The urks and Caicos Government announced the amendment of the Turks and Caicos Islands Covid-19 Stamp Duty Waiver Policy which came into effect on 21st September, 2020. The amendments are as follows:
- The removal from the Affidavit Form of the five (5)-year restriction on the acquired property;
- An extension of the fifty percent (50%) Stamp Duty concession rates timeline to the 30th November 2020 on the transfer of immovable property or any real right such property, valued up to $2 million, made from 21st October; and
- An extension of the twenty-five percent (25%) Stamp Duty concession rate which will now take effect from to December 1st-30th, 2020.
Note that these amendments will take effect 9th November 2020 for all properties (under $2,000,0001) transacted during the period 9th November 2020 to 30th December 2020. The revised Affidavit Form must be submitted with all applications effective 16th November, 2020.
Written by Neale Coleman
Neale Coleman is an experienced commercial litigator and real estate attorney in Turks and Caicos who practices in the area of real estate, tourism and resorts working on commercial developments and residential property transactions of a diverse nature.