It’s no secret that global inflation has skyrocketed residential real estate prices. With competition increasing between buyers, Canadians are now moving to options beyond the country’s borders. These options mostly include the Turks and Caicos islands, as they provide investors with a place to invest and relax.
Following are some reasons behind Canadians buying Turks and Caicos:
- Welcoming Island for All:
The islands welcome visitors from all around the globe to invest in real estate with little to no restrictions. This gives investors of all budgets a good chance at securing a property.
- No worry about Leases:
Canadians won’t have to worry about leases; they can buy property according to their preference, just like back in Canada.
- Good Relations:
Even though the Turks and Caicos are a part of the West Indies, they have close relations with Canada dating back to 1974.
- English Language:
Being a British overseas territory, Canada and the islands split a Queen. Because of this, English is the primary language spoken on the islands, which makes it quite easy for Canadians to get by in their daily lives.
- Safe Environment:
Canadians enjoy the summer breeze in Turks and Caicos, and many of them have their own properties there. While others mostly go for vacations and leisure time. The people are very welcoming, and the country is safe. The country has an extremely low relative crime rate, making it safe for vacation or investment.
- Warm weather:
The islands are located in the Caribbean, surrounded by blue seas, enough sun and a whole year of luscious warm weather. Also, the islands rarely have any rainy days.
- Caribbean Trade Agreement:
Turks and Caicos are part of the Caribbean trade agreement, which solely exists to promote trade between them and other countries. This further adds to their already flourishing economy, allowing for more foreign income and tourism.
- Canadian Banks:
The qualities of Turks and Caicos don’t end here. Despite being an overseas country, familiar Canadian banks like Scotia bank, RBC and CIBC are seen commonly. The relationships with the islands go so deep that they could have once been a province of Canada. Although that never came to be, it goes to show how much the islands matter to Canada.
- Stable Foreign Income:
Turks and Caicos Island’s economy is largely run by tourism, and this comes with some advantages. Firstly visitors are welcomed with open arms. You can enjoy what the islands have to offer with ease. Secondly, stable foreign income for those who own real estate and rent it out as hotels, resorts etc.
- Lack of Sunshine:
Because of the entire year of snow and a week of summer, Canadians have a soft spot for their vacation properties like cottages. Most of them like to go to Florida for a sunny vacation to fulfil the lack of sunlight. The fun part is that Turks and Caicos are pretty close, and you can get a whole year’s worth of summer there.
- Peaceful Environment:
If you fly from Toronto to Turks and Caicos, the flying time is the same as it is for Florida. Even though the distance is a bit more in comparison, it takes about three hours and some spare change to reach and gives an overall better package. Most of the U.S. states are heavily occupied with tourists and then local people. They also need the exotic feeling that the Turks and Caicos have to offer.
- Enjoying Properties:
Many of the people who invest in the islands enjoy their properties as vacation homes. They have the option to rent out their property, allowing them a decent cash flow when they are in Canada. The passive income gives a pretty decent bump in lifestyle for Canadian investors.
- Easy Buying:
The buying process is extremely easy and feasible for Canadians. They follow the exact same procedure followed here in Canada. So, those who have previously been through the process in Canada will find it stress-free. You can even make property purchases remotely. They use the MLS; if you buy through listings, then you will work with a real estate agent.
- Easy Taxation Policy:
The country’s taxation policy is light and also very accommodating to allow Canadian investors to reap huge financial benefits. There are no income taxes, property taxes or even capital gains. An added bonus is that there are no tax policies to regulate inheritance, so the transfer of ownership is quick and smooth. You have to pay stamp duty once, similar to land transfer taxes.
All major real estate agencies have their offices in Turks and Caicos. While they most handle resale, you can directly talk to a developer as well. One thing to consider is the import taxes when you are building property in the Turks and Caicos Islands. They can get as high as 30%, so keep that in mind. There are ways to mitigate that when you contact a developer, that is.
FINAL WORDS:
If you are looking to invest in real estate smartly, there is no better option than the Turks and Caicos Islands. From zero property and income taxes to beautiful weather and a stable passive income, what’s not to like?
