Turks and Caicos
The Turks and Caicos islands are located in the northern Caribbean near the southern end of the Bahamas island chain. TCI are comprised of some 40 islands (8 inhabited) with only 26,000 full-time residents, mostly centered on Providenciales ("Provo"), which is a significant offshore banking center and the primary tourist destination. Grand Turk, North, Middle and East Caicos are rather sleepy in comparison to Provo. There are numerous resorts, countless beaches and excellent tourist amenities abound. Air access to Provo (Providenciales International or PLS) is very good - though far more frequent in high season - from the US and Canada, as well as the UK. Other islands will require a short-hop flight from PLS or arranged boat or ferry service. Beaches here are truly spectacular and though TCI remains somewhat sleepy by say, Bahamian standards, the natural beauty and overall appeal are substantial. The Grace Bay area is now heavily developed and offers many residential, restaurant and retail choices. Other portions of Providenciales island - the only island which has been built-up at all - may surprise most people with very sparse development activity and little to no commercial development.
The official currency is the US dollar and the official language is English. Electrticity is North American standard - 110 volts. Tourism is now the number one industry with financial services coming-in second. If you are thinking of establishing some offshore interests, this might be the place. Numerous banks, accounting firms and law firms are available on Providenciales. There is no direct taxation in the Turks and Caicos islands. There are dozens of realtors in the T and C and, as usual, no MLS system, so some shopping-around is likely in order to find exactly what you want. Land prices range from $30,000 for a buildable inland lot with some views to $200,000 and up for beachfront or direct beachfront or canal access.
Transfer taxes or stamp duties are calculated as follows: on values between $25-75,000, the duty is 6.5% on Providenciales and 2% on all other islands; and on amounts above $75,000, the stamp duty is 9.75% on Provo and 3% on all other islands. If you are thinking of forming a company to hold the real estate - to avoid future transfer taxes - the fees are higher here than in most nations. Corporation filing and organizing fees are around $2,500 with additional fees of about $1,000 per year. Factor-in another 1-2% in attorney' fees for closing your transaction. If you choose to utilize a local T and C bank for mortgage financing, their fees will be in addition to the above and the time period through to closing from offer acceptance will be about 3 months.
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