New legislation could boost fractional ownership market in Turks & Caicos
A Fractional Ownership Bill being debated by the Turks & Caicos parliament could give the industry a boost.
The bill is expected to pass during the next sitting of the House, provides for fractional ownership in the Turks and Caicos Islands. During the last House meeting Premier Rufus Ewing (pictured) explained that the Fractional Ownership Bill was a vision of his government and a means of empowering the people, driving development and stimulating the economy.
"At a fraction of the cost our people can become property owners and have increased equity that would allow them to have access to financing that otherwise they perhaps would not have had," he said.
"This financing provides the ability to realise some of the dreams of Turks and Caicos Islanders who perhaps want to become the entrepreneurs that a growing economy needs for job creation and stability. This bill increases the likelihood that people would build condos, town homes or stand-alone vacation homes and this means work for our contractors, electricians, carpenters, masons, and architects thus reenergising our construction industry and thereby sending a global message of a strengthening economy."
"I see this Fractional Ownership Bill as a win-win for our people and our country as this type of activity attracts investors to our shores while ensuring that Turks and Caicos Islanders are not left behind," added Ewing.
The bill also provides for the formation of fractional management companies.