The Cayman Islands has placed first in the 2021 Nomad Beach Index as the best destination for wealthy global entrepreneurs and investors who can live anywhere they choose.
The world’s top beach destination index by tax and immigration consulting firm Nomad Capitalist aggregated data from more than 30 sources in five categories.
Cayman received full marks for its natural beauty, available services, taxes and safety to top the ranking ahead of Antigua and Barbuda, and the Bahamas.
Last year Barbados became the first Caribbean island to actively pursue ‘digital nomads’ to compensate for lost tourism dollars, when it announced its ’12-month welcome stamp’ in July.
Bermuda soon followed with a ‘work from Bermuda’ one-year residential certificate that allowed visitors to live in the island for a year as long as they were employed overseas.
Cayman joined the party later last year with a Global Citizen Concierge programme, which targets high-net-worth individuals who earn at least US$100,000 a year or at least US$180,000 if they bring dependents.
Successful applicants are allowed to live in Cayman while working remotely for up to two years. The first approved family arrived in November 2020.
However, the Nomad Beach Index looks beyond those narrow programmes developed in response to the global pandemic and the decline in tourism.
The ranking describes Cayman as “one of the best beach destinations in the Caribbean” and “tropical paradise” for entrepreneurs and investors “who do not want to deal with the complicated taxation policies in other countries”.
The index noted Cayman’s various residency-by-investment options which include, for example, purchasing developed real estate worth $2.4 million or more. But it also pointed out that for those who are looking to obtain citizenship by investing in a country there are far cheaper option available in the region.
Immigration is therefore the only category in which Cayman received less than the maximum available points in the index.
“One of the best things about living in the Cayman Islands as a Nomad Capitalist is that it is a tax haven with no income tax, no property tax, no company tax, and no capital gains tax,” the ranking said.
The top 10 destinations in 2021 Nomad Beach Index are:
- Cayman Islands
- Antigua and Barbuda
- The Bahamas
- St. Kitts and Nevis
- Budva, Montenegro
- Algarve, Portugal
- Crete, Greece
- Mykonos, Greece
- Cozumel, Mexico