TCI Government reduces stamp duty on immovable property

TCI Government reduces stamp duty on immovable property

In an effort to stimulate economic activity in the Turks and Caicos Islands, the Government has launched a new Stamp Duty Waiver Policy.

The stamp duty waiver on immovable property is  available to all eligible applicants that transact a transfer of immovable property or any real right over such property made on or after the 21st September 2020 but before 20th December 2020. Provided that the transaction is completed during the above-mentioned period.

The stamp duty waiver granted would be as follows:

  • 75% reduction of stamp duty on the transfer of immovable property or any real right such property, valued up to $2 million, made between 21st September to 20th October 2020
  • 50% reduction of stamp duty on the transfer of immovable property or any real right such property, valued up to $2 million, made between 21st October to 20th November 2020
  • 25% reduction of stamp duty on the transfer of immovable property or any real right such property, valued up to $2 million, made between 21st November 2020 to 20th December 2020

Transfers relating to Extended Payment Agreements would not be eligible for this waiver.

Provided that the following conditions are satisfied:

    1. Waiver cannot be combined with any other Stamp Duty waiver that may be offered under the Homeowners policy, Investment Policy or a Development Agreement.
    2. Application for the Stamp Duty waiver is submitted to the Collector of Stamp (email address: nmisick@gov.tc) by not later than the following:
      • 20th October 2020 for a Stamp Duty reduction of 75%
      • 20th November 2020 for a Stamp Duty reduction of 50%
      • 20th December 2020 for a Stamp Duty reduction of 25%
    3. Notice of the final deed in relation to such transfer is given to the Registrar of Lands by not later than the following:
      • 23rd October 2020 for a Stamp Duty reduction of 75%
      • 23rd November 2020 for a Stamp Duty reduction of 50%
      • 23rd December 2020 for a Stamp Duty reduction of 25%

    Eligibility for Stamp Duty Waiver

    The Stamp Duty waiver is available to applicants that:

    1. Submit of a completed affidavit form provided
    2. The current market value of land cannot exceed $2 million
    3. The current market value of building and land cannot exceed $2 million
    4. Are approved firstly by the Collector of Stamp Duty for the duty waiver.
    5. Transacts transfers between 21st September 2020 to 20th December 2020
    6. Transfer documents must be submitted no later than 3 days following approval of the Collector of Stamp Duty of the Stamp Duty Waiver