The Turks and Caicos Islands topped the list of other compelling island destinations, including Cayman Islands, Barbados, St. Lucia and Bermuda.

The survey findings were included in a report that was produced by Resonance Consultancy in conjunction with the Luxury Institute.

Since U.S. citizens continue to drive the majority of recreational property sales in the Caribbean, what is happening in the U.S. is usually an important indicator regarding consumer confidence to buy real estate there and abroad.

The February/March 2013 issue of Bowden’s Market Barometer published data from a Master Planned Communities survey. The data from the survey suggested that home sales at the top projects in the United States were the strongest in 2012 since 2007, up more than 37% year over year, and accounting for almost 14,300 sales.

According to the National Association of Realtors in the U.S., vacation home sales jumped 7.0% in 2011 over 2010.

The January 2013 issue of the ULI Real Estate Business Barometer reports that, “The upward trajectory of permits and starts of all types of housing continues unabated, and prices for new single-family homes have returned to their peak.”

U.S. hotel performance data suggests that U.S. consumers are also starting to spend more on travel again. In 2012, U.S. hotels reported an overall 2.5% increase in occupancy compared to the previous year, and an increase in ADR of 4.2%.

Visitation to the Caribbean has also improved. The Caribbean visitor count climbed more than 5% in 2012, year-over-year. Arrivals from the US were up 4.1%, reaching pre-recession levels. Canada outpaced the US, posting a 5.9% jump. Total visitor spending rose 3.6% to $27.5 billion.

The Turks & Caicos Islands are enjoying the effects of the economic rebound. The outlook for 2013 is positive, both for recreational real estate sales and hotel performance. Consumers seeking a second home with rental income potential should give serious consideration to the market in 2013, particularly while property prices are still competitive and mortgage rates remain at historic lows.

The redevelopment of passenger facilities is being undertaken in response to the growth in annual tourist arrivals at the airport.

The redevelopment project will involve nearly doubling the size of the terminal to better accommodate the 500,000 passengers who pass through the airport (PLS) each year.

The airport will increase in size from 51,462 to 92,321 sq ft.

New facilities will include expanded check-in counter areas and self-check in facilities, additional bathroom facilities, larger retail space for shops and restaurants, and improved medical amenities.

Visitors to the Shore Club’s Presentation Centre on Long Bay Beach ask us a lot of questions about the lifestyle here and why it makes sense to own real estate at one of the Caribbean’s most exclusive addresses. Our team is always happy to remain engaged until every question has been answered, particularly since we enjoy talking about why we love living in Providenciales.

We encourage potential property owners to also consider what is unique to Turks & Caicos, and what they WON’T find here.

For instance, there are no traffic lights in Turks & Caicos. Our research suggests Turks & Caicos may be the only country in the world without traffic lights! No doubt as you read this blog, you have just returned from a work commute and long waits at traffic lights. Imagine spending your leisure time in a place where you never have to do that.

While you can expect to find most of the modern conveniences and consumer products that you do at home here, one thing you won’t find in Turks & Caicos are fast food franchises. There is not a single golden arch or a rotating bucket cluttering the sky line. We can’t prove it, but we think the lack of franchise food chains may also be why our pristine beaches and waterfront eateries are free of seagulls searching for food from take-out food containers. You can eat a picnic lunch on the beach in peace here.

Another benefit of living in Turks & Caicos is the lack of poisonous and dangerous critters – no poisonous snakes, no poisonous spiders or scorpions, no monkeys and no crocodiles. The island is also free of malaria, rabies and tropical diseases. For those of you a bit squeamish about the “nature” side of living in some tropical destinations, you can relax here. On the plus side, you will also be living in the only place in the world where you can view the endangered rock iguana in its natural habitat. These creatures are shy vegetarians, so they make great neighbours.

And of course, the best thing that is missing in Turks & Caicos are taxes. Aside from paying a stamp tax when you purchase property, there is no property tax, income tax, inheritance tax or capital gains tax. The government also just announced that the proposed Value Added Tax (VAT) will not be implemented as initially planned due to the identification of other sources of government revenues.

Come find out what you are missing in Turks & Caicos Islands.

There are no restrictions on foreign property ownership in Turks & Caicos, including ownership of beachfront property (restricted in some other high-end Caribbean destinations.) All properties are registered with the Land Registry and are guaranteed by the Crown.

Transactions are made using the U.S. dollar, and the majority of realtors and lawyers involved in property transactions hail from and/or were educated in the U.S., Canada or the U.K. All legal documents are written in English.

In addition to enjoying smooth legal and real estate processes, most buyers will find they can finance their second home in the Turks & Caicos Islands. There are a number of ways to finance a property purchase in Providenciales.

First, there are local banks that provide personal mortgages, which include Scotiabank, First Caribbean (CIBC), Royal Bank of Canada and British Caribbean Bank. These institutions offer personal mortgages that can range (and depending on the institution terms can and do vary) from a reported 60% to 95% loan to value, normally with mortgage indemnification insurance. When applying for a mortgage, applicants must provide a copy of their passport, a copy of their utility bill for their primary residence, proof of income and/or ability to service mortgage payments, and often an appraisal of the property intended for purchase.

Second, Turks & Caicos is home to several private investment banks and trust fund companies that may also offer mortgages to their clients.

Third, property buyers may elect to arrange financing in their country of residence by using their own property there as collateral for a personal loan, and then send the funds to Turks & Caicos. The advantage of arranging financing at home is that the interest rates will likely be lower (by up to 3%) compared to what will be charged by lending institutions in the Caribbean.

Another factor to consider when financing a second home is the carrying costs. Normally the biggest cost is property taxes, but in Turks &Caicos, there is no property tax. Property buyers should factor in the cost of a one-time stamp tax (land transfer fee) and closing fees when considering the purchase price. The Turks & Caicos has one of the lowest stamp tax rates in the Caribbean, starting from 3.6% and rising to 7.2% for properties valued at $1.5 to $3 million dollars. Stamp tax is applied only to the value of the real estate and does not include the value of the contents – i.e. furnishings and appliances. As a general rule of thumb, the contents of a property represent about 20% of the sales price. For example, if a second home is sold furnishes for $ 1 million dollars, the stamp tax will be calculated on a value of approximately $800,000. It is important to note that a property valuation is needed prior to closing, and the value calculated for contents will vary according to each property.

Aside from the one time stamp tax, there are no property taxes or capital gains taxes in Turks & Caicos. Once the stamp tax is paid, the property is essentially tax free!

Finally, property ownership in Turks & Caicos provides the opportunity to acquire residency in the sun-drenched islands located just 575 miles south of Miami. Lawyers well versed on immigration law are available to assist with learning how to qualify for residency once a recreational property has been purchased.

The Shore Club on Long Bay Beach is ideally suited to investors seeking a second home that provides opportunities to apply for residency in Turks & Caicos, as well as the ultimate Caribbean lifestyle address.

Simply defined, a Permanent Residence Certificate or PRC grants the holder permission to reside in that country (but not work.)

Residency offers the convenience of travelling in and out of the country with relative ease (tourist visa not required) and can aid in accessing local services such as setting up a bank account and obtaining a local drivers’ license. Furthermore, acquiring a PRC helps reinforce the sense of belonging and becoming part of the community. Having a PRC may also be beneficial to some individuals regarding their personal tax planning strategies.

In September 2012, new PRC rules came into effect in Turks & Caicos. The most important aspect of the new legislation was that PRC applications are again being accepted, following a two-year moratorium that had been placed on applications due to a backlog of files.

Individuals who invest at least $500,000 in a property or business in Providenciales are eligible to apply for a PRC. Once approved, the individual is granted a residency permit for a 10-year period.

Luxury resort properties like The Shore Club are designed to offer purchasers a superior second home with the option to offset some of the annual carrying costs. The opportunity to apply for a PRC as a result of buying property at the Shore Club is just another benefit of ownership.

It’s hard to believe that 2013 is now upon us- 2012 has been a year of many changes, one of these changes being the strengthening of the TCI’s real estate market.

2012 has seen investors come to terms with the many changes born of an adjusting global economy.

Where purse strings had initially tightened, a sense of confidence has returned along with a desire to find a safe, tangible investment.

In 2012 we have seen the total real estate market increase its sale volume by 26% over 2011, with dollar volume increasing by 73%, and the average sale price up 37%. Other sectors of the real estate market are noted in our State of the Market Report.

The island’s real estate market has seen the majority of its distressed properties sold, and a return of the ultra high net worth buyers purchasing properties such as the TCI’s ultimate luxury property, Emerald Cay, on the market for 45,000,000USD.

In conjunction with this has been the announcement of many new projects, and the rejuvenation of others that struggled due to the economic crisis around the world.

In 2012 it was publicly announced that three luxury hotels are planned for the Grace Bay area. The first being a 400 room hotel to be built on the 10.5 acre site adjacent to the Seven Stars Resort. Two further hotels with a total of 500 rooms are to be built on the vacant land adjacent to The Sands.

Further to this is the recent press release stating that the stalled West Caicos project is now back on track and due to restart.

The developers reported that their attraction to the TCI is because of our high-end tourism, great potential, friendly and welcoming people, and an excellent investment climate.

We do have a ways to go before we are back to the peak years of 2005 and 2006, but we are moving in the right direction. The Turks and Caicos Islands continue to be one of the world’s top Caribbean getaways and an investment paradise.

This is a great event to attend and see how a Hartling Group development offers a quality backdrop and stunning venue for the ultimate Turks & Caicos lifestyle.

Conversations between agents and prospective buyers usually focus on the physical attributes of the properties – the views, designers kitchen features, location and privacy, the swimming pool and so forth.

It’s not uncommon for the property tours to initially overlook a discussion about one of the most important aspects of the purchase – building a family legacy. Yet the future generations of children and grandchildren who will also visit the property and be part of the important memories to be created is ultimately one of the most important reasons to buy real estate here.

At first glance, Providenciales may not appear to be the most child friendly destination in the Caribbean. There are no amusement parks, fast food franchises, or tourist attractions that cater specifically to children.

However, discerning travelers will quickly see there is definitely lots to do here for families with children young and old.

The beaches are in themselves a natural draw, and offer the ideal venue for leisurely walks in search of sea treasures, building sand castles, swimming in clean and clear waters or just relaxing on a beach chaise and reading with your child.

Families in search of active water-based pursuits can try snuba, snorkeling , a glow worm cruise, glass bottom and submarine boat cruises to see the amazing underwater park, or boat trips to explore some of the other cays that make up the Turks & Caicos Islands.

On land, the Provo Golf Club welcomes families and offers instruction programs for young golfers. Many resorts feature tennis courts and it’s easy to find excellent tennis instruction here.

Rainy days may not be welcome on a beach vacation, but it does provide families an excuse to catch a film at Digicel Cinemas, visit the conch farm or the soon-to-open heritage museum.

The island is safe and clean. English is spoken. The grocery stores are modern and well equipped. In the unfortunate event a child becomes ill or injured, there is a state-of-the-art hospital with well trained professionals hailing from medical schools in Canada, the United States and the UK working there.

Perhaps the most important reason why Providenciales is a terrific family destination is because of what it lacks – crowds and a fast paced lifestyle. This is truly a place where families can slow down, reconnect and spend quality time together.

TCI condo sales year-to-date from January to September 2011 was about $25 million compared to $40 million for the same period in 2012.

House sales accounted for $25 million in 2011, and increased to $33 million in 2012.

In 2011, land sales accounted $17 million, while for the same period this year they had increased to $37 million.