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TCI Coastlines to be fortified with CDB loan, Villa rentals regulation started

Turks and Caicos, July 25, 2017 – A technical assistance loan of $441,000 was approved by the Cabinet to begin the feasibility study for coastal protection on the islands of Grand Turk, Salt Cay and Providenciales.

According to a post Cabinet statement issued on Thursday (July 20), Acting Governor Anya Williams approved the loan from the Caribbean Development Bank (CDB) and a grant of $50,000 from the European Investment Bank.   The grant complements the CDB’s loan for consultancy services to conduct the feasibility study and to prepare designs for climate resilient coastal protection.

Cabinet has also granted approval for the Ministry of Finance, Investment and Trade to begin discussions with AirBnB on a memorandum of understanding designed to stop tax evasion and improve government revenues.

The negotiations will enable the government to collect revenue from operations in the vacation villa rental accommodation sector and to support the rental of villas in Turks and Caicos.

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Photo credit: caribiquevillarentals.com

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