When you think of the top Airbnb destinations, you likely think big, fancy or exotic cities/towns like LA, New York, Miami, Paris, Rome, Phuket, Dubai, Greece etc. However, those places typically have a lot of competition with a wide variety of discounted or chain hotels and motels. Many big cities also have tight restrictions on vacation rental properties ie. short term rentals are banned or a limit of 1 per person.

So if short term rentals are not easy to run in your area, why not consider investing in one outside of your area? Out of state or out of country investing is becoming much more popular due to inflation, higher purchase prices, lack of inventory and taxes. It’s becoming easier to obtain mortgages and buy properties in areas you don’t necessarily live. The power of social media also allows us to build reliable connections with people who can help acquire and manage successful property investments.

Turks and Caicos is one of these countries that has proven to be rewarding for all kinds of real estate investors. Below are some of the reasons why investors prefer to put their money to Turks and Caicos for short term rentals.

  • popular upper class tourist destination
  • no local taxes (income, inheritance, property, estate, capital gains)
  • direct flights to/from Montreal and Toronto
  • short flight to Miami or DR
  • local hotels are very expensive
  • easy to explore the island freely and safely
  • cleaning labor is cheap
  • everywhere is close to a beach
  • lots of amenities

The combination of all of these points make Turks and Caicos an excellent Airbnb location to invest. The various types of vacation rental investments in Turks include:

  • massive luxury stand alone villas
  • townhome style villas
  • condos at boutique resorts
  • residences in high end resort complexes
  • boats (yes, you can rent a boat)
  • private estates for $47,000/night

Our preference are the condos at boutique resorts. I’ll keep this short and save that reasoning for another post.

If you would like to get involved in the Airbnb market in Turks and Caicos, contact me now and see what is currently available. If you want to buy and have us manage it for you, we can discuss those details. Typical management fees in Turks are 40-50% of gross revenue (extortionate), but we wouldn’t request that much. We are also open to joint venture partnerships as well.

Take away: do not miss out on profitable out of state or out of country investments because of fear or lack of knowledge. Ask questions and network with people in those areas who know the area well and can help guide you.

Hope this helps.

Mark