The Turks & Caicos Islands real estate market is very attractive for American buyers and that trend has strengthened in the first quarter of 2006.
Purchasers of properties in the Turks & Caicos buy for a variety of reasons. Some view Turks & Caicos real estate as a good hedge against a domestic market or economy that may slow down. Others note that property values are appreciating rapidly and are intrigued by the prospect of making an investment which yields a good return in a compressed timeframe. With all buyers there is an appreciation of what the Turks & Caicos Islands have to offer and the intrinsic value of real estate in this increasingly high-end Caribbean getaway.
Buying land or a second-home purchasing in the Turks & Caicos is a low risk straightforward process when compared to many other Caribbean territories, for example:
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There are no legal limitations or restrictions on Americans buying land or homes and owning them outright
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The Turks & Caicos is a stable British dependent territory and the courts of the islands appeal ultimately to the Privy Council in the UK.
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We use the US dollar and there are no exchange controls so purchasers don’t have to worry about the stability of the local currency and the affect that might have on their investment.
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A US person can take title in his or her own name or in a Turks & Caicos company – whichever is more convenient.
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All land in the Turks & Caicos is registered meaning that the sales process is relatively straightforward and quick – i.e. a search at the Land Registry confirms ownership details, acreage and the presence or absence of charges.
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If you plan to visit the Turks & Caicos for short vacations to stay in your property for periods of up to 30 days, typically no visa is required (but you have to produce a US passport to Immigration on arrival).
The Turks & Caicos and in particular, the Grace Bay area of Providenciales are currently going through an extended high-end property building phase. There are currently only around 1,000 condos on Provo and there is plenty of activity and interest in the market to support the new products currently being marketed pre-construction.
Another advantage that the Turks & Caicos Islands has is a strong real estate association with a functional multi-listing system which is rare on the Caribbean region. Notwithstanding that information is available in an organized format the help of a knowledgeable real estate agent is still crucial - you need to use someone who is based in the immediate market, knows the price trends, and is well-versed in local regulations.
Bernadette Hunt (broker / agent / attorney)
TURKS & CAICOS PROPERTY, LTD.
Turks and Caicos Real Estate
© 2006
