Beachfront Living in Turks and Caicos

Grace Bay Beach Providenciales	North Caicos Whitby Beach
AGENTS CORNER Interview with Peter Crawford Smith	Turks and Caicos resident and veteran broker Peter Crawford Smith explains how Turks and Caicos sees the future – more wealth, more visitors, but total protection of its mouth-wateringly pristine beaches and deserted islands
Where is Turks and Caicos (TCI)?
Turks and Caicos is a country of 40 islands with eight major inhabited islands located 575 miles south of Miami, Florida. The most developed is Providenciales, affectionately nicknamed ‘Provo’ and has a population of approximately 22,000.
Why buy in Turks and Caicos?
The advantages to buying are that the Islands boast a low crime rate. We are one of the safest countries in the Caribbean. Our proximity to the US and the convenience of daily flights from many North American cities makes TCI a destination of choice for many.Further, we use US currency and land registration is based on English common law. Because of our status as an offshore banking center, there are no income taxes, no estate taxes, no capital gains, no corporate or real estate taxes and no inheritance taxes. As well, there are no restrictions on foreign ownership. Ownership can be taken in your own name or a company name but the company must be domiciled here in the Turks and Caicos. Infrastructure is constantly improving to support tourism, and the people of Turks and Caicos are warm and welcoming. The beautiful weather all year round, award-winning beaches, snorkeling and diving add to the attraction of our Islands. Investors from all around the world are becoming aware of the many possibilities to be found here.
How have property prices been doing?
About 85% of our buyers come from the US, so our market is a little slow due to the current economic climate, but the real estate market in TCI is still growing. Prices have not dropped. We will just see slower growth over the next two or three years. In two years from now state of the art hospitals which are in construction now will be done and the runway in Provo will be extended to 10,000 feet to accommodate planes from Europe and make these islands more competitive with Barbados, St. Kitts, Dominican Republic and other islands in the Caribbean. These will create a major upturn in the market place and bring in more investors and tourists.
You haven’t been hit by the downturn in the US?
You haven’t been hit by the downturn in the US? Alll Caribbean countries to some degree have been effected by the American economic situation. Turks and Caicos because it has been proactive in the past few years has already created a tourist office in Toronto Canada to bring in Canadian investors as the dollar is strong against the American dollar. The Tourist Board and Government have visited England and set up offices there and have visited Dubai and other countries and have a trip to China planned. All focusing on bringing investors and tourists to the islands to make it a place for people to come. To ensure the continued excitement and growth of our economy in TCI, the local government recently approved a reduction in stamp duty (land transfer tax) which will last until the end of June, 2008. This reduction will benefit anyone purchasing real estate who is in the position to complete sales before this deadline.
Can we buy on the outlying islands?
We have over 30 uninhabited islands some of which have iguana, birds and wild life, mangroves and lots of natural vegetation and sandy beaches. Their pristine nature is a point of pride and these lands are there to visit and enjoy. As mentioned before, Providenciales is the main hub, with the largest population (22,000 people) in the country, but many opportunities still exist for investment on Provo, North Caicos, South Caicos, Middle Caicos, Salt Cay, Grand Turk, West Caicos, Parrot Cay and Ambergris Cay. North Caicos and Middle Caicos are affordable hot spots for people investing in view lots Resort development is just starting in Grand Turk and North Caicos, so now is a good time to take advantage of low property prices that will yield high returns in the years to come.
But surely the day-trippers don’t see enough of the Islands?
Weekly, a cruise ship docks on the Capital Island of Grand Turk, allowing day trippers to get a small taste of our country. The Ministry of Tourism is confident that these day-trippers will enjoy their short stay enough to be attracted to come back and experience all the wonders we have to offer. This past year we had over 200,000 passengers from Cruise Ships visit Grand Turk and a number have expressed interest in coming back for a longer stay. From Provo daily trips go by Ferry to North Caicos and to other islands which provide a different experience. Scuba diving and snorkeling in many of the islands is some of the best in the Caribbean.
Air flights?
Turks and Caicos Islands currently have two full service international airports, one on Providenciales and the other on Grand Turk. There is one other international airport in South Caicos but is only active with commuter flights from Grand Turk and Provo. Most visitors fly into Provo when coming to the Islands and from there can easily take commuter flights to the other Islands. Our Provo airport is a modern facility welcoming dozens of international flights every week from North America, Europe and other Caribbean islands. There are direct flights from New York, Toronto, Philadelphia, Atlanta, Dallas, Charleston and Miami. The Provo airport is currently under expansion to 10,000 feet and will soon welcome direct flights from Europe and the U.K. within 2 years. This will give TCI an advantage over other Caribbean countries allowing us to be even more competitive in the tourism field.
Is it safe to visit and live in Turks and Caicos?
We have the lowest crime rate, and the highest rate of solved crimes in the Caribbean. Petty theft does take place, and visitors are advised to use common sense and be aware of their surroundings at all times, but to answer your question: Is it safe? The answer is yes. Absolutely.
What is the future of the Turks and Caicos real estate market?
The future of the Turks and Caicos looks very positive as we are taking a proactive approach to the future. The extension of the runway in Provo to allow for bigger planes from Europe, the building of two state of the art hospitals, projects like Dellis Cay with 4 different architects from different parts of the world creating homes and condos, Molasses Reef and the Ritz Carlton in West Caicos and the Greenbriar management in Ambergris Cay off South Caicos will contribute to the growth and healthiness of the islands. TCI is a high-end destination and will welcome investors and visitors from all parts of the world. There will be opportunities for small investors and large investors. You will see large yachts in the Turtle Cove Marina and in Leeward where the Nikki Beach Club is building there flag ship hotel with many dock slips. There are two companies on Providenciales that provide space for private jets on the airstrip. There are also luxury villas and condos with spectacular views of the turquoise waters and white sand beaches. We have Provo Golf Club a challenging course for golfers and will soon have the Amanyara Resort doing a state of the art Golf Course up in the Northwest Point area of Providenciales. Other golf courses are planned in some of the other islands. Added to that is these islands have the best snorkeling and scuba diving in the world with the coral reefs. Many opportunities still exist in this offshore community for investment in resorts, villas, condos, hotels, and land especially on the Sister Islands of Providenciales. As a real estate agent in these ‘Beautiful by Nature’ islands, I invite your readers interested in investing in the Caribbean to contact me about what the future can hold for them in the Turks and Caicos Islands.