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High Demand. Big Potential: Caribbean Investment

Posted by Caribbean World Magazine on 8 January 2021 | 0 Comments

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8 January 2021

Luxury real estate design and development goes hand-in-hand with Caribbean’s most exclusive islands. Mr. Paul Rothschild, the former CEO and original investor behind Platinum Luxury Design & Development (PLDD) shares wisdom with Caribbean World. 

Platinum Luxury Design and Development has been lucky enough to work in some of the Caribbean region’s most breath-taking islands, including the  Cayman, Bahamas and Turks & Caicos Islands, among others. Although I have now “retired” I continue to support PLDD in an advisory capacity and this has been particularly challenging during the Covid pandemic. Of course, the whole world has mourned the loss of in-person face-to-face time with colleagues, family, professionals, friends and clients - but in the Caribbean there really is no substitute for a smile, a nod, a backslap and a handshake. It has also been tough to keep fully abreast of the irregular restrictions placed in different islands across the Caribbean region at different intervals. 

Like people all over the world, we had to adapt our working model at pace. This meant  upgrading in technology to work 100% effectively remotely - absolutely essential - and learning to be flexible and fluid in our approach.

The pandemic has also given us time to focus the mind - there hasn’t been a better time to re-evaluate our business strengths and weaknesses to ensure it is fitter and stronger for the future. One of the biggest positives that has emerged is a better sharing of information - we now communicate with a wider audience on a more regular basis, which has strengthened our client relationships. Without time-consuming non-essential travel PLDD has also had the time to devote to special projects and these have included new potential areas in the Caribbean where we are currently operating mainly in the Bahamas, Turks & Caicos and the Cayman Islands. 

As a project driven business, PLDD is always happy to look at any Caribbean Island that can support high end luxury real estate projects and often invests too as well as covering every aspect of bespoke building design from Architectural & Interior Design, Project Management, Developer or full client management from conception to delivery of a development. Our strength is this ability to offer a full range of services using a highly-skilled, professional team to manage Bespoke Design & Manufacturing, Construction & Logistical Management, as wells as Trust & Investment Services. 

Of course the incentives offered to investors in the Caribbean vary from island to island. However, depending on the residency and tax status of an investor there are many benefits on offer, including Citizenship for Investment in Real Estate, a program that exists in a number of Caribbean countries which offers many attractive perks. 

Many Caribbean islands also have no property taxes, capital gains taxes or income taxes and no gift or inheritance taxes, so it is often possible to realise greater net gains for an investor than is achievable in their home market. This can also be structured for certain international citizens whereby profits may accumulate and be rolled over time and time again without effecting their domestic tax liabilities in their home country - an attractive proposition. 

However, one of the most appealing incentives for many investors that can sometimes overlooked is the opportunity the Caribbean gives you to enjoy quality time with family and friends in a great climate. The Covid-19 era has highlighted the benefits of the simple pleasures of “togetherness” and few places in the world provide the best beaches, sailing routes and golf courses in the world, with great food and a healthy, convivial family-friendly outdoor lifestyle. Our desire is for even more space than before and to be able to get away from busy or built up environments. There is a soaring demand for property with large areas of land and open sea views - and the Caribbean region is blessed with this in abundance.  

The Caribbean is also the perfect place to make memories and develop friendships and I still have great friends that I made when I first visited Cuba and the Turks & Caicos Islands aged 21, some 38 years ago. Since then I have enjoyed numerous visits during the past four decades across the Caribbean where every beautiful island has a different character and unique attributes. 

Cuba for its history, uniqueness, vibrancy, music, salsa dancing, museums, tobacco plantations, beaches, diving, snorkelling, hiking and who can forget the vintage cars, rum, cigars and the genuine warmth of the people.

The Cayman Islands for amazing sunsets, seven-mile beach, outstanding food, rum point, blue iguanas, sting rays but most importantly its well-run government and welcoming people.

The Turks & Caicos Islands for stunning beaches - Grace Bay has got to be the best beach in the world - amazing diving along its barrier reef, quaint oceanfront restaurants and delicious conch ceviche. 

And, lastly, The Bahamas for the beautiful sailing around the Exhumas, teeing off on first-class golf courses, amazing tennis courts, stylish gated communities and its pre-clearance travel agreement with the USA. 

Interested in investing in the Caribbean? Then be sure to only deal with proven top professionals. Choose a company with a long-standing local history and outstanding reputation - my advice has always been to remember that there are good and bad in every profession but it pays to be mindful there can be just as many sharks on land as there are in the ocean!