Times of the Islands Summer 2021

The longest established legal practice
in the Turks & Caicos Islands
Real Estate Investments
& Property Development
Immigration, Residency
& Business Licensing
Company & Commercial Law
Trusts & Estate Planning
Banking & Insurance
1 Caribbean Place, P.O. Box 97
Leeward Highway, Providenciales
Turks & Caicos Islands, BWI
Ph: 649 946 4344 • Fax: 649 946 4564
E-Mail: dempsey@tciway.tc
Cockburn House, P.O. Box 70
Market Street, Grand Turk
Turks & Caicos Islands, BWI
Ph: 649 946 2245 • Fax: 649 946 2758
E-Mail: ffdlawco@tciway.tc
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
According to Joe Zahm, president of Turks & Caicos
Sotheby’s International Realty, buyers are coming from
traditional hubs as well as the New York City tri-state area
and Ontario, Canada, along with a broader geographic
base including California, Texas, and the Midwest and
Southeast US. He says, “We’re also seeing ‘vacation relocation’
from harder to access places such as Hawaii,
Costa Rica and the southern Caribbean.”
Other advantages to a TCI lifestyle include 350 average
days of sunshine, modern hospitals and health care
practitioners, full service banks and temporary and permanent
residence status available to qualified investors.
There is a homeowner’s permit, valid for five years and
allowing recipients and their family members to come and
go as they wish (without the right to work). Purchasers
of any home or condominium valued over $300,000
can apply. With a real estate purchase over $1 million,
investors can apply for a Permanent Residence Certificate
(PRC), granting the applicant and spouse the right to
reside in TCI for life. Children can be endorsed until they
are 18 years old. The cost is a one-time government fee
of $25,000, plus $1,500 for spouse and $500 per child,
along with legal fees. PRC status can lead to TCI (British
Overseas Territory Citizenship) and, potentially, a British
passport. Note that foreigners also have the unrestricted
right to purchase property, and there are no real estate
taxes.
If you are planning to build or renovate, there are
many long established and well qualified local architects,
builders, contractors and tradesmen for any type of project
you can dream up. There is a quality skill pool from
which to draw and the work force comprises 50% of the
population.
Besides a record number of established homes, condominiums
and land transactions in progress, the TCI has
many new projects under development that will strongly
affect sales now and in the future. A quick read-through
of the expansive lists of features and amenities supports
the ever-growing demand for a second home or vacation
property in this country. Buyers will lack for nothing and
are sure to find a property to suit any taste and style.
Perhaps the most prominent, at 12 stories, is the
long-awaited Ritz-Carlton Residences due to open this
summer. This five-star property spans nearly 700 feet of
prime Grace Bay beachfront over 10.5 acres. According
to Walter Gardiner Jr., Director of Sales & Marketing for
the project, “It’s extremely gratifying to watch this dream
become a reality . . . The combination of having one of
the world’s best resort brands on the world’s best beach
62 www.timespub.tc