Puerto Rico ranks 27th on Nomad Capitalist’s Nomad Beach Index
Known for its favorable tax climate, the Cayman Islands ranks first in 2024, with the Dominican Republic rounding out the top 10.
Off-shore consulting firm Nomad Capitalist has released its 2024 Nomad Beach Index (NBI), which ranked Puerto Rico’s coasts among the world’s top 30 beach destinations for entrepreneurs, investors and other high-net-worth individuals.
The NBI results are based on data aggregated from more than 30 unique sources, rating the top 35 beach destinations worldwide on a scale of 10 to 50 using the following factors: beauty (30%), services (20%), taxes (20%), immigration (20%) and safety (10%).
As in previous years, the Cayman Islands topped the 2024 list due to its reputation as a Caribbean tax haven for wealthy individuals seeking relief from complex tax laws.
“The world’s beautiful beaches can be much more than just short-term vacation destinations,” said Javier Correa, strategy associate at Nomad Capitalist. “While there are countless beach ranking lists, they cater overwhelmingly to tourists searching for a temporary getaway, failing to address the globally mobile entrepreneurs and investors with the freedom to live and work wherever they choose.”
“Showcasing destinations like the Cayman Islands, the Nomad Beach Index focuses on long-term beach living in countries with more favorable tax policies, streamlined immigration systems, robust banking solutions, and other benefits that are worth strong consideration,” he added.
Puerto Rico earned its spot on the list, No. 27, with an average score of 33.5 points, broken down as follows: beauty (40), services (40), taxes (30), immigration (20) and safety (35). The neighboring Dominican Republic ranked 10th, with a total score of 40.5.
“We have combed through the most popular beach rankings like Condé Nast Traveler, Travel and Leisure, Global Traveler, and more to compile their rankings into one overall rating that would reflect the beauty and the essence of Puerto Rico. We assigned Puerto Rico a Beauty score of 40, meaning that Puerto Rico beach can be considered as beautiful,” the index noted.
The firm also evaluated Puerto Rico’s tax policies, awarding it a score of 30, “meaning that taxes in Puerto Rico allows citizens to relocate to avoid tax.”
Through the Individual Investors Act of 2012 (now part of Puerto Rico’s Incentives Code, Act 60 of 2019), Puerto Rico has become a tax haven for foreign investors and the ultra-wealthy.
“It is essential to dissect a country’s taxation policies before choosing the perfect location to move to, even temporarily,” Nomad Capitalist stated.
As a boutique consulting firm, Nomad Capitalist assists clients in acquiring second passports and citizenships, relocating offshore, building wealth and legally lowering taxes, among other services.
Founded by Andrew Henderson, the firm serves more than 150 high- and ultra-high-net-worth clients annually, primarily from the United States.
