Why you should think about moving to Tulum this winter

18 Sep Why you should think about moving to Tulum this winter

Rich Europeans and Americans are flocking to the Caribbean, but not for the usual winter sun. More and more wealthy individuals are moving for longer periods than usual.

Citizenship advisers, government agencies and real estate developers say they have seen a rapid increase in business over the past few months. Even luxury hotels say they are booking in guests for long-term stays.

“You’ve got the election coming. That’s number one. You’ve had Covid and certain places in the U.S. have been challenged through that, and more working remotely.”

U.S. inquiries for residential villas at Caribbean towns have jumped 66%. “It’s the first time the U.S. has gone through a period like this and it’s not just the Covid-19 situation,” says Gregor Nassief, “It is the fear of what an extreme outcome on the left or right may look like after the presidential election.”

Others are keen to escape with new-found working from home freedoms. “Digital nomad is not a new thing,” says Petra Roach, head of Global Markets for Visit Barbados. “Before we didn’t really think about it.”

More Americans Renounce Citizenship

Real estate is not the only path to Caribbean citizenship.  Citizenship advisers tout Caribbean passports for their visa-free travel freedoms, or, in Nassief’s words, “A useful insurance policy” should things at home go awry.

However, more and more dual national Americans are renouncing their U.S. citizenship. A total of 5,816 Americans gave up their citizenship in the first half of this year, a 1,210% jump on the previous six months and more than double 2019’s total says Bambridge Accountants.

“The huge increase in U.S. expats renouncing from our experience is that the current pandemic has allowed individuals the time to review their ties to the U.S. and decide that the current political climate and annual US tax reporting is just too much to bear,” says Alistair Bambridge, partner at Bambridge Accountants New York.

Tax reporting plays a large part in this: The U.S. is unique in requiring its citizens to pay tax wherever they are domiciled. Most of those renouncing are likely to have moved abroad several years previously. However, some now armed with a Caribbean passport and the power to work from wherever they want may have decided to take the leap.

What are your thoughts? Are you ready to start fresh in the Caribbean?