The Government of Turks & Caicos Announces Reduced Stamp Duty
April 26, 2010

The new fees apply to all islands except North Caicos, Middle Caicos, East Caicos, South Caicos, Grand Turk and Salt Cay, which are 50 percent of the following rates:

Less than $25,000—no duty.
$25,000-500,000 — 4%
3.6% — one payment
1% — four payments

$500,000-1.5 million — 6%
5.4% — one payment
1.5% — four payments

$1.5-3 million — 8%
7.2% — one payment
2% — four payments

More than $3 million —10%
9% — one payment
2.5% — four payments

“The new stamp duty schedule is welcome news to the real estate industry and for the TCI economy. The combination of significantly lower rates at all but the uppermost tier, and the ability to pay the stamp duty either up front at a 10% discount, or over 4 years at the full rate, will provide much needed stimulus for buyers in the short, mid and long term. It reflects forward thinking on part of the TCI government, and is the result of effective communication amongst the Turks and Real Estate Association, The Council of Business Associations and the TCI Government”.

Joe Zahm
President / Broker
Turks & Caicos Sotheby’s International Realty