Turks and Caicos realtors welcome limited PRC plans
Individuals who are investing in property and construction in the Turks and Caicos Islands (TCI) will be eligible to apply for Permanent Residence Certificates, depending on the level of their investment in the Caribbean island group.
Real estate agents of RE/MAX Real Estate Turks and Caicos have reported TCI's recently announced intention to offer the limited number of PRCs.
According to the RE/MAX website, TCI have expressed their hope that issuing PRCs would have a widespread impact on potential property owners.
RE/MAX explained the PRCs would allow for greater access to the islands and less restriction on the amount of time an international property owner can spend at their property without a visa. The realtor explained the certificates are designed to spur investment opportunities in the less developed areas of the islands.
“Permanent resident certificates would be made available to property owners based upon their level of investment within a property and are designed to stimulate the construction sector for the whole of the islands. Should the permanent resident certificates be issued by the Attorney General's office, investors would be required to spend at least $500,000 in less developed areas to qualify for a certificate and $1.5 million in more developed parts of the islands.
“Current property owners would be ineligible for the PRCs, but would be eligible on any newly purchased properties and for projects begun, but not completed, at the time the new law takes effect.”
The realtor stated on their website that in a Cabinet meeting on August 21, Don-Hue Gardiner, Minister of Border Control and Labour, called the proposal a potential engine that could help the economies of lesser developed islands if investors were incentivised to build on less developed spaces of the islands. “This reintroduction of PRCs would require the Attorney General to make changes to the immigration regulations and is slated for further discussion during September's Cabinet meeting.
Co-owner of RE/MAX Real Estate Group Turks & Caicos Blair MacPherson is quoted as saying: “This could be a great incentive for our future property investors. We're excited to see what happens.”
Turks and Caicos attorneys Dempsey & Company include residency information on their website. They say: “The Turks & Caicos Islands is a Common Law, British Dependent Territory which places no restrictions on foreign investment in real estate, the currency is the US dollar, and the language is English. These factors alone make the islands a particularly attractive and convenient jurisdiction for many individuals considering acquiring a second residence or working in the islands.
“There are six categories of residency in TCI which arise in different ways, namely:
“Temporary Residence Permits — which are 30 day permits granted to tourists on arrival (can be extended on application for a further 30 days).
“Residence Permits — which entitles individuals to reside in the islands for a period of one year from the date of issuance at a cost to Government of US$1000.00 per annum.
“Permanent Residence Permits (PRC's) — PRC's last for the duration of the life of the holder and extend to the holder's spouse and dependents (until the age of majority when they can apply for their own PRC). PRC's are issued to applicants who have made the requisite investment in TCI and come either with the right to work (i.e. individuals who have held work permits for five years) and without the right to work (i.e. the retirement investment category). The investment prerequisite for PRC's in the retirement category varies depending on where the investor acquires property.”