Coldwell Banker Islands Blog

The Bahamas Real Estate Association (BREA) is lobbying the Bahamas government to lift a $35,000 real property tax ceiling.
The ceiling could result in higher real estate tax payments for wealthy second home owners in the Bahamas, especially in the islands of Abaco, Eleuthera, Harbour Island, Exuma and Nassau where there are thriving second home communities.
BREA president William Wong said Zhivargo Laing, the junior minister of finance, assured him the Bahamas government would take into account the Bahamas Real Estate Association’s concerns in the upcoming national budget exercise.
While making no promises, Wong said Laing was very accommodating.
Rescinding the real estate property tax ceiling corresponded with a revaluation exercise conducted by the Bahamas’ real property tax department.
Wong admitted that many properties were undervalued and the subsequent new rates of taxation have drawn some criticism.
The Bahamas Real Estate Association, he added, realises the government has to deal with revenue issues, especially during this challenging economic period.
(Source – The Tribune of Nassau)
We make the following observations.
The north eastern United States, particularly Connecticut, draw very high property taxes so our American friends are familiar with property tax.
The problem is that many of the second homes in the Bahamas were undervalued for a long period and so, the owners were under charged. Also, many owners have been paying based on owner occupancy, when in fact they were part time occupants.
Homes must be occupied for at least nine months a year to qualify for owner occupancy rates.
Looking for the silver lining behind the cloud, we’re grateful that our clients were able to benefit from the $35,000 ceiling over all the years it was in place.
It’s unfortunate that this has occurred at a time when so many people have been affected by the global downturn.
And it’s our sincere hope that while the removal of the ceiling may be problematic, our proximity to the U.S. mainland and all that we have to offer will compensate for any real property tax increase.
In the meantime, we will keep you informed of any developments in the arena.

Government and CIREBA have joined forces to offer huge incentives to property purchasers.

As of April 1, for 6 months, everyone who purchases property in the Cayman Islands will pay their Transfer Tax at greatly reduced rates. In addition, the CIREBA Real Estate Brokers will pass along 20% of their commission in a rebate back to the Purchaser.

Stamp Duty rates on 7 Mile Beach and Commercial properties downtown drop from 7 1/2% to 5%, while rates for everywhere else drop from 6% to 5%. For Caymanians, the rates drop from 4% to 3% (except on 7Mile and George Town where they will be 5% for all).

For example:

On a US$3,000,000 condo purchase on 7 Mile Beach you save US$105,000.

On a US$1,000,000 canal home in Governor’s Harbour you save US$35,000.

On a US$350,000 canal lot you save US$13,610.

On a CI$50,000 lot purchase you save CI$1,500.

These discounts apply to properties, which are already discounted.

With stocks performing badly and interest rates so low, Real Estate in Cayman at discounted prices is a great investment option. Do not lose your hard earned savings. Invest in something that will give you a return year after year, both for your spirit as well as your wallet!

PS ^ And don’t forget, no Annual Property Taxes here.

Call Coldwell Banker - 345-623-4411

HotNez.com just released its list of the 10 Best Diving Places of the World, and 3 were in the Caribbean: Little Cayman Island, the Bahamas, and Bonaire. The photos on the post are just stunning, from the Great Barrier Reef in Australia to Galapagos to British Columbia - so we are in very elite company.

We’ll let you read their descriptions yourself, but here’s the start for Little Cayman, "If you choose Little Cayman Islands as a diving destination, you must make your visit between June and August when the water temperature remains favorable and the calm sea permits maximum visibility."

Read about all ten spots at HotNez. And plan a diving trip this summer!

(ps - their review was echoed at many blogs, for instance, "Grand Cayman’s lesser known and far less populous little sister - which has even better diving, probably.")

While the territory braces for the G20 that could reshape the way Virgin Islands residents do business, government officials are “preparing for the worst and hoping for the best.” The public and private sectors have been holding meetings over the last few weeks, while the United Kingdom’s Michael Foot has been reviewing the VI’s financial regulatory practices in preparation for the Group of 20 meeting in London on April 2.

Premier Ralph O’Neal has publicly stated that this territory has always been compliant when asked to disseminate information and maintain regulatory standards —the two main areas of offshore concern expected to be addressed at the G-20 summit. But even though the premier and other leaders here have spoken optimistically, potential devastation to the financial services sector is very possible.

Since the early 1980s, the VI has attracted businesses from around the world — including the US and the UK — because of a lack of taxation and confidentiality policies. The territory has since built the sector into its strongest economic pillar, accounting for an estimated 50-60 percent of the territory’s revenue.

For an in-depth reporting of the situation, read the BVIBeacon.

As published by SunStKitts, four hotels in St. Kitts/Nevis have been included in the prestigious National Geographic Traveler Magazine’s “Stay List” of 129 hotels “we love.”

The new list debuts in the April 2009 issue of the National Geographic Traveler Magazine and includes 129 properties in the United States, Mexico and the Caribbean.

The four hotels listed on St. Kitts/Nevis are Ottleys Plantation Inn, St. Kitts, The Golden Rock Hotel, The Hermitage Inn and Montpelier Plantation Inn, in Nevis.

Traveler Senior Editor Sheila Feldman Buckmaster said, “The hotels on our Stay List 2009 don’t just reflect their surroundings, they help define them. What they all have in common is a transcendent vision that goes beyond traditional hotel-keeping.

“This mindset is what gives these hotels their sense of place. Make no mistake: you’ll sense the vibe at once. And after your stay, you’ll leave with the kind of insight only soulful places can provide.”

Read the full press release at Sun St Kitts.

As published by SunStKitts, four hotels in St. Kitts/Nevis have been included in the prestigious National Geographic Traveler Magazine’s “Stay List” of 129 hotels “we love.”

The new list debuts in the April 2009 issue of the National Geographic Traveler Magazine and includes 129 properties in the United States, Mexico and the Caribbean.

The four hotels listed on St. Kitts/Nevis are Ottleys Plantation Inn, St. Kitts, The Golden Rock Hotel, The Hermitage Inn and Montpelier Plantation Inn, in Nevis.

Traveler Senior Editor Sheila Feldman Buckmaster said, “The hotels on our Stay List 2009 don’t just reflect their surroundings, they help define them. What they all have in common is a transcendent vision that goes beyond traditional hotel-keeping.

“This mindset is what gives these hotels their sense of place. Make no mistake: you’ll sense the vibe at once. And after your stay, you’ll leave with the kind of insight only soulful places can provide.”

Read the full press release at Sun St Kitts.

HotNez.com just released its list of the 10 Best Diving Places of the World, and 3 were in the Caribbean: Little Cayman Island, the Bahamas, and Bonaire. The photos on the post are just stunning, from the Great Barrier Reef in Australia to Galapagos to British Columbia - so we are in very elite company.

We’ll let you read their descriptions yourself, but here’s the start for Grand Bahama, “A warm ocean current influences this island and is responsible for the vivid marine life particularly the extensive coral reefs. You can have endless scopes of adventure in the longest cave and cavern network found on the Grand Bahama Island.”

Read all the reviews at HotNez.com and plan your dive vacation here in Grand Bahama this year.

Celebration Cruise Line, a new company based in Port Everglades, has begun 3-day voyages to Nassau. The trips will be made aboard the the 1,500-passenger MS Bahamas Celebration, which was purchased last year for $50 million and given a $10 million upgrade that included the addition of a pool deck. The ship features 500 cabins, four restaurants, a two-story, 630-seat nightclub, multiple lounges, a casino, a new spa and fitness room and a pirate-themed pool with a 180-foot slide for children.

This renovated cruise ship offers the usual luxuries, casino, spa, entertainment theater and deck parties. Two new swimming pools are available as well as adult only whirlpools.

Pricing will begin at $199 per person for a three-night weekend cruise, but fares as low as $119 are said to be offered.

Visit BahamasCelebration.

Recently an article in the Taiwan News by Fritz Faerber of the Associated Press raved about Aruba’s island beauty of sand, sea, and sunsets. He’d just finished a vacation on Aruba and states, “Aruba doesn’t disappoint. The temperature hovers year-round at about 80oF (25oC). The water is gorgeous on the southern beaches with their sugary white sand. And Aruba’s main source of income is tourism, so visitors are always made to feel welcome. In fact, the Aruba Tourism Authority is promoting the island with a new campaign: ‘Aruba - 90,000 Friends You Haven’t Met Yet.’”

Faerber liked his accommodations (visit ArubaCondo)which featured unobstructed views of the ocean, an “intense light blue.” They tried a snorkeling and sunset cruise with Marcel Watersports, a 3-hour experience snorkeling by the Arashi and Malmok Beaches and return to Palm Beach at sunset.

He continues, “Aruba offers more than the sea for outdoor adventurers. Much of the northern side of the island is wild. In fact, about 20 percent of the island’s 70 miles2 (190 km2) lies within park boundaries. The Arikok National Park has biking and hiking trails leading up to views of the rocky north coastline. Check out the unusual rock and cave formations, including natural rock bridges eroded by millennia of waves crashing into and undercutting the rocky coast.”

They rented a Jeep for a day to drive the coastline, and tried many restaurants, most of which they enjoyed. He sums up the vacation positively, “The sand, the sea and plenty of other diversions still make it a perfect vacation spot for beach-loving families - even those that include a snow-loving contrarian like me.”

Read his entire article at Taiwan News and then don’t take his word for it - come visit yourself!

Things to do, places to dine, activities and more in the Turks & Caicos Islands……

Bay Bistro at Sibonne Beach Hotel (946-5396)
Mon Mar 30 - Greek Buffet Dinner
Tues Mar 31 - Last Day of Lobster Season Dinner
Mon Apr 13 - Chinese Buffet Dinner

Reef Peepers - Glass Bottom Boat Tours (231-4961)
Go Reef Peeping on the 40 foot power Catamaran

Nikki Beach Resort One Year Anniversary Celebration (941-3747)
Apr 4 starting at 9pm, tickets $40

17th Annual Kite Flying Competition
Apr 13 starting at 10am
Kids Park, Lower Bight Road, Provo
Horse Stable Beach, North Caicos

Parasailing and Kayak Nature Tours (331-1104)
Parasailing - experience a breathtaking aerial view of Provo and the beautiful turquoise waters along Grace Bay Beach area with the team at Ocean Vibes, for Kayak Nature Tours in Chalk Sound join them on April 1st for a tour of the park

TC Rugby Club - TCI Flamingos
Apr 24 starting at 6:30pm at the National Stadium, $5 Adults, Kids Free

Ocean Vibes - Scuba Instruction and Scuba Day Trips (331-1104)
Open Water Certification Course, Open Water Referral Course, Advanced Open Water Certification Course, Refresher Course for Certified Divers

Information provided courtesy of Coldwell Banker Real Estate Turks & Caicos

www.coldwellbankertci.com

Coldwell Banker - we never stop moving……