| Why buy
real estate in the Turks and Caicos Islands? |
| By Bernadette
Hunt |
| May
2006
The Turks &
Caicos is a tiny British Dependent Territory at the southern end of the
Bahamas chain of islands, relatively unknown until recent years.
With a selection
of luxury beachfront resorts, great beaches and amenities the Turks and
Caicos is attracting all sorts of well-known people (Bruce Willis; Donna
Karan; Keith Richards; Cindy Crawford; and a host of others have visited
or bought second homes in the islands).
If you haven't
heard of it yet keep your eyes and ears open. |
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| The Turks
and Caicos has (by default rather than design) a number of advantages which
have been catalysts in making the jurisdiction the fastest growing economy
in the Caribbean and a hot-bed of international real estate interest. Those
advantages include the following: It has the US Dollar as its currency,
making it (and the British Virgin Islands) the most convenient non-US
destinations in the Caribbean for US visitors.
1. It
is English speaking - you will also hear French, Spanish and other languages,
but the official language is English.
2. It
is not "touristy" - you will not be pursued by people asking you
to buy whatever they are selling, crime rates are very low comparatively
speaking.
3.
It is a British Dependent Territory and one of the last vestiges of the
British Empire. Although the locally elected Government has a high degree
of autonomy in relation to internal matters TCI has a Governor appointed
by the Queen who has wide ranging powers, particularly in relation to matters
of an international nature. |
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| This has proven
to be a major attraction for property investors who value UK oversight
and the stability that it brings.
4. It
has a common law court system with appeal ultimately to the Privy Council
in the UK. Again the tie to the UK on matters of law enforcement
is very appealing and familiar to investors who are themselves from common
law jurisdictions (e.g. USA, Canada, UK, etc).
5. It
has some of the best white sand beaches anywhere - Condé Nast consistently
rate Grace Bay's ten mile beach in the world's top 10. North Caicos,
Middle Caicos, Pine Cay and Grand Turk also have great beaches.
6. It
is a well known scuba-diving destination with some of the best wall-diving
in the world and great visibility (due in part to the fact that they
are a limestone outcrop in the ocean with very little topsoil run-off). |
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Offshore
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| 7.
It has excellent fishing - inshore sport fishermen will find bonefish,
snapper and jacks while deep sea fishing enthusiasts can expect marlin,
wahoo and tuna.
8. It
has a number of elegant resorts along Grace Bay beach and a variety of
fine dining principally on the island of Providenciales. Although Providenciales
is now quite developed the islands offer lots of choices for travelers
looking to find an older, statelier Caribbean. Grand Turk, South Caicos
and Salt Cay still have a colonial feel and the remnants of the Bermudian
salt-raking industry are still clearly visible.
9. The
Planning Department has under the guidance of successive governments implemented
a policy of up-market and low density development on commercial beachfront
properties with generous set-backs from high watermark adding to the sense
of space and dictating the quality of visitor to the islands. This
is not a destination where you will see 20 storey buildings crouching uncomfortably
on the beach.
10.
Has no direct taxation of income - Government's revenues are generated
indirectly by land transfer tax, tourism related taxation and import duties. |
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| If you've
ever dreamed of a vacation hideaway that rewards you with consistent tax-free
income, an island retirement, commercial investments or mere land speculation,
look no further than the Turks & Caicos Islands.
11.
It has great telecommunications through several providers.
12.
There are no restrictions on foreign ownership of real estate - if you
like it and can afford it, you can purchase absolute freehold title regardless
of whether you are a resident or not.
13. It
has a fully registered land system which means that details of ownership
are clearly recorded in a public register. The land register for each parcel
of land in the Turks & Caicos also indicates whether there are
charges secured against the property, the absence or otherwise of easements,
restrictive agreements, rights of way and so forth. |
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Offshore
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| The Crown
guarantees registered absolute title, so title insurance is unnecessary.
Small wonder
that sophisticated travelers and real estate developers and investors have
been flocking to our shores. |
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Article
Index ~ Turks
and Caicos Index ~ |