Turks and Caicos now trending as Best Place to Retire 

By Deandrea Hamilton and Dana Malcolm

Editorial Staff 

#TurksandCaicos, November 15, 2022 – A new report from online magazine Wealth Professional in Canada is pegging the Turks and Caicos as one of the better places to retire and it has to do with more than the pristine environment, though that is undeniably a huge lure.  It seems to have more to do with what Turks and Caicos does not have which makes a compelling case for the islands.

David Little, a Senior Wealth Advisor  told the magazine, “It’s very difficult to live in retirement in Canada with the expenses that we keep incurring, from purchasing automobiles and food and everything else. It’s so ridiculously inexpensive to live in the States, compared to Canada, and people are just simply tired of the government having its hands in their pockets.”

That’s where Little says the TCI and other countries around the world come in. He mentioned Florida, Costa Rica, Portugal and the Turks and Caicos specifically as hotspots for retirees thanks to less expenses for those looking to exit the working world.

Little is not the only one making these claims; the Huffington Post Canada has been heralding the TCI as a perfect retirement spot as far back as 2016. Citing taxes, healthcare, economic and political factors as a grading system the post ranked the Turks and Caicos among the top ten destinations for retirement. Travel and Leisure, Caribbean Journal and several other publications have all expressed the same sentiment.

Firms like Griffiths & Partners help to paint the idyllic picture, when they draw attention to the have-nots of the archipelago.

“The Turks and Caicos Islands have no income tax, capital gains tax, estate/inheritance tax, or corporate tax associated with real estate investment.

All of this can amount to significant savings, especially when residing on the islands or transferring the property.”

The laid back, carefree island lifestyle is tempting for ‘snowbirds’ dreaming of flying south on a more permanent basis, when they also consider how easily it is to get into the villa rental market.

VisitTCI explains, “The Turks and Caicos Islands, through its status as a British Overseas Territory, is a stable Caribbean country, and there are no restrictions on purchasing real estate in the country by foreign individuals.”

The luxury villa market is thriving in the islands with nightly rates ranging from $4,000 to $18,000 per night.  Passive income becomes a lucrative prospect for those looking to trade snow for sand.