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TPR Buyers Guide
TCI Property Transfers
The TCI Government has enacted changes to TCI's stamp duty regime in relation to real estate transfers, which came into force on May 7, 2010, significantly reducing effective duty rates on most transactions.
The table below (which is not comprehensive) sets out the Stamp Duty on such transactions:
| Throughout TCI | |
| Purchase Price | Rate of Duty |
| Not more than $25,000 USD | NIL |
| Grand Turk | North Caicos | Middle Caicos South Caicos | East Caicos | Salt Cay |
|
| Purchase Price | Rate of Duty |
| $25,000 - $500,000 USD | 2% |
| $500,000 - $1,500,000 USD | 3% |
| $1,500,000 - $3,000,000 USD | 4% |
| More Than $3,000,000 USD | 5% |
| Elsewhere in TCI | |
| Purchase Price | Rate of Duty |
| $25,000 - $500,000 USD | 4% |
| $500,000 - $1,500,000 USD | 6% |
| $1,500,000 - $3,000,000 USD | 8% |
| More Than $3,000,000 USD | 10% |
Reduction for immediate payment
In a significant departure from the old rules, the new law provides that a person liable to pay stamp duty on a real estate transfer may either (i) pay the duty in full at the outset (i.e. within 30 days of the date of the transfer) in which case he may receive a reduction of 10% of the duty otherwise payable or (ii) elect to pay the duty in up to four equal annual installments. If the duty is paid in installments, the Collector of Stamp Duty will be entitled to register a restriction against the title of the property concerned to prevent any disposition of the property whilst stamp duty remain outstanding.
In consequence (for example), a buyer of a condominium on Providenciales at a price of $1 million who elect to pay all his duty upon the closing of his purchase will have an effective stamp duty rate of 5.4%: this is a very material reduction from the previous rate of 9.75%.
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