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 21^st 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 21^st September to 20^th 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 21^st October to 20^th 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 21^st November 2020 to 20^th December 2020

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

Provided that the following conditions are satisfied:

1. 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:
      • 20^th October 2020 for a Stamp Duty reduction of 75%
      • 20^th November 2020 for a Stamp Duty reduction of 50%
      • 20^th 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:
      • 23^rd October 2020 for a Stamp Duty reduction of 75%
      • 23^rd November 2020 for a Stamp Duty reduction of 50%
      • 23^rd 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 21^st September 2020 to 20^th 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