Purchasing a second home second home in the Turks & Caicos offers you the chance to expand your horizons outside your borders.  With research and the help of a good agent you can be comfortable that you have made a wise choice.  There are a number of factors which make the Turks and Caicos a sensible and convenient choice which include the following (apologies if there is repetition on some of my pet points!): 

Currency:

The Turks & Caicos uses the US Dollar as its unit of currency.  This is a huge convenience for US persons - no standing in cues at Bureau's de change or fumbling with bizarre coinage; no last minute dash to try to spend the currency that you have in your pocket before you leave; no returning home with a wallet full of unusable currency and putting up with extortionate exchange rates. [The fact that the US Dollar has fallen by some 40% against the Euro and British Pound also creates interesting opportunities for people holding those currencies]. 

Services and Amenities:

In the US, Canada or US it is easy to take for granted many of the conveniences available.  For example, running out of milk or water isn’t a problem.… you just have to run out to the nearest 24-hour convenience store.  In addition to having a great selection of available real estate offerings the Turks & Caicos has the infrastructure to provide the support services that you need while here. Support such as babysitters, senior care, gardeners, and property management services can be conveniently included in your new lifestyle.  Providenciales has a large US-style supermarket / grocery store where you can get fresh food and supplies 7 days a week. 

Medical Care:

More serious is the question of convenient medical care.  This is particularly important if you are considering the destination for retirement. Fortunately the Turks & Caicos (and Providenciales in particular) has a selection of conveniently located private medical practitioners providing quality healthcare services to the private sector and tourist community.  Both Providenciales and Grand Turk have dialysis machines which cater to people with kidney failure (Provo's being a recent addition).

 Financing:

Another consideration when purchasing real estate is financing. The easiest, least complicated method is to purchase property outright.  There are not a lot of examples of highly financed purchases in the Turks and Caicos - you can expect to have to put up at least 30% of the purchase price in cash if you are dealing with one of the local banks and at least 50% if you are dealing with one of the trust companies.  Have your real estate agent provide you with an overview of the financing options, general rates and contact details of personnel at the banks and trust companies so that you can get a clear sense of what to expect in advance of making an offer.

[The fact that high lending standards have been maintained in the Turks & Caicos is a factor which we feel will benefit the property market in the Turks & Caicos Islands in the event of a slow-down in the market.  Because banks and trust companies in the Turks & Caicos have historically restricted the amount of credit available to purchasers, owners in the jurisdiction are not as highly leveraged.  A very high percentage of the high-value transactions which we assist with do not involve recourse to financing.] 

Culture:

A popular reason for choosing the Turks & Caicos as a location for a second home is for the cultural experience.  If you have visited the Turks and Caicos you will be aware that Americans, Canadians, Europeans, etc. are all warmly welcomed by the resident population.  Coupled with that there are no difficulties with owning real estate here outright - for the most part, if you can afford it you can buy it.  Turks & Caicos Islanders (sometimes referred to as "belongers") and the resident population as a group are a friendly, open bunch by and large and are naturally inclined to accept new arrivals into the fold and make them feel at home.  The fact that the spoken language is English is also a major convenience in this respect. 

Convenience:

Living abroad or enjoying a change of pace and environment may be your goals but over time convenient access to family and friends back in the US, Canada or Europe will make all the difference.  Providenciales has direct flights from New York, Miami, Atlanta and Boston.  Many property owners here comment on the fact that they can leave their homes in NY state, CT and Boston in the morning and be on Grace Bay beach before it cools down.  We also have regular flights from London Heathrow.

For further information about the Turks and Caicos islands and purchasing real estate visit our main Turks and Caicos real estate articles page.

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