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Questions and Answers:
TELL ME ABOUT THE VISION OF VERANDA.
On July 9th through 11th, 2002, Cherokee Limited, International Hospitality Advisors (IHA) and Playground Destination Properties gathered together a group of twenty-one experts for the purpose of exchanging thoughts, ideas and concepts for an extraordinary 8.77-acre parcel of land with approximately 700 feet of waterfront on the island of Providenciales. This assemblage of architectural, tourism, travel, marine ecology, historical, cultural and National Parks professionals, along with a number of island residents, articulated a vision true to history, traditions and geography of the Turks & Caicos Islands and agreed that it should be known as Veranda.
HOW DO YOU DESCRIBE VERANDA?
Veranda is an authentic Caribbean coastal village inpired by its primary architectural feature – verandas, which will serve as vantage points, observatories for watching the sunsets that turn the Turks & Caicos sky from palest pink, to fiery orange, to deepest purple. The centerpoint of this community will be the quaint Veranda House, a delightful oceanfront restaurant known as Callaloo, a spa, tennis courts and a handful of exclusive courtyard homes. The architecture will be a potpourri of Caribbean influences. As part of a large, protected, seaside Princess Alexandra National Park system, the foreshore and beach will remain pristine.
Many people continue to return so that they can enjoy the many water sports that have helped to make these islands the Caribbean’s fastest growing travel destination. Along with the pristine beaches, the abundant beauty that one encounters when diving or snorkeling the turquoise blue waters is beyond words. The Turks & Caicos Islands boasts the third largest reef system in the world. Perhaps the best testimony to this fact is the recognition by Rodale Scuba Diving Magazine that The Turks & Caicos Islands is “one of the top diving sites in the world”.
WHERE IS VERANDA?
Veranda is located on the Lower Bight of Providenciales in the Turks & Caicos Islands. The Turks & Caicos Islands are located in the British West Indies 575 miles southeast of Miami, Florida. Overlooking the spectacular Grace Bay, this is regarded as the most prestigious address in Providenciales. Careful considerations are being taken to ensure this project preserves and enhances the natural environment that is its heart and soul.
Direct air service into Providenciales, is available from Canada, US and Europe. Currently Toronto, Montreal, Boston, NY, Atlanta, Charlotte, Miami and London offer direct and connecting flights to Providenciales’ airport. Located in the Eastern Time Zone, you can depart in the morning and have the sand beneath your feet in the afternoon. There is also a full service marina on Providenciales for those arriving by sea. In short, it’s easier to get to Providenciales from the east coast of North America or Europe, than it is to visit California, Arizona, Hawaii or Mexico.
WHAT ARE THE BENEFITS OF OWNERSHIP AT VERANDA?
As an owner at Veranda, your resort home is yours to relax, recharge, and reconnect; to experience a destination and style of living that you and your family and friends will look forward to visiting year after year. Best of all, ownership provides a level of service that is unparalleled and ensures every minute of your time at Veranda is carefree and memorable. When you’re away, your residence will be managed by Platinum Destinations, providing you the opportunity to share in the success of Veranda.
WHAT TYPES OF AMENITIES AND SERVICES ARE AVAILABLE TO THE OWNERS AT VERANDA?
The amenities at Veranda will include the signature Callaloo Restaurant with private members area; Spa at Veranda; three community pools; beach side cabanas; tennis courts; wellness and fitness facility; and the pristine stretch of Caribbean coastline.
Owners and guests alike will be graced by the meticulous attention to detail and intuitive service for which Platinum is known around the world. Third parties tell us that other select developments on Grace Bay are producing better than break-even returns for their owners. These resorts are, for the most part, utilizing very localized rental management services to generate guest visits. Platinum’s powerful programs will tap into their vast database of resort visitors and homeowners and introduce potential new visitors to The Turks & Caicos Islands. These highly qualified guests will of course be accommodated at Veranda.
ARE THERE ANY RESTRICTIONS FROM NON-ISLAND RESIDENTS TO PURCHASE AT VERANDA?
No. It is not necessary to be a resident or citizen of The Turks & Caicos Islands to own a property on the islands. Much of the foreign owned property is held through locally registered companies for reasons of anonymity of ownership, estate and trust planning.
As a British Crown Colony, all land titles in the islands are registered under the British legal system. The Turks & Caicos Government guarantees the contents of the register and no property title insurance is therefore required.
WHAT CAN YOU TELL ME ABOUT THE TAX AND CURRENCY SITUATION AT VERANDA?
If your contemplating purchasing at Veranda, consider these important issues concerning local taxes, stamp duty, currency regulations and foreign ownership in The Turks & Caicos Islands.None of the following taxes are applicable in The Turks & Caicos Islands, hence the often heard comment that the islands are a tax free haven:
- Income Tax
- Inheritance Tax
- Capital Gains Tax
- Value Added (VAT) or Sales Tax
- Property Tax
- Corporate Profits Tax