Listed here are the highest 10 seashore locations for high-net-worth buyers
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 really put down roots — and a few money — on the earth’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 incorporates a prime 10 rating that features 24 seashore locations across the globe.
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The agency graded seashore locations greatest suited to entrepreneurs, buyers, stockbrokers and different high-net-worth people trying to make investments, relocate and/or achieve residency or citizenship. It aggregated knowledge from greater than 30 sources, rating every on a scale from 1 to 50 to for magnificence (30% of index rating); companies, taxes and immigration (20% every); and security (10%). Thirty-six seashores have been ranked in complete.
The Cayman Islands tops this yr’s record, thank to its standing as a Caribbean tax haven for buyers who don’t want to cope with the sophisticated tax legal guidelines of different international locations, in line with Nomad Capitalist.
The corporate helps “seven- and eight-figure entrepreneurs [and] buyers who need to have a second house [or] have a Plan B citizenship or residence, or all of the above, [or] scale back taxes in some instances, though there’s much less of that this yr,” stated founder Andrew Henderson. “With the pandemic, individuals are keen simply to have a second place the place they’ll go.”
Different Caribbean nations resembling 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 companies 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 acquire citizenship by funding in six or seven months.” (Precise timeframes fluctuate by nation. St. Kitts and Nevis, for instance, has a reported common processing time of three months and as little as 45 days, in line with the 2021 CBI Index.)
“Now you are a citizen and you may stay 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.”
Traders residing overseas however retaining American citizenship, nonetheless, are nonetheless topic to U.S. taxes, so some — like Henderson — have turned of their blue passports to completely get pleasure from 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.
“In case you’re German or British, you’ll be able to simply go away the system, preserve your passport and head down there,” he stated. “For Individuals, you are taking a look at 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 beneficial properties taxes.
Clarification: This text has been up to date to make clear that the processing time for citizenship by funding in St. Kitts and Nevis reportedly averages three months and might be as little as 45 days.