Frequently Asked Questions
Question: Where is the resort located?
Answer: The Resort is located 500
miles from the southern tip of Florida in the Caribbean, the Turks and Caicos
Islands is a Member of the British Commonwealth of Nations.
Question: What will the resort include?
Answer: The resort will open by
2012 with over approximately 500 condominium units and expand to 2,000
condominium units, a hotel and gambling facility, an 18 hole international golf
course, and deep water marina over the next 5 to 7 years. The beaches have been
rated by Conde Nast as one of the top 10 beaches in the world for many
years.
Question: What language
is spoken? What is official currency?
Answer: English and the US
Dollar.
Question: Is the country it safe:
Answer: One of lowest per capita
crimes rates in the world.
Question: Approximate price range of units?
Answer: Units start at $329,000
USD.
Question: How do I find out more about buying a
residence?
Answer: Anyone interested in
learning more can contact Resorts International Group. Once we
speak with you and understand where your interests lie, we will then direct you
to the appropriate sales and legal representative for the Resort in the Turks
and Caicos Islands.
Question: When will I be able to begin to use the
residence?
Answer: Phase I is scheduled to
open in late 2012.
Question: Are the units furnished?
Answer: Yes, each unit includes an
entertainment center, appliances, furniture, bedding, fixtures and all of the
related equipment and in-room amenities expected from a five-star resort.
Question: Can I rent my unit?
Answer: Yes, there are several
Private Lodging Plans available through the Hotel Management Company.
Question: How will I receive my rental income?
Answer: The Hotel Management
Company will send you a statement outlining the performance of the Hotel which
will include your Private Lodging Plan payment on a quarterly basis. The money
due to you will be remitted to the banking institution you designate as the
recipient of the payment.
Question: How do I make a reservation for my Bonus
Weeks?
Answer: You can call the
Reservation Department at the Resort any time during normal business hours.
Question: When will the entire resort be
completed?
Answer: Phase I of the resort is
scheduled to be completed in late 2012 and the entire project is projected to be
completed by the end of 2018.
Question: Who do I contact to purchase a unit and
ask legal questions?
Answer: Resorts International
Group will coordinate the entire process for you including your introduction to
the appropriate representative at the Resort to help facilitate your
purchase.
Question: How do I close on a purchase?
Answer: You can select a law firm
on the islands to represent your interests or we will facilitate the complete
transaction with you. The purchase will include the submission by the Resort's
Closing Agent of all required contracts, disclosures and legal documents to
include information on the Permanent Residency Program. The purchase can be
handled by your legal representative without you being present.
Question: How is the deed for the residence
managed?
Answer: The Developer holds the
fee simple title and can pass the deed to you. The purchase is a 99 year lease
so as to pass all of the benefits of the Development Agreement to you. At the
end of 99 years you will have the right to renew the lease for another 99 years
for a nominal renewal fee. The lease and the deed is recorded and registered at
the appropriate government agency.
Question: How do I receive the terms and conditions for the Private Lodging Plan, Bonus Weeks, Maintenance Fees and other
disclosures?
Answer: The legal representative that you select and the Closing Agent will supply you with all of the required documents and
contracts.
Question: Whom do I make payment to?
Answer: Payment instructions will be provided in your closing documents.
Question: How do I set up a bank account in the Turks and Caicos Islands?
Answer: Before or after the closing, the Closing Agent will help you to create an account. You will need
your passport to open an account. If a purchase is financed, the Agent can
provide the financing to you and a Turks and Caicos corporation is formed by the
Agentr for you, inclusive of a bank account. The corporation will only hold the
lease for the unit until it is paid in full. Once it is paid in full you have
the option to manage it as you prefer.
Question: How do I set up a Company in the Turks
and Caicos Islands?
Answer: The Closing Agent will
help you set that up with local counsel.
Question: How do I begin the process for Permanent
Residency?
Answer: Resorts International will
help initiate the process by providing you with specific information,
instructions, applications, and forms and any other appropriate documents in the
Permanent Residency Certificate process.
Question: Where is the resort located?
Answer: The Resort is located 500
miles from the southern tip of Florida in the Caribbean, the Turks and Caicos
Islands is a Member of the British Commonwealth of Nations.
Question: What will the resort include?
Answer: The resort will open by
2012 with over approximately 500 condominium units and expand to 2,000
condominium units, a hotel and gambling facility, an 18 hole international golf
course, and deep water marina over the next 5 to 7 years. The beaches have been
rated by Conde Nast as one of the top 10 beaches in the world for many
years.
Question: What language
is spoken? What is official currency?
Answer: English and the US
Dollar.
Question: Is the country it safe:
Answer: One of lowest per capita
crimes rates in the world.
Question: Approximate price range of units?
Answer: Units start at $329,000
USD.
Question: How do I find out more about buying a
residence?
Answer: Anyone interested in
learning more can contact Resorts International Group. Once we
speak with you and understand where your interests lie, we will then direct you
to the appropriate sales and legal representative for the Resort in the Turks
and Caicos Islands.
Question: When will I be able to begin to use the
residence?
Answer: Phase I is scheduled to
open in late 2012.
Question: Are the units furnished?
Answer: Yes, each unit includes an
entertainment center, appliances, furniture, bedding, fixtures and all of the
related equipment and in-room amenities expected from a five-star resort.
Question: Can I rent my unit?
Answer: Yes, there are several
Private Lodging Plans available through the Hotel Management Company.
Question: How will I receive my rental income?
Answer: The Hotel Management
Company will send you a statement outlining the performance of the Hotel which
will include your Private Lodging Plan payment on a quarterly basis. The money
due to you will be remitted to the banking institution you designate as the
recipient of the payment.
Question: How do I make a reservation for my Bonus
Weeks?
Answer: You can call the
Reservation Department at the Resort any time during normal business hours.
Question: When will the entire resort be
completed?
Answer: Phase I of the resort is
scheduled to be completed in late 2012 and the entire project is projected to be
completed by the end of 2018.
Question: Who do I contact to purchase a unit and
ask legal questions?
Answer: Resorts International
Group will coordinate the entire process for you including your introduction to
the appropriate representative at the Resort to help facilitate your
purchase.
Question: How do I close on a purchase?
Answer: You can select a law firm
on the islands to represent your interests or we will facilitate the complete
transaction with you. The purchase will include the submission by the Resort's
Closing Agent of all required contracts, disclosures and legal documents to
include information on the Permanent Residency Program. The purchase can be
handled by your legal representative without you being present.
Question: How is the deed for the residence
managed?
Answer: The Developer holds the
fee simple title and can pass the deed to you. The purchase is a 99 year lease
so as to pass all of the benefits of the Development Agreement to you. At the
end of 99 years you will have the right to renew the lease for another 99 years
for a nominal renewal fee. The lease and the deed is recorded and registered at
the appropriate government agency.
Question: How do I receive the terms and conditions for the Private Lodging Plan, Bonus Weeks, Maintenance Fees and other
disclosures?
Answer: The legal representative that you select and the Closing Agent will supply you with all of the required documents and
contracts.
Question: Whom do I make payment to?
Answer: Payment instructions will be provided in your closing documents.
Question: How do I set up a bank account in the Turks and Caicos Islands?
Answer: Before or after the closing, the Closing Agent will help you to create an account. You will need
your passport to open an account. If a purchase is financed, the Agent can
provide the financing to you and a Turks and Caicos corporation is formed by the
Agentr for you, inclusive of a bank account. The corporation will only hold the
lease for the unit until it is paid in full. Once it is paid in full you have
the option to manage it as you prefer.
Question: How do I set up a Company in the Turks
and Caicos Islands?
Answer: The Closing Agent will
help you set that up with local counsel.
Question: How do I begin the process for Permanent
Residency?
Answer: Resorts International will
help initiate the process by providing you with specific information,
instructions, applications, and forms and any other appropriate documents in the
Permanent Residency Certificate process.