The Top 10 Global Destinations for High-Net-Worth Individuals
/The world is a big place. That opens the doors for HNWIs to explore their options and choose the place that treats them best. When making a choice about their new home, HNWIs should take into consideration various factors like the standard of living, taxes, economy, lifestyle, climate, and ease of obtaining residency and citizenship. This brings us to an important point, what are the top ten destinations with solid investment migration programs for HNWIs? At NTL Trust, we have created a list with the best options available.
Uruguay
Uruguay kicks off the list as one of the best destinations for HNWIs in 2023. The Latin American country is naturally stunning, operates on an open market policy, has a moderate-leaning democratic government, has a solid infrastructure, and is part of Latin America’s Mercosur conglomeration. But what makes Uruguay one of the best destinations is how simple it is to obtain a residency permit in the country. All a person has to do is declare their intention to reside in Uruguay and provide evidence of financial independence, and they get a two-year residency permit. If they reside six months in Uruguay during those two years, they can then apply for permanent residency, allowing them to obtain all the rights of Uruguayans except for political ones, such as voting and running for office. Obtaining a Uruguayan residence permit opens the door to the rest of the Mercosur union, giving investors the chance to benefit from LATAM’s biggest nations.
Antigua & Barbuda
The Caribbean dual-island nation of Antigua & Barbuda is one of the most naturally stunning countries in the world. The lifestyle on the islands mixes luxury living with a serene natural backdrop that is unmatched.
Living in Antigua & Barbuda, even sporadically, is an entirely different experience. A person who loves the beach can spend each day on one without having to see the same one twice in a single year; that is how remarkable the country is.
Not only that, but it does not levy global income, wealth, inheritance, capital gains, or gift tax, making it a perfect destination for HNWIs who want to alleviate their tax burden while enjoying a lifestyle only a few get to experience.
The country also has a citizenship by investment program that is highly affordable, starting at just $100,000 for a single applicant. The program also has a family-friendly stream which requires a donation of just $150,000 for a family of six, making it one of the perfect destinations for HNWIs with large family compositions.
Grenada
Another Caribbean country with a lax tax regime and a citizenship by investment program, Grenada is a hidden gem. The nation’s natural beauty and tourist attractions may take all the headlines, but it is one of the most important in the region due to its focus on producing doctors. St George’s University and its accompanying hospital provide the region with a steady stream of talented physicians. The university is even responsible for the highest number of foreign US first-year medical residents in the US. Grenada intertwines luxurious living with excellent education and remarkable healthcare in an outstanding manner, offering HNWIs everything they need in one stunning destination. It also has a citizenship by investment program that allows investors to reside in the country as citizens rather than foreign residents, simplifying their integration into the community and providing them with greater benefits and more say into their country’s rapid development.
St Lucia
One of the world’s premier yachting destinations, St Lucia is a must-visit for HNWIs with a passion for the yachting lifestyle. Top–tier Caribbean resorts encompassed by luxury yachts streaming through crystal clear waters is what makes St Lucia a tremendous destination. The country’s status as a tax haven also helps, as, like its other Caribbean counterparts on this list, it doesn’t levy global income, inheritance, wealth, or capital gains tax. This means that an HNWI can get greater value for their money and fully indulge in all the luxury St Lucia has to offer. The country is also one of the larger Eastern Caribbean Islands, and it is well away from the traditional hurricane path, giving it an outstanding climate all year long. Unsurprisingly, it also has a citizenship by investment program that investors can utilize to enhance their global mobility as well as their experience in St Lucia. The country is well-known to Americans, as it is situated on most Caribbean cruise lines, and anyone who has experienced its unique culture, cuisine, and serenity will tell you it is an amazing place to be.
Dominica
Dominica is excellent for those looking for a more relaxed environment and enhanced privacy. The country boasts outstanding mountaintops adorned with Caribbean greenery overlapping its many beaches, but it is the nation’s bustling financial center that draws in HNWIs. Low or no taxes are a major allure, but the government’s focus on investor privacy and confidentiality throughout its financial sector means that Dominica is an absolute gem when it comes to financial sovereignty. The financial service sector in Dominica punches well above its weight and it is an excellent place for investors to diversify their asset portfolio and manage their wealth. It also has an affordable citizenship by investment program starting at $100,000 for a single applicant, adding another layer to an HNWIs individual freedom.
St Kitts & Nevis
Those looking to lay back and enjoy all the views the Caribbean has to offer should consider St Kitts & Nevis. Not only is the two-island nation a stunning thing of beauty, but it is quickly becoming a major financial hub. The country does not levy any income, wealth, capital gains, or inheritance tax, and its rapidly evolving financial services sector means it is a great place to manage and protect wealth. Offshore trusts and bank accounts in St Kitts & Nevis are some of the most private and well protected in the world, so any HNWI looking to safeguard his or her wealth should consider utilizing them at some point. Granted, the country is small, but it has magnificent resorts and high-end real estate for those wanting to live the Caribbean luxurious life. St Kitts, the larger of the two islands, has a bustling market scene and endless activities, while Nevis is more relaxed and serene. Moreover, St Kitts & Nevis has a highly affordable citizenship by investment program that grants successful applicants and their family members (and it allows for a wide array of members to be added) direct citizenship and a powerful passport that grants visa free entry into over 150 destinations worldwide including the EU, UK, Hong Kong, and many more. Canada also signed a visa-free treaty with St Kitts & Nevis, and any citizen of the country who obtains a visa for the first visit can then apply for an ETA instead for future visits. Investors have the choice of obtaining citizenship through a donation starting at $250,000 or a $400,000 investment in real estate. The country's citizenship by investment program's lightning-quick processing time, which can reach as low as just two months, makes it a great addition to this list. HNWIs can enjoy time in the country as citizens or keep it as a backup to hedge against political or economic instability.
Paraguay
While not synonymous with multi-millionaires, Paraguay is an excellent place for HNWIs to consider. The country is politically stable and isn't on either extreme of the global geopolitical spectrum, it has a solid economy, and its remarkable climate and natural scenery make it an excellent place to call home. Paraguay is also a good option for more conservative families, as the culture leans toward conservatism, and the overall vibe in the country is family friendly. Income tax in Paraguay is also a major draw as it is capped at a maximum of 22%. The cost of living is also extremely affordable, so with low taxes and expenses, HNWIs can get great value for their money in one of the world's hidden gems. However, what really sets up Paraguay in this list is the simplicity of obtaining a residence permit. To do so, an HNWI only needs to prove sufficient income or savings. This makes Paraguay an excellent backup plan or second home for those who do not want to spend big on immigration but want to obtain massive benefits.
Turkey
An intercontinental bridge between Asia and Europe, Turkey has always been at the epicenter of civilization. The country is large in terms of land size and population, and it is home to some of the most stunning cities on Earth.
Istanbul, in particular, is one of the most unique places in the world. A melting pot of cultures dripping with historical significance, the city is a unique and thrilling place.
Turkey’s economy has been rapidly growing in the past few decades in spite of its turbulent currency. But the fluctuation of the Turkish Lira, while seemingly frustrating, has transformed Turkey into a premier investment destination as investors take advantage of highly profitable investment opportunities.
The country offers everything a major country would; great infrastructure, endless activities, numerous education institutes, great healthcare, and a dynamic market.
The relatively low cost of living makes Turkey a great destination to get the best value for your money, as it offers an outstanding lifestyle that comes cheaper than in other major countries. It is, without doubt, one of the best places to be, especially for those looking to do business through one of the world’s most vital economic hubs in Istanbul.
The nation also boasts one of the world’s most popular citizenship by investment programs, having naturalized over 16,000 people since its launch in 2017. The program offers a lot of different investment categories, with the $400,000 real estate investment being the most popular as its housing market provides solid returns. Living in Turkey as a Turk adds another dimension to the experience, making it a top destination for HNWIs.
Serbia
One of the hidden gems of Europe, Serbia is a great destination for HNWIs. The country’s amazing architecture, high living standard, affordable living costs, outstanding culture, mild climate, and bustling market make it a great addition to this list. It is currently a candidate for EU accession, giving it even greater potential for the future. But even now, before joining the EU, Serbia is an economic power on its own. The country has good education facilities and healthcare institutes, and its infrastructure is solid. But the main draw of Serbia is its residency by investment program. HNWIs can obtain Serbian residency through investing in real estate or establishing a company. The procedure is extremely simple and quick, taking a few months to process, making Serbia one of the easiest European countries to obtain a residence in.
Vanuatu
The Pacific nation of Vanuatu has one of the most interesting histories in the world. The nation went from obscurity and solidarity to growing into its own in the past few decades, and it is now one of the world’s most interesting tourist destinations.
The country is also a tax-friendly nation, providing investors with the chance to restructure their tax liabilities legally and cleverly. Its financial services sector is robust, and it has been a magnet for HNWIs looking for a safe way to diversify their wealth.
The nation is also stunning, as its Pacific, tropical climate offers pleasant weather and endless activities, and it boasts a unique culture that is infused with a laid-back lifestyle that captures the essence of island living.
The country also has four different citizenship by investment programs with different investment categories ranging from fund investments, donations, to real estate. This makes it a great destination for HNWIs who are looking for a remarkable destination with the chance to enhance their global mobility portfolio.
