A British Territory situated in the Caribbean, the Turks and Caicos Islands offer an investment immigration program under which individuals investing at least $1.5 million in real estate in the country are granted permanent residence without a long waiting periods or physical presence on the Islands.
A popular tourist destination, the Turks and Caicos Islands archipelago consists of 40 islands of which only eight are inhabited. The Islands boast of beautiful beaches, coral reefs, a temperate climate, and many other attractions for visitors and residents alike.
A tax-free destination the economy of the Islands depends primarily on tourism and investment brought in by investment immigrants. A 2-bedroom condo in a five-star resort situated in the Grace Bay Beach area costs around $1.5 million. A 3-bedroom unit can cost around $3 million while a penthouse suite comes with a price tag of $7 million.
Investors can obtain permanent residence by simply purchasing a home that can serve as their holiday residence when residing in the Islands. Those planning on investing in land and constructing their own luxury property may be required to spend around $200 to $500 per square foot. The construction must comply with building codes of the State of Florida and must be strong enough to withstand Category 4 hurricanes.
Those obtaining permanent residence in the Turks and Caicos Islands can enjoy the following benefits:
- Proximity to the third-largest barrier reef in the world offers clear and shallow waters and beaches, which makes the Islands a very popular tourist destination.
- Residents can experience a wide range of cuisines in the numerous restaurants and shopping malls in the Islands.
- A diverse and well-integrated population makes the TCI an ideal place for a cosmopolitan expatriate seeking to experience the unique international culture of the Islands.
- Greater scope for returns on investment as compared to other popular investment immigration programs in the region.
- Access to two state-of-the-art health centers offering holistic care and treatment for a wide range of ailments and disease. Residents enjoy 24-hour access to emergency medical evacuation services to Miami.
- Protective reefs make this Island destination a safe and secure location for kids of all ages. Permanent residents can enjoy a wide range of water sporting activities in the resorts situated on the Islands.
Apart from the prescribed investment, applicants will be required to pay a one-time stamp duty of approximately 6.5%-10% on the value of the property. Further, those importing a vehicle are also required to pay a duty of around 33%-45% of the value of the car. Apart from these levies, residents need not pay any capital gains tax, inheritance tax, corporate tax, income tax, or any other levies.
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Interested Investors: Kindly complete the following form and we will contact you to discuss your global residency and citizenship investment options.General Information: Contact us to receive more information about this article.
Interested Investors: Kindly complete the following form and we will contact you to discuss your global residency and citizenship investment options.