Only 8 months before I moved to Turks and Caicos in 2014, I had never heard of this place. I had no idea where it was even located on a map. When I talk to people today, most have also have never heard of this beautiful place.

Just to quickly catch you up to speed, the Turks and Caicos Islands are made up of 40 low-laying islands just north of the Dominican Republic. It has a 14-mile barrier reef off the north shore of the main island – Providenciales, and a dramatic 2,134m underwater wall off the coast of the capital island – Grand Turk. Providenciales (Provo) is the most populated island and where most of the tourists flock to visit, which is a 1hr45 flight from Miami or 4h from Toronto.

Grace Bay Beach is located in Provo and spans 12 miles of perfect white sand and crystal clear water. This is where most of the hotels and resorts are located. Grace Bay has been voted the number 1 beach in the world for many years from various sources and media outlets.

Aside from the crystal clear turquoise water and the white flour-like sand on miles of perfect beaches, and the 25-30C daily temperatures, there is a lot of amount of money that can be made around real estate in Turks and Caicos.

Here are some of the ways investors take advantage of what Turks and Caicos has to offer and why Turks instead of other countries:

1. Popular tax benefits:

  • no property tax
  • no income tax
  • no corporate tax
  • no inheritance or estate tax
  • no capital gains tax

2. Wide variety of investment opportunities:

  • Villas – standalone or townhome style
  • Condos – managed by the resorts themselves, property management companies or self managed
  • Land – it’s a premium on a small island
  • Businesses – relatively easy to start a business in terms of paperwork. The challenge is in finding reliable labor. Many many opportunities.
  • Construction – shortage of long term rentals and labor.

3. More development starting to take place on neighboring islands that are more pristine and undeveloped. They are arguably more beautiful than the main island. Many tourists take day trips to tour these best kept secrets. Prices for land are relatively still cheap on those islands.

4. Numerous luxury concierge services to accommodate the long list of celebrities and high net worth individuals who frequently visit. This includes a private airport, chauffeur services, private chefs, butlers, concierges etc.

5. Small island = short drives to everywhere tourists want to go

6. Low level of crime.

7. 350 days of sunshine every year

8. The majority of hotels and resorts are VERY expensive. Middle class tourists need alternative options for accommodations.

9. Many flight options to and from major hubs including Miami, New York, Ft Lauderdale, London, Montreal and Toronto

10. Operates with USD currency and governed by the UK

In many cities around the world, STR’s need to compete with the local hotel industry. In Turks, the nightly rates that can be obtained in STR’s are impressive as they “compete” with very high local hotel rates. In simpler terms: a lot of entry level vacation rental options can charge a premium price and still be considered a bargain for tourists. After that, the value tourists receive from rentals with rates above $1000/night doesn’t even compare to the hotels and resorts.

In the last 2 years, Provo has seen unprecedented growth in real estate from sales to construction and there is no indication of this slowing down anytime soon. The pandemic opened the eyes of wealthy individuals who obviously still want to vacation with their friends and family, but prefer to do it more privately rather than at congested resorts. This demand helped fuel the construction of villas and residences across the island.

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Cheers,

Mark