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TCI Government outlawing private rentals

Los Angeles...
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TCI Government outlawing private rentals

Its been brought to my attention that the Turks&Caicos government is trying to outlaw private rentals. That means they are going to sentence condo owners who rent out there property to "renters less than 28 days" to 2 years in prison and $10,000. If you are a condo owner there, are you aware of this? If you are a potential renter, get ready to either choose another island to vacation at, or pay ridiculous rates through the hotels. The crazy thing is that all condo owners pay taxes to the government for rentals, and we all pay ridiculous Condo/Strata dues to these "hotels" on top of all of our expenses.

What's going on?

3Guapastravel

Newport Beach...
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1. Re: TCI Government outlawing private rentals

Where is this information coming from?

JENSEN BEACH
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2. Re: TCI Government outlawing private rentals

Maybe it is like "zoning issues" in the US? The Florida Keys goes thru this type thing every few years when Monroe County tries to flex it's muscles and strictly enforce "residential" zoning as 6 months and a day...sure could have a disastorous affect on "Investors".

Providenciales
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for Turks and Caicos
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3. Re: TCI Government outlawing private rentals

The government has a new law being fast tracked. It is said to go into effect in just three weeks yet it has not been discussed in the public arena and no draft copy is available to the public. If you have a vrbo rental after April 1 you should contact your owner and make sure they know about the law. Owners and renters need to flex their muscles and "slap" back.

Houston, Texas
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4. Re: TCI Government outlawing private rentals

Is it "private" if it is owned by a company? Or is the "private" really a reference to an individual building as opposed to a hotel/resort? We're renting through OceanVibes in August, but we discovered the place through VRBO.

And I'd be happy to sign any petition or email someone to complain even if I end up not being impacted.

Anyone know why the government would want to do this? Are the resorts throwing their weight around because they are unhappy with the competition?

Virginia
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5. Re: TCI Government outlawing private rentals

What? Why would the government of TCI want to prevent rentals by private individuals? More rentals equal more tourism, more $ spent in the island, and more taxes collected. I am considering booking a summer condo thru flipkey this week but will watch this post for updates first.

Houston, Texas
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6. Re: TCI Government outlawing private rentals

Don't underestimate the power of the big resort companies. We spend two weeks in St Lucia every year (where there are three Sandals resorts), and our friends there tell us Sandals really screws them over by threatening to take their resorts to other islands unless they get what they want. When your economy depends on tourism, it's tough to say no to what the big resorts want. Some resort company that is not doing too well might be threatening to take their business elsewhere if the villa industry isn't closed down - and may have convinced the government that just as many tourists will come to TCI without villa rentals as do with.

Providenciales
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for Turks and Caicos
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7. Re: TCI Government outlawing private rentals

The government wants to limit short term vacation rentals for condos located in resort properties. The bill would require anyone owning a condo in a resort property to rent their unit through the onsite rental management company. The ordinance also requires those condo owners to subscribe to the networked phone system and to provide a set of keys to their unit to the management company.

Condo owners are moving away from the onsite management companies in large numbers due to the high costs of renting through these companies. Having seen reports to owners from several of the condo/resort properties around the island I can tell you that they are full of "junk fees" that eat into any revenue the owner receives. Many of the owners find that it costs them money to rent their unit--in effect they are subsidizing the resort management company. These companies are pushing for this ordinance as they feel it will bring the renegade owners back in line and into their inventory.

Virginia
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563 posts
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8. Re: TCI Government outlawing private rentals

Thank you, Lobomago, for the clarification.

massachusett
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9. Re: TCI Government outlawing private rentals

Can they stop renting it out...and use it for their own personal use? If it's costing them money to rent..then why? They should all band together and not rent out their units.

Providenciales
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for Turks and Caicos
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10. Re: TCI Government outlawing private rentals

That has been my recommendation. Pull your units from the rental pool all together until the government and resort management companies cry uncle--it shouldn't take more than a few months.