Regardless of where you buy a property, there are more costs than the simple dollar amount you pay. In Turks and Caicos these costs can seem quite high at first blush, however there are no property taxes on real estate, so a large portion of these closing costs involve a one time government stamp duty.

Let us educate you on all the costs involved with purchasing real estate in TCI. We want you to feel comfortable with these costs, and ensure there are no surprises at the time of closing.

Purchasing with a Mortgage

Assuming you are purchasing your new home with a mortgage from G&P Capital, these are all the out of pocket costs. They cannot be added to the mortgage unless there is adequate equity in the home to do so. Here is what you can expect to pay for closing costs in TCI:

• Stamp duty –  a one time government tax on real estate. The amount varies depending on the amount of the property. These are the amounts in Providenciales, Parrot Cay, Pine Cay, Ambergris Cay, Water Cay and West Caicos.
  • $25,000 – $250,000 = 6.5%
  • $250,000 – $500,000 = 8.0%
  • $500,000 and up = 10.0%
• Stamp duties on Grand Turk, Salt Cay, South Caicos, Middle Caicos and North Caicos
  • $25,000-$100,000-5%
  • More than $100,000-6.5%
• Mortgage arrangement fees range from 1 – 2% depending on the mortgage amount.
• Lender’s Legal fees on mortgage are generally 1% of the mortgage amount (minimums can apply).
• Stamp duty on the mortgage is 1% of the mortgage amount.
• Legal fees on the registration of title is usually 1% of the amount paid

Some of these closing costs in TCI are estimates based on norms in the market, but can vary depending on the situation. Please do your own due diligence to ensure you know your costs going into the transaction.