCI) is an attractive proposition for many non-residents. Pristine beaches, an English-based legal system and a highly favourable tax environment all contribute to the Islands' appeal. While the process is broadly straightforward, there are important steps, regulatory considerations and local nuances to understand.
1. Foreign Ownership — Yes, You Can
Foreign nationals are welcome to purchase property in the TCI, and there are no general restrictions on non-residents owning land. Buyers may hold freehold title in their own name, jointly with others, or through a locally incorporated company.
Where a corporate structure is used, the purchasing vehicle must be TCI-incorporated, as foreign companies cannot hold land directly. However, a foreign individual or entity may own 100% of the shares in a TCI company, which is a common and well-established structure.
2. Residency Opportunities Through Property Investment
While buying property in the TCI does not automatically grant residency, there are recognised avenues through which residency may be obtained where property investment forms part of a qualifying application. Depending on the nature and value of the investment, real-estate ownership can support certain long-term residency options, subject to meeting the applicable statutory and policy requirements.
For purchasers seeking a more permanent connection to the Islands, property investment can therefore form part of a broader residency and lifestyle strategy. Residency applications are governed by local immigration legislation and policy, which may evolve over time. Specialist advice is essential to ensure that property acquisitions and residency planning are aligned from the outset.
3. The Buying Process — Key Steps
Once a suitable property has been identified, the process typically begins with an agreed offer negotiated through a local realtor, followed by the engagement of a TCI attorney. The attorney will conduct legal due diligence, including a review of the registered title, boundaries, restrictive covenants, easements, zoning and planning matters.
Following completion of due diligence and agreement of the commercial terms, the parties enter into a formal Sale and Purchase Agreement. Completion then takes place in accordance with that agreement, at which time the transfer documents are executed and stamp duty is paid.
The transfer is thereafter submitted for registration at the Land Registry. Legal title is vested in the purchaser upon registration, as evidenced by the updated Land Register, which operates under a guaranteed system of title in the TCI.
4. Costs, Taxes and Duties
When purchasing property in the TCI, buyers should anticipate a one-time stamp duty charge, payable on completion. Rates vary by island and by value, with properties on Providenciales typically attracting stamp duty between 6.5% and 10%. In many of the other islands, applicable rates are often lower.
The TCI offers a highly attractive tax environment, with no annual property tax, no capital gains tax, and generally no inheritance or estate tax. This makes the jurisdiction particularly appealing for both lifestyle buyers and long-term investors.
Buyers should also budget for customary transaction costs, including legal fees and other ancillary charges.
5. Why the TCI is a Strong Proposition
The TCI combines a stable legal and political framework, as a British Overseas Territory, with compelling real-estate fundamentals. The absence of direct property and capital-gains taxes, a light-touch regulatory environment for foreign buyers, and strong lifestyle and investment appeal continue to underpin demand. Whether for personal use, investment or legacy planning, the jurisdiction remains a compelling choice.
6. How Wilson Wells Can Assist
At Wilson Wells, we advise foreign real-estate buyers at every stage of the purchase process — from ownership structuring and due diligence to transfer logistics, stamp-duty guidance and title registration. We also work closely with immigration professionals to assist clients in aligning their property investments with potential long-term residency objectives. Our local team ensures that transactions are compliant, properly structured and aligned with your broader investment objectives.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
