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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.

Bahamas News

RBC appoints new Country Manager and Area Vice President for Turks & Caicos 

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RBC Royal Bank (Bahamas) Limited (“RBC”) is pleased to announce the recent appointment of Kerryl-Lyn King-Henry as Country Manager and Area Vice President (“AVP”), Personal and Commercial Banking, Turks & Caicos Islands (TCI).

In her new role as Country Manager and AVP, King-Henry will take on full responsibility for the bank’s operations, strategy, and development in the TCI market, with a strong focus on solidifying partnerships with the Government, regulatory bodies, and the local community.

King-Henry brings to the role a dynamism influenced by nearly 25 years of industry experience. Prior to her new appointment, she served as AVP of Business Banking in Trinidad and Tobago. She has held progressively senior roles within both personal and commercial banking, as well as various functional units.

King-Henry holds a Master of Business Administration (MBA) degree, with a specialization in Leadership, FinTech and Big Data Analysis, in addition to a Bachelor’s Degree in Business Administration. Further enriching her professional profile, Kerryl-Lyn is a certified John C. Maxwell Coach, Trainer, Teacher, and Speaker. Her passion for leadership and development is matched by her commitment to community service, as she actively volunteers her time and leverages her professional expertise to mentor and support others. “

Kerryl-Lyn’s extensive experience and proven leadership capabilities make her the perfect choice to lead our operations in the Turks & Caicos Islands,” said Ericka Rolle, RBC’s Managing Director and Vice President, Personal Banking, The Bahamas and TCI.

“Her commitment to excellence, combined with a genuine passion for community engagement, aligns perfectly with our Bank’s purpose of helping clients thrive and communities prosper. We are excited to see the positive impact she will undoubtedly bring to her new role,” she added.

 

 

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Government

MINISTRY OF HEALTH AND HUMAN SERVICES DELEGATION VISITS WEST MIDLANDS AMBULANCE SERVICE IN BIRMINGHAM, UK

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Providenciales, Tuesday 30 April, 2024 – A delegation from the Ministry of Health and Human Services, recently undertook a pivotal visit to the West Midlands Ambulance Service in Birmingham, United Kingdom. The visit, which took place from April 21st to April 23rd, 2024, was held under the esteemed patronage of the Ambassador of Health of the British Overseas Territories, Professor Ian Cumming.

Led by Permanent Secretary Mrs. Desiree Lewis OBE, the delegation included Ms. Renessa Williams, Deputy Permanent Secretary of the Ministry of Health and Human Services, and Mr. Andy Brijmohansingh, Director of Emergency Medical Services. This strategic meeting was an integral part of the Ministry’s ongoing efforts to enhance emergency services within the Turks and Caicos Islands.

During the visit, representatives from the West Midlands Ambulance Service provided comprehensive insights into their operations, sharing valuable expertise and offering collaborative initiatives for the development of the TCIs emergency services. Discussions encompassed various aspects, including training and mentoring programs tailored to empower emergency personnel within the Turks and Caicos Islands.

“The visit marked a significant step forward in our strategy for the advancement of emergency services,” stated Mrs. Desiree Lewis OBE. “We are deeply grateful for the generosity and support extended by the West Midlands Ambulance Service, and we look forward to implementing the insights gained to further enhance emergency care within our country. Permanent Secretary Lewis also expressed the Ministry of Health’s gratitude to Professor Ian Cumming for his assistance by way of arranging the visit.”

Mr. Andy Brijmohansingh, Director of Emergency Medical Services for the Turks and Caicos Islands, underscored the importance of the discussions, emphasizing the poignant exchange of ideas and the potential for meaningful collaborations which signifies a commitment to improving emergency services and ensuring the safety and well-being of the residents of the Turks & Caicos Islands.

The Ministry of Health and Human Services expresses its sincere appreciation to the West Midlands Ambulance Service for their warm hospitality and invaluable contributions during the visit.

For additional information, please visit the Turks and Caicos Islands Ministry of Health and Human Services Facebook page at https://www.facebook.com/tciministryofhealth/.

 

 

 

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TCI Court

Eight Months facing Police Accusations and Court, now Pedro Grant Exonerated

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Dana Malcolm 

Staff Writer 

With no evidence to support their claim, the prosecution has dropped their case against Pedro Jose Alfredo Grant Gallon, the Dominican Republic citizen who was accused of impersonating an officer in September 2023.

The Police, who publicized the arrest and charge, have not yet commented on the matter despite Magnetic Media queries.

Grant, for his part, has always vehemently denied the accusations that he was impersonating an officer and described the circumstances surrounding his arrest as unfair.

He contends that on the evening of July 13, 2023, he was being followed by a strange driver, concerned, he waited until the man pulled off at a bar, then took his license plate number and called the police, but police never came to help Grant. He alleges that the next time he saw them, they came with handcuffs to arrest him. In a search, police found his IDs which included his documentation for humanitarian work with the International Diplomatic Alliance (IDA) and police lights attached to his vehicle. In explaining the possession of those lights, Grant said he told officers that they had been in his car from his time in the Dominican Republic where he was involved in law enforcement.

Since that time, Grant has maintained several facts:

  • The Police did not have a warrant to search his home and car;
  • The Police took his documents including passports and IDs, one of which was issued by the IDA, and to date have not returned them despite being court-ordered to do so;
  • The Police intimidated his wife with threats of deportation;
  • He never showed any ID, flashing lights at the man following him, or claimed to be an officer.

Police have steadfastly refused to comment on the case despite numerous queries into the bizarre circumstances, even with serious allegations like intimidation against them. Grant was officially charged with Impersonating an Officer in September but IDA Head Jerrod Crockett told Magnetic Media despite seizing documents from Grant to support their case, no one even called the organization to see if they were real or fake.

Now, when called to provide evidence to the court as to why they arrested and charged the resident, the police and DPPs office drew a complete blank as Wilkie Arthur, Magnetic Media Court Correspondent, confirmed it was a lack of evidence that got the case dropped.

Despite this win serious damage has been done Grant claims, describing his life as a ‘living hell’ and ‘miserable’ since the accusations were publicized.

The IDA says it has been affected as well.

“That really put a hurt on us for the last six to eight months now because of accusations of fraudulent documents that everybody else has seen. We’re trying to prove our legitimacy now because you guys can’t verify any documents— before you put everything out there as public information,” Crockett said of the Royal Turks and Caicos Islands Police Force (RTCIPF)

The president also told our news team they had lost thousands of dollars in funding.

Following the closure of the case we reached out again to police to find out on what grounds Grant had been arrested and charged but no response was issued.

 

 

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