Listed here are the highest 10 seashore locations for rich buyers
Paul Metal | The Picture Financial institution | Getty Photos
Cancun and Daytona could draw spring breakers and Waikiki, honeymooners, however which seashores worldwide are millionaire magnets?
Hong Kong-based consulting agency Nomad Capitalist launched its newest annual index of the highest sandy spots that attraction to high-net-worth buyers trying to not essentially trip however truly put down roots — and a few money — on the planet’s sunniest climes: the Nomad Seashore Index for 2021.
The agency’s first such effort in two years — it took a Covid-related hiatus in 2020 — the index for this yr includes a prime 10 rating that features 24 seashore locations across the globe.
Extra from Private Finance:
Here is why you most likely must insure your subsequent trip
New apps match vacationers with journeys that match price range, factors balances
Vaccine passports acquire traction amongst vacationers as delta variant surges
The agency graded seashore locations finest suited to entrepreneurs, buyers, stockbrokers and different high-net-worth people trying to make investments, relocate and/or acquire residency or citizenship. It aggregated information from greater than 30 sources, rating every on a scale from 1 to 50 to for magnificence (30% of index rating); providers, taxes and immigration (20% every); and security (10%). Thirty-six seashores have been ranked in complete.
The Cayman Islands tops this yr’s checklist, thank to its standing as a Caribbean tax haven for buyers who don’t want to cope with the difficult tax legal guidelines of different nations, in line with Nomad Capitalist.
The corporate helps “seven- and eight-figure entrepreneurs [and] buyers who wish to have a second residence [or] have a Plan B citizenship or residence, or all of the above, [or] scale back taxes in some circumstances, though there’s much less of that this yr,” mentioned founder Andrew Henderson. “With the pandemic, persons are keen simply to have a second place the place they’ll go.”
Different Caribbean nations similar to Antigua and Barbuda, St. Kitts and Nevis, Dominica and St. Lucia — together with the neighboring Bahamas —additionally made the highest 10. Proximity to the U.S. and a extremely developed infrastructure and providers sector factored of their rankings, in line with Henderson.
“It is also immigration [policy]; how simply are you able to get there?” he added. “You possibly can go to Antigua [or] St. Kitts and procure citizenship by funding in six or seven months.
“Now you are a citizen and you may reside there so long as you need and benefit from the zero-tax insurance policies,” Henderson. “I assumed somebody ought to take that into consideration together with which seashore was the nicest.”
Buyers residing overseas however retaining American citizenship, nevertheless, are nonetheless topic to U.S. taxes, so some — like Henderson — have turned of their blue passports to completely take pleasure in international tax regimes. However those that do not want to take that route can head for Puerto Rico, which got here in at No. 10 together with spots in Croatia, the Philippines, Nicaragua and Spain.
“If you happen to’re German or British, you may simply go away the system, preserve your passport and head down there,” he mentioned. “For People, you are Puerto Rico to maintain your passport and nonetheless have nice tax advantages.”
Certainly, Puerto Rico is a handy tax haven for U.S. residents. Qualifying residents of the island are exempt, for instance, from capital positive aspects taxes.