| Council Briefs: New law for fractional ownership | | Print | |
| Thursday, 10 March 2011 12:32 | |||
|
The governor’s Advisory Council has approved draft legislation aimed at making fractional ownership a more attractive real estate option while increasing government revenue. “Fractional ownership overcomes the stigma, risks and complexity of timeshares by allowing purchasers to own part of the title of a property through shared ownership and usage,” the council said in a statement March 4.
Fractional ownership in the TCI now usually involves a foreign company buying a property for several individuals who own shares, said Kathryn Brown, president of the Turks and Caicos Real Estate Association. When people sell shares, the government doesn’t get stamp duty on the transactions. The new legislation will let properties be sold a fraction at a time instead of having to gather all owners before purchasing a property, Brown said. “For sellers it opens up an option that was not available previously,” she said. “For the buyer it creates greater confidence to purchase.” The proposed law now goes before the Consultative Forum. Changes in fisheries laws aim to expand industry Old laws requiring that a Belonger be aboard every fishing vessel in the country are proposed to be changed to help expand the industry and provide more jobs, the governor’s Advisory Council says. “Fishing fleet operators have long reported problems attracting Belongers to work on their vessels, and this was impacting severely on the viability of the industry,” the council said. Jim Baker, CEO of Caicos Pride Products Ltd. on South Caicos, said longer voyages into richer fishing grounds are required to supply local demand and exports, but that can’t be done under local laws. The proposed law now goes before the Consultative Forum. Gaming laws would increase taxes, gambling tourism Increasing government revenue from gaming business and removing restrictions on sports and online gaming have been approved by the governor’s Advisory Council. “Council agreed it was prudent for government to consider how to best to regulate, tax and encourage socially responsible sports and online gaming, rather than to seek ineffective ways to outlaw it,” the council said in a statement. The council said the government should maintain strong oversight of the casino and gaming businesses, using international best practices such as those in other Caribbean countries, Australia, France and the U.K. The proposed law now goes before the Consultative Forum.
|
Related Articles
Entertainment: Your Island Guide
|
Top things to do in April Top things to do in April 1. From Golfing to More... |
|
Valentine’s Day Cup 2013 model sailboat races The Middle Caicos Sailboat Association will once again present the annual model sailboat races at More... |
|
Lime and Tourist Board announce weekly Fish Fry The Turks & Caicos Tourist Board & LIME partner with Cultural Fish Fry The Turks & Caicos Tourist More... |
|
Turks & Caicos Reef Fun to host dazzling evening The Turks and Caicos Reef Fund will host its 2nd Annual Cocktail Party Reception on Jan. 26 at the More... |
|
Fashion Glam at Regent Palms The Regent Palms is inviting everyone to an evening of fashion and glamour at their event being More... |
Latest Community News
|
Cholera Clinical Management Training Held in the TCI Healthcare professionals from the TCI Health Services were trained in the Clinical Management of More... |
|
Illegal Haitian immigrants Intercepted Illegal Haitian Immigrants Intercepted, to the Repatriated According to the Ministry of Border More... |
|
Ministry of Health Reminding public about sanitation Health surveillance teams attached to the Ministry of Health and Human Services (MOHHS) have More... |
|
Scholarship applications now being accepted The Ministry of Education has announced that they are now accepting applications for scholarships More... |
|
History and traditions stay alive at the 13th annual boat races in Middle Caicos The 2013 Valentines Day Cup welcomed many fun loving residents and tourists to Middle Caicos’ More... |