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Letter To The Editor: Protecting Generational Wealth!

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#TurksandCaicos, September 9, 2021 – Despite the significant impact caused by the current COVID-19 pandemic, real estate reports show the market in TCI is at an all-time high, and continues to make remarkable gains.

With that being said, this should give us pause for thought; why in a global economic downturn, does TCI real estate continue to be such a hot commodity?

Could it be because we have such relaxed tax regulations, or is it a consortium of foreign investors with large sums of cash who are seeing this as a lucrative opportunity to acquire prime real estate?

In some cases, these properties are used to build lavish homes which are later utilized as short term vacation rentals, or better yet, just left for their next generation.

With this being a real possibility, are we forward thinking enough to undertake sharply focused policies to revise the existing laws and regulations in order to maximize revenue in this area?

We realize drafting legislation to enact policy changes is not an easy task, but the window of opportunity in this arena may be limited.

While the market is red hot and TCI is still listed as one of the top destination choices, the time to capitalize on the opportunity is now. At this given time, do we really need to relax the laws even more and give investors bigger tax breaks?

Albeit, over the years foreign investors have played an extremely important role in the growth and development of our country and we should be appreciative of that.

Nevertheless, we are at a stage in our development where it’s imperative that we take a closer look at the true overall impact it’s having on the betterment of both the country and communities at large.

When is enough, enough when it comes to selling off government land and generational properties to foreign investors? What our country needs is a more diverse portfolio other then selling off real estate.

Let’s face it, there are alternative foreign investment opportunities that could and should be explored. Areas such as light manufacturing or production like recycling on a larger scale, co-op sustainable fishing partnerships, restoration of our conch farm, call-centers, etc.

Generational property is the primary way for our millennials to build and accumulate wealth over time. So why continue to sell it off for pennies on the dollar without looking at the big picture?

With the changes in demographics and the high number of unskilled laborers in our country, these other types of investment opportunities could offer more employment prospects and social benefits. This will also help to raise the standard of living and allow us to become less reliant on low paying service jobs.

The underlying concern is, with the native population continuing to decline, Baby Boomers are pretty much the only ones remaining with generational properties.

Unlike many wealthy families in other developed countries, most of them will not inherit trust funds.

Therefore, we must preserve our only real asset which is generational land, and educate our children on the true value of our forefathers inheritance.

The reality is, most Turks Islanders are not in a financial position to hang onto undeveloped properties as long as they would like too, especially if they are cash strapped. They are then left in a precarious position when attractive offers are presented to them by realtors.

There is also a rising cost and huge demand for housing, especially in the high tourist areas that are the epicenter of jobs and businesses.

To help mitigate this, in my opinion, what is needed are more government affordable land and housing for the locals with the option to buy.

In addition, without having adequate banking systems in place to offer low cost property loans with affordable mortgage payments, it creates a disadvantage and more opportunities for foreign investors.

As places like Providenciales become over populated or have a shortage of inventory, the migration will move to South, North and eventually to Middle Caicos, creating a higher supply and demand market.

In the very near future, the business landscape as we know it in these Caicos islands will continue to evolve exponentially. Deserted land being sold right now, might not be what locals consider prime real estate, but it will be.

It is my belief, rising property value in these areas will be largely driven because of the recent proposed developments such as, a newly constructed marina, a welcome center and a reopening of the airport in North Caicos.

Over time, properties that were quite cheap to buy, suddenly becomes costly and the resale value will double or triple.  Once again, leaving the locals with limited options and very little transfer of wealth.

In essence, the real estate boom may not be a win, win for all in the long run. So the question remains, are we making sound real estate decisions in the best interest of the next generation?

 

Ed Forbes

POETRY :

Summer In Turks And Caicos Islands.

Summer by the sea and

It’s so beautiful to stop

And see watching the

Children smiling so bright

Having fun in the warm

Summer sunlight feeling the warmth

On my face and Turks And Caicos Islands is just

A beautiful sunny warm place and the

Taste the sweetest fruits and I’m

Watching the butterflies flow

Oh how I love the summer days

Smiling so bright kissing my beautiful wife

And all of the songs we sung where so

Beautiful and bright in the warm

Summer sunlight and it’s truly

Beautiful to see the little birds singing

To me it’s summer time and I’ll remember this summer’s day and all of my memories will never fade away Oh how I love summer time in Turks And Caicos Islands every day.

 

David P Carroll.

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Beaches Turks & Caicos shares dining etiquette training at Provo youth summer camp  

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PROVIDENCIALES, Turks & Caicos Islands: — Beaches Turks and Caicos Resort recently collaborated with the Royal Turks and Caicos Islands Police Force and the Department of Social Services to support a youth camp hosted at the Oseta Jolly Primary School, underscoring the resort’s ongoing commitment to youth development in the Turks and Caicos Islands.

The camp, which brought together security forces, government agencies and private sector entities, focused on equipping young participants with practical life skills and character-building tools. A team from Beaches Turks and Caicos’ leadership and training departments joined the programme to deliver sessions on basic table etiquette, dining mannerisms, polite demeanour and public speaking fundamentals, all designed to help the students present themselves confidently in formal and professional settings.

General Manager of Beaches Turks and Caicos, Deryk Meany, said the resort views national development as an integral part of its corporate social responsibility. “We are always happy to be supporters in the development of the youth of the Turks and Caicos Islands. We continue to commit our team to help in creating the next generation of leaders who will provide support to the islands and help in its development,” Meany noted.

The initiative also received strong endorsement from the Ministry of Education, Youth, Sports and Community Development, which has been championing holistic programmes aimed at building well-rounded young citizens. Minister Rachel Taylor highlighted the importance of collaborations like the camp in helping youth access structured guidance and mentorship. “We are happy to join in celebrating the growth and development of our youth here in the Turks and Caicos Islands. Beaches Turks and Caicos continues to be one of our primary supporters in helping to develop well rounded individuals. This commitment from this resort has grown with the vision of the youth ministry to help in their overall development,” she said.

Taylor further emphasized that the camp’s timing was especially significant, coming as youth across the islands seek positive outlets and constructive engagement. “This camp came at the most ideal time for our adolescents. With the support of our governor, the security forces, the social services along with Beaches Turks and Caicos, we are confident that the training needed for them to improve is on the right track,” she added.

Beaches Turks and Caicos Public Relations Manager, Orville Morgan, described the collaboration as an exemplary model of cross-sector partnership. “To be able to join with the security forces to provide support for the youth of the Turks and Caicos Islands is exceptional. We are happy to provide the necessary support to equip them to grow into being productive citizens of these islands,” Morgan said.

He noted that the resort team focused on practical etiquette and hospitality-driven skills that can be carried into the youths’ future experiences. “As a team, we were able to share in the basic table setting and dining etiquette for them, skills we are sure that they will be able to use in their next fine dining experience,” Morgan added.

Organizers expressed optimism that the camp’s blend of discipline, mentorship and soft skills training will have a lasting impact on participants. With stakeholders pledging continued support, the Beaches Turks and Caicos team and their partners aim to expand similar initiatives, further investing in the personal and professional growth of the next generation of Turks and Caicos Islanders.

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ELECTRICITY BILL SHOCKER: PELICAN ENERGY WARNED GOV’T

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TCIG knew from April that fuel factor could surge almost 80%; Minister says $500 cost-of-living payment was part of Government’s response

PROVIDENCIALES — The Turks and Caicos Government knew months before July’s shocking electricity bills that consumers faced a potentially massive increase in the fuel factor.

Minister of Information Technology and Energy E. Jay Saunders revealed Friday that Pelican Energy warned his Ministry in April that generation fuel costs were projected to rise from $3.09 per gallon in May to $4.79 in June and July.

That translated into a projected fuel factor jump from about 17.5 cents to 31 cents per kilowatt-hour — an increase of almost 80%.

Saunders said he personally advised Cabinet of the projected increase and presented options for cushioning the impact.

He characterised Government’s $500 cost-of-living payment as its “initial response” to rising fuel costs, before a separate fuel-factor subsidy was approved.

Cabinet records show Government agreed on June 24 to provide funding to mitigate the fuel-factor impact, with the relief programme approved July 8.

Eligible residential customers — those averaging less than $1,500 monthly over the previous three bills — are capped at 22 cents per kWh from July through October.

Pelican confirmed Friday that Government’s contribution was already applied to July bills, meaning the bills now triggering widespread public outrage would have been even higher without the subsidy.

Saunders did not disclose the programme’s total cost.

His admission that Government knew since April, however, raises another question amid the backlash: why were consumers not directly warned by Government about the scale of the approaching increase?

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Cabinet Decides to Slow Down Commercial Crown Land Grants

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PROVIDENCIALES — New commercial Crown Land applications are facing a six-month pause as the Turks and Caicos Islands Government takes inventory of its holdings.

During Cabinet meetings held July 15 and 16, an immediate six-month moratorium was approved on the acceptance, processing and approval of new applications for commercial Crown Land grants, leases and allocations.

The pause will remain in place pending completion of the Crown Land Inventory Review. Cabinet’s summary did not state what prompted the review or indicate whether availability of commercial Crown Land is a concern.

The two-day meeting also advanced major consumer legislation. Cabinet approved the National Fair Competition Policy 2026 and drafting instructions for a Fair Competition Ordinance, moving TCI toward stronger consumer protection and fair competition rules.

In Grand Turk, Cabinet approved rezoning land in the North West Suburbs from low-density to medium-density residential use to facilitate a new apartment development.

Cabinet also advanced fisheries reforms, water legislation allowing private and public-private investment, minerals legislation and appointments across tourism, health and finance.

Progress toward establishing a TCI Credit Union was also noted.

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