Tag Archives: Turks & Caicos Islands

TURKS & CAICOS SOTHEBY’S INTERNATIONAL REALTY PARTICPATES IN LUXURY REAL ESTATE CONFERENCE

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CONTACT:

Turks & Caicos
Sotheby’s International Realty
649-946-4474
info@tcsothebysrealty.com

TURKS & CAICOS SOTHEBY’S INTERNATIONAL REALTY PARTICPATES IN LUXURY REAL ESTATE CONFERENCE

Providenciales, TCI (April 28, 2010) – Turks & Caicos Sotheby’s International Realty, a luxury real estate firm based in Providenciales, TCI, recently participated in the
2010 Sotheby’s International Realty® Global Networking Event.

This dynamic, three-day event provided a unique opportunity for all sales associates, managers and owners who are members of the Sotheby’s International Realty network to connect, exchange ideas and forge relationships designed to help build their businesses and drive new leads to their listings.

“The annual Global Networking Event provides a unique value to our firm and agents,” said Nina Siegenthaler, Director/Broker, Turks & Caicos Sotheby’s International Realty. “It allows our firm to share ideas and best practices with our fellow brand professionals from all over the world. We also had the opportunity to learn more about the real estate business worldwide through informative breakout sessions on a variety of topics.”

The event was held April 12 to 15 at the Manchester Grand Hyatt San Diego in San Diego, Calif. Keynote speakers were Benjamin Zander, conductor of the Boston Philharmonic Orchestra, and Matthew Ferrara of real estate consulting firm Matthew Ferrara & Company. Guest speaker and three-time Olympic medalist Julia Mancuso spoke about her Olympic experiences and work ethic.

Turks & Caicos Sotheby’s International Realty, which has offices in Providenciales, TCI, offers exclusive Sotheby’s International Realty marketing, advertising and referral services designed to attract well-qualified buyers to the firm’s property listings. In addition, the firm and its clients benefit from an association with the Sotheby’s auction house, which promotes real estate referral opportunities with auction house clientele.

As a Sotheby’s International Realty affiliate, the firm also has the unique ability to refer its real estate clientele to the auction house for jewelry, art, unique furniture and collectible appraisal services. Property listings from Turks & Caicos Sotheby’s International Realty also are marketed on the sothebysrealty.com global Web site, as well as on the firm’s local Web site, tcsothebysrealty.com.

“The Global Networking Event enables Sotheby’s International Realty affiliates from around the world to join together to share their collective insights and experiences, highlighting the true strength of the Sotheby’s International Realty network” said Michael R. Good, chief executive officer, Sotheby’s International Realty Affiliates LLC. “Every individual attending this conference is committed to working together to help us grow our network, and we appreciate their ongoing dedication and enthusiasm.”

Turks & Caicos Sotheby’s International Realty is located at Venture House in Grace Bay. For additional information, please contact 649-946-4474.

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The Government of Turks & Caicos Announces Reduced Stamp Duty

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The Government of Turks & Caicos Announces Reduced Stamp Duty
April 26, 2010

The new fees apply to all islands except North Caicos, Middle Caicos, East Caicos, South Caicos, Grand Turk and Salt Cay, which are 50 percent of the following rates:

Less than $25,000—no duty.
$25,000-500,000 — 4%
3.6% — one payment
1% — four payments

$500,000-1.5 million — 6%
5.4% — one payment
1.5% — four payments

$1.5-3 million — 8%
7.2% — one payment
2% — four payments

More than $3 million —10%
9% — one payment
2.5% — four payments

“The new stamp duty schedule is welcome news to the real estate industry and for the TCI economy. The combination of significantly lower rates at all but the uppermost tier, and the ability to pay the stamp duty either up front at a 10% discount, or over 4 years at the full rate, will provide much needed stimulus for buyers in the short, mid and long term. It reflects forward thinking on part of the TCI government, and is the result of effective communication amongst the Turks and Real Estate Association, The Council of Business Associations and the TCI Government”.

Joe Zahm
President / Broker
Turks & Caicos Sotheby’s International Realty

Sotheby’s International Realty® Network Collaborates with The New York Times

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CONTACT:

Turks & Caicos
Sotheby’s International Realty
649-946-4474
info@tcsothebysrealty.com

Sotheby’s International Realty® Network Collaborates with The New York Times

Providenciales, TCI (March 31, 2010)— Turks & Caicos Sotheby’s International Realty in Providenciales, TCI announced that the Sotheby’s International Realty network has formed a collaboration with The New York Times to showcase unique properties from its network’s approximately 500 offices in 38 countries and territories worldwide throughout the publication’s Web site, http://www.nytimes.com.

The relationship will promote the Sotheby’s International Realty network’s listings exclusively in slideshows throughout the publication’s online real estate section, called Great Homes and Destinations. The brand’s offices will be showcased exclusively on select “Style Maps” located on The New York Times’s online T magazine throughout the year.

Sotheby’s International Realty advertising also will be in “Featured Properties” found throughout the section and in an expanding ad that will feature the brand’s latest listings by lifestyle. Finally, consumers that download The New York Times’s new Real Estate iPhone application will have access to properties represented by the brand worldwide.

“This relationship brings together two brands renowned for quality in their respective fields,” said Wendy Purvey, senior vice president, marketing, Sotheby’s International Realty Affiliates LLC. “Our goal is to provide our network members access to the valuable exposure this collaboration offers. It will provide an opportunity to present their many fine listings from all over the world to an international audience.”

“This relationship is an exciting tool for Turks & Caicos Sotheby’s International Realty’s clientele, and a key component to our overall marketing strategy for the homes we represent in the Turks & Caicos Islands real estate market,” said Joe Zahm, President/Broker. “Turks & Caicos Sotheby’s International Realty is proud to offer its clients such a unique and effective way to position their homes in front of an international audience of well-qualified buyers.”

Turks & Caicos Sotheby’s International Realty represents perhaps the most experienced base of sales agents and experts in the industry, with over 60 collective years experience in the Turks and Caicos Islands. Turks & Caicos Sotheby’s International Realty is located at Venture House in Grace Bay, Providenciales.
The Sotheby’s International Realty® network currently has more than 10,600 sales associates located in approximately 500 offices in 38 countries and territories worldwide.
About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit http://www.sothebysrealty.com.

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Sotheby’s International Realty® Network Continues Relationship with The Wall Street Journal

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CONTACT:

Turks & Caicos
Sotheby’s International Realty
649-946-4474
info@tcsothebysrealty.com

Sotheby’s International Realty® Network Continues Relationship with
The Wall Street Journal

Providenciales, TCI (March 31, 2010)— Turks & Caicos Sotheby’s International Realty in Providenciales, TCI announced that the Sotheby’s International Realty network is continuing its exclusive relationship with The Wall Street Journal to present the many values of real estate as a long-term investment and showcase unique properties from across its worldwide network’s approximately 500 offices.

As part of the relationship, the Sotheby’s International Realty brand and The Wall Street Journal will continue to co-host The Business of Extraordinary Living on the publication’s Web site, http://www.wsj.com, designed to provide insights into the real estate market from the brand’s worldwide network. The Business of Extraordinary Living officially launched in March 2009.

Several enhancements have been made to The Business of Extraordinary Living for 2010 including a new addition to the Address section, called The Address Blog, in which a brand network member will discuss a real estate relevant topic with users. Also, a Featured Listing section has been added to the Address and Brand sections in which listings representative of Sotheby’s International Realty offices from the area the user is located in will be featured through geographic targeting.

In addition, a Journal Community has been added to the Insights section for users to join and discuss real estate, and a Company Happenings section has been added to the Brand page to showcase the latest events taking place in the network.

“Our exclusive relationship with The Wall Street Journal has proved to be a very effective tool for promoting the fine homes represented by our network among this critical audience. In fact, three-quarters of those who visited The Business of Extraordinary Living expressed likelihood to consider using the Sotheby’s International Realty brand for a future real estate purchase, and more than 76 percent of those who visited it found it to be helpful,” said Wendy Purvey, senior vice president, marketing, Sotheby’s International Realty Affiliates LLC. “Our enhancements for this year will offer locally-driven features that further demonstrate our reach.”

The brand expects to increase exposure of The Business of Extraordinary Living by 62 percent this year, delivering 60 million impressions, which is double the exposure delivered in 2009. This year the brand also will receive premier placement in the Featured Homes portion of The Wall Street Journal’s online Real Estate section.

“The Business of Extraordinary Living has been an effective tool for our firm in promoting the value of real estate in the Turks & Caicos Islands real estate market, and one that we have access to through the Sotheby’s International Realty brand,” said Joe Zahm, President/Broker. “The power of this partnership is that it enables us to get the properties we represent directly in front of a global and highly-targeted audience.”

Turks & Caicos Sotheby’s International Realty represents perhaps the most experienced base of sales agents and experts in the industry, with over 60 collective years experience in the Turks and Caicos Islands. Turks & Caicos Sotheby’s International Realty is located at Venture House in Grace Bay, Providenciales.
The Sotheby’s International Realty® network currently has more than 10,600 sales associates located in approximately 500 offices in 38 countries and territories worldwide.
About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit http://www.sothebysrealty.com.

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Sotheby’s International Realty Brand Honored by Franchise Business Review

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Sotheby’s International Realty Affiliates LLC
1 Campus Drive
Parsippany, NJ 07054

FOR IMMEDIATE RELEASE

Sotheby’s International Realty Brand Honored by Franchise Business Review

PARSIPPANY, N.J. (March 3, 2010) – Sotheby’s International Realty Affiliates LLC today announced it won Franchise Business Review’s Best in Category for Real Estate Franchisee Satisfaction award for the third year in a row.

The Best in Category award measures franchisee satisfaction with their franchisors and is part of the 5th annual Franchisee Satisfaction Awards presented by Franchise Business Review. Sotheby’s International Realty Affiliates LLC also was ranked third overall among all franchise categories with more than 200 locations. This is the third year that the Sotheby’s International Realty® brand was rated in the top 10 of all award categories.

“We are so honored to receive this recognition for the third year in a row,” said Michael R. Good, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “It demonstrates we are continuing to provide our franchisees with the support, tools and resources they need to excel. The fact that this award is based on direct feedback makes it very significant for us and a true testament to the value we provide our members.”

Franchise Business Review surveyed franchisees from more than 500 leading systems, representing more than 100,000 franchisees, for the 5th annual Franchisee Satisfaction Awards. Franchises were evaluated in five areas: training and support, franchise system, franchisor/franchisee relations, financial opportunity and overall satisfaction. Additionally, demographic and lifestyle questions gave a 360-degree view of the franchise ownership experience. Franchise Business Review is a national franchise market research firm that performs independent surveys of franchisee satisfaction and franchise buyer experiences. For a complete list of this year’s award winners, go to http://www.FBR50.com.

“We have surveyed thousands of franchisees, representing almost all of the leading brands in the real estate sector,” said Eric Stites, president, Franchise Business Review. “The Sotheby’s International Realty brand’s owner satisfaction is exceptionally high and a direct reflection of the unique business opportunity created by their team and parent company, Realogy Corporation.”

The Sotheby’s International Realty network currently has more than 10,600 sales associates located in more than 500 offices in 38 countries and territories worldwide.

About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit http://www.sothebysrealty.com.

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MEDIA CONTACT

Jennifer Zimmerman
Director, Public Relations and Communications
Sotheby’s International Realty Affiliates LLC
1 Campus Drive
Parsippany, NJ 07054
(973) 407-6375
Jennifer.Zimmerman@sothebysrealty.com

A VIBRANT SEASON

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This winter season has brought vital new energy to the market place.

Hotels, restaurants and airlines are busy, busy and realtors are busier than at any time in the past two years, with lots of sales activity, contracts and scheduled closings.

This renewed activity, in my view, is a result of better buyer confidence, increased tourism business in TCI, and attractive price points.

We are seeing most of our traffic in the $500,000 to $1M range but are now setting markers at 1.5M and beyond as luxury buyers creep back into the market.

A few years ago, I remember driving down the street, and exclaiming to my partner that “TCI is an unstoppable force”. 2009 was a real confidence – shaker, but now that we are well into 2010, I clearly see a better dynamic and psychology, and feel once again that, Turks & Caicos is indeed an unstoppable force that will now re-commence growth at a healthier sustainable pace.

Joe Zahm
President / Broker
Turks & Caicos Sotheby’s International Realty

Turks and Caicos to Get $85 Million Loan

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January 18, 2010

The cash flow problems now being experienced by government of the Turks and Caicos Islands will be eased somewhat by the end of the month as the United Kingdom Government has given the green light to secure an $85 million loan from an international lending agency.
The announcement was made by Governor Gordon Wetherell, while speaking at the Advisory Council’s first news conference in Providenciales on Friday, January 9, 2010.

The funds are to go towards evaporating part of government debt.
While the terms and conditions are being finalized between Government and the lending agency, debate of the intended loan is expected to take place in the Consultative Forum on Tuesday, January 12, and will be debated in the form of a Supplementary Appropriation Bill. The Governor said the debate would help in finalizing the loan as well as to iron out any shortfalls in expenditure that may arise before the end of the financial year.

TCI owes millions of dollars to both local and overseas companies and individuals.

Permanent Secretary in the Ministry of Finance and Government’s Chief Economist and member of the Advisory Council, Delton Jones, said so far the terms and the conditions of loan suggested that it would not be expensive to service. He hinted that the local businesses will be priority for the disbursement, saying that such a move could enhance business in the Turks and Caicos Islands.

“We in the Ministry of Finance have been taking stock of the debt that we have, and in some instances we have discussions and agreements with persons to defer those debt on a phased payment basis. A high priority is to settle most a lot of the small debt that we have on island because that will assist businesses that have challenges,” Jones said.

Jones acknowledged that a number of local establishments which had done business with Government went to the bank for loans to do so, and such bank loans were still outstanding, saying that Government would consider paying those companies with the interests charged by the banks.

In the meantime, Governor Wetherell has indicated that the decline in economic standard now being experienced in the Turks and Caicos would continue for sometime until the Government figures out a way to iron out the anomalies it encountered after taking over the reins of power from the local Government.

“The Turks and Caicos, like many other countries around the world are experiencing difficult economic time, and that is just the fact of the current situation, and there is no great point in hiding that. Belt-tightening has been part of the experience for this and other countries, including the UK for sometime. What we have been seeking to do – and it has been a long and an arduous process since August – to try and get the public finances of the TCI back into shape.

“And one of the principle ways to do this has been to negotiate a consolidated loan, which would enable us to – if you like – translate the larger portfolio of unpaid bills which inherited, and which continues to accumulate to some extent, into a loan which in example, would allow us to pay off the smaller creditors that the Government has. And that in itself would be a way of pumping some money back into the economy,” the Governor noted.

Governor Wetherell noted that the first draft of a revenue study that was commissioned in November of last year has been completed and would now be the subject of further consultation with a view to find a more effective mechanism to get more revenues into the kitty, assuring the public that it was not design to burden the populace with taxes.

The Governor said the hardship of the people has not eluded his observation, but since resources have dwindled over the past year, it was difficult to readily address the matter, and since the TCI was out of the UK financial assistance realm, funds from that source would be difficult to acquire.

The Governor pointed out however, that the £5 million donated by the United Kingdom for Hurricane Ike relief effort, is to be spent shortly, as priority areas have been identified towards which to channel the funds.

Vivian Tyson

Government Update

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As most of you know, Turks & Caicos Islands is a British Crown Colony, with a similar government structure to the Cayman Islands, and Anguilla, among others. Recently, the British Government asserted control of the Turks & Caicos Islands Government after an Oversight Committee found significant evidence of corruption in the elected PNP government during the run up prior to the world – wide economic down turn in September, 2008.

The Governor has now assumed all government responsibilities, subject to the Turks & Caicos Islands constitution and other legislation, instructions of the British Foreign Secretary and the scrutiny of Parliament in London. The Chief Executive is Mark Capes, and there is an Advisory Council and a Consultative Forum (consisting of native and expatriate Belongers) to advise the Governor and Chief Executive, along with a cadre of international experts to assist with the process. There are also a number of Private Sector initiatives including the Tourism Working Group and the Council of Business and Professional Associations, which demonstrate the commitment of the Turks & Caicos Islands community as we, like many other much larger countries around the world, work through a difficult economy and prepare for our next growth cycle. The Turks & Caicos Real Estate Association (TCREA) is represented on the Consultative Forum and Turks & Caicos Sotheby’s International Realty President Joe Zahm has a key role on the forum.

The Government’s mission is to “put the Turks & Caicos Islands on a durable track towards re -establishing good governance, sound financial management and sustainable development”. The Government aims to promote three core values:

• Transparency
• Accountability
• Responsibility

Its top priorities will be:

• Security
• Prosperity
• Integrity

We remain confident that the system of the government in the Turks & Caicos Islands remains a real strength when compared to many other island destinations, and that the appropriate steps are being taken to ensure that the country, and Turks & Caicos Islands brand, is revitalized and will be better than ever in the months and years to come.

TCIAA ACQUISITION OF PAC ASSETS

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Office of Public Service Management
Grand Turk
Turks & Caicos Islands
Ph: (649) 946-2702 or ext: 10318/10322
Fax: (649) 946-1582
Web: http://www.tcgov.tc

TCIAA

17th December 2009
PRESS RELEASE

TCIAA ACQUISITION OF PAC ASSETS

Recent Press releases informed the Public of the approval granted to Turks and Caicos Airports Authority (TCIAA) by the Governor and Advisory Council to pursue financing to facilitate the much needed Providenciales International Redevelopment project on the basis of full ownership by the Authority. This redevelopment will ensure that the airport satisfies International Civil Aviation Organisation (ICAO) regulatory requirements as well as existing and future capacity demands, all of which are essential to supporting our main industry – tourism.

The signing today of an asset purchase agreement between TCIAA, TCIG and Provo Airport Company (PAC) marks the return of a valuable national asset to the people of the Turks and Caicos Islands. Self financing of this project will be generated through the Airport users, 95% of whom are the tourists visiting the country. This process aims to provide a steady, continuous revenue stream to the Turks and Caicos Islands Government (TCIG), as well as allowing TCIAA to cover operational costs. The funds secured for the expansion project will be used solely for this purpose and are not otherwise available to TCIG.

The commitment of the Government and TCIAA towards this substantial redevelopment project highlights confidence in the Turks and Caicos Islands tourism industry and will help to secure tourism growth in the years to come. A detailed presentation on the scope of the airport expansion will be made to the general public in early 2010.

Note to editors:

This acquisition is by mutual agreement between CACL and TCIAA, the respective 65% and 35% shareholders. The value of the assets is as stipulated by the terms and formulae within the joint venture agreement- as verified by an independent accounting firm.

FINAL REPORT OF THE INDEPENDENT REVIEW OF BRITISH OFFSHORE FINANCIAL CENTRES’

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FOR IMMEDIATE RELEASE FROM:

THE TURKS AND CAICOS ISLANDS
GOVERNMENT INFORMATION SERVICE (TCI-GIS)

Office of Public Service Management

Grand Turk,

Turks and Caicos Islands

Tel: (649) 946-2801

Web: http://www.tcgov.tc

GRAND TURK, Turks and Caicos Islands; Thursday, October 29th, 2009 – Earlier today in the UK, the British Government published the ‘Final report of the independent Review of British offshore financial centres’ by Michael Foot. The report covers the three Crown Dependencies (Guernsey, Isle of Man, and Jersey) and the six Overseas Territories (Anguilla, British Virgin Islands, Cayman Islands, Gibraltar, and Turks and Caicos Islands). The Foot Review forms part of the British Government’s work to help Territories consider the long-term opportunities and challenges that they face in the light of the current global economic crisis.

The report makes a number of recommendations. These include improvements in the quality and extent of financial planning and the need to have frameworks in place to ensure the ability to respond to external economic shocks; recommendations for meeting current and emerging international standards for financial services industry; and, the need for robust and independent regulatory authorities.

The Turks and Caicos Islands’ Ministry of Finance welcomes the report and supports its recommendations. Progress is being made to meet these across a number of fronts, including the Financial Stablisation Plan and measures to deliver it, the negotiation of international tax information exchange agreements, commitment to meet international standards for preventing money laundering, and work by the Financial Services Commission to strengthen its role. Furthermore, the report underlines the importance of recent tough budget decisions and ongoing action by the Ministry to rebuild the TCI’s economic base and action to ensure longer-term sustainable economic development.

TCI faces significant challenges in matching up to and keeping pace with international standards; it is essential that it continues working towards this goal if it is to secure future growth in the financial sector. These are difficult challenges ahead and Michael Foot’s report helpfully illustrates what is expected by the international community.

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