|Investing in Land in the
Turks and Caicos Islands
Like the islands of Bermuda, Montserrat and the Cayman Islands, the Turks and Caicos Islands are one of fourteen British Overseas Territories, the closest one to the United States. As explained in Wikipedia, the British Monarch, Queen Elizabeth II, is the head of state for all the territories. The politically stable islands are administered by a Governor who is appointed by the Queen. A new constitution for the territory was adopted in 2006, which increased the Premier's autonomy.
You are investing at the right time to enjoy the best home site prices and the best locations. As more baby boomers and the world in general hear about this welcoming paradise we will see strong growth continue.
The purchase of a home or land in the Turk and Caicos Islands is governed by English common law.
The island government encourages respectful development by making the process efficient, straightforward and secured by the Crown. Title is freehold giving buyers absolute title guaranteed by the Crown with no further government consents needed. The Torrens System of Land Registry is employed which provides for public inspection and disclosure of ownership information. Strict confidentiality of land holdings may be enhanced through the establishment of a local land holding company.
Island Living: Your dream can come true
Almost everything is imported from the USA. North Caicos can grow some foods (tomatoes and cucumbers are popular crops) but this is done on a limited scale as there is more money in construction than farming and fishing!
Construction materials are all imported at 10% - 30% duty. Building costs vary depending on your design but a minimum would be $200/sq.ft. to probably somewhere around $300/sq.ft. There are properties here selling for close to $1,000/sg.ft! However, homes need not be large as much of our time is spent outdoors on patios and pools. Local contractors may build a suitable home starting at $200,000.
Power is generated by diesel so being energy efficient is important. Residents use ceiling fans most of the year instead of air conditioning for example. New technologies are coming along all the time now making great savings for homeowners.
North Caicos Island
This is the time to purchase property on North Caicos Island. The infrastructure is ready and the tax benefits are substantial:
There are no direct taxes here:
The Government Planning and Development Authority oversees all building codes and development plans and reports in a timely manner. The national building codes are very modern. They are based on the Dade County [Maimi] Code so buildings are well built.
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