There is no restriction on the acquisition or sale of land in Turks & Caicos. Title to land falls under the regime of the Registered Land Ordinance, a system of title registration which facilitates confirmation of title by persons intending to acquire an interest in land, and provides indefeasibility of title upon the acquisition of the interest. An essential feature of the system is the guarantee by the Crown against loss arising by virtue of an error in the land register. Whilst there is no tax on capital gains, stamp duty is levied on transfers, although in some cases there are legitimate ways to mitigate or avoid it. Property prices in Providenciales in particular have been enjoying a boom in the recent past, and increasing interest is being shown in the less developed islands.
Title to condominium units and the management of condominium developments are governed by separate legislation, while still falling within the registered land system. The legislation is very similar to that in several other Commonwealth nations, and so carries the benefit of decades of relevant case law.
We will advise generally on the acquisition of property in Turks & Caicos and the various modes of ownership, and will handle all forms of property transactions, from preparation of the necessary agreements and instruments through to closing and registration.