Turks & Caicos Real Estate Blog
Fractional Ownership and the Turks & Caicos Islands
2011-03-11 21:29:38 by
The Turks & Caicos Governor's Advisory Council has approved draft legislation to make fractional ownership an attractive real estate option, which will increase government revenue in the islands.

As reported by FPTCI.com, "'Fractional ownership in the TCI now usually involves a foreign company buying a property for several individuals who own shares,' said Kathryn Brown, president of the Turks and Caicos Real Estate Association. 'When people sell shares, the government doesn’t get stamp duty on the transactions. The new legislation will let properties be sold a fraction at a time instead of having to gather all owners before purchasing a property.'"

For both sellers and buyers, the law would expand their possibilities of legal options to transfer real estate. The proposed legislation now goes before the Consultative Forum.