BUYERS

Stamp Duty: The Buyer normally pays Stamp Duty, or transfer tax.

• Less than $25,000 : No duty
• $25,000 - 500,000 : 4%
  • 3.6% — one payment
  • 1% — four payments
• $500,000 - $1,500,000 : 6%
  • 5.4% — one payment
  • 1.5% — four payments
• $1,500,000 - $3,000,000 : 8%
  • 7.2% — one payment
  • 2% — four payments
• More than $3 million : 10%
  • 9% — one payment
  • 2.5% -four payments
• For mortgages: 1%

NOTE: Stamp Duty does not apply to chattels. The Government reserves the right to assess a value higher than the sale price for purpose of Stamp Duty. There is no title insurance required.

Legal Fees: Each party is normally responsible for its own legal fees.

• 1% of sale price

Incorporation Fees: Many investors prefer to hold real estate anonymously in a Turk & Caicos Islands Corporation or Trust. Corporate set up fees are about $2,500, then $1,000 annually. This includes administration, government fees, nominee Shareholders, corporate secretary, annual filing and preparation of minutes, as required by law.

Mortgages: Terms and rates vary by applicant. Banks will lend 50% to 75% of property value for 10 to 25 years terms. Current rates are around 8%. Private mortgage money is also available and some vendors and developers will finance short-term balances of sale.

SELLERS

Brokerage: The Seller normally pays the real estate brokerage.

• 6% on developed land
• 10% on undeveloped land

Legal Fees: Each party is normally responsible for its own legal fees.

• 1% of sale price

RENTERS

Property Management: Long-term rental: 10 - 20%; Short-term rental: 25 - 50%