Every week, Mansion Global poses a tax question to real estate tax attorneys. Here is this week’s question.
Q. I want to build a house in Turks and Caicos. What are the property taxes like there?
A. Turks and Caicos is known as a tax neutral country, and doesn’t tax property, income, wealth, capital gains or inheritance.
There is a stamp duty due at the time of purchase. A 6.5% tax is charged on homes valued at more than US$100,000 in Grand Turk, Middle Caicos, North Caicos, Salt Cay and South Caicos. The U.S. dollar is the official currency of Turks and Caicos.
Elsewhere, including Providenciales, the rate is 10% on homes valued at more than $500,000, according to the country’s Ministry of Finance website.
More: A Penthouse Loft in a Turks and Caicos Resort
There are a handful of other small charges, including the Crown Land Register fee, which is $100 for land.
Earlier this year, the government announced 25% to 75% reductions in the stamp duty to boost sales during the Covid-19 pandemic. However, the amendments expire at the end of 2020.
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