How Turks and Caicos Is Boosting Real Estate Amid Coronavirus
The government of Turks and Caicos has approved a stimulus package amid the coronavirus pandemic, of which several provisions will cover real estate.
Chief among them will be a 50 percent reduction in Stamp Duty for three months, along with a 50 percent reduction in planning fees for three months.
Customs duties for construction materials will also be waived for three months, according to Turks and Caicos Sotheby’s International Realty, which revealed the real estate provisions.
Turks and Caicos’ government will be reviewing the measures after the initial period, which is already in effect and runs through June 30, 2020.
Turks and Caicos’ Stamp Tax is a one-time payment levied on all real property transactions.
The tax is paid because Turks and Caicos has no property taxes.
Sotheby’s has the updated Stamp Duty fees here.
— CJ
