If you are considering purchasing property in Turks and Caicos, it is recommended to consult a local TCI attorney prior to entering any agreement to review your options, particularly whether you will be taking title to property in your name directly or the name of company or trust. Your attorney can advise you on the potential tax benefits and trust protections from offshore company or trust formation.

Ones you have decided on a specific property, your Century 21 Erishar Property agent will produce a Preliminary Agreement, Heads of Agreement or Custom Offer Form .In essence , they all serve the same purpose. The Agreement or Offer will state the name of the parties, the seller, buyer, the legal description of the property, the purchase price, terms, conditions, closing date and will state the length of time the offer will remain open. The seller at this point can accept, reject or counter the offer with price or terms/conditions that are acceptable.

Once both parties have signed the Preliminary Agreement, Heads of Agreement or Offer Form ,the buyer places earnest money in trust account of his agent or attorney(usually 10% of the purchase price) to show good faith and legal consideration. At this juncture, the seller’s attorney will draft a formal agreement for sale and purchase and will produce a copy of the registered title for the buyer’s attorney review. After the two attorneys are satisfied with the title documents and the terms and conditions of the formal agreement, the seller and buyer will sign the formal agreement and the earnest money is then transferred to the seller’s attorney who will hold the funds in trust until the transaction is closed.There are no restrictions on foreign ownership of property and no real estate taxes. It is a one time only transfer tax called Stamp Duty whish rate apply to every one upon purchase of the property.

Determine your budged taking into consideration about 1% for legal fees

STAMP DUTY