NOMAD BEACH INDEX

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.

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.

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.

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.

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.

The two real estate options are:

• Investment of US2.4 million, which requires minimum physical presence and offers a route to citizenship.
• Investment of US$1.2 million, which requires a greater physical presence and provides no route to citizenship.

Yes, it’s expensive, but you get what you pay for. There’s a reason that the Cayman Islands remains the undisputed king of the beach rankings in 2024 and it’s all to do with being a beautiful haven that lets people protect their wealth and assets.