Buying Luxury Real Estate in the Turks and Caicos Islands

Buying a luxury home in the Turks and Caicos Islands is something that you want to consider. There are many different ways you can go about this process. It all starts with making sure that you find a good real estate agent.

Buying a second home

• Buying a second home in luxury real estate in Turks and Caicos Islands can be a dream for some people. For others, it can be a reality. But there are some things to consider before making your purchase.
• First, there are many different places to choose from. There are private islands and county areas. Each offers unique lifestyles and options. You can choose from waterfront homes, ski chalets, and luxury retreats.
• Turks and Caicos have an active real estate market. With a strong tourism sector and US Dollar based economy, the island is an ideal choice for investors.
• The island is located 75 minutes from Miami. There are two airlines that offer non-stop flights to Turks and Caicos from Toronto, Canada. The island has a year-round population of about 39,000.
• Turks and Caicos have one of the strongest real estate markets in the Caribbean. Buyers are coming from places like New York, Miami, and Los Angeles.
• There are also many Canadian investors. For example, Mark Durliat is building three condo hotels in the Turks and Caicos Islands.

Building codes

• Having the ability to build a luxury real estate home on a tropical island is now easier than ever before in Turks and Caicos. As a result, property prices continue to climb year after year. This is a great indication of the strength of the market and provides strong foundations for future growth.
• Building codes in Turks and Caicos are similar to those in the United States. New construction is generally required to be hurricane-grade. This means that steel is required to be manufactured to withstand Category 4 storms. Homes may also use reinforced poured concrete, which can last longer than other common building materials.
• Residents of Turks and Caicos must get the approval of the Planning Department to build a house. The director of planning can review applications, but he or she may need to make an environmental impact report. The applicant can then appeal to the Planning Appeal Tribunal.
• A building permit is not required for homes under 600 square feet, but residents must have an architect design the house. In addition, an Occupancy Certificate is required for legally inhabitable buildings.

Alternative energy installations

• During the first quarter of 2018, the Turks & Caicos Islands Real Estate Market continued at an unrivaled pace. Single-family home sales accounted for 95% of the total volume. The average price for a single-family home increased by 78%. This helped the overall volume to increase by 26%.
• The number of land sales also declined. However, there is an emerging re-sale inventory that will bridge the gap. A major issue for builders is to contain ever-increasing construction costs.
• Renewable energy installations have been a feature of many new developments in the Turks and Caicos Islands. Some of the most recent include The Strand, a new development in Providenciales. It features smart home technology, extensive shade structures, and next-level green technology. It's also one of the most sustainable new properties in the Caribbean.
• Another sustainable development is Coulibri Ridge. This luxury eco-resort is located on a ridge at the southernmost tip of Dominica. The property was built by Quebecois entrepreneur Daniel Langlois. It operates on solar and wind energy and uses renewable or recyclable products.

Restrictions on real estate

• Purchasing a luxury home in the Turks and Caicos Islands does not require a residency permit. It is a British Overseas Territory. This is one of the Caribbean's strongest real estate markets.
• There are no annual or capital gains taxes, income tax, inheritance tax, corporate tax, or property tax. Instead, indirect taxes are levied, including customs duties, stamp duty, and departure tax.
• The Turks and Caicos Islands have a strong economy and strong tourism sector. This has led to an increased number of tourists and continued growth into 2022.
• The real estate market continues to see considerable activity. Several new real estate projects are underway, bringing luxury living to the islands.
• Purchasing real estate in the Turks and Caicos Islands can be a great investment for seasoned investors or first timers. Property prices continue to rise year after year. However, there are some considerations to keep in mind before making an investment.
• One of the main benefits of owning real estate in Turks and Caicos is the fact that there are no restrictions on foreign ownership. A good real estate agent can walk you through the entire process of purchasing a property.