Can anybody purchase property in South Caicos?
Yes. The Turks & Caicos government does not require its consent for registering property title, and there are no restrictions on foreign property ownership.
What taxes can be expected with the purchase and ownership of property in South Caicos?
In the Turks & Caicos, there are no property taxes, no income taxes for revenue generated by property ownership, and no capital gains taxes for property transfers. Purchasers of property in South Caicos will only be required to pay a transfer tax at the time of closing in the amount of 5% of the purchase price.
Is the Turks & Caicos a stable environment?
Yes. The Turks & Caicos Islands is a British Dependent Territory, a status that ensures a stable political system and trusted legal system. It is democratically governed, and utilizes the U.S. dollar as the primary form of currency.
What type of title assurances are provided to guarantee property ownership?
In the Turks & Caicos, the British Crown guarantees Absolute Title through a land registration process, making title insurance unnecessary.
Does the Turks & Caicos enforce specific guidelines for building and construction?
The Government Planning and Development Authority oversee all building codes and development plans to ensure the highest standards of land use and construction.
What improvements have been made to Bell Sound Estates?
Bell Sound Estates has been improved with roads that provide access to each lot. Underground electrical and low voltage conduit will also be provided to each lot. If this is not complete prior to closing, then the Developer will escrow $2,500 per lot until the improvement is completed.
When purchasing property in Bell Sound Estates, what types of restrictions are in place to help ensure future value of the community?
Restrictive Covenants for Bell Sound Estates help to ensure that that the community remains healthy and vibrant. Some of the highlights of the restrictive covenants include:
- All building plans must be presented to the Bell Sound Estates Association for their approval, and then to Government Planning Board for building permit approval.
- There is no requirement to build or further improve each lot. If an owner decides to build, it is required that completion of construction occurs within 24 months.
- Each lot must be kept in a safe, clean and attractive condition.
- Rental of property or improvements on the property are okay, but existing lots can not be further divided and time-sharing is prohibited.
- Limitations on clearing natural vegetation from the lot outside of the area that a residence occupies.
- Dwellings are limited to single-family residences with optional guest house.
- All property owners will be required to pay assessments, once an association budget is established.
Is Bell Sound Estates property owners restricted in any way from selling their property?
Each purchaser in Bell Sound Estates is prohibited from selling the property for a period of one year from the date of closing.
What is the process for purchasing a lot in Bell Sound Estates?
There is a standard Bell Sound Estates purchase agreement, which includes the restrictive covenants. This document would be completed and signed by the purchasers, and the required deposit (10% of purchase price) shall be wired to the seller's attorney for escrow. It is expected that the closing shall occur within 30 days following completion of the purchase agreement, at which time funds representing the balance of the purchase price will be issued by the buyer to complete the transaction. Immediately following closing, title to the property is registered with the Turks & Caicos Land Registry in the name of the purchaser.
