Please install Flash® and turn on Javascript.

Home » Real Estate » Purchase Terms

Purchase Terms

Resort Rental Program

The Sands is operated as a luxurious all-suite resort hotel with all amenities. Purchasers have the opportunity to earn substantial rental revenue through the program.

The Management Company, Oceanside Marketing Corporation, has made a substantial commitment to the rental program including the development of the main lobby & administration center, the restaurant facility, the laundry facilities, gym, hospitality suite, spa rooms and staffing areas. These facilities have been constructed from the onset of the project to enable the resort to portray an exclusive upscale image through offering a high level of service and amenities expected of a first class resort.

As detailed in the Maintenance & Rental Management Agreement, the owner receives 60% and Oceanside Marketing Corporation receives 40% of the gross rental income generated. In addition to Oceanside's investment in buildings and equipment for the on-site amenities, it presently provides the following services:

  • Marketing & Administration of the Resort
  • Daily maid service (including laundry services)
  • Lobby and front desk services
  • Room checks
  • Reservation facilities
  • Hotel telephone system
  • Guest transfer to and from airport
  • Toiletries

Please refer to Maintenance & Rental Management Agreement for specific details.

Tax in the Turks & Caicos Islands

Stamp duty on property transfers, once one of the country’s top sources of income, will be revised in hopes of spurring real estate sales.

A bill approved April 22 by the Consultative Forum lowers stamp duty for property sales under $3 million. It also provides for paying duty over four years and offers a 10 percent discount if paid in full at the time of the sale.

Revenue from stamp duty amounted to only $11.7 million in 2009-10, down from $43 million in 2008-09. The government estimates a slight increase to $13 million in 2010-11 because of the change in stamp duty rates and with some rebound in the real estate market.

Most real estate transactions on Providenciales have required a stamp duty rate of 9.75 percent. The new fees apply to all islands except North Caicos, Middle Caicos, East Caicos, South Caicos, Grand Turk and Salt Cay, which are 50 percent of the following rates:

  • Less than $25,000—no duty.
  • $25,000-500,000 — 4% (one payment) or 3.6% (four payments of 1%)
  • $500,000-1.5 million — 6% (one payment) or 5.4% (four payments of 1.5%)
  • $1.5-3 million — 8% (one payment) or 7.2% (four payments of 2%)
  • More than $3 million — 10% (one payment) or 9% (four payments of 2.5%)

For example, a purchase of $1 million on Provo would require a payment of 6 percent duty in four annual payments of 1.5 percent. If the duty is paid in full at the time of purchase, the rate would be 5.4 percent, which is a 10 percent discount of the 6 percent rate.

The plan was recommended in the recent revenue study by economist Alan Roe as a way of making stamp duty a more stable source of income while encouraging real estate sales.

Past governments have given breaks on stamp duty for land purchases, and developers can still negotiate for lower rates, said Permanent Secretary of Finance Delton Jones. The new rate plan is aimed at the majority of land transactions in the country, he said.

In cases where stamp duty is being paid in four annual payments, the property will have a registered restriction to the crown and cannot be sold until duty is paid in full, Jones said.

Monthly Strata Corporation Fees

Strata Corporation fees are based on the suite's proportionate area of the total area of all buildings constructed. The fees are estimated using historical resort property data and are not guaranteed. Strata Corporation fees are estimates of future expenses of maintaining the common areas and include such things as landscaping, pool maintenance, building, exterior building maintenance, reserve fund, etc. For more information on the current strata fees at The Sands at Grace Bay, contact us.

Note: Property Insurance (hurricane & flood) is extra and is currently $2.77 per sq. ft. per year. The above are estimated monthly Strata fees and are based in accordance with the suite's entitlement allocation, subject to change.