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05/09/06 -
Why buy in the Turks and Caicos islands? |
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.
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. 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).
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. 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. The Crown guarantees registered absolute title, so title insurance is unnecessary.
Small wonder that sophisticated travellers and real estate developers and investors have been flocking to our
shores. |
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