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TCI Realtors sell over $290 Million despite COVID-bust to tourism

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#TurksandCaicos, February 8, 2021 – In reviewing the past decade of a buoyant real estate industry; 2020 surged ahead of 2018 as second best, according to the Market Report Year in Review Comparison published by Turks and Caicos Sotheby’s International Realty and it meant realtors banked an impressive $290,223,626 in sales despite the dismal impact of Covid-19 on travel.

“The 2020 TCI real estate market performed better than we ever could have hoped for in the context of COVID–19, a four-month country-wide shut down and stringent travel requirements,” informed the Market Report circulated in mid-January 2021, which added, “With airports and resorts closed, and most commercial planes not flying, the luxury market was, quite urgently, seeking out real estate!”

Resulting in record vacant land sales and multi-million dollar closes on signature properties in the British  overseas territory, the Report attributes the banner year to a reduction in stamp duty. 

The reduction was one of the Government’s revenue raising measures as the coronavirus pandemic robbed the country of critical tourism earnings.

“Quarter two, (led by the sale of a couple of a trophy properties and several new development villa sales) was also assisted by welcomed stimulus from the TCI Government with a concession halving stamp duty for the second quarter. This helped us close sales during this torturous time for our hotel, resort and villa rental partners grappling with the border’s closures. And this is really the first time in our history that our real estate industry has not been so directly tethered to tourism flow,” informed the Market Report.

The report, fueled by statistics from the Turks and Caicos Real Estate Association, (TCREA) informs that 323 listings brought in a whopping $290,223,626 in sales; an average of $898,525 per close.

Showcased as the most significant, big pay day sales for 2020 were:  Emerald Pavilion sold for $13 million; Bajacau sold for $18.8 million; Amanyara Villa 16 sold for $6.75 million; Dream Big Villa sold for $5.75 million; Long Bay House sold for $5.825 million and Cerulean for $4.8 million.

Land sales in 2020 topped 2019; the fourth best performance for Turks and Caicos in the past decade. 

The Turks and Caicos Market Report illustrated that over $63.2 million in vacant lots was earned from 168 listings.

It was a 4.4 percent increase over the year prior.

“Within the 168 sales there were 14 land sales over $1M and the overall average price, as noted on the graph, has experienced a slight increase. Nine beachfront parcels, three in Leeward and six in Long Bay transacted in 2020. The Bight experienced an uptick in sales which were predominantly along Leeward Highway. Leeward’s growth continues with construction throughout and continued land sales as noted below. Discovery Bay shows steady land sales and we predict this will increase with the plans for road pavement along with the recently launched new development, The Strand, in Cooper Jack. Long Bay was the winner again this year posting 42 land sales. The outer-islands recorded land sales in North, Middle, West Caicos, Grand Turk & Ambergris Cay.”

The Ministry of Finance reported increases as well for the public purse due to stamp duty. 

“Stamp Duty on Land Transactions for the quarter was $2.2 million and totaled $12.8 million at the end of the second quarter which was $3.4 million ahead of the estimates,” reported Premier Sharlene Robinson, TCI Minister of Finance in an October 27, 2020 update to the nation.

The 2020 Stamp Duty Waiver for real estate purchases was available from September 20th through to December 20th, and was offered in three tiers, namely:  a 75 percent reduction of stamp duty on property valued up to $2 million, made between September 21st and October 20th; a 50 percent reduction of stamp duty on property valued up to $2 million, made between October 21st and November 20th and a 25 percent reduction of stamp duty on property valued up to $2 million, made between November 21st and December 20th.

Fifty-seven condominiums were sold to top 2019; leading the sales were luxury condos at Grace Bay Club; The Palms;  Ocean Club; The Regent Grand and the Shore Club.

“Condominium sales performance finished the year end with a slight increase after the significant drop in sales volume last year. The average price increased by 37 percent due to the sale of several luxury re-sale condominiums. The sale-to-list ratio remained high at 92 percent and the overall-average price per square foot increased slightly to $488. The price per square foot for condominiums over $1M was $661 and over $3M was $780.”

Condo sales volume boomed by 15 percent after a review of 2020.

Interest continues to abound in 2021 for the alluring alternative life Turks and Caicos real estate listings offer, despite the end to stamp duty concessions. 

The Report explained the remarkable performance is due to these truths:  “They want quality, the ease-of-use and access and security, and are less motivated by rental income opting for personal use and long-term capital appreciation. As a Hamptons real estate agent said in early summer, “life plans changed in a weekend”, and while that may be an overstatement for this market, it is clear that buyers (and most existing TCI property owners) have put their umbrellas in the sand with a clear intention: They really want to be here!”

In Y2020, 93 private homes were sold; more than 16 of them sold for $3 million dollars and nearly 30 percent of those single family homes were in the villa development category.

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Beaches Turks & Caicos Food and Beverage Department Blends Health and Family with Smoothies    

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PROVIDENCIALES, Turks & Caicos Islands: Families across the Turks and Caicos Islands are being encouraged to make healthier, budget-friendly choices all year round, thanks to Beaches Turks & Caicos’ creative team of bartenders who have shared refreshing smoothie recipes that are as nutritious as they are delicious.

Recognizing the daily challenge parents face in balancing work, family life and healthy eating, the resort’s bartenders have developed easy-to-make, affordable smoothies that cater to both children and adults. The initiative aligns with Beaches Turks & Caicos’ ongoing commitment to supporting family wellness and community well-being through practical, accessible lifestyle choices.

“Using these recipes is a great way to promote health while keeping things simple,” said Managing Director James McAnally. “Our team members are passionate about enhancing healthy lifestyles within our communities and this is just one way we help families make positive changes year-round.”

Among the standout recipes is the “Morning Sunshine,” a tropical blend of banana, mango and pineapple packed with fibre, potassium and vitamins A and C. Anna-Kay Thompson, bartender at the French Village, said the drink supports digestion and boosts energy levels. “Children are drawn to bright colours; they eat with all their senses. This smoothie is healthy, cost-effective and a great way to start any day,” she added.

Another favourite, the “Triple Tango,” mixes blueberries, kiwi and banana for a vibrant blend that boosts brain health and strengthens the immune system. Junior Jones, bartender at the Caribbean Village, described it as “a dance for the mind and body” thanks to its natural balance of sweet, tart and citrusy flavours.

For those craving something bold, the “Red Razzle” combines watermelon, strawberries, raspberries, kiwi and a hint of ginger for a refreshing, nutrient-rich mix. Packed with antioxidants, fibre and hydration-boosting properties, it’s a crowd-pleaser for both kids and adults. “This smoothie helps promote better nutrition and supports heart and immune health,” said bartender Kevin Williams.

Parents like Judy Morales, who balance work and family life, appreciate the initiative. “These smoothies are a game changer,” she said. “They’re simple, nutritious and fun to make with kids. It’s a great way to stay healthy without spending a lot.”

Bar Manager Uton Graham added that the resort’s bar team enjoys creating healthy beverage options that can be easily replicated at home. “Serving beverages for children requires creativity,” he noted. “We’re happy to share ideas that families can enjoy beyond the resort any time of the year.”

Beaches Turks & Caicos continues to blend more than just ingredients; it blends values of health, family and community. Through its food and beverage initiatives, the resort encourages families to adopt healthier habits while spending quality time together.

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2,846 Jobs in the Pipeline; TCI with $430 Million Cash

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Turks and Caicos, November 7, 2025 – A record 2,846 new jobs are on the horizon for the Turks and Caicos Islands — a staggering figure that underscores the scale of economic momentum now coursing through the country. The announcement came yesterday as Premier and Minister of Finance, Investment and Trade, Hon. Charles Washington Misick, presented his mid-year report in the House of Assembly.

“Let me repeat, 1.27 billion dollars in development agreements for major projects have been executed,” the Premier told lawmakers. “From these projects we will create one thousand and twenty-three new rooms and two thousand eight hundred and forty-six permanent jobs for the economy.”

In a population of barely 45,000, that number is seismic. It speaks to both the opportunity and the tension of the moment — prosperity that will stretch local capacity and, inevitably, deepen reliance on foreign labour.

$1.27 Billion in Fresh Investments Fueling Growth

The employment surge is being driven by $1.27 billion in new development agreements brokered by Invest TCI between April and September 2025. The investment list is stacked with big-ticket names:

  • Hadley Investments Limited – $1.2 billion
  • The Bight by Dream Hotel – $65.5 million
  • Retreat Development Limited – $7.3 million
  • Amethyst Development Ltd. – $6.8 million

Collectively, these projects will bring 1,023 new rooms online and ignite activity across multiple islands. The Premier noted that 27 development agreements valued at just over $3 billion remain active — 22 in Providencialestwo each in Grand Turk and South Caicos, and one on Ambergris Cay.

Six new foreign direct investment (FDI) projects valued at $755 million have already started between April and September 2025, spread across four islands. Another four domestic investment proposals, worth $407.9 million, have been received for new luxury resorts, townhomes, and mixed-use spaces.

“Tourism continues to be the lifeblood of our economy,” Misick said. “But the pace of investment has been nothing short of vigorous, signaling strong investor confidence and a very promising future.”

The Labour Equation: Prosperity Meets Pressure

For all the celebration, there’s a flip side — the people needed to make this boom possible. The Premier acknowledged the growing reliance on expatriate labour and the strain that comes with it.

Work permit fees brought in $22.6 million during the first six months of the fiscal year — $1.9 million above estimates and $2.7 million higher than last year. Most of those work permits, the Premier confirmed, are tied to tourism and construction, sectors now running at full throttle.

“As construction and allied business activity has increased, so too has the number of work permits,” he said. The message was unvarnished: the more the economy expands, the greater the need for imported hands to build, serve, and sustain it.

It’s a bittersweet reality for a country whose citizens are ambitious but few. The challenge now — and the political test — will be whether the government can pair this expansion with deeper training, education, and local participation so that Turks and Caicos Islanders fill more of these high-value roles in the years ahead.

A Government Flush with Cash

If the development pipeline paints a picture of the future, the balance sheets show the country’s strength right now. The Premier reported that cash flow increased by $63.7 million in the first six months of the fiscal year.

At the end of the 2024/25 financial year, the government’s cash balance stood at $366.3 million — but by the end of September 2025, that figure had climbed to a commanding $430 million.

Of that total, $242.9 million sits in the Consolidated Fund for day-to-day operations, and $88.5 million is available in the Development Fund for project implementation — up sharply from $51.5 million in March.

It’s a level of fiscal cushion that few small island states can claim — one that gives the TCI a rare degree of resilience and maneuverability at a time when global markets are volatile.

A $1.7 Billion Economy — and Climbing

The Premier’s mid-year report confirmed that TCI’s economy now stands at $1.7 billion, with per capita income just over $34,000, among the highest in the Caribbean. Economic growth was a strong 6.5% in 2024, and global ratings agency Standard & Poor’s upgraded the country’s credit rating to A-, citing “sound fiscal management” and cash reserves nearing 30% of GDP.

Still, Misick cautioned against complacency, warning of tariff volatilityinflationary pressures, and U.S. stock market swings that could cool retiree travel — a major visitor segment. “These are realities we cannot ignore,” he said. “But neither will we be complacent. My government is responding proactively — intensifying marketing efforts, introducing targeted promotions, and pursuing new partnerships.”

The Bottom Line

The Turks and Caicos economy is running hot — billions in projects, thousands of jobs, and a government flush with cash. But with that heat comes a balancing act: managing rapid expansion while ensuring Islanders remain at the center of the story.

Because a boom means little if it doesn’t lift the people who call these islands home.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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TCI News

Sandals Foundation and Great Shape Inc.! Produce More than 3000 Smiles in Providenciales  

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PROVIDENCIALES, Turks and Caicos Islands, November 5, 2025 — Staying true to the high quality of service it is known to provide, Sandals Foundation, Beaches Turks and Caicos and Great Shape! Inc, have served over 3,000 Turks and Caicos Islanders with state of the art free dental care in its recently concluded clinics – 1000 Smiles.

From October 20 to November 1, a dental volunteer mission team of 140 practicing professionals provided cleaning, filling, extractions, root canals, sealants and oral health education to residents of Providenciales. Its fifth year being implemented in the Turks and Caicos Islands (TCI), the programme’s reach indicate growing support and trust of the initiative facilitated by the philanthropic arm of Sandals Resorts International

While visiting the site at the Blue Hills Church of God of Prophecy church in Providenciales, Minister of Health and Human Services the Hon Kyle Knowles shared his satisfaction with the work noting, “As the Minister of Health, to see firsthand the quality of work being executed is an amazing feeling. Being able to see residents of Providenciales getting quality dental care being provided by professionals who have committed themselves to volunteering is what makes this initiative more meaningful.”

“The continued relationship between Sandals Foundation, Beaches Turks and Caicos and the government of the TCI augurs well for the development of our people and our communities. For two weeks, more than 3,050 residents were served including adults and students at our primary and secondary schools,” Knowles added.

Managing Director of Beaches Turks and Caicos James McAnally shared, “We are humbled by the numbers of persons that came out this year. As a resort, we value partnerships and through the Great Shape! Inc.’s healthcare partnership, together we have created history with the number of clients being served in any one visit to a region. We are proud to have been involved in creating brighter and healthier smiles for the residents of Providenciales.”

In explaining the customer-centric approach practiced by the medical volunteers, Programme Director of Great Shape! Inc., Shantelle Clarke said, “Some people come in with anxiety and are a little bit scared to get stuff done, but, as we talk through the procedure, explain what we’re doing, and why we’re doing it, we are able to build the trust of patients who develop a sense of ease.”

For the Ministry of Health’s (MOH) Chief Dental Officer Dr Janice Baron, the value of the Great Shape! outreach is priceless noting, “It has established a good example of best practices in the field”.

Meanwhile, more than 1,600 students from Thelma Lightbourne Primary, Richmond Hill Preparatory, Community Christian Academy, Mills Institute, Ashley Learning Centre and Elite Schools also benefited from dental care education through a school tour executed in the first week. Led by the Great Shape! team, students and teachers were reminded about the importance of proper brushing, flossing and oral care through interactive sessions.

“The sessions were dynamic, educational and children-friendly. Students were able to interact and ask questions which the team were able to answer in a fulsome manner which provided much needed information for the students,” says Principal of the Ashley Learning Centre, Shelrica Grant-Banton.

Great Shape! Inc. is one of the largest dental volunteer missions in the world The dental outreach, which commenced in TCI in 2021, is made possible with Beaches Resorts providing accommodations and the charitable arm, the Sandals Foundation, spearheading logistics and offsetting the costs for transportation, as well as food and beverage for the clinics.

For more information about the Sandals Foundation and to donate, visit: https://sandalsfoundation.org.

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