Turks & Caicos Islands

The Turks and Caicos Islands consist of 40 islands and cays, eight of which are inhabited. The islands are located 550 miles southeast of Miami, Florida, just below the Bahamas chain and just to the east of Cuba and the island of Hispaniola (Dominican Republic and Haiti.) Technically, the Turks and Caicos are located in the Atlantic Ocean, not the Caribbean Sea.

The islands are home to roughly 30,000 full time residents, and welcome more than 200,000 tourist annually.

Language - English

Currency - The US dollar is the official currency of Turks and Caicos. Most hotels, restaurants and taxi services accept traveler’s cheques, which can be cashed at local banks. Most credit cards are accepted and banks offer ATM's as well as cash advances on credit cards. Tipping is normally paid to waiters, taxi drivers, maids and porters at 15%.

Time Zone - Eastern Standard Time and Daylight Savings Time is observed from April to October.

Electricity - 110 volt/60 cycle, suitable for U.S. appliances.

Climate - The average temperature ranges between 85 and 90 degrees (29-32 degrees celsius) from June to October, sometimes reaching the mid 90's (35 degrees celsius), especially in the late summer months. From November to May the average temperature is 80 to 84 degrees (27-29 degrees celsius). Water temperature in the summer is 82 to 84 degrees (28-29 degrees celsius) and in winter about 74 to 78 degrees (23-26 degrees celsius). A constant trade wind keeps the climate at a very comfortable level.

There is an annual rainfall of 21 inches on Grand Turk and South Caicos, but as you go further west the average rainfall could increase to 40 inches. In an average year the Turks and Caicos has 350 days of sunshine.

People - Turks & Caicos Islanders are mostly descendants of Africans who were brought in to work the salt pans or the cotton plantations. The expatriate population consists of British, Canadians, Americans, French, Bahamians, people from Hispaniola and virtually everywhere in the world.

Economy - The economy of the TCI relies on the tourism industry, real estate development and the exportation of seafood. A wide variety of financial services are available, including company formation, offshore insurance, banking, trusts, limited partnerships and limited life companies. The Financial Services Commission regulates, develops and promotes the industry in major world markets.

Government - The Turks & Caicos Islands are a British Crown Colony. A Governor is appointed by the Queen and presides over an Executive Council formed by an elected local self-government. Government offices are located in Grand Turk, with branches on other Islands as needed. The legal system is based on English Common Law.

Courier Service - Daily delivery service is provided by FedEx, with offices on Provo and Grand Turk. Service is also provided by DHL and UPS.

Cable Television - Satellite television service is provided throughout the islands, with most major American networks available. Country code is 649. Network is through Cable and Wireless. Pay phones, calling cards, facsimile, Internet, cell phones for rent at various locations.

Driving License Requirements - Visitors from the British Commonwealth Countries, The United States of America, Canada and holders of International drivers license are permitted to drive for 30 days on their respective license.

Visitors from all other countries are required to possess a Visitors Permit, which can be obtained at the Road Safety Department, located on Good Street, Grand Turk and at the office on the Old Airport Road, Providenciales.

Crime - These Islands boast one of the lowest crime rates and highest crime-solved rates in the Caribbean.

Clothing - Shorts are worn in town as well as the beach during the day, it is advisable to also wear sunhats and sunscreen. In the evenings, light sweaters and jackets may be occasionally needed in the winter. Dinner is usually not formal, most restaurants accept dress shorts while others require pants with a collared shirt for gentlemen and dress slacks or dresses for the ladies.

History & Culture

Long before Christopher Columbus first set foot on the capital island of Grand Turk during his discovery voyage of the new world in 1492, the islands of the Turks & Caicos were inhabited by Taino and Lucayan Indians. These original settlers left a rich heritage of seafaring, salt raking and farming, which still lingers on today. Words such as “canoe”, Caribbean and “caicos” are derived from the Arawak language. Even the name of the country comes from these earliest inhabitants. Turks is a reference to the indigenous Turk’s head cactus and Caicos is from the Lucayan term “caya hico” meaning string of islands.

Another peculiarity that has been passed down through the generations is a love of shellfish, particularly conch – which is actually available in abundance to this day, thanks to the work of the Caicos Conch farm, the only commercial conch farm in the world.

For almost 700 years, the Taino and Lucayan Indians were the sole residents of the islands, settling mainly in Middle Caicos and Grand Turk. They lived peacefully and were skilled in farming, fishing and gardening. They cultivated almost 50 types of plants, some of which can still be found on undeveloped sections of the islands.

Shortly after Columbus arrived in 1492, the Lucayan civilization disappeared and the islands remained sparsely populated for about 30 years. During this time, the salt making industry was born. Bermudians came to Turks & Caicos to rake the salt and take it back to Bermuda. Salt was a precious commodity back then as it was used not only for flavoring food but for preserving it as well. The shallow waters surrounding the islands were ideal for salt raking but treacherous for nautical navigation and more than 1000 ships were wrecked during the journey to and from

In 1706, the French and the Spanish briefly captured the Turks & Caicos Islands from the Bermudians. Four years later the British reclaimed the islands for Bermuda but in subsequent years the place became primarily a haven for pirates and British Loyalists fleeing the American Revolution. Ultimately, Britain retained the island country by the end of the century as part of the Treaty of Versailles. In 1766, after being controlled by the Spanish, French and British, Turks & Caicos became part of the Bahamas colony and was placed under the Bahamian government. Attempts to integrate the two distinct communities failed and in 1874 after “the Great Bahamas Hurricane” devastated much of the chain of islands, the Turks & Caicos Islands became dependencies to the British Crown Colony of Jamaica.

Jamaica won independence from Britian in 1962 and so Turks & Caicos then became a British Crown colony on its own and still is one today. It was not until the early 1980’s when Club Med Turkoise Resort opened that Providenciales – and Turks & Caicos in general - started to become a viable tourist destination. Since then, increasingly more development has taken shape, and the small, salt raking island country of Turks & Caicos has grown into what is quickly becoming recognized as one of the world’s premier beach destinations.

Though the days when the Lucayans fished and sailed the turquoise waters of Turks & Caicos have given way to live-aboard dive boat operators, commercial fishing and off-shore financial services, their gentle temperament and love of nature can still be felt today, after almost 1200 years. Turks & Caicos is quickly becoming a leading international investment center for the offshore investor. The islands are a “zero tax” jurisdiction and therefore have no taxes on income, capitol gains, corporate profits, inheritance or estates.

Today, Turks & Caicos stands on the threshold of an exciting future boasting the fastest growing economy in the Caribbean coupled with strictly controlled development to protect the islands heritage as a pristine sanctuary for both local residents and tourists to enjoy for the next thousand years.

Property Market

Property prices have risen dramatically in the Turks and Caicos the past five years, propelled by an enormous increase in visitors.

The boom has now hit white heat and appears to be escalating. A two acre beachfront on Long Bay which five years ago would have sold for US$150,000, now sells for US$1.2 million.

Now development is dramatically accelerating. Five years ago the islands received 17 flights a week. Now there are 70+ flights a week. Flights come in out of Miami, Atlanta, Charleston, New York, Philadelphia, Boston, Canada and London. A recent agreement to by Carnival Cruises to run regular 3,500-passenger cruise boats will further feed growth.

"Villas on the beach here can rent for from anything from US$3,000 - US$7,000 a week. Some go for US$10,000 per week," says Crawford Smith. "We have one that rents for US$30,000 per week, but then there's a chef and lots of other benefits."

"There is certainly a shortage of rental property; it is a keen shortage, for sure."

Providenciales is by far the most developed of the Turks and Caicos Islands and, as such, has been the focus of mot real estate activity. With tremendous advances in the infrastructure and services offered, especially over the last few years, the real estate market changed from a speculative market to one in which property is being purchased for immediate development of tourist accommodations ( most notably, resort condominium properties), residential homes, townhomes, apartments, and commercial businesses.

As expected, land values for waterfront property have risen dramatically and further price increases are expected as the availability of prime sites becomes nearly extinct. Condominium owners and home owners with an ocean view have also enjoyed a steady increase in their property values. Development has now moved towards "back from beach", which are lower priced. Tract land minutes from the ocean is still affordable and choice property is now being purchased.

Providenciales can be loosely divided into various "neighborhoods",each boasts distinguishing characteristics, while sharing the bountiful sunny days and cooling trade winds that make living in the islands so enjoyable.