Frequently Asked Questions
WHO IS THE MANAGEMENT COMPANY?
Ocean Club Management LTD. (OCM LTD.) whose main function is short-term rentals.
HOW IS THE REVENUE GENERATED FOR OCM LTD?
OCM LTD. is funded through a 40/60 split of the rental income, the owner receiving 60%.
WHAT SERVICES ARE PROVIDED BY OCM LTD?
Marketing, Sales, Guest Service, housekeeping-Laundry, Front Desk-Administration, and on-site, 24-hour, Maintenance & Management.
ARE RESTRICTIONS PUT ON OWNER USAGE?
No, it is the owner’s discretion as to how much time is used by the owner or his guests, however, extensive use will affect net rental income.
ARE THE SUITES FURNISHED?
Yes, you will receive a detailed listing of all furnishings.
WHAT IS THE STRATA CORPORATION?
The Strata Corporation is similar to a Condominium Association. It is the entity that holds and maintains the buildings and common areas of which each owner is a proprietor.
DO I NEED AN ATTORNEY?
Yes, you will require the services of an attorney on island. Normally their fee is between 0.75% and 1% of the purchase price.
WHAT ARE THE PROPERTY TAXES?
There are no property taxes in the Turks and Caicos Islands. In addition there are no income, capital gains, corporation, or inheritance tax.
There is a one-time, stamp-duty fee of 6.5% on purchases of property in Providenciales priced at $25,000-$250,000, 8% on property priced at $250,000-$500,000 and 10% of property priced at more than $500,000.
IS FINANCING AVAILABLE?
Yes, through local banks and private investors
WHO ARE THE TARGET MARKETS?
Ocean Club markets to the General Vacationers, Divers, Honeymooners, Golfers, and Fishermen. We also work with International Travel Agents, Tour operators, and Wholesalers.