Foreign Property: Turks and Caicos offer perfect, tax free, island living

11 Nov

If you fancy the idea of owning your own private retreat on a sun-kissed island, then how about exploring the investment potential of the Turks and Caicos islands?

Recently voted the most popular Caribbean destination in the prestigious Conde Nast Traveller magazine Readers’ Choice Awards 2008 (a survey involving over 32,000 respondents), the Turks and Caicos consist of over 50 islands of varying sizes. Located in the Caribbean, about 575 miles off the coast of Miami and just below the Bahamas, the islands are a popular location with travellers and have all the ingredients for ideal island style living. They’re blessed with great temperatures, turquoise blue seas and sandy beaches, to name but a few elements.

The islands can be reached from the UK via an eight-hour direct flight and there are two main international airports at Provo and Grand Turk. Most of the islands in the area can easily be reached via a 10 to 25-minute connecting flight, or alternatively by boat.

The third largest island in the archipelago is North Caico, or the Garden Island as it’s affectionately known. With a population of less than 2,000 people, it’s the perfect island retreat if you want to get away from the stresses and strains of daily life. Property prices on the islands vary depending on what type and size of property you’re seeking. What’s more, there’s an added incentive for buyers – there’s no income tax, inheritance tax, capital gains tax or annual property tax to pay.

The Turks and Caicos islands were previously voted the 10th most popular Caribbean destination in the 2007 version of the annual Conde Nast survey, so have stormed up the charts this year. They were closely followed in second place by the nearby Bahamas, and Jamaica took third place.

The profile of the islands is set to be raised in 2009, as they’ll be playing host to several large events. In February, the Indy Turks and Caicos Grand Prix is heading to the islands and another sporting event, the Caribbean Amateur Golf Championship, is also being held in its sunny climes.

If you’re interested in carving out your own little corner of paradise, search for available property in the Turks and Caicos Islands.

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