Why Wealthy Americans Are Heading To The Islands
Rich and affluent Americans have been flocking to the Caribbean to escape in luxury resorts and reside in beachfront houses for quite some time now. However, the recent rise in numbers has been quite stark. Not only well-to-do Americans, but wealthy Europeans too, are making a beeline for the Caribbean. Government agencies, citizenship advisors and real-estate developers have all noted an increase in business over the past few months. Now, this time around, the reason for this trend is not simply to get away from the harsh winter cold and soak in some sun. What are the reasons motivating upper and middle-class Americans to seek out the Caribbean? Let’s learn below.
Reasons Behind Increased Tourism Interest in Luxury Caribbean Resorts by Wealthy Americans
A handful of different reasons are driving Americans to the Caribbean shores this winter. We discuss a few of these in detail below.
The COVID Situation – Most people have been directed to work remotely by their offices after the outbreak of the COVID-19 pandemic. The concept of a “digital nomad” had been catching up in popularity, but the pandemic only made it grow tenfold. Americans who could afford it, have decided to spend their time working out of luxury real estate properties near the Caribbean sand and shore.
The Welcome Stamp – Caribbean governments like Barbados and The Bahamas have launched a welcome stamp in July, intended to attract remote workers to the country. The majority of applications for this grant received have been from Americans.
US Tax Policies – According to the US tax policy regulations, no matter where a citizen is domiciled, they need to still pay tax. Individuals who have been stationed outside the country are choosing to renounce their official US citizenship for the political tax climate and demanding taxation regime. It is another reason wealthy Americans are deciding to shift to Bahamas real estate or other luxury real estate opportunities in the Caribbean, which would grant them Caribbean citizenship.
Come Unwind in The Caribbean
BE Luxury Collection’s boutique real estate arm, BE Luxury Real Estate Group, can assist with your relocation to the Caribbean. Browse our portfolio of properties in The Bahamas or allow our Advisors to utilize our expansive network to find the best property for you in one of the other Caribbean countries.
Beachfront properties in some of the most affluent communities throughout the Caribbean can range from $750,000 – $3.5M. For the extremely affluent neighbourhoods, a waterfront estate can be purchased anywhere north of $10M. Thinking of an ultra-luxurious splurge? Give us a call to discuss your private island options. BE Luxury Collection | 1-647-606-2635 | firstname.lastname@example.org