Is the purchase freehold or leasehold?
The property is purchased under a leasehold for 99 years. Please note the following advantages to owning a Ninety-Nine Year Lease as opposed to Fee Simple Title: The Developer is marketing the Resort Residences approximately 50% below current Market Value in The Turks and Caicos Islands The Real Estate Transfer Tax in the Turks and Caicos Island is currently 9.75%. The Developer has negotiated the Transfer Tax from 9.75% down to 3% on the transfer of the Ninety-Nine Year Lease. For Example, The average price for a One Bedroom Ocean View Resort Residence is $500,000.00US as opposed to the current price at Caicos Beach Club of $269,000.00US. The transfer tax on the $500,000.00US purchase price would be $48,750.00US paid to the Turks and Caicos Island Government at closing as opposed to the transfer tax on a Caicos Beach Club Unit of $8,070.00US or an out of pocket savings at closing of $40,680.00US. This Resort Residence is not an individual’s primary residence but is, in fact, an invest
