
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. |