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
Although many of us would expect Covid 19 to trigger a reduction in second home demand, nothing could be further from the truth on the Caribbean Island of Turks & Caicos. The Sotheby’s Turks & Caicos office reportedly closed $70M in sales during the month of June. Some speculate that the high sales are the result of the reduced stamp duty on the islands, but is there something more significant driving these high sales volumes?
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 real estate elsewhere has dropped, the Caribbean nation has seen records broken despite the global pandemic, according to Mauricio Umansky, founder and CEO of real estate firm The Agency.
“We have definitely seen some extraordinary prices,” he told FOX Business.
South Bank is a low density 31-acre residential resort and marina community along 2,200 ft of beach and iron shore including a unique peninsula located on the southwestern end of Long Bay beach, offering some of the finest views over the Caicos Banks.
Sales volume of single-family homes in Turks and Caicos during the first quarter of 2020 outpaced the same period of 2019, and condo sales outpaced the two previous years to date, according to a Sotheby’s International Realty report.
Turks and Caicos is conveniently close to the U.S. and boasts some of the world’s best beaches, according to Umansky. The country also uses the U.S. dollar and has no property, income or capital gains taxes. The real estate market was already seeing big growth there last year, and it benefited from publicity around the sales of luxury homes that had belonged to Prince and Bruce Willis.
Wealthy Americans looking to vacation in Turks and Caicos were more likely to rent before the pandemic, so they could spend a summer there and then jet off to another luxury locale the next year, according to Umansky. But he said the pandemic has made the rich realize they want to own a second home outside crowded cities so they have someplace comfortable to stay in the event of a similar event.
“So there’s a big trend, they want to have a place to sequester and to have that second home if this happens again, and to have a home where the whole family can go, not just a little apartment that they don’t all fit in,” he said.
Turks and Caicos officials did close its borders in March as a result of the pandemic. The country has remained relatively unscathed by COVID-19, with just 12 cases and one death among the popular of 39,000 people, according to the World Health Organization. As of June 15, officials said there were no active cases of the illness in the country.
Beach Enclave’s newest boutique resort offering – the first true luxury boutique resort in TCI.
The Turks and Caicos government also incentivized real estate purchases during the pandemic by offering a 50 percent cut in stamp duty, waiving custom duties on construction materials and cutting planning fees by half, the Caribbean Journal reported.
Now the border is set to reopen on July 22 when Providenciales Airport reopens. The Grand Turk Cruise Center is also scheduled to reopen on Aug. 31.
With real estate outpacing the market in 2019 even during the pandemic, Umansky said he’s expecting even more growth once visitors can return.
“It’s back on and we’re selling,” he said. “It’s pretty incredible.”
Of course, Turks and Caicos isn’t the only vacation spot to see a boost in interest among wealthy homebuyers amid the pandemic. The Bahamas have also seen a “very solid rise in their real estate sales,” according to Umansky. He also spoke to FOX Business about the rise in popularity of ski towns like Aspen, Colorado and Park City, Utah as year-round getaways. And a run on vacation homes in traditional escapes for the rich and famous like the Hamptons has been well-documented.
Real estate in general is also recovering and getting closer to catching up with last year’s pre-coronavirus market, Umansky said.
“That gap is narrowing on a daily basis,” he said.
Amayara Resort – Located on the secluded Northwestern tip of Providenciales, bordering a national park.
“Since the reopening of the construction site on May 11,the safety of our working men and women on site has been prioritized, following local health guidelines…whereas these guidelines have added unexpected new steps to our processes, the construction continues unabated and the project is advancing well….the project has advanced considerably, with several homes reaching roof level and the resort main pool and its adjacent building advancing”-Mark Durliat, CEO and Principal of Rockhouse
“Rock House is perfectly positioned to complete and open in 2021to meet the growing demand from buyers seeking their own retreatswhere privacy, space, high quality of design and service are likely to be even more sought-after. A selection of elegantly designed cottages, each with their own private pool, will enjoy access to the superb amenity set of the newest boutique resort coming to Turks & Caicos.” Nina Siegenthaler, Vice President of Turks & Caicos Sotheby’s International Realty
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.
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 