Below are answers to General Estate Home Site Purchases.
GENERAL INFORMATION
When will the Club House and Cotton Villas Open?
Phase one is scheduled for opening late
2009.
Where is the nearest airport?
Rock Sound International Airport is 15 minutes
from Cotton Bay by car. Governor’s Harbour International
Airport is 45 minutes away by car.
How far is Eleuthera from Miami and Nassau?
Eleuthera is one of Family Islands of The Bahamas.
It is located 220 miles ESE of Miami, approximately
a 70-minute flight; it is 60 miles east of Nassau,
the capital, which is a 20-minute flight from Cotton
Bay. Eleuthera is 103 miles long, averages one-mile
wide and its population is 10,000.
How do I get there?
From Nassau, connect with Bahamasair, which flies
directly into Rock Sound.
Continental Gulf Stream offers direct daily flights
from Fort Lauderdale to Governor’s Harbour International
Airport and is expected to soon commence daily service
into Rock Sound. Governor’s Harbour International Airport
is a 45 minute drive from Cotton Bay.
What is the climate of Eleuthera?
On Eleuthera, the average annual temperature is
77° F. Winter temperature ranges from approximately
67°F to 78°F, and summer temperature ranges from 80°F
to 90°F. The annual average rainfall estimate is 76
inches.
What is the primary language spoken on Eleuthera?
English.
As a visitor what can be the duration of my
stay?
Non-Bahamian residents can stay up to eight months,
with proper documents, including a return ticket and
evidence of financial support.
Is it easy to repatriate the proceeds from the
sale of my property?
Yes.
Is there an annual property tax?
No. Once the villa and or estate home is made available
for part of the rental program for nine months of the
year, there is no annual property tax for a period
of 20 years.. If the villa or estate home is removed
from the rental program, the property will become eligible
for property tax from the date of its exclusion from
the rental program. For property tax rates where the
home is owner occupied, please refer to Estate /Villa
Lot Purchase and Ownership materials.
In what currency are payments made?
Payments are made in Bahamian or U.S. dollars at
parity of exchange.
Can I finance the purchase of a property?
Yes, there are several institutions in The Bahamas
which provide financing. Please ask us for details.
Also, Wachovia Bank will offer financing.
Can changes be made to the specifications and
layouts of a villa?
No.
If I buy an estate lot, when will I need to
start construction?
Construction must start within three years of close
of escrow.
How much time will I have to complete the construction?
Construction must be completed within five years
of close of escrow.
Can I buy more than one lot on which to build
a home?
Yes.
Are television, internet, private phones and
fax lines available?
Yes.
Are the properties at Cotton Bay Estates & Cotton
Bay Villas freehold?
Yes.
Will the roads be lit at night?
Yes. Roads will be lit with low-level unobtrusive
lighting.
Can my villa be rented out?
The villas form part the room inventory of the
boutique hotel. The revenue is then split between the operator and owner.
WHAT ARE THE BENEFITS OF OWNERSHIP
-
The Bahamas is an English speaking country with
a history of stable governance.
-
The Bahamian dollar
is on par with the U.S. dollar.
-
Tax incentives: The
Bahamas is a tax-benevolent country. There are no
taxes on income, capital gains, inheritance, profit
remittance, corporate, royalties, sales, personal
income, dividends, payroll or interest.
- Accelerated
consideration of applications for annual or permanent
resident status for owners of residences valued at
more than $500,000. In addition, an annual homeowner’s
card is available for all non-Bahamian owners of
residences. This card eases immigration formalities
and facilitates entry at all Bahamian ports of entry
and entitles the homeowner, his/her spouse and minor
children to enter and remain in The Bahamas for the
duration of the validity of the card.
In respect to home ownership at Cotton Bay Estates,
some benefits include:
- Cotton Bay Villas will be a Starwood Luxury Collection
Resort.
- Living in a fully-integrated and gated community
that offers a myriad of luxury amenities and services,
both on land and at sea. Cotton Bay offers swimming
and snorkeling around exquisite reefs, yachting, game
fishing, tennis, walking trails, hiking and off-road
biking.
- Professional property management eliminates
the concerns of home ownership in another country.
- Fee-based
privileges at Cotton Bay Villas.
- Construction management services are available to
assist in the design and building of custom homes.
- Preferred mooring of homeowner yachts at Cotton
Bay’s private marina, Davis Harbour, where charter
boats, fishing guides and associated services are available.
- The
Rock Sound International Airport is 15 minutes from
the Cotton Bay.
- If you choose to place your home in
the rental program for a minimum of nine months per
year, there is an exemption from the payment of customs
duties on building materials, as well an exemption
from real property taxes for a period of 20 years.
Who are the developers of Cotton
Bay Estates and Cotton Bay Villas?
The corporate parent of Cotton Bay Estates Limited
and Cotton Bay Villas Limited is Eleuthera Properties
Ltd. (EPL). In 1986, EPL became the direct corporate
successor to South Eleuthera Properties Ltd., the
vehicle which, from the 1950s, was the initial developer
of the Cotton Bay Club.
From its inception, the mission of EPL has been to create
a destination with a distinct presence and identity in
the overall tourism marketplace of The Bahamas. Cotton
Bay is the realization of the dream of several individuals,
including Juan Trippe, chairman of Pan American World
Airways; Arthur Vining Davis, a leader at Alcoa Inc.;
John McCone, former head of the Central Intelligence
Agency of America; Arnold Augur Wilcox, a prominent investor;
Henry McNeil, founder of the famous laboratory that bore
his name and others who saw the phenomenal beauty, honest
hospitability and abundance of opportunity we see now
at Cotton Bay.
Central to the mission of EPL is the true meaning of
“to cotton”, which comes to fruition in the creation
of a community where friends get along with nature and
with each other.
Who are The Shareholders
EPL has approximately three dozen shareholders, including
private individuals, some of the best-known companies
in The Bahamas and overseas investors. Bahamian corporations
include Sunshine Holdings Co. Ltd., the largest residential
developer in The Bahamas; Rock Sound Properties (1976)
Limited, Eleuthera’s largest Bahamian-owned company;
RoyalStar Assurance Ltd., one of the largest general
insurers in The Bahamas, The Turks & Caicos and
The Cayman Islands; British American Insurance Company
of The Bahamas Ltd., one of the oldest companies in
The Bahamas and The John Bull Group, one of the country’s
premier retailers of luxury goods. Non-Bahamian investors
include Mr. Robert Moses, Jr., of Texas, and the Estates
of Burton Morgan and Francis Ingalls, of Ohio.
Development Principals
Franklyn R. Wilson, CMG
Chairman & President
frwilson@arawakhomes.com
Our Chairman is a prominent business and community leader
in The Bahamas. In addition to his Chairmanship of our
group of companies, he serves as Chairman of Sunshine
Holdings Co. Ltd. and Sunshine Insurance (Agents & Brokers)
Limited, which is affiliated internationally with Marsh.
Until 1994, he served as the Managing Partner of Deloitte & Touche
in The Bahamas. Beyond business, he serves as Chairman
of The Council of The College of The Bahamas, a Member
of the Worldwide Board of Junior Achievement, a Trustee
of Elmira College of Elmira New York, and Chairman of
The Bahamas Chapter of The World President’s Organization.
He has been honored by The Bahamas Chamber of Commerce
as its Distinguished Citizen in Business, by Her Majesty,
Queen Elizabeth II for service to The British Commonwealth,
by The Government of The Bahamas on the occasion of the
25th Anniversary of the Country’s Independence and by his
peers as “Chairman Emeritus” of The Bahamas Chapter of
The Young President’s Organization.
Ross A. McDonald
Director
Ross.mcdonald@rbc.com
As Head of Caribbean Banking, Ross McDonald has overall
responsibility for the Royal Bank of Canada’s domestic
operations in eight countries in the region – Antigua,
Bahamas, Barbados, Cayman Is., Dominica, Montserrat,
St. Kitts and St. Lucia. With 1,300 employees these operations
form a part of RBC’s U.S. and international business.
He is a Director of RBC Royal Bank of Canada Trust Company
(Bahamas) Limited and RBC Royal Bank of Canada Trust
Company (Cayman) Limited which deliver trust and private
banking services to offshore clients.
Mr. McDonald received a BA (Economics) from University
of Vermont in 1973 and a MBA in Finance from the Richard
Ivey School of Business in 1976.
Myrtle Potter
Director
mpotter@chapman-investments.com
Myrtle Potter is a co-founder of the Chapman Development
Group. Her professional experience includes over 25 years
of successful operating and general management experience
in large, global biotechnology, pharmaceutical and healthcare
businesses. Ms. Potter serves as a member of the Board
of Directors for Amazon.com, Fox Hollow Technologies
and Eleuthera Properties Ltd. She also serves on the
Stanford Graduate School of Business Advisory Council
and is one of five members of the Citizen’s Financial
Accountability Oversight Committee of the California
Institute for Regenerative Medicine Foundation.
Previously, Ms. Potter served as President of Genentech,
Inc., the leading biotechnology company, for five years
where she helped steer the Company through one of the
most successful periods in its history. While at Genentech,
she oversaw the successful launch of six major new products.
Genentech’s product revenue stream grew more than three-fold
to more than $4 billion under her leadership, resulting
in record sales and earnings growth for the Company for
25 straight quarters. Ms. Potter also served as a member
of Genentech’s Executive Committee whose role was to
make all major strategic, financial and operating decisions
for the Company.
Prior to joining Genentech, Ms. Potter was President
of Bristol-Myers Squibb’s $4+ billion dollar U.S. Cardiovascular/Metabolics
business. During her tenure as President, this business
was the Company’s largest source of revenue, revenue
growth and profits. Prior to Bristol-Myers Squibb, Ms.
Potter worked at Merck and Co. Inc. for more than 14
years.
In 2006, Ms. Potter was named ‘Woman of the Year’ by
the American Diabetes Association. Ms.Potter was recognized
in 2004 and 2005 by The Wall Street Journal which listed
Ms.Potter as one of its “50 Women To Watch.” In 2003
and 2004 she was listed in FORTUNE magazine’s “Top 50
Most Powerful Women In Business” list. Ms. Potter was
recognized in 2005 by Black Enterprise magazine as one
of the “75 Most Powerful Blacks in Corporate America.”
In 2002, Ms. Potter was also named to FORTUNE magazine’s
“Most Powerful Black Executives in America” list and
to Time magazine’s “15 Young Global Business Influentials”
list.
Ms. Potter holds a Bachelor of Arts degree from the
University of Chicago and resides in Fort Lauderdale,
Florida and the San Francisco Bay area with her family.
Wim Steenbakkers
Managing Director
wim@cottonbayeleuthera.com
Born and raised in the Netherlands, Mr. Steenbakkers
has served as Executive Director of Stanford Sierra Lodge
and Conference Center, at Fallen Leaf Lake near Lake
Tahoe, and of The Redwood Empire Association based in
San Francisco, the oldest tourism marketing organization
in America. He has also served as President of
Black Butte Ranch at Sisters, Oregon and as the General
Manager of Konocti Harbor Resort and Spa. He has
developed several unique European-style properties, including
Château du Sureau near Yosemite National Park, and for
five years was the Proprietor of Hotel du Lac Carling
of Quebec, Canada. He has worked in The Bahamas for the
past three years. He holds a certificate in Strategic
Hotel Management from Cornell University.
Edward C. Levine
Director & Vice-President
elevine@pcare.com
Edward C. Levine is a Director, the Vice-President and
also serves as the U.S. Counsel. Mr. Levine is also the
President and Chairman of The Board of Directors of PrimeCare
Systems, Inc. Prior to joining Prime Care Systems, Inc. Mr.
Levine was in charge of international taxation at a national
accounting firm. He is a member of The Bar of The State
of New York, the U.S. Tax Court and the U.S. Court of
Claims.
A. Bismark Coakley
Secretary
abc@arawakhomes.com
A. Bismark Coakley is our corporate Secretary and a
Member of The Board of Directors. Mr. Coakley is also
President and Director of Sunshine Holdings Co. Ltd.,
a Member of The Board of Directors of The Airport Authority
of The Bahamas, Immediate Past President of The Bahamas
Chamber of Commerce, a Member and Past President of The
Rotary Club of West Nassau, Chairman of The Crippled
Children’s Committee, a Member and Past President of
The Anglican (Episcopal) Churchmen Association and a
Member of The Royal Eagle Masonic Lodge. Previous positions
held by Mr. Coakley include membership on The Industrial
Relations Board of The Bahamas and Member of The Board
of Directors of The Bahamas Electricity Corporation.
He has been honored by Rotary International as a Paul
Harris Fellow.
Thomas Sands Jr.
Director, Broker/Appraiser
thomas@cottonbayeleuthera.com
A native of the Island of Eleuthera, Mr. Sands is a
director of Rock Sound Properties (1976) Limited, the
owner of The Market Place Shopping Centre in Rock Sound
and the largest Bahamian owned business on the Island
of Eleuthera. He is a graduate of the University of Miami,
a member of The Bahamas Real Estate Association, a licensed
real estate broker, developer, and appraiser. He is also
a member of the South Eleuthera Town Planning Board.
