Why You Should Retire in Turks and Caicos ? The Turks and Caicos Islands have amazing white sand beaches, a thriving marine environment, fine dining, luxury resorts, and crystal-clear turquoise water. These islands have a small population, which makes it easy to find comfort and peacefulness in their many miles of empty beaches.
Provinciales, the principal island, is more lively and more appealing and is more leisured than the other islands. This island is a top destination for travellers and is the perfect place to retire. This country is a good place to retire in and has natural beauty and offers a permanent residency program for those who would like to buy a home.
Reasons to Live in Turks & Caicos:
- Grace Bay Beach holds the spot for one of the best beaches in the world
- Low crime
- Tax-free for expats and global nomads
- Natural beauty
- It is a great place to settle down for a relaxing lifestyle
- Great off-shore financial center
General Information for Turks and Caicos:
- Government: British Overseas Territory
- Population: 45114 as of 2021
- Size: 948 km²
- Official Language: English
- Climate: Usually dry and the average temperatures are between 27 C and 32°
- Geography & Topography: There are 8 main islands and in total 40 islands and cays.
- Official Currency: US Dollar (USD)
- Economy: Tourism, construction, fishing, and financial services
Activities for Expats:
There are great water activities to do at this destination. Some of these options include paddle boarding, kiteboarding, scuba diving, snorkelling, kayaking, fishing, sailing, windsurfing, and parasailing. The land activities include horseback riding, off-roading tours, hiking, cycling, tennis, golf, and birdwatching. Many of these shops offer wonderful souvenirs for tourists and some shops have duty-free luxury items. The capital Providenciales has shops that would be of interest to people travelling here, such as expats.
Turks and Caicos is especially popular with Canadians who travel there for vacations, but are also increasingly becoming expatriates there. There has even been talk of having the island join Canada as a new province or territory.
Visas and Residency:
The government offers permits for those who would like to be temporary residents that must be renewed each year. This is perfect for people who wish to retire in Turks and Caicos for a few months of the year.
Turks and Caicos has a program that makes it easy for investors to get permanent residency. This program requires a home to be purchased by the person who applies and this home investment must be worth between $300k and 1M. These funds have to be used for the renovation or construction of a property. A pro of this permit is that it does not require the applicant to have a permanent job. There are other options that include investing in businesses that include larger investment thresholds. It should be noted that people interested in becoming a resident in Turks should seek legal and tax advice.
Real Estate:
A home in Turks and Caicos can be a great real estate investment since it has one of the best real estate markets in the Caribbean and Atlantic. There are no property restrictions against foreign owners and land that is undeveloped can be held permanently.
Living Costs:
If you are an expat who wants to retire in Turks and Caicos, the cost of living here can be more expensive because most goods are imported from different countries. Note that your cost of living might be 30 to 40% higher than the USA and Canada depending on your state or province. Like most of the world, the cost of living has increased steadily in Turks and Caicos
Taxes:
For some expats, there may be Zero percent income, capital gains, property, and inheritance tax. Check with your expat tax advisor.
Accessibility and Transportation:
Air Travel:
All flights from international destinations land at Providenciales International Airport. Most of these flights are from Canada, the United States, and Mexico. Many flights also originate from other islands in the Caribbean.
Road Travel:
Providenciales has a large road system and all roads have cars driving on the left side. There are available car rental options.
Public Transportation:
There are taxi services available throughout some of the islands and a ferry service that travels to some islands.
Medical Facilities:
People who are considering retirement in Turks and Caicos should consider purchasing medical insurance that can cover an air evacuation for a medical emergency but also non-emergency medical care, checkups, wellness and medications. Since Turks and Caicos have limited medical services, having a serious medical emergency could cause evacuation to a different country such as the USA. There are several medical center facilities located in Providenciales and Grand Turk.
Also, there are medical centers that are smaller on the other islands.
If you are an expat or global nomad who wishes to retire in a warm and tropical place, such as Turks and Caicos, it is always best to do research about this overseas territory. Still consider settling down at this destination since there are many pros to living in Turks and Caicos, including nice beaches, crystal clear turquoise water, no taxes, and a lot of activities to try. All of this makes it the perfect place to settle down after retirement.
Written by Mark T
