Interview with Peter Crawford Smith

Peter Crawford Smith is a sales associate with Prestigious Properties, the largest real estate company in Turks and Caicos.

Originally from Canada, Peter has been a licensed real estate broker for 28 years. He lives and works in Providenciales, the island he has called home for 10 years. He is a specialist in all the inhabited islands of Turks and Caicos. and an expert in the many opportunities this burgeoning country has to offer.

Peter speaks about life, work and real estate in the Turks and Caicos Islands, a country still in the promising, early stages of development.

Where is Turks and Caicos (TCI)?

Turks and Caicos is a country of 40 islands with eight major inhabited islands located 575 miles south of Miami, Florida. The most developed is Providenciales, affectionately nicknamed ‘Provo’ and has a population of approximately 22,000.

Why buy in Turks and Caicos?

For one - we are one of the safest countries in the Caribbean. Also, the convenience of daily flights from many North American cities makes TCI a destination of choice for many.

Further, we use US currency and land registration is based on English common law. Because of our status as an offshore banking center, there are no income taxes, no estate taxes, no capital gains, no corporate or real estate taxes and no inheritance taxes. Also there are no restrictions on foreign ownership. Ownership can be taken in your own name, or a company name, but the company must be domiciled here in the Turks and Caicos.

The people of Turks and Caicos are warm and welcoming. The beautiful weather all year round, award-winning beaches, snorkeling and diving add to the attraction.

How have property prices been doing?

About 85% of our buyers come from the US, so our market is a little slow, but the real estate market is still growing. Prices have not dropped. We will just see slower growth over the next two or three years.

Two years from now our new state-of-the-art hospitals will be finished, and the runway in Provo extended to 10,000 feet to accommodate planes from Europe. This will make us more competitive with Barbados, St. Kitts, Dominican Republic and other Caribbean islands. It should create a major upturn, and bring in investors and tourists.

Can we buy on the outlying islands?

Well, the intention is to keep nature pristine. We have over 30 uninhabited islands some of which have iguana, birds and wild life, mangroves and lots of natural vegetation and sandy beaches. Their pristine nature is a point of pride and these lands are there to visit and enjoy.

But many opportunities exist for investment on Provo, North Caicos, South Caicos, Middle Caicos, Salt Cay, Grand Turk, West Caicos, Parrot Cay and Ambergris Cay.

North Caicos and Middle Caicos are affordable. Resort development is just starting in Grand Turk and North Caicos, so now is a good time to take advantage of low property prices that will yield high returns in the years to come.

The local government recently approved a reduction in stamp duty (land transfer tax) which will last until the end of June, 2008. This will benefit anyone buying, who completes the purchase before deadline.

Is it safe to visit and live in Turks and Caicos?

We have the lowest crime rate, and the highest rate of solved crimes in the Caribbean. Petty theft does take place, and visitors are advised to use common sense and be aware of their surroundings at all times, but to answer your question: Is it safe? The answer is yes. Absolutely.

You get a lot of day-trippers?

This past year we had over 200,000 passengers from cruise ships visit Grand Turk. The Ministry of Tourism is confident that they will enjoy their short stay enough to be attracted back. From Provo daily trips go by Ferry to North Caicos and to other islands which provide a different experience. Scuba diving and snorkeling in many of the islands is some of the best in the Caribbean.

Air flights?

Turks and Caicos Islands currently have two full service international airports, one on Providenciales and the other on Grand Turk. There are direct flights from New York, Toronto, Philadelphia, Atlanta, Dallas, Charleston and Miami.

The Provo airport is currently under expansion to 10,000 feet and within 2 years will welcome direct flights from Europe and the U.K.. This will give TCI an advantage over other Caribbean countries, allowing us to be even more competitive in tourism. Most visitors fly into Provo and from there take commuter flights to the other Islands.

What is the future of the Turks and Caicos real estate market?

The future looks very positive as we are taking a proactive approach to the future.

TCI is a high-end destination and will welcome investors and visitors from all parts of the world. There will be opportunities for small investors and large investors. You will see large yachts in the Turtle Cove Marina and in Leeward where the Nikki Beach Club is building there flag ship hotel with many dock slips. Two companies on Providenciales provide space for private jets on the airstrip. There are also luxury villas and condos with spectacular views of the turquoise waters and white sand beaches.

Projects like Dellis Cay with four different architects from different parts of the world, Molasses Reef and the Ritz Carlton in West Caicos, and the Greenbriar management in Ambergris Cay off South Caicos, will contribute to the growth of the islands. We have Provo Golf Club a challenging course for golfers and will soon have the Amanyara Resort doing a state of the art Golf Course up in the Northwest Point area of Providenciales. Other golf courses are planned in some of the other islands. Added to that is these islands have the best snorkeling and scuba diving in the world with the coral reefs.

Many opportunities still exist!