Reduced Stamp duty in TCI
The Turks and Caicos Budget address for 2009/2010 was given on 21 April 2010, in which it was stated that: "with immediate effect new stamp duty bands and rates are to be introduced, … For example, properties less than $500,000 will attract a charge of just 4% on Providenciales (2% on Grand Turk, Salt Cay and other less developed islands) rising to 10% for properties over 3 million. In addition, purchasers will be able to choose to spread their stamp duty liability over 4 years or elect to pay in full on registration of their property with a discount of 10%.” Currently stamp duty is $9.75% on Providenciales and 5% on the other islands, therefore, the proposed stamp duty reduction should provide a much needed boost to the real estate sector in the country.