Seascape Villa, Middle Caicos Island, Turks & Caicos Islands, BWI Investing on Middle Caicos
Turks & Caicos
Investment Opportunities
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There are no restrictions on the ownership or disposition of property by non-residents. To encourage the development of the out-islands such as Middle Caicos, the government has reduced the stamp duty on the sale of property to 2% from the normal 10% applicable to Provo.

All property on the islands is registered with the Land Registry and consequently no title insurance is available nor required. Mortgages are available but expect to pay between 12%-13% in this tax-free environment. Real estate commissions are generally 10% for raw land and between 4 to 6% on developed property. Attorney fees range from 1%-2%.

Building plans, based on an adaptation of the Florida Building Code, must be approved by the Planning Department. It is not required, but experience has shown, it is advisable to use an island architect. Architectural building plan approval usually takes about a month if there are no major problems.

One can expect the minimum building cost to be about $100/square foot. Expect to pay an additional $10 / square foot if one includes ceramic tile floors, a full kitchen, decking and better grade plumbing fixtures. Naturally, luxurious upgrades add to the cost. Because of the difficulty in coordinating supplies, the majority of which must be shipped from the U.S., expect construction to take a minimum of 8-9 months.

Providenciales (Provo)
Amazingly before 1966 the population was less than 250 people, no roads and no vehicles of any kind. There were only foot paths, horses, donkeys and small native boats to travel this 25 mile long (37.5 square mile) island. Now the population is 6,000 and rising rapidly.

Development started in the mid 60's. In exchange for 4,000 acres of land, a group of U.S. investors, known locally as the "Seven Dwarfs" and including multi-millionaire Dick Du Pont, agreed to build roads, dredge the harbor, and construct an airstrip, 10 room hotel and jetty.

There is a shortage of affordable residential beach front property on this booming island. If an occasional resale water front lot would come on the market, the price would be most likely $225,000 or higher. Hilltop locations start at $75,000 for less than 1/2 acre. Smaller canal lots average $50,000 although there is an occasional cash deal for less.

Estimates are that on Provo appreciation since 1985 has been almost ten-fold. Pricing is very upscale on Provo with Condominiums selling from about $200,000 to $450,000. Very few houses are in the low to middle range with most in this same price category. There are townhouses for about $150,000-$185,000. Several extremely luxurious properties are listed for between $1,000,000 to $2,000,000.

Opportunities on Middle Caicos

Most land on Middle Caicos (and the other out islands) is either government owned or owned by private families. The privately held land is often entangled in legal limbo because it is "generationally held"-that is, many descendants of the same family (some of whom may be scattered around the world) must agree to the sale and provide the capital to have the land surveyed and sub-divided.

There are , however, several one acre beach front lots with 100 foot frontage currently available ranging in price from $72,000 to $100,000 with clear title readily available. Prices of raw land have appreciated 100% since 1989. We have knowledge of the market and have a relationship with an international real estate company in the islands.

We would be happy to provide you with more information if you are interested in purchasing property.