Turks & Caicos Islands Government Announces Stamp Duty Waiver

Turks & Caicos Islands Government Announces Stamp Duty Waiver For Property Transfers Valued at $2M and Under From Sep 21st to Dec 20th, 2020

The stamp duty waiver on property transfers would be available to all eligible applicants that transacts a transfer on or after the 21st September 2020 but before 20th December 2020.

The stamp duty waiver granted would be as follows:
75% reduction of stamp duty on property valued up to $2 million, made between 21st September to 20th October 2020
50% reduction of stamp duty on property valued up to $2 million, made between 21st October to 20th November 2020
25% reduction of stamp duty on property valued up to $2 million, made between 21st November 2020 to 20th December 2020 

Link to Stamp Duty Waiver Policy

We are here to assist you through this process. If you have any questions please contact your local real estate sales associate at Turks & Caicos Sotheby’s International Realty. Office: 1.649.946.4474 | info@tcsothebysrealty.com

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.