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West Caicos Development Order in Turks and Caicos Islands

Richard Todd

West Caicos Development Order/Agreement

DEVELOPMENT ORDER
Legal Notice 2 of 2013
Made: 8th February 2013
Commencement: 15th February 2013
JASPER DEVELOPMENT COMPANY LTD DEVELOPMENT ORDER 2013
______________________________________________________________
MADE by the Governor under Section 4 of the Encouragement of Development Ordinance 1972
(Cap 20.01).
Citation
1. (1) This Order may be cited as the Jasper Development Company Ltd Development
Order 2013.
(2) The Logwood Development Co. Ltd. Development Order and The Logwood Hotel
Development Co. Ltd. Second Amended Development Order are hereby replaced.
Interpretation
2. In this Order:
(a) “Development” shall have the same meaning as in the Development Agreement.
(b) “The Development Agreement” means the Agreement dated the 6th day of
December 2012 and made between the Crown (1) the Government of the Turks
and Caicos Islands (2), the Developer (3), and Deer Valley Holdings Limited (4)
as amended, modified and supplemented (if applicable) in the interim.
(c) “excluded items” means the items deemed by the Collector of Customs to be
subject to full duty and shall include (but shall not be limited to) vehicles (other
than light weight environmentally friendly 4 or 2 stroke carts and/or electric
carts), amusement equipment, games of any kind, sailing boats, water sport
equipment, diving equipment, guest amenities, paper or cleaning supplies,
paintings, audio and audio visual equipment, linens, chinaware, flatware, kitchen
utensils, costumes, decorations, chemical products, gifts, area rugs and general
maintenance parts.
(d) “Developer” shall mean Jasper Development Company Ltd., a company
incorporated under the laws of the Turks and Caicos Islands, and having its
registered office at P.O. Box 127, Richmond House, Leeward Highway,
Providenciales, Turks and Caicos Islands, and shall include its Affiliates.
(e) “Affiliate” means with respect to a person (i) any other person that is directly or
indirectly controlled by, under common control with or controls such a person;
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(ii) any other person owning beneficially or controlling fifty percent (50%) or
more of the voting stock of such person; or (iii) any officer, director or partner of
such person. As used herein, the term “control” means possession, directly or
indirectly, of the power to direct or cause the direction of the management or
policies of a person, whether by the ownership of partnership interest or voting
securities, by contract or otherwise.
Development Enterprise
3. The Development is declared to be a development enterprise in accordance with the
Encouragement of Development Ordinance 1972.
Developer
4. The Developer is declared to be the developer in accordance with the Encouragement of
Development Ordinance 1972.
Premises of Development Enterprise
5. The Development shall be constructed, managed and otherwise operated at the land on
West Caicos specified in the Development Agreement.
Commencement of Development Enterprise
6. The construction by the Developer of the Development has commenced pursuant to the
Logwood Development Co. Ltd. Development Order.
Completion of Development Enterprises
7. The date on or before which it is anticipated that the Development shall be completed is
31st December 2027.
Other Conditions
8. The construction and operation of the Development shall be carried out in accordance
with the terms and conditions of the Development Agreement. The benefits and
covenants expressed therein shall form part of this Order.
Declared Benefits – Phases 1 and 2
9A. Subject to the provisions of the Encouragement of Development Ordinance 1972 and
provided that at least seven (7) days prior to the importation of any article into the Turks
and Caicos Islands pursuant to this Order, the Developer shall furnish the Collector of
Customs with a list which shall be agreed with the Collector of Customs describing the
articles that are to be imported including their categories and their quantities, the
Developer shall be entitled with respect to Phase 1 and Phase 2 of the Development (as
those phases are defined in the Development Agreement):
(a) for a period of fifteen years from the date of this Order to exemption from:
(i) any taxes on profits, gains or turn-over attributable to the Development;
(ii) any real property tax, capital levy or other tax on capital invested in the
Development;
(b) in relation to the Hotel Development (as defined in the Development Agreement)15349797\1 -3-
for a maximum period of five (5) years from the date of this Order, or until the
Hotel Development is completed, which ever is the earlier, to a reduction to 7 %
in customs import duties under paragraph 4 of The Customs Tariff (General)
Order 1991 on-
Materials:
(i) all building materials (except excluded items) which the Collector of
Customs is satisfied are imported for and to be used solely in the initial
construction and fitting out of the Hotel Development;
Equipment:
(ii) all plant, machinery, equipment, tools (except excluded items) which the
Collector of Customs is satisfied are imported for and are to be used solely in
the initial construction of the Hotel Development;
Furniture, Fixtures and fittings:
(iii) all furniture, fixtures and fittings (except excluded items) which are normally
capitalised in accordance with the generally accepted accounting principles
and which the Collector of Customs is satisfied are imported for and to be
used solely in the initial construction of the Hotel Development;
(c) in relation to the remainder of the Development, for a maximum period of fifteen
years from the date of this Order, or until the Development is completed, which
ever is the earlier, a waiver of all customs import duties on all materials,
equipment, furniture, fixtures, fittings and items (other than excluded items) to be
used in the Infrastructure Works (as defined in the Development Agreement) of
the Development, including:
Materials:
(i) all building materials (except excluded items) which the Collector of
Customs is satisfied are imported for and to be used solely in the initial
construction and fitting out of the Infrastructure Works comprised in the
Development;
Equipment:
(ii) all plant, machinery, vehicles equipment, tools (except excluded items)
which the Collector of Customs is satisfied are imported for and are to be
used solely in the initial construction of the Infrastructure Works
comprised in the Development;
Furniture, Fixtures and fittings:
(iii) all furniture, fixtures and fittings (except excluded items) which are
normally capitalized in accordance with the generally accepted accounting
15349797\1 -4-
principles and which the Collector of Customs is satisfied are imported for
and to be used solely in the initial construction of the Infrastructure Works
comprised in the Development;
(d) from the date hereof until the expiry of a period of 15 years from date hereof, a
reduction to 10% in Customs import duties on all materials, equipment, furniture,
fixtures, fittings and items (other than excluded items) used in the Development;
(e) for a period of 15 years from the date of this Order, a reduction by 50% of the rate
of cargo dues on Materials payable from time to time under the Docks Ordinance
1984; or any statutory modification on re-enactment thereof and any regulations
made thereunder or, any other supplementary or additional enactment imposing
cargo dues, or the equivalent by whatever name called.
PROVIDED THAT if the Developer fails to give at least 7 days notice prior to the importation
of any article the Collector of Customs shall be entitled to charge customs duties at the full rate
in respect of such article AND PROVIDED FURTHER that duties on articles imported may
become payable as provided by Section 9 (1) of the Encouragement of Development Ordinance
in the event of their being disposed of in any manner within five years from the date of
importation.
Declared benefits – Phase 3
9B.1 Subject to the provisions of the Encouragement of Development Ordinance 1972 and
provided that at least seven (7) days prior to the importation of any article into the Turks
and Caicos Islands pursuant to this Order, the Developer shall furnish the Collector of
Customs with a list which shall be agreed with the Collector of Customs describing the
articles that are to be imported including their categories and their quantities, the
Developer shall be entitled with respect to Phase 3 of the Development (as that phase is
defined in the Development Agreement) for a maximum period of ten years from the
date of commencement of Phase 3, or until Phase 3 is completed, whichever is the earlier,
to—
(i) a reduction by 50% of the then-prevailing rate of customs import duty on-
Materials:
(i) all building materials (except excluded items) which the Collector of
Customs is satisfied are imported for and to be used solely in the initial
construction and fitting out of Phase 3;
Equipment:
(ii) all plant, machinery, equipment, tools (except excluded items) which the
Collector of Customs is satisfied are imported for and are to be used solely in
the initial construction of Phase 3;
Furniture, Fixtures and fittings:
(iii) all furniture, fixtures and fittings (except excluded items) which are normally
15349797\1 -5-
capitalised in accordance with the generally accepted accounting principles
and which the Collector of Customs is satisfied are imported for and to be
used solely in the initial construction of Phase 3; and
Infrastructure
(ii) a complete exemption from customs import duty on all building materials (except
excluded items) which the Collector of Customs is satisfied are imported for and to be used
solely in the initial construction and fitting out of infrastructure for Phase 3, and
“infrastructure” for these purposes shall be deemed to refer to all or any (as applicable) of
the types of items set out in Schedule 1, paragraph 2 of the Development Agreement
(“Infrastructure Works – General Scope”) and generally to physical services and facilities
reasonably required to build and operate the Development or any part thereof in the
manner and to the standard contemplated by the Development Agreement.
PROVIDED THAT if the Developer fails to give at least 7 days notice prior to the
importation of any article the Collector of Customs shall be entitled to charge customs
duties at the full rate in respect of such article AND PROVIDED FURTHER that duties
on articles imported may become payable as provided by Section 9 (1) of the
Encouragement of Development Ordinance in the event of their being disposed of in any
manner within five years from the date of importation.
9B.2 In relation to Phase 3, the Developer (or its applicable Affiliate, as the case may be) shall
be entitled to a reduction in stamp duty of 50% of the then-prevailing rate on land
transfers and leases (i) to the Developer or any of its Affiliates, and (ii) to buyers of
residential parcels (including strata and built lots) from the Developer or any of its
Affiliates, which are presented for registration in the Land Registry during the
period of five years from the date of this Order.
Cessation of benefits and recovery of duty
10.
(1) If at any time after the date of making of this Order the units within the
Development which are designated or intended for use as accommodation from
which the Government derives revenue under the Hotel and Restaurant (Taxation)
Ordinance are not used or cease to be used for the purposes of such
accommodation other than by reason of force majeure or by reason of seasonal
closure (such not to exceed three months in any given year), the Developer shall
pay to the Government the amount of taxes, capital levy, or customs import duties
which the Developer would have paid if it had not been for articles 9A or 9B.
(2) The rate of interest referred to in paragraph (3) shall be 4% above Barclays Bank
plc’s base rate from time to time; and
(3) interest on that amount at the rate specified in paragraph (2) for the period
beginning with the date on which the taxes, capital levy or customs import duties
would have been paid if it had not been for article 9 or the date when a unit which
has been used as accommodation from which the Government derives revenue
under the Hotel & Restaurant (Taxation) Ordinance ceases to be so used
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whichever is the later and ending not later than the date on which the taxes,
capital levy or customs import duties are paid.
(4) Nothing herein shall be construed so as to entitle the recovery by the Government
from the Developer of taxes, capital levy or customs import duty benefits or
concessions afforded to Logwood Hotel Development Company Ltd or Logwood
Development Company Ltd.
Made this 8th day of February 2013.
DAMIAN RODERIC TODD
GOVERNOR

By Cem Kınay

With many important hotel investments and international awards, Dr. Cem Kinay is one of the world's most important names in the tourism industry.

As the founder of the Austrian, Vienna-based Gulet Turistik(1987) and Magic Life Hotels(1990) chain, he created the "All Inclusive" hotel experience for European tourists.

He managed the Magic Life Hotels chain, which has a total of 20,000 beds and 23 hotels in Austria, Turkey, Greece, Spain, Egypt, Tunisia and Bulgaria, with more than 8000 teammates, as the fastest growing and most successful hotel concept at that time.

Millions of guests were hosted during 15 years, in Sarigerme, Marmaris, Bodrum, Belek, Side and Kemer in Turkey, Kos, Crete, Corfu and Rhodes Islands in Greece, Arlberg in Austria, Hamamet in Tunisia, Mahdia, Djerba, Egypt Sharm El Sheikh and Nile.

In 2021, the establishment of the Anatolity Sustainable Culture and Tourism Foundation was started with Elif Dağdeviren.

In 2020 he did consultancy for construction of u

In 2019 he was founding board member for Turkey Tourism Promotion and Development Agency .

In January 2019 his book “Be Human.Be Smart “was published by Destek Publications.

In 2018 his first book, “Akıllı Ol.İnsan Ol” was published by Destek Yayınları.

2017 Cem KINAY founded Cem KINAY XPD Consulting, providing investment, concept design and digital transformation consultancy for domestic and foreign investors.

In 2014/2015 he was GALATASARAY SPORTS CLUB Board Member.

In 2012 he moved to Istanbul.

In 2009 he had to leave the island after the coup in the Turks and Caicos Islands and the seizure of power and projects by the British government.

In 2006, he was honored by the President of Austria with important and valuable awards such as the "Austrian State Order".

Under the management of Cem Kinay, Gulet Turistik and Magic Life Hotels chain won more than 50 valuable awards from important organizations.

2005-2009 As the founder of The O Property Collection, he made the investments and real estate development of the Mandarin Oriental Dellis Cay Hotel and Bulgari Hotel in the Turks and Caicos. In that years he worked with the world's most magnificent architects like Zaha Hadid, Piero Lissoni, Antonio Citterio, David Chipperfield, Shigeru Ban, Kengo Kuma, Carl Ettensperger and Chad Oppenheim.

In 2004, he sold his shares in the Magic Life Hotels chain to the German TUI group, he moved to Miami, lived in America and Turks and Caicos Islands until 2012.

2003 Opening of the first “All Inclusive” Magic Life hotel on the Spanish island of Fuerteventura.

2002 Opening of the first “All Inclusive” Magic Life hotel in Sharm El Sheikh, Egypt.

2001 Opening of the first “All Inclusive” Magic Life Nile Shiphotel on the Nile river in Egypt.

2001 Opening of the first “All Inclusive” Magic Life hotel in Varna, Bulgaria.

2001 the German TUI joined Magic Life hotel chain.

1998 The first Magic Life Jet was designed and started to fly in cooperation with Austrian Airlines.

1997 Opening of the first "All Inclusive" Magic Life hotel in Hammamet, Tunisia.

In 1997, he was awarded as "Man of the Year" by Austria's important economy magazine "Trend Magazine".

In 1996, he was awarded as the "Tourism Manager of the Year" by the Hotel and Tourism magazine "Traveller".

In 1996 Opening of the first "All Inclusive" Magic Life hotel on the Greek island Kos.

1995/1996 Opening of the first “All Inclusive” Magic Life Ski Hotel in the Arlberg / Austria.

In 1994 The first "All Inclusive" Magic Life Yacht gulet sailed in Bodrum.

In 1990 He founded with his partner Oğuz Serim the Magic Life Hotels Chain and opened the first "All Inclusive" hotel, Magic Life Sarigerme.

1977-1984 Vienna University Faculty of Medicine

1969-1977 Istanbul Austrian High School

1969 he graduated from Ağrı Alpaslan Primary School.

1958-1969 he lived in Aşkale/Erzurum, Diyarbakır and Ağrı.

He was born in 1958 in Istanbul Bakirköy.