There are many considerations when purchasing real estate on Provdienciales, with the primary factors being price, location, and desired parcel size.
Additional factors are whether the road access is surfaced, beach or water frontage, canal access, existing development, and future development.
Most land on Providenciales is freehold, although there may be title restrictions, such as building height limits or mandatory participation in a home-owner’s association (HOA).
Most condominiums and multi-tenant residences have some form of a strata title, with members each owning a strata lot and a share of the strata corporation. Of course, these types of properties have annual fees and dues, normally assessed on a square footage or number of bedrooms rate.
Unlike in some other Caribbean countries, there is no property tax in the Turks and Caicos.
Beachfront land, especially on a prime location of beach, is rare and carries a very high premium.
Providenciales and North Caicos (along with the cays including
Parrot Cay and
Pine Cay) have upper stamp duty rates of 10%. This means that if you’re buying a house, you are effectively paying a 10% government tax on the structure itself.
However, commissions on vacant land is 10%, compared to 6.5% for developed properties (rates mandated by the Turks and Caicos Real Estate Association – TCREA).
Canals on Providenciales
With the exception of a short canal in
Turtle Cove, and the extensive canals in the
Leeward residential community, all canal systems are located on the south eastern quadrant of Providenciales.
Long Bay has a single canal which runs adjacent to
Juba Sound, and there are several canals in the Discovery Bay and Venetian Road area. Be advised that not all canals in
Discovery Bay and
Venetian Road are actually connected to a water source—some were dredged and have standing water but never completed.
The Providenciales Solid Waste Facility – The Dump
The landfall on Providenciales, locally known as the dump, experiences fires from time to time. These can cause massive amounts of smoke and toxic fumes, which depending on wind direction.
Flight traffic at the
Providenciales International Airport (PLS) can create substantial noise. This is generally low in the
Chalk Sound area, but you are advised to wait for air traffic at your specific location to get a better understanding of how it’ll affect you.
Some subdivisions and new residential communities on Providenciales are being marketed and sold without any access to electricity, water, or telecommunications services. Be sure to check the status of utilities for any real estate you’re interested in. Even a short distance required for additional above/below ground utilities can easily run into the tens of thousands of dollars.
Digicel has recently installed fibre across the island of Providenciales, so you may wish to check for the availability at your location.
Flow operates ADSL over existing copper telephone lines.
The majority of condominiums are located on or near to Grace Bay Beach. Townhomes, similar in function to condominiums, exist at the Provo Golf Club, inland within the Grace Bay area, and a few other locations on Providenciales.
Providenciales Real Estate for Sale
real estate agents and agencies are part of the Turks and Caicos Real Estate Association (TCREA). This gives any member access to the MLS (Multi Listing Service). You should choose an agent based on who you’re comfortable dealing with and who understands what you’re exactly looking for. They’ll be able to consult the database of all properties listed to help find what you want, even if it’s listed with another agent.
It is sometimes possible to find land and properties for sale by owner, however this is uncommon.
Persons investing in excess of $1,000,000 U.S. dollars in land or a house may qualify for a permanent residence certificate. You are advised to speak with a qualified lawyer to see how this applies to you, and other requirements.
Persons investing less than $1,000,000 may be required to obtain a residency permit, if they wish to exceed the maximum duration of their tourist visa. Note that persons entering the TCI for tourism purposes, or those on a residency permit, are not eligible to work and require a work permit.