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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 traders 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 12 months includes a prime 10 rating that features 24 seashore locations across the globe.
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The agency graded seashore locations finest suited to entrepreneurs, traders, stockbrokers and different high-net-worth people trying to make investments, relocate and/or acquire 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 were ranked in whole.
The Cayman Islands tops this 12 months’s record, thank to its standing as a Caribbean tax haven for traders 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] traders who need to have a second dwelling [or] have a Plan B citizenship or residence, or all of the above, [or] cut back taxes in some circumstances, though there’s much less of that this 12 months,” stated founder Andrew Henderson. “With the pandemic, persons are keen simply to have a second place the place they will go.”
Different Caribbean nations comparable 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 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’ll be able to go to Antigua [or] St. Kitts and procure citizenship by funding in six or seven months.
“Now you are a citizen and you’ll stay there so long as you need and benefit from the zero-tax insurance policies,” Henderson. “I assumed somebody ought to take that under consideration together with which seashore was the nicest.”
Buyers 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 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.
“Should you’re German or British, you possibly can simply depart the system, maintain your passport and head down there,” he stated. “For People, 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 features taxes.