Turks & Caicos
For much of its history, the beaches of Turks and Caicos were the sands less traveled. Until, that is, Club Med opened a resort in the early 1980s and put the archipelago on a trajectory as a rising star of posh Caribbean beach destinations.
Turks and Caicos, located 550 miles southeast of Miami, is made up of 40 different islands. Only a handful are inhabited. Providenciales, or Provo, is its tropi-cosmopolitan cultural capital. A quick 10-15 minute flight or easy boat ride connects Provo to most of its sister isles.
Tourism fuels the economy, a sector that continues to grow at a healthy pace. In 2013, the country reported a 10 percent jump in visitors--most of them from the United States. With an increase in air service, the island is just a short flight from most major U.S. East Coast cities--a direct flight of three hours or less.
When visitors come, the daydream of living an endless summer begins. Infrastructure projects such as the expansion of the Providenciales International Airport, balanced by a commitment to sustainable development is bolstering the confidence of prospective buyers. Another incentive is that the islands are a “zero tax” jurisdiction. No property tax, income tax or capital gains taxes. A one-time stamp duty is paid at the time of purchase and based on the home’s price.
But real estate in Turks and Caicos is as much an investment in one’s lifestyle as it is in one’s portfolio. In TCI, that lifestyle is one of flip-flop luxe in a destination that has one of the Caribbean’s highest standards of living. Credit a barrier reef--the world’s third largest--for some of the most brilliant waters and stunning coastlines anywhere. Its beaches are routinely voted among the best in the world. Vacation homeowners count bonefishing in saltwater flats, snorkeling the warm, calm waters and dining under thatched-roof palapas among everyday pleasures.
Popular among buyers, many condominium developments offer owners the option to put units in the rental pool when not in use. Most are on Provo, in popular locations like Grace Bay. Those seeking quieter hideaways are finding their slice of paradise in Provo’s other coastal spots or on other islands like prestigious Parrot Cay, a favorite of A-listers. There is every degree of tropic fantasy in Turks and Caicos including the ultimate, the opportunity to buy one’s own private island.