Grace Bay Realty - Turks and Caicos Islands Luxury Real Estate Specialists

Real Estate Fees

BUYERS

Stamp Duty: The Buyer normally pays Stamp Duty, or transfer tax.

• For sales under $25,000: Stamp Duty does not apply
• For sales between $25,000 and $75,000: 6.5% on Providenciales, 5% on other Islands
• For sales above $75,000: 9.75% on Providenciales, 5% on other Islands
• For mortgages: 1%

NOTE: Stamp Duty does not apply to chattels. The Government reserves the right to assess a value higher than the sale price for purpose of Stamp Duty. There is no title insurance required.

Legal: Each party is normally responsible for its own legal fees.

• 1% of sale price

Incorporation Fees: Many investors prefer to hold real estate anonymously in a Turk & Caicos Islands Corporation or Trust. Corporate set up fees are about $2,500, then $1,000 annually. This includes administration, government fees, nominee Shareholders, corporate secretary, annual filing and preparation of minutes, as required by law.

Mortgages: Terms and rates vary by applicant. Banks will lend 50% to 75% of property value for 10 to 25 years terms. Current rates are around 8%. Private mortgage money is also available and some vendors and developers will finance short-term balances of sale.

SELLERS

Brokerage: The Seller normally pays real estate brokerage.

• 6% on developed land
• 10% on undeveloped land

Legal: Each party is normally responsible for its own legal fees.

• 1% of sale price

RENTERS

Property Management: Long-term rental: 10 to 20% & Short-term rental: 25 to 50%