Turks & Caicos Islands Real Estate Winter/Spring 2019/20

property, starting a business, or making an investment
in the Turks & Caicos Islands. With a Sovereign Credit
Rating of BBB+, an estimated annual growth rate of 2.5%
from 2020 – 2022 and the US dollar as national currency,
the TCI boasts a strong, growing economy. With government
support at all levels, including the provision of
investment incentives in priority sectors, the investment
climate in TCI is definitely pro-business. Temporary and
permanent residence status is available to qualified investors.
There are no direct corporate, personal, capital gains
or inheritance taxes and no exchange controls. Being a
British Dependent Territory, TCI offers a strong and
effective judicial system based on English Common Law.
There is still an availability of prime undeveloped
land for tourism and residential projects across the TCI’s
40 small islands and cays and many business sectors are
under-developed, offering “first mover” opportunities.
And yes, there are still deals to be found for the “Average
Joe” investor. Although large land parcels beckon the
developer with a dream—with beachfront parcels still to
be had at a premium on Providenciales—they are more
affordable on the other islands and inland, with good plots
of land for modest homes scattered throughout.
There is a quality skill pool from which to draw and
the work force comprises 50% of the population. The
Turks & Caicos Community College recently celebrated
its 25 year anniversary. It offers a number of Bachelor
and Associate Degree programs, Certificate Courses and
Short Technical/Vocational Programs. Students also
benefit from the University of the West Indies open campus,
as well as the superb British West Indies Collegiate,
whose students recently achieved “Top of the World”
for AS-level Mathematics and Chemistry from the
Cambridge International Examinations body.
Extensive direct air routes, including twice-weekly
flights from UK and over 150 weekly flights to and from
US and Canadian cities make it easy to access the TCI’s
beautiful beaches and bountiful business opportunities,
along with 350 average days of sunshine, modern health
care centers, full service banking and well-developed telecommunications
network.
Making progress
Construction at The Ritz-Carlton Residences is underway,
with a scheduled completion date of 2021. The
five-star luxury development spans 688 feet of Grace Bay
beachfront over 10.5 acres.
South Bank is a new residential resort and marina
community on the south side of Providenciales, now well
john redmond associates ltd.
architects & designers
construction consultants
project management
p.o.box 21, providenciales, turks & caicos is.
tel.: 9464440 cell: 2314569 email: redmond@tciway.tc
Visit us on-line at www.tcrea.com Winter/Spring 2019/20 29