NOMAD CAPITALIST BEACH INDEX

Maintaining a tight grip on first position in the Nomad Beach Index, the Cayman Islands remains our top-tier destination, mainly owing to its unbeatable blend of beautiful scenery and attractive tax-free regime. Simply put, the Caymans is one of the best beach destinations in the Caribbean: Its lush, green scenery and azure-blue waters crown it as one of the world’s top tropical paradises. It’s a bucket-list destination even before you factor in the ability to own a property here without paying any taxes or having to fulfil punitive physical presence requirements. If establishing a residency in the Cayman Islands is your goal, it’s a straightforward process, though it doesn’t come cheap. The three main routes to Cayman Islands residency are currently via company formation or real estate.

Antigua and Barbuda has taken a leap forward in 2024, moving from fifth place overall to second. Powering the dual-island nation towards the top of the index is an increase in the services available, covering everything from airport efficiency to ATM and mobile phone services. Renowned for its world-class beaches, rainforests and resorts, Antigua and Barbuda also boasts a rich history and culture, while the people are among the most welcoming you’ll find anywhere. The islands offer options for a Digital Nomad Visa and Permanent Tax Residence, the latter of which allows a flat tax payment per year of US$20,000. Even better, this residency option is one of the most flexible in the world, requiring applicants to spend as little as 30 days a year. There’s also an excellent Citizenship-by-Investment (CBI) route available for foreign investors, which ranges from a US$230,000 donation to the National Development Plan to investing US$300,000 in real estate.

With lush green scenery, crystal clear waters and exotic wildlife, the dual island nation of St Kitts and Nevis is a tropical haven for both personal and financial freedom. This year, it’s been knocked off the number two perch by Antiqua and Barbuda, but St Kitts and Nevis hasn’t fallen too far, just dropping a single place to third. Its score remains the same as before, as this nation continues to offer the same blend of tropical paradise and freedom for those seeking sun and financial benefits. There are no income or wealth taxes here, and opting to try for citizenship by investment (CBI) offers the possibility of gaining a passport that allows visa-free travel to the EU’s Schengen zone and Ireland. CBI options on offer range from a US$250,000 donation to the Sustainable Island State Contribution (SISC) to investing US$250,000 or US$400,000 in one of the country’s approved real estate projects. Whatever route investors choose to go down with St Kitts and Nevis, they do so safe in the knowledge that the islands know how to treat them best.

World-class beaches, hot springs, volcanic peaks, and an abundance of waterfalls have earned Dominica the moniker of ‘nature island of the Caribbean’ and made it a magnetic destination for travellers from all over the world. Dominica is far from tax-free, but foreign-sourced income is tax-exempt there. Moreover, there is no inheritance, property, or capital gains tax. You can also acquire Dominican citizenship by investment by purchasing a state- approved real estate property valued at over US$200,000, plus additional government processing fees, or by making a one-time donation starting from US$200,000, making it one of the most cost-efficient citizenship options for a single applicant. If you’re interested in acquiring Dominican CBI, it’s better to stick to the donation route, as the property investment route comes with various caveats such as needing to hold the property for three years.

A stunning archipelago off Spain’s eastern coast, the Balearic Islands are home to Mallorca, Menorca, Ibiza, and Formentera, each with its own unique vibe and exquisite beaches. Ibiza’s vibrant nightlife and raging parties will appeal to younger travellers, while Menorca’s tranquil shores and Formenta’s lesser-known beaches are ideal for retirees looking to enjoy a slower pace of life. Though notorious for high taxes for long-term residents, Spain nonetheless offers attractive options for newcomers. Under the Beckham Law, expats who haven’t been tax residents for the past five years can enjoy significant tax advantages, effectively transforming Spain into a territorial tax system for up to six years. In addition, immigration became more streamlined with the Digital Nomad Visa proving relatively easy and cheap to obtain and potentially offering some great tax benefits. That all adds up to making the Balearic Islands a compelling choice for new Nomad Capitalist residents.

One of the most historically rich and naturally beautiful islands in Greece, Crete also offers investors the chance to avail of the country’s sought-after Golden Visa. Greece is one of the last remaining countries to offer residency by investment, known as a Golden Visa, though the thresholds for investing in popular areas have risen sharply in recent times over concerns about inflated property prices. Another development worth noting, however, is that the country is offering a pension flat tax rate of a mere 7% (on non-domestic income) and a flat tax program of €100,000 per year on non-Greek income. Both flat tax options are available for a maximum of 15 years. There are rules. Requirements for the €100,000 flat tax regime include not being tax resident in Greece for at least seven of the previous eight years and investing €500,000 in the country. Maintaining residency is relatively straightforward here but citizenship is a different matter. A Greek passport is obtainable, but only via naturalisaton – which requires seven years of residence – unless you can claim descent, marry a local or were born there.

This year sees another strong showing from Langkawi, which has improved its scores in both beauty and services, in the process jumping from eighth place to joint fourth. As of 2024, Malaysia doesn’t have a residency-by-investment option, but there are other options available for foreigners and high-net-worth individuals interested in the prospect of long-term residency. The MM2H (Malaysia My Second Home) visa program is a good option for investors looking for a residence with minimal physical presence in a developed location with a great climate. There are rules and requirements to getting one, but the MM2H visa is good for ten years, meaning successful applicants won’t need to worry about constantly renewing their visas. Tax-wise, overseas income is now taxable, but while Malaysia’s tax system can be a drawback, Langkawi’s relaxed lifestyle and affordable cost of living contribute to its high ranking.

With somewhere in the region of 700 islands, countless beach destinations, a straightforward immigration process and almost no taxes – the Bahamas offers it all and then some for investors and entrepreneurs alike. Well-established as an ideal location for those searching for a tax residence or low- tax jurisdiction coupled with a perfect climate, the Bahamas has the added bonus of only being a short hop from the USA. Well-established as an ideal location for those searching for a tax residence or low- tax jurisdiction coupled with The Bahamas is a well-established tax haven with no income tax, no corporate tax, no capital gains tax, no sales tax, no withholding tax, no gift or inheritance tax and no other probate fees. If that wasn’t enough, the country boasts some of the most beautiful tropical islands with the clearest water in the world. Talk about a tropical tax haven. CBI isn’t an option, but people looking to reside here permanently must invest US$750,000 to US$1.5 million in the country’s real estate.

The Adriatic Sea, sandy beaches, medieval architecture, and vibrant nightlife are only some of the highlights of the coastal town of Budva that make it the most popular tourist destination in Montenegro. This former third-place occupant dropped a single half-point, but it was enough to relegate Budva to ninth position. Montenegro’s Adriatic jewel improved its services ranking but cancelling its Citizenship-by-Investment (CBI) program set back its immigration score. Still, Montenegro remains a low-tax jurisdiction with a simplified tax code that allows applicants the flexibility to become both resident and tax resident – that has to be something of a soothing balm to disappointed would-be-citizens. Currently, residency-by-real estate investment and company formation are the two best options. The chief requirement to achieve the former requires proof of purchase of a local property, while the second can be satisfied by legally forming a local company with as little as €1 in capital. That’s not exactly a demand to jump through a flaming hoop in order to enjoy the exquisite lifestyle that this tiny nation has to offer.

With its sun-drenched shores and crystal-clear waters, the Dominican Republic boasts some of the Caribbean’s most stunning beaches, making it a dream destination for beach lovers and digital nomads. Punta Cana is renowned for its luxurious resorts and pristine white sands, while Playa Rincon, often considered one of the world’s best beaches, provides a more secluded and tranquil retreat surrounded by lush greenery. The Dominican Republic offers several residency-by-investment options for those looking to establish a more permanent presence in this tropical paradise. High-net-worth individuals can secure residency through the Residence-by-Investment (Investor) program, which provides a faster route to eventual citizenship than traditional methods. A minimum investment of US$200,000 is required, and flexibility in investment means that purchasing an apartment through a company created for this purpose will suffice.