We at RE/MAX Real Estate Group Turks & Caicos learned about the announced intention of limited Permanent Residence Certificates (PRCs), and we think this could be a great incentive for future property investors. To summarize, the Turks and Caicos Islands government announced a potential issuing of PRCs, which would allow for more island accessibility and less restriction on an international property owner’s time spent on a property without the need for a visa. The intention behind PRCs is to encourage investment opportunities and construction in places that are not as developed. Access to these PRCs by property owners may be based on their current investment levels and other requirements, such as spending at least $500,000 in less developed islands and $1.5 million in more developed islands, etc. In addition, current property owners could potentially gain access to PRCs depending on their newly purchased properties and projects not completed until after the law takes effect.
On August 21, 2013, a Cabinet meeting was held where Don-Hue Gardiner, Minister of Border Control and Labour, stated that the proposal could potentially benefit the economies of lesser-developed areas, which could be great for the overall Turks and Caicos Islands market. Possible changes could be made to the Permanent Residence Certificates law and everything has been slated for further discussion during the Cabinet meeting in September.
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