There are many reasons to consider living in Turks and Caicos. The first reason is simple: the idea of waking up each day in a Caribbean paradise is an appealing one! Year-round shirt-sleeve weather (temperatures range from lows in the 70s to highs in the 90s), pristine sandy beaches, and indescribably clear aquamarine water is available to every resident of the Turks ad Caicos islands.
Two groups of islands comprise the Turks and Caicos. Forty-five islands and quays or cays (pronounced ‘keys’) make up the collection of TCI jewels. Only eight of the islands are inhabited. Providenciales, known as Provo to the locals, is home to almost 24000 of the less than 50000 full-time residents of Turks and Caicos.
TCI’s airport, Providenciales International Airport, is also located here. Low crime rates and a favorable investment climate makes Provo an attractive place to live.
There are also many reasons to consider buying TCI property for those wishing to make a home in Provo. However, many future ex-pats consider taking a lay of the land first. For most, renting a vacation home is the best way to take steps towards making a major commitment to Turks and Caicos. In that way, the new resident also has time to assess available properties and purchase a property best suited to his or her needs. And, a slower, more enjoyable life can take some getting used to!
That said, it is important to plan ahead. Prime rental Provo properties are always in demand and there is a shortage of rental homes and apartments. Some people decide to jump in and rent from online pictures or photos sent by Providenciales property agents. Others plan to arrive in Provo a few weeks ahead to view properties in person. There are a good number of places to find temporary lodging: resorts and hotels, along with vacation rentals.
Temporary Residence Certificate
The idea of picking up lock, stock, and barrel and making a move to paradise in TCI is romantic but not very realistic. To live on Turks and Caicos, the new resident must have proper documentation from the TCI Department of Immigration. He or she must have either a Work Permit, a Temporary Residence Certificate (TRC), or a Permanent Residence Certificate (PRC).
Individuals taking the recommended rent before purchase strategy will need a Temporary Residence Certificate. Applicants for the TCR agree not to seek employment in Turks and Caicos, and verify their financial self-sustainability. The TCR holder must have the financial means to support him or herself and any family members. The TCR renews each year for approximately USD 1000. Spouse TCRs, if any, renew at USD 150. Each child’s TCR renews at USD 50. Lastly, the TCR applicant must establish he or she is healthy and of good character.
Occasionally, TCI employers offer jobs to non-residents. This may happen when a personal already employed offshore is invited to accept a job at the company’s headquarters. In general, though, TCI jobs requiring an ex-pat are rare. The individual must possess demonstrable skills that are not found in the resident population.
When a TCI-headquartered company needs to engage an ex-patriate worker, the company obtains a Work Permit for the employee. Work permit fees vary and many must be renewed annually.
For these reasons and others, many new residents start a business on Turks and Caicos. The new business must purchase a business license and, once established, a Work Permit. The Manager Work Permit renews each year about approximately USD 7000.00.
Making Turks and Caicos a permanent residence is advantageous for many visitors. An individual or couple hoping to retire may decide to obtain the Permanent Residence Certificate. This PRC enables its holder to reside on Turks and Caicos for the rest of his or her life. He or she must invest in real estate or business in which he or she agrees not to work in order to receive approval for the PRC. Qualified investors must have USD 500000.00 in Providenciales.
According to author Jesse A. Schmitt, (“Legal Offshore Tax Havens”) investors pay no taxes on capital gains, inheritance, income, or property, and no tax treaties with other countries in this regard are in place. Residents of Turks and Caicos are not required to provide income or investment details to another government.
Turks and Caicos Rentals
The Turks and Caicos Islands are just 575 miles southeast of Florida. Located in the Atlantic Ocean, it is included as a Caribbean country. It has 40 small islands and cays, but the two most popular are Grand Turk and Providenciales. Considered one of the top beach vacation destinations in the world, the award-winning Grace Bay in Providenciales offers a full range of water sports including diving, snorkeling, parasailing and fishing. There is also plenty to do for visitors who want a day off from the beach including world-class golf, a casino, spas and much more.
Vacation rentals on Grace Bay, considered the best beach in the Caribbean by Conde Naste, range from $1,100 to $12,000 per week. The $1,000 range rentals include a studio apartment with one bathroom. It sleeps 2 -3 and includes tennis courts, bicycles, restaurants and bars including a beach bar and kitchen areas.
For $4,500 to $9,500 per week, visitors get five star luxury on Grace Bay beach in a two bedroom condo with two bathrooms that sleeps 4 – 6. These vacation rentals include fully equipped gourmet kitchens. They offer magnificent views of sunrise and sunset from their private balconies as well as on-site fitness room and are near restaurants, golf courses and boutiques. The large pool area has hot tubs and a wide terrace where guests can enjoy meals al-fresco. There is also Internet access in the rooms.
On Cooper Jack Hill, there is even more privacy with $3,000 to $5,000 vacation rentals that sleep six with three bedrooms and two bathrooms, fully equipped kitchens and spectacular views of Five Cays and Discovery Bay. With only the breezes and birds passing by, it is a 10 minute drive from the beach, shops, supermarkets and restaurants.
Cooper Jack Hill also offers vacation rentals for less than $1,000 per week with small, one bedroom, one bathroom cottages that sleep two. They are just minutes away from Grace Bay beach. Comfortably furnished with a fully equipped kitchen they also have a swimming pool with a waterfall. It has easy access to kayaking, snorkeling and boating.
Chalk Sound is famous for its turquoise water and another place on Providentiales where vacation rentals are available. For approximately $7,000 per week there are villas with swimming pools and hot tubs that overlook Chalk Sound. They have two bedrooms and bathrooms and fully equipped kitchen. Each villa includes a flat screen TV, xbox and DVD player.
For over $10,000 per week, there are luxury villas at Blue Mountain located on a hillside directly on the beach. This oceanfront community offers excellent privacy for the true tropical island experience. Close to the world-class golf club, shopping, restaurants and airport, each villa has a private beach. With a gourmet kitchen, high-speed internet, security system and satellite TV, visitors can be as secluded or connected as they want.
For corporate events or family reunions, there’s nothing like a full Caribbean manor house. At $18,000 per week, it offers beautiful gardens, a huge freshwater pool and a children’s pool with iron ceilings for safety. Just steps away from the beach, it offers some of the best snorkeling in Turks and Caicos. It has five bedrooms and comfortably sleeps 10, and each bedroom has a TV. There is also a huge flat-screen TV in the living room that is hidden in an antique French armoire. The architecture is elegant with terraces, arches and rustic charm. It includes daily maid service for making the beds, washing dishes and cleaning the bathrooms, and there are washers and dryers in the villa for personal use.
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