Turks & Caicos Islands Government Announces Stimulus Package Including Stamp Duty Reduction

The Turks & Caicos Islands Government has approved a full package of benefits that will serve as a direct economic stimulus following the fall out in economic activities across the Islands as a result of the global pandemic – COVID 19. The stimulus package is planned to lessen the impact of the global crisis on residents, whilst allowing the Ministry of Health to strengthen health policy responses.

Included in the stimulus package, as it relates to real estate, are the following initiatives and exemptions for a three-month period to assist with boosting inward investment:

  1. Reduction of 50% in Stamp Duty for a period of three months
  2. 50% of reduction of planning fees for a period of three months
  3. A waiver of Customs Duties on Construction Materials for a period of three months

There will be a review of same after the initial period of April 1 to June 30, 2020.

Link to Stamp Duty Rates

We are grateful for the past many years of successes and we are hopeful that this will carry our islands through this unprecedented challenge. We are here to assist you and our community, albeit from a distance, as we all “stay at home” to do our part in protecting our community and health care workers.

Take good care – we will see you on the other side of this.

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