A Postcard from Veranda, Turks and Caicos Islands
“Our last day is spent sightseeing and rambling around the two-story villa at Veranda, sitting on the covered porch and cooling off in our private plunge pool. And just when we think it’s over, we find yet another incredible view, this time of light blue water and a palm-studded point, where beach chairs wait in the shade. But instead of going out in search of one more sunset vista, we stay where we are, crack open some Pitons and toast the view, Veranda and each other.”
Come discover an intimate paradise where the sea is 26 shades of turquoise.
The Turks & Caicos Islands are a British Crown Colony located 575 miles southeast of Miami, Florida. The islands have the third largest coral reef system and some of the best tropical beaches in the world. Grace Bay located off the island of Providenciales, is a twelve-mile stretch of powder white sand and crystal clear turquoise waters and is one of the most spectacular sights you will ever see. It’s no wonder that Conde Nast Traveler magazine once rated Grace Bay “The most romantic beach in the world”. Other publications, including Rodale’s Scuba Diving magazine, have proclaimed the islands’ scuba diving as among the best in the world.
Benefits of real estate ownership in Turks and Caicos.
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.
Although the economy of the Turks & Caicos Islands relies heavily on tourism, the colony has been steadily building a sophisticated infrastructure designed to promote offshore investment, partially based on its status as a zero direct-tax jurisdiction so much so that the colonial government typically issues certificates to purchasers of real estate assuring that taxes will not be introduced for at least 15 years.
There are approximately 1,800 hotel rooms, condominiums and houses available for rent on Providenciales. This is an extremely low number, especially considering the growing popularity of the islands. Occupancy levels are strong – typically in most resorts they hover around 65% over the entire year. During the high season, mid December through to mid May, they can be as high as 95% at some resorts. Again, because of the growing popularity of the islands, these occupancy levels continue to rise every year.
Turks & Caicos Islands represent what is by far the strongest real estate market in the Caribbean and the British West Indies. Property values have escalated approximately 20% per annum for the past 3 years and forecasts are for continued strength as more and more savvy buyers discover the islands.
The zoning restrictions in the Turks & Caicos Islands are extremely restrictive, which deter many of the more established developers from entering this market. As an example, it is only possible to build up to four stories on the island. This has kept a number of the larger hotels and resorts, which you might traditionally see in other parts of the Caribbean, from entering this very protected market.
None of the following taxes are applicable in The Turks & Caicos Islands:
Property Tax
Capital Gains Tax
Income Tax
Inheritance Tax
Value Added (VAT) or Sales Tax
Corporate Profits Tax
The US dollar is the local currency in The Turks & Caicos Islands. There are no exchange controls and no restrictions on the opening of bank accounts by foreigners. Funds can be freely transferred in and out of the islands.
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Why Purchase At Veranda?
There are very few remaining parcels of developable sites remaining on Grace Bay, Providenciales, which of course speaks to the scarcity of product. It is along this pristine 12- mile stretch of powder white sand beach where Veranda, an authentic Caribbean village is beginning to take shape. Already over 70% sold, Veranda’s freehold residences range from 573 sq. ft. to 4,682 sq. ft. and are priced from $350,000 US to $3,900,000 US. The residences include beachfront villas, single-family town homes, and condominiums in a boutique style hotel that will be built on approximately 10 acres of land, including 700 feet of oceanfront along Grace Bay.
Ownership at Veranda will be carefree, as Platinum Destinations, a professional management company with operations in Whistler Blackcomb, Lake Las Vegas, and Panorama, will manage the property and individual homes. Platinum specializes in offering guests unique and personalized vacation experiences, with such added touches as champagne and flowers upon arrival, grocery service, daily newspaper delivery, 24-hour concierge and VIP resort services.
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.
Veranda’s architectural design reflects more than 500 years of island history. The design is inspired by Turks & Caicos colonial heritage and includes a mix of Spanish, Bermudan, Cuban and Bahamian influences. The community includes tropical gardens, a restaurant, a Wellness Centre and Spa, tennis courts, three swimming pools, and massage cabanas. Most Veranda homes come with private plunge pools, secluded courtyards, and elevated sunset terraces with an outlook on Grace Bay. Along one, two or three sides of each home, expansive verandas will offer views of the beach or gardens.
It’s interesting to note that condominium developers on the islands are demanding between 60 & 75% of the purchase price as a total down payment before their purchasers take delivery of their finished product. Veranda will require only a single 20% down payment and these funds will earn interest at the guaranteed rate of 2% per annum, to the benefit of the purchaser, right through the construction period.
Couple all of the above facts with the most extensive national park system in the world, an awe inspiring 200 mile long reef that protects the islands and provides world class snorkeling and diving, 350 days of sunshine a year, a stable government, a safe and secure environment for buyers and visitors alike, and you can see why there truly are some very compelling reasons to choose The Turks & Caicos Islands and the community of Veranda as your next purchase.
Weather
The average temperature ranges between 85 and 90 degrees (29-32 degrees celsius) from June to October, sometimes reaching the mid 90's (35 degrees celsius), especially in the late summer months. From November to May the average temperature is 80 to 84 degrees (27-29 degrees celsius). Water temperature in the summer is 82 to 84 degrees (28-29 degrees celsius) and in winter about 74 to 78 degrees (23-26 degrees celsius). A constant trade wind keeps the climate at a very comfortable level.
Population
The Turks & Caicos measures only 193 square miles and has a population of approximately 22,000.
Getting There
Only four hours on a direct flight from Toronto. Less than four hours from New York, again on a direct flight. There are also direct flights from Atlanta, Miami, Boston and Charlotte, while British Airways has a direct flight of only eight hours from London, England. 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.
More Information
Over 70% sold, opportunities to own in this authentic Caribbean coastal village are limited. For more information View Turks and Caicos Property
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