Why Buy in Turks and Caicos?
The Turks and Caicos has gone from a relatively unknown to a world class tourist destination in a matter of just 2 decades. Celebrities and wealthy tourists flock to the islands for their privacy, security and of course their beautiful white sand beaches. This exposure has led to one of the hottest real estate markets in the region, where multi-million dollar properties are being snapped up as vacation and investment homes.
Turks and Caicos is not just for the uber-wealthy however, as lower cost airlines add flights from more US destinations. Putting the TCI within reach of more budgets, creating more of a demand for condo and hotel units. By no means a low-cost destination, the islands have become more accessible to the middle class traveler.
The Beaches
By far the biggest draw to the TCI are the beaches. Grace Bay Beach is always ranked one of the top beaches in the world by international travel magazines. With its powdery white sand, and crystal clear turquoise waters, it truly does look like a living post card. An unlike some of the cheaper countries in the region which tend to stack the visitors one on top of the other, you will never fight for space on Grace Bay.
If you take a boat and get away from Providenciales, you will find a number of uninhabited cays, with incredible beaches and not a sole in sight. It really does show you the potential that the Turks and Caicos has not only today but in the long term. As the saying goes, they are not making anymore oceanfront property, and this is truly some of the best the Caribbean has to offer.
Advantages of the Turks and Caicos Islands
The TCI has a lot going for it aside from just being a beautiful beach destination. From a vacation and investment perspective, the islands are a British colony. This means not only is English the primary language, but the country follows British law. For purchasing property, this gives buyers an added sense of security as the land title system would be similar to what they use at home.
Secondly, the island uses the US dollar as their currency. If you compare this to other island nations that perhaps use their own dollar, this makes the TCI a safer investment and a less volatile economy.
The TCI is also ideally located, just 575 miles from Miami. For much of the eastern part of the US and Canada, you can get to the islands quicker than you can drive to the cabin. Providenciales has direct flights from Miami, Fort Lauderdale, New York, Charlotte, Boston, Dallas, Philadelphia, Washington, Newark and Toronto among others.
The TCI has no direct taxation on income, nor any property taxes. This only adds to everything the Turks and Caicos has to offer!
Benefits of Owning Turks and Caicos Real Estate
Proximity to US
At only 575 miles from Miami, the Turks and Caicos is only a short flight away for much of the United States and Canada.
Privacy and Safety
As a vacation destination for much of the rich and famous, Turks and Caicos prides itself in providing both privacy and security for those who visit.
Property Appreciation
The property values in the country have continued to rise over the years, with only a small dip during the great recession.
Quality Construction
Storms are a constant threat in the Caribbean, but the TCI has ensured that all homes/buildings be built to a higher standard.
Strong Rental Income
Short term rental properties in the TCI do very well, making them not only great vacation homes but also great investment properties.
Best Beaches
Grace Bay Beach is an annual winner of awards for the World’s Best Beach, what more do we need to say?
Living in the Turks and Caicos
The first question people have after visiting TCI is ‘how can I live here?’. There are a number of ways to make Turks and Caicos your home, depending on how you make your living. You are not allowed to work on the island without a government issued work permit.
Residency Options
The easiest way is to buy a yearly residency permit. These will cost you about $1,500 a year, and all you need to do is show that you make your money back at home and it is enough for you to live in TCI. Qualification is very easy and straight forward, you just are not allowed to work on island.
Secondly, you can invest in a home and receive a permanent residency certificate. In Providenciales, you need to spend more than 1M USD, while on the smaller islands the fee is only $300,000. This is a great way to go, as it accomplishes both your desire for a home in paradise and a legal way to live there.
Work Permits
Another option is get a work permit. This one is tougher, as the employer has to show that they were not able to find anyone locally to do the job. Work permits vary in prices from a few hundred dollars to over $10,000, depending on the job (paid by employer). You can also apply for a self employed work permit, which allows you to run your own business on island. This is a bit easier in terms of qualification, however there are a number of restricted businesses that only a local Turks Islander can own.
At G&P Capital we can refer you to our lawyers at G&P Attorneys to assist with any residency requirements.