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Cancun and Daytona may draw spring break and Waikiki, honeymoons, but what beaches in the world are millionaire magnets?
Hong Kong-based consulting firm Nomad Capitalist released its latest annual index of the top sandy sites that attract high-net-worth investors looking not necessarily for vacations, but in fact putting their roots in the harshest climates. Sunny World: The Nomad Beach Index of 2021.
The first such effort in two years of the firm (meant a Covid-related hiatus in 2020), this year’s index includes a ranking that includes 24 beach destinations around the world.
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The company has ranked the most suitable beach destinations for entrepreneurs, investors, stockbrokers and other people of high net worth who want to invest, move and / or gain residence or citizenship. It added data from more than 30 sources, each ranking on a scale of 1 to 50 to beauty (30% of the index ranking); services, taxes and immigration (20% each); and security (10%).
The Cayman Islands top this year’s list, thanks to its status as a Caribbean tax haven for investors who don’t want to deal with the complicated tax laws of other countries, according to Nomad Capitalist.
The company helps “entrepreneurs of seven and eight figures [and] investors who want to have a second home [or] have the citizenship or residence of Plan B, or all of the above, [or] reduce taxes in some cases, although there will be fewer this year, “said founder Andrew Henderson.” With the pandemic, people just want to have a second place to go. “
Other Caribbean countries such as Antigua and Barbuda, St. Kitts and Nevis, Dominica and St. Lucia, along with neighboring Bahamas, also ranked in the top 10. according to Henderson.
“It’s also immigration [policy]; how easy can you get there? “, added.” You can go to Antigua [or] St. Kitts and get citizenship by investment in six or seven months.
“You’re a citizen now and you can live there as long as you want and enjoy zero tax policies,” Henderson said. “I thought someone should take that into account and which beach was the nicest.”
However, investors residing abroad but retaining U.S. citizenship are still subject to U.S. taxes, so some, like Henderson, have handed in their blue passports to fully enjoy foreign tax regimes. But those who do not wish to take this route can head to Puerto Rico, which reached number 10 along with points from Croatia, the Philippines, Nicaragua and Spain.
“If you’re German or British, you can leave the system, keep your passport and go there,” he said. “For Americans, look to Puerto Rico to keep your passport and still have big tax benefits.”
In fact, Puerto Rico is a convenient tax haven for U.S. citizens. Qualified residents of the island are exempt, for example, from capital gains taxes.