Turks & Caicos Islands Government Announces Stamp Duty WaiverFor Property Transfers Valued at $2M and UnderFrom Sep 21st to Dec 20th, 2020
The stamp duty waiver on property transfers would be available to all eligible applicants that transacts a transfer on or after the 21st September 2020 but before 20th December 2020.
The stamp duty waiver granted would be as follows: 75% reduction of stamp duty on property valued up to $2 million, made between 21st September to 20th October 2020 50% reduction of stamp duty on property valued up to $2 million, made between 21st October to 20th November 2020 25% reduction of stamp duty on property valued up to $2 million, made between 21st November 2020 to 20th December 2020
We are here to assist you through this process. If you have any questions please contact your local real estate sales associate at Turks & Caicos Sotheby’s International Realty. Office: 1.649.946.4474 | info@tcsothebysrealty.com
The Residence: COMO Parrot Cay, Turks and Caicos Islands
In the last decade, Turks and Caicos Islands (‘TCI’) has become known as a preferred location for High Net Worth (‘HNW’) and Ultra-High Net Worth Individuals (‘UHNWI’).
With year-round sunshine, clear turquoise waters and easy accessibility from most major North American cities and London, UK, it is easy to understand why TCI’s real estate market has moved from strength to strength. Strong fundamentals: an economy utilising the US dollar, a friendly local government strengthened by a UK Governor, a handful of innovative and professional architects, builders, and real estate professionals, and no annual property taxes sustain the market.
More importantly however, this rise to fame as a HNW and UHNWI location, is directly attributable to one serendipitous timeline that begins in the late 80’s with the first wave of development. This period and slow crawl towards tourism saw quality low-density condominium resorts arising with a maximum of 3 levels, a requirement that remained in place until the 90’s with small increases in the 2000’s. This low-density mindset has left much of TCI relatively untouched, providing ample space for private development amongst generous backdrops, and has ensured its attractiveness to the HNW and UHNWI, many of whom lead busy lives and look to our market for second or third homes that provide privacy, tranquility and natural beauty.
If you have never visited TCI, imagine the tranquility of the beaches of Cayman Islands or Barbados, but without swarms of beach loungers or someone trying to sell you a trinket, now breath out 😊, and let me walk you through some of our most impressive sales of the last five years.
1. Celebrity Home Sale in Parrot Cay
The Residence: COMO Resort, Parrot Cay, Turks and Caicos Islands
In July 2019, The Residence sold for $27M, weighing in as the second highest sale price in TCI (hint-hint: the highest sale price was also located on Parrot Cay). With box-office record breaking films like Die Hard, Pulp Fiction and the Sixth Sense under his belt, this American actor with German roots fell in love with a plot of land in Parrot Cay in the 1990s and set about creating a family compound which spanned roughly 8 acres and includes three homes, set apart distinctly over a remarkable sunset-facing beachfront cove. With 11 bedrooms, wrap around decking and an expansive 35,000 SF, this home saw multiple birthdays, summer and winter holidays, and most recently a vow renewal, before it took its place with its rightful new owner.
2. A Musical Legend’s Estate Sells in Turtle Tail
Prince’s Island Estate: Turtle Tail, Providenciales, Turks and Caicos Islands
This is what it sounds like when…. history is made and one chapter closes. The musical icon that brought us hits such as “Purple Rain”, “When Doves Cry”, and my personal favourite “Raspberry Beret”, purchased land on a rare peninsula in Turtle Tail, housing only one other neighbour. Complete with two adjacent waterfront land parcels of 2.74 acres, this Estate’s glory is attributable not only to its legendary ownership, but also due to it selling in under five months on market. The 5.74 peninsula with 6 bedrooms over nearly 10,000 SF sold after utilising Ro0omy technology to virtually curate the interiors, in June 2019, for $10.8M.
3. A Beachfront Bajan Beauty sells along Grace Bay
Coral House: Grace Bay, Providenciales, Turks and Caicos Islands
Coral House: an Oliver Messel inspired design based on the coral stone homes he famously created in Barbados, can be found along Grace Bay beach. It is hard to miss this timeless masterpiece. Coral House sits proudly and peacefully on powder white sand with easy ocean access, marking the beginning of the more residential zone of Grace Bay beach. At over 12,000 SF, with a gourmet kitchen, 6 bedrooms, a library, office for those zoom calls, breakfast room and more, Coral House is a dream family home. Neighboured by its sister property Coral Pavilion (sold in 2019 for $9.12M and available for private rentals via islandhouselvm.com), Coral House has no other immediate neighbours, enhancing the appeal of its locale. This rare home sold for $10.6M in October 2019.
4. Private Home Sale at COMO Parrot Cay Turks & Caicos
Serenity Villa: COMO Parrot Cay, Turks and Caicos Islands
Serviced by COMO Parrot Cay, Serenity villa sits amongst an unequaled panorama of unspoilt beach, luminous ocean, and infinite skies. With 373 feet of sugary sand over 5.38 lush acres, the home is nestled in a stunning half moon bay, offering 8,645 SF of impeccable living under roof. Serenity Villa is a beachfront estate like no other, with a design ethos that is sensitive to its surroundings, reflecting the glorious natural aesthetic for which Parrot Cay is known. The property sold for $17M during the summer of 2017 and marks the third most expensive home sale on the exclusive island of Parrot Cay. This private sanctuary near the water’s edge includes high-speed Wi-Fi and custom music (part of the villa’s master AV system), a refreshing outdoor shower and a beautiful cabana with a suspended circular daybed.
5. Dreams from Dallas Sold in COMO Parrot Cay Turks & Caicos
Oliver’s Cove: COMO Parrot Cay, Turks and Caicos Islands
Oliver’s Cove is a property close to my heart – it is as traditional as it is eccentric. With swathes of Royal Palms and verdant lawn, the elegant Caribbean exterior design alludes to the home of Oscar De La Renta in Punta Cana, but step inside and marvel at the surprisingly eclectic mix of antiques and custom touches. Hand-troweled Venetian plaster throughout, with aged exposed timber beams, hickory flooring and a pair of antique French doors at entry to the home, set Oliver’s Cove apart as a premier estate on the private paradise of Parrot Cay. With 7 bedrooms between the Main House and Guest House and nearly 800 FT of beach frontage over 6.54 acres, Oliver’s Cove set a record-breaking price when it sold in February 2016 for $27.45M, making it the highest sales price in TCI.
6. Amazing Grace in Leeward Set the Pace for Emerald Beach
Amazing Grace: Leeward, Turks and Caicos Islands
Amazing Grace sold in 2015 for $15.1M in the exclusive eastern end of the residential neighbourhood of Leeward, known as Emerald Beach. Emerald Beach is home to mega-estates, all of which benefit from wide expanses of virtually private beachfront. At Amazing Grace, white-washed interiors provide a sense of peace throughout while the traditionally Caribbean property boasts 282 feet of superb white sand beachfront right outside. With 8.4 acres, it was sold complete with direct and canal and dock access, a popular feature amongst the ultra-luxury properties of this location. Since the sale of Amazing Grace, Emerald Beach has become better known as a location for those searching for exclusivity and tranquility
The TCI HNW and UHNWI market is on the rise, with no signs of letting up in the face of a pandemic. In fact, the appeal of our fundamentals seems to be on the rise too.
by Turks and Caicos Sotheby’s International Realty
Phase 2 Beach Enclave Long Bay
Vasco Borges, Developer and Founder of the Beach Enclave brand, is proud to announce the highly anticipated Phase 2 of Beach Enclave North Shore, which expands upon the original, award winning Beach Enclave boutique private villa resort.
Phase 2 offers ten tropical minimalist two to four-bedroom homes, sitting atop a magnificent, beachfront, elevated perch, with one of Providenciales’ most jaw dropping views of the north shore and the reef barrier, providing the perfect combination of elevated views and access to a virtually private beach.
“The homes are built to take full advantage of the topography. The first story of the Beach Houses are carved into the limestone shelf, seamlessly connecting them to the surrounds. Entry to the home is provided from the second level, so you have ocean views from 47′ of elevation in your master bedroom. The exposed limestone functions as a design feature, and acts as a natural barrier offering privacy between homes. The Ridge Top Houses set behind the Beach Houses, take full advantage of the position on the top of the ridge with 60′ of elevation from the first story and 70′ from the second.” – Vasco Borges, Developer, Beach Enclave.
With 35′ of elevation the Beach Houses range in size from 2,885 gross sq. ft. for the two bedroom to 4,080 gross sq. ft. for the three bedroom. Prices for the Beach Houses start at $1,895,000.
The Ridge Top Houses are superbly positioned to protect ocean views and privacy and range in size from 2,918 gross sq. ft. for a two bedroom to 4,817 gross sq. ft. for a four bedroom. Prices for the Ridge Top Houses start at $1,650,000.
“We are thrilled to be launching Beach Enclave North Shore Phase 2. Yet another amazing project with Vasco Borges and his team. On the heels of great success in Phase 1 next door, and a building reputation with two further locations in nearly sold out Long Bay, and sold out and soon to be complete Grace Bay, the phase 2 homes open the acclaimed BE Villa enclave concept to a wider and highly interested audience.” – Joe Zahm, Broker and President, Turks & Caicos Sotheby’s International Realty.
A menu of pre-designed options is available.
The expanded resort amenities include an elevated oceanfront Club Lounge with an indoor/outdoor bar and restaurant, lounge decks enhanced with water and fire features; an upgraded oceanfront Fitness Center and Yoga Deck; a lighted tennis court; kids club; and a one-of-a-kind luxurious Enclave Gardens, teeming with Caribbean fruit trees, all for the exclusive use of owners and guests.
Defying the Odds – First Half of 2020 Up Over Same Period Last Year
In late March, our world, and everything in it, came to a screeching halt, as Turks & Caicos Islands closed its borders to tourists and visitors through the end of June. Resorts, restaurants, airports and businesses closed and real estate deals, after a strong Q1, were either canceled or deferred.
However, unlike the aftermath of the financial crisis of September 2009, where we had weak fundamentals and luxury buyers disappeared, the opposite has occurred, with luxury and other buyers remaining in the game and continuing to shop and purchase real estate. Reports from our Sotheby’s International Realty network echo similar strength and trends in the US and Canada, and many countries internationally. In this regard, our market demand has shown much greater resilience and further, there has not been a flight to list property. So far, at least, our market has backed up prior assertions that we are stronger and fundamentally healthier. There are several reasons for this. First, we do not have an oversupply of inventory; second, we have very few speculators in the market; third, our debt–to–equity ratio is very low; fourth, throughout North America and beyond, there has been a COVID-19 surge to quality, open space and “safe” havens, and TCI checks all of these boxes. Finally, and most importantly, we continue to work diligently to communicate and serve our clients and customers. From our regular virtual internal team meetings to participation in Industry Zoom conferences, and virtual showings with customers and clients across the globe, we have placed quality communication at the forefront. In this regard, it is inspiring that we feel more connected with our network, team and community than ever.
As you may be aware, Turks & Caicos has remained a safe haven throughout its closure period, since the end of March, with a minimal amount of COVID-19 cases to date, due to swift action taken by the Turks & Caicos Islands Government and Governor.
In April, Beach House 2 sold, with construction slated to commence imminently.
We have also seen construction re-commence on Beach Houses 2 and 3 which broke ground in December and are slated for completion by Q1 2021.
View our latest construction video.
Beach Enclave is committed to securing the sale of the last remaining Beach House 1, and delivering a construction-free living experience to early Beach House buyers and resort guests, and as such is offering the below incentive until the end of June to create a time-sensitive opportunity to qualified buyers during this time:
$150,000 discount to the list price of $2,795,000 (3BR) and $2,995,000 (4BR)
$25,000 credit towards design options such as an outdoor summer kitchen or resort amenities
Coupled with the Turks & Caicos Islands Government’s reduction in Stamp Duty for land acquisitions completed prior to the end of June (from 10% to 5%) the incentive results in more than $200,000 in savings. The Club Residence is starting in 2021. The stamp duty savings will likely apply to a sale of any Club Residence through an Extended Payment Agreement.
1ST QUARTER 2020 CLOSES OUT ON A HIGH – PRE-COVID-19
As many of us are forced to slow down our lives and reflect inward, we are grateful for many things that this unprecedented time has brought us to evaluate, including of course our families, friends, communities and a country that has put all of our people first with their proactive decisions during this health crisis. We are further grateful to our TCI Government leaders, HE Premier Cartwright-Robinson, HE Governor Dakin, the Ministry of Health and their teams for their thoughtful leadership and communication.
As we begin to accept and absorb our new reality, we are advancing our way back to business activity and effectively working as a team and with clients and customers, and there are even new transactions in process, furthered by the recent reduction in Stamp Duty by 50%, which has provided a welcome trigger for short-term activity. Click link below to read more . . .
The Turks & Caicos Islands Government has approved a full package of benefits that will serve as a direct economic stimulus following the fall out in economic activities across the Islands as a result of the global pandemic – COVID 19. The stimulus package is planned to lessen the impact of the global crisis on residents, whilst allowing the Ministry of Health to strengthen health policy responses.
Included in the stimulus package, as it relates to real estate, are the following initiatives and exemptions for a three-month period to assist with boosting inward investment:
Reduction of 50% in Stamp Duty for a period of three months
50% of reduction of planning fees for a period of three months
A waiver of Customs Duties on Construction Materials for a period of three months
There will be a review of same after the initial period of April 1 to June 30, 2020.
We are grateful for the past many years of successes and we are hopeful that this will carry our islands through this unprecedented challenge. We are here to assist you and our community, albeit from a distance, as we all “stay at home” to do our part in protecting our community and health care workers.
Take good care – we will see you on the other side of this.
February 2, 2020, Providenciales, Turks & Caicos Islands. Construction of the first home at South Bank, a 5-bedroom Ocean Estate Shoal Villa with signature Serenity pool, has commenced on Lot 8. Sales in process include, Ocean Estate Lots 3 and 4 which will see construction of the first and only-of-its-kind 5-bedroom Bluff Villa, and a 4-bedroom Shoal Villa, over the coming months. Only 1 Shoal Villa lot remains in Ocean Estates I.
The Ocean Estates I is positioned over Long Bay Beach and a striking iron shoreline with varying elevation. The Ocean Estate Villas range in size from 4,500 – 7,500 total sq. ft. and are offered in 3 different layouts from 4 to 6-bedrooms with lot sizes from .5 – .77 of an acre. Dedicated boat docks are available for boats up to 65 feet.
Prices start at $4.45
Six Boathouses Under Contract
The Launch has seen sales in process on 6 Boathouses, with scarcity building in the 2-bedroom + rooftop terrace design type.
The Launch is a community of 1 – 3-bedroom Boathouses, with dedicated boat docks for boats up to 26 feet directly off of the rear terrace, and private access to the Launch central entertainment courtyard which will feature a lap and relaxation pool, sun loungers, BBQ areas and hammocks. The Boathouses range in size from 1,500 – 2,250 total sq. ft
Prices start at $795,000.
First Lagoon Villa Sale Underway
Lagoon Villa 12, located on the eastern side of the boca to the Lagoon is now sold, with a further 5 sales in process. The Lagoon II Villas, on the western side of the boca, feature private dock space for boats up to 30 feet.
The Lagoon Villas have been designed for contemporary family living with outdoor decks that connect to a generous beachfront swimming lagoon. The Villas have taken inspiration from the beach houses of Malibu and offer two roof designs – a pitched butterfly and flat roof option.
Ranging from 3 – 4 bedrooms under roof or 4 – 5 bedrooms via a 1-bedroom guesthouse option, the Lagoon Villas range from 3,000 – 3,500 with lot sizes from .24 – .55 of an acre.
Prices start at $1.85M.
Phase One Infrastructure Works Nearing Completion
Underground utilities, site boundaries, landscaping and community roads are nearing completion. Stay tuned for Phase 2 works, which include excavation of the swimming lagoon, lounging islands and boat basin. The Marina at South Bank will also feature a new sundry shop, parking areas, and refueling facility, in addition to new parking areas, a new main dock and floating docks.
The Bight by Dream Hotel Group Celebrates the Launch of its 66-Suite / 89-Key Condo-Hotel Project in Partnership with Celebrated Brand & Management Company Dream Hotel Group
On Tuesday 11th February, Grace Bay, Providenciales came to life with an inspired Block Party Event to celebrate the official launch of The Bight by Dream Hotel Group and their new partnership with NYC-based Dream Hotel Group, who will now serve as Manager and Operator for the 66-suite/89-hotel key project. The event took place between Sandbox and Turks & Caicos Sotheby’s International Realty’s office with music by renowned DJ Munro spilling over to the streets and a botanical jungle theme scape that flowed throughout both venues, intertwining the buildings to one another. If the refreshingly simple and stunningly creative ambience is anything to go by, this development is off to a progressive start.
Ryan Jones and Natalie Zaidan of the EA Group are best known for the hip local coffee spot, Lemon-to-go-café and their successful landscaping company Environmental Arts, but this powerhouse couple, who have called Turks & Caicos their home for close to two decades, are lesser known for the multiple hats they wear, which include construction, real estate development and sales, art production, rum and vodka distilling and their latest food and beverage venue Sandbox, which caters to the on trend phenomenon of health conscious consuming. No mini sliders here. EA Group is always one step ahead of the curve. Everything from the mood, to the canapes was refreshing. Guests dined on air fried vegetable samosas and mini chicken satay, to name a few, and quenched their thirst with coconut water housed in Turks & Caicos grown coconuts provided by local business owner, JJ Jennings of Coco Vibes. The signature “cocktail with a Bight” was a spicy margarita with a slight bite as the name suggests.
Between speeches guests posed amongst giant foam letters that playfully encircled the Turks & Caicos Sotheby’s International office, spelling out “The Bight Hotel”. As the night progressed and guests, hoteliers, Government officials, and friends filled the space, Ryan Jones spoke to the crowd and announced his vision and dream of bringing an authentic, experience-based condo-hotel to the Turks and Caicos that focuses on lifestyle.
“So why do you want to build a hotel? Why do you want to be in this business? What is the origin story of this project? Natalie and I live in the Bight. This is our home, and we love the country. I loved it enough that I made my life here and had my kids here. We wanted to recreate the magical Turks and Caicos experience that people have when they come here for the first time and never leave. We want to share that with people. We were looking at the market and thought the five-star market is really well-served by a whole bunch of guys who have done an amazing job. The market that really needs to be addressed is the four-star boutique market with culture, design, art, experiences, and adventure. We wanted to align what we did with our life and that’s why we decided to build a hotel here. Then it was a matter of finding the right management partner. An established, creative and inspiring team to bring our vision to life.
“The Bight by Dream Hotel Group will cater to travelers and owners who share a passion for design, community, and food and beverage —all while celebrating the natural beauty and culture of the islands,” added Jeff Donnelly, Vice President of Development, Dream Hotel Group. “In our partnership with EA Group, we are committed to delivering a fresh and exciting experience to the Turks and Caicos Islands.”
Following a soft launch in April 2019, the last 10 months have seen 10 reservations. That’s an average of one reservation per month, a staggering number for an overseas jurisdiction and a new developer. Further confirmation that design- and lifestyle-driven EA Group have their finger on the pulse of the next real estate trend.
“The Bight by Dream Hotel Group is lean, and it’s designed for short term vacation rental. There’s no fat. What do you say?” Joe Zahm Presidentof Turks & Caicos Sotheby’s International Realty asked DeveloperRyan Jones, “Everything you need and nothing you don’t need. I look at it with the great end in mind. It is designed for the end user from the beginning with a real hotel lobby and bar, and a real vibe and lifestyle experience attached to it. And when you factor in the connectivity, elegance and simplicity of the design, at a wonderful price point, this will well serve the market, who really want to be part of the investment class, where your return on investment is just better per square foot. And when you add on just a great amenity set that’s going to be a part of the Bight, and you also add to that just amazingly smashing outlooks with the only elevated property and true beach access. It’s really a combination to die for.”
So what’s next for the EA Group you ask? More sweat and hard work. Starting with digging trenches in the Bight neighborhood to begin burying those old power lines and transforming the area to the beautiful vision Natalie and Ryan started dreaming about over seven years ago. Look out for more information on the underground power line initiative and the beautification of this local neighborhood.
On January 25, 2020, the Edward Gartland Youth Centre in collaboration with The Shore Club, Gilley’s Enterprises, Turks and Caicos Sotheby’s International Realty and Finishing Touch, hosted ‘An Exclusive Evening of Art’.
The sixth annual event was hosted for the third year, in the ballroom at the exclusive Shore Club Resort and featured a collection of art work from local and international artists with a special section for artwork by local youth. The all-inclusive event provided to guests a welcome drink cocktail, canapes and food stations, open bar, live entertainment by Sax O’Pans Serenade and a live and silent auction.
Thirty-three local and international artists exhibited in the show which included a wide range of different mediums of art from acrylic and oil paintings, photography, pencil portraits, ceramics, digital art and jewelry.
The live auction with auctioneer Todd Foss, of Grace Bay Car Rentals, was exciting and allowed guests the opportunity to outbid each other on selected donated pieces of art by the artists in the exhibition including works from renowned artist and Turks and Caicos native, Bradley Theodore, were all available for purchase. Four amazing donated stays/excursions from the award-winning companies, Beach Enclave, Amanyara, Grace Bay Club and Prive were also featured in the Live auction.
The Pop-Up fashion show by the W.H.O. and Vdysh Collection, wowed the patrons with a stunning display of creativity and originality. A definite surprise highlight for this year’s event.
The evening did not end there! Guests were moved from the fabulous ballroom and into the stunning courtyard where DJ Dayoh kept the party going and attendees danced the rest of the night away.
Galmo Williams, Founding Member of the Edward Gartland Gartland Youth Centre states: “Another successful showcase for the art exhibit and it was truly amazing to see the talents of the Turks and Caicos artists on full display. Gilley’s Enterprises is proud to be a part of this event and would like to thank the organizers for their efforts”
Turks & Caicos Real Estate | Caribbean 