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 30,000.j
Toscana on Grace Bay Beach - Prime Provo Property
Beachfront Development in
Middle Caicos
Middle Caicos Single
Beachfront Lot - $249,000
Beachfront in Long Bay, Providenciales -
Sold!
Beachfront 55 acres in Grand Turk
Beachfront Home on Corktree Beach Grand Turk - 379,000
Beachfront 3 Marys Cay near North Caicos
Beachfront Provo Home - $1,799,000
Prime Oceanfront in Provo: Sold
Price
includes 3 parcels Lot 80 which has home and guesthouse with attached garage on
7.57 acres with elevation and awesome views of the north shore and 338 feet of
beach/oceanfront. Lot 66 is 3.49 acres with 253 feet of beach/oceanfront and
adjoins lot 80. Then behind is another parcel lot 66 that is included in the price
which is 2.21 acres. Lot 80 with buildings may be sold separately but all three
lots together provide privacy and potential for the new owner. Altogether this is a
great price for 13.27 acres prime Providenciales with 591 feet of beach and
oceanfront.
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.
More on Why Buy in TCI
How have property prices been doing?
About 85% of our buyers come from the US and Canada, so our market is a little slow
due to the current economic climate but the real estate market in TCI is still
growing. Prices generally have dropped perhaps up to 25%. We will just see slower
growth over the next two or three years. We nowhave state of the art hospital in
Providenciales and in Grand Turk. The International Airport is being extended so
that more airlines can fly here as well as the longer runway will accommodate
direct flights from Europe. We are finally seeing the market re-adjust and begin
its healthier recovery.
You haven’t been hit by the downturn in the US?
All 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 fact that Westjet flies now 3 or 4 times a week has certainly been a help as
their air fares are very reasonable.
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) Stamp Duty
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.
Providenciales is the main hub, with the largest population (over 30,000 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
lots with a view or beachfront 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.
See next page for Wavecrest
Development in Middle Caicos.
Grand Turk?
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
250,000 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.
A Causeway between North and Middle Caicos makes thee two islands very accessible
for local people and tourists to enjoy the beaches, walking paths and
caves.
Air flights?
Turks and Caicos Islands currently have 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. Jet Blue and West Jet and Delta are three more airlines that now fly into
Providenciales International Airport.
As a real estate agent in these ‘Beautiful by Nature’ islands, I
invite
readers of this article who are interested in investing in the Caribbean to contact
me about what the future can hold for them in the Turks and
Caicos Islands.