We noticed that you're using an unsupported browser. The TripAdvisor website may not display properly.We support the following browsers:
Windows: Internet Explorer, Mozilla Firefox, Google Chrome. Mac: Safari.

Any Canadians owning condo in TCI?

Maple, Canada
Level Contributor
389 posts
56 reviews
Save Topic
Any Canadians owning condo in TCI?

My DH and I are here now and are playing with the idea of buying in the Grace Bay area, possibly Villa Del Mar. How does this work if we invest in a condo? (i.e. income tax on rental income and upon resale) Any other relevant info, perks or otherwise greatly appreciated.

Edited: 02 August 2014, 16:02
Windsor, Canada
Level Contributor
43 posts
41 reviews
Save Reply
1. Re: Any Canadians owning condo in TCI?

I'm renting from a Canadian that owns a condo in the Alexandra. Check vrbo for contact info.

London,Ont...
Level Contributor
570 posts
Save Reply
2. Re: Any Canadians owning condo in TCI?

I'll private message you a bit later

I'm also on island, and late to get to the beach before Bertha shows up. :-)

Halifax, Canada
Level Contributor
4,480 posts
Save Reply
3. Re: Any Canadians owning condo in TCI?

Also, if you're thinking about buying at VDM, book a meeting with Alan, the general manager there. He can answer a lot of your questions for you. Plus, he's Canadian.

Detroit, Michigan
Destination Expert
for Providenciales, Turks and Caicos
Level Contributor
11,361 posts
1 review
Save Reply
4. Re: Any Canadians owning condo in TCI?

I am not Canadian, but I live a mile across the border river. After you carefully check out everything and put some serious thought into it, then it's okay when you are ready for the urge to splurge. We almost made a couple mistakes the first time a few years ago, but it was through an experienced Island Realtor(who didn't know about her medical condition until I'd asked & she got a 2nd opinion on the spot by DR. VICKI) that made the difference in making that decision correctly. The 2nd time again be cautious and use a Realtor. You don't want to take a couple 100 thousand Provo $$$$ bath. Instead you want that couple 100 thousand profit shower. My advice I always desseminate on this forum is to go direct Gracie Oceanfront 3rd floor 2-3 BR suite with that commanding balcony view. That's prime and most desirable for the market. If you are looking @ Villa del Mar, you are starting in mid$300K+ range. Good luck on your Provo endeavor. DR. JIM

maryland
Level Contributor
4,950 posts
8 reviews
Save Reply
5. Re: Any Canadians owning condo in TCI?

2theC, keep us posted on the storm. Pictures would be cool.

Maple, Canada
Level Contributor
389 posts
56 reviews
Save Reply
6. Re: Any Canadians owning condo in TCI?

ToTheC-001,

Shortly after I posted my message we headed out to the beach as well. We took a quick dip and the wind started picking up, so here we are again at VDM. Looking forward to hearing from you!

DR. JIM,

As Canadians we get taxed on all of out of country income, so we want to get all of our facts straight. We are currently mortgage free in Canada and this is the only reason we would consider such a purchase. Something we will go back home with, research, and consider all the pros and cons before making a decision. We don't want to take a Provo $$$$ bath as you put it. :0)

maca81,

We do know of Alan @ VDM. We just didn't want to waste his time without some basic info.

Thank you all for your comments!

Providenciales
Level Contributor
1,305 posts
2 reviews
Save Reply
7. Re: Any Canadians owning condo in TCI?

Hundreds. if you are a Canadian resident, you would be subject to the tax, likely at your marginal rate. and of course capitol gains upon disposal. Of course, there is a chance they would never know about it as well. Ah the joys of tax havens.. If you look on your tax return, the VERY first question (even before your name) is something to the effect of "Do you own any foreign asset valued at more than $100,000).

West Coast
Level Contributor
190 posts
Save Reply
8. Re: Any Canadians owning condo in TCI?

There is no income tax or capital gains tax in TCI. You do however have to report any such gains on your Canadian tax return - and pay tax according.

9. Re: Any Canadians owning condo in TCI?

-:- Message from TripAdvisor staff -:-

This post was determined to be inappropriate by the TripAdvisor community and has been removed.

To review the TripAdvisor Forums Posting Guidelines, please follow this link: http://www.tripadvisor.com/pages/forums_posting_guidelines.html

Our staff may also remove posts that do not follow our posting guidelines, and we reserve the right to remove any post for any reason. Thanks for being a part of the TripAdvisor travel community!

Removed on: 04 August 2014, 00:35
10. Re: Any Canadians owning condo in TCI?

-:- Message from TripAdvisor staff -:-

This topic has been closed to new posts due to inactivity. We hope you'll join the conversation by posting to an open topic or starting a new one.

To review the TripAdvisor Forums Posting Guidelines, please follow this link: http://www.tripadvisor.com/pages/forums_posting_guidelines.html

We remove posts that do not follow our posting guidelines, and we reserve the right to remove any post for any reason.

Removed on: 05 August 2015, 05:17
Get answers to your questions about Providenciales