Living And Investing In The Turks & Caicos Islands

• Published date: 04 October 2021
• Subject Matter: Real Estate and Construction, Tax, Strategy, Investment Strategy, Real Estate, Income Tax, Corporate Tax, Capital Gains Tax, Property Taxes
• Law Firm: Coriats Trust Company Limited
• Author: Mr Christopher Smith (Griffiths & Partners) and Oliver Chapman (Griffiths & Partners)

Ever wondered what it is like to live and work in the Turks and Caicos Islands ("TCI")? You wouldn't be alone! TCI is an increasingly popular destination for high-net-worth individuals ("HNWI") and their families, drawn by the tranquillity, natural beauty, security, and privacy to be found here, combined with excellent transport links to the US and Europe. With a wide array of world class resorts and restaurants, host to Grace Bay beach which is consistently voted number 1 in the world by the travel industry, TCI has a very strong reputation as a high-end tourist destination, and is increasingly being discovered by discerning investors looking for an alternative to other offshore jurisdictions. TCI offers a modern company and trusts legislative framework and is home to thriving community of highly experienced lawyers, accountants, and professional trustees.

When it comes to property or development opportunities, you will be spoilt for choice. There is a wide variety of real estate on offer in the TCI, and everything from private islands to ultra-prime property, commercial development plots and modest homes is available.

Many people buy property for use as a holiday home or to generate income through rental. Others develop commercial property. Many HNWI have also made the leap and become resident of the TCI through investment in real estate - we'll touch on this in more detail later. Whatever you are looking for, there will be real estate here to suit you.

TCI: Geographical Overview

TCI is a British Overseas Territory, comprising an archipelago of 40 or so 'cays' and located 500 miles southeast of Miami (just over an hour on the plane). Providenciales (locally known as "Provo") is the main hub for tourism and business within the Islands. Provo is well connected with direct flights to numerous US cities, including Miami and New York. There are also direct flights to Canada and the UK.

Investing in real estate in the TCI

The real estate market is booming in TCI currently, and there are a lot of new homes and luxury resorts currently under construction on Providenciales. Investor interest in other islands such as North & Middle Caicos is on the rise, following the recent announcement of an airport infrastructure upgrade project.

There are no foreign ownership restrictions on real estate here in the TCI. You can either buy property in a personal capacity or set up a TCI company to hold...