Luxury Outlook 2022
An ambitious exploration into high-end residential markets across the globe.
As the landscape of the world continues to change every day, people are looking closely for investment opportunities. Placing their quality of life at the forefront of their decision making, some of these investments will inevitably mean relocation to a new home – and potentially even a new country. In this continuing series we’ll explore destinations around the world with benefits like residency and citizenship by investment programs, tax incentives, and more, as well as hear from local experts throughout the Sotheby’s International Realty® brand network along the way.
Located in the Western Caribbean, the Cayman Islands is a self-governing British Overseas Territory and an attractive one at that to ultra-high-net-worth (UHNW) buyers. The Global Citizen Concierge Program is a new initiative launched to target potential buyers that wish to live and work remotely from the islands.
“As one of the largest financial centers in the world, the level of connectivity between Cayman and the rest of the world is of paramount importance and remote working is a feasible reality,” says Jonathan Sparrow, from Cayman Islands Sotheby’s International Realty. “With the highest income per capita in the region, the Cayman Islands is a rare jewel in the Caribbean, offering the highest level of lifestyle and safety across”
From the Western Caribbean, we travel the eastern most island. The island nation of Barbados spans 167 square miles and ranks as the 53rd wealthiest country in the world. With the launch of the Welcome Stamp Visa, the already popular nation for UHNW investors is even more so. While previous long-term stay limits were capped at 3 months, qualified applicants for the new visa are eligible to stay and work remotely for up to 12 months with the possibility of extension.
“In addition to the year-round good weather, sun, sand and sea, Barbados has a great healthcare system, and modern amenities such as fine dining and luxury shopping,” says Rae “Muffin” Stollmeyer, Manager of Sales, Rentals, and Marketing at Barbados Sotheby’s International Realty. “And while currently, Barbados does not have an investment program, if you buy in Barbados, you will be entitled to access the island on an unlimited basis after which you can apply for residency. Better yet, there are no limitations to who can buy in Barbados.”
Our final stop in this edition of the Global Resident takes us just north of Caribbean and into the North Atlantic Ocean. Comprising 181 islands, Bermuda is a British Overseas Territory – one that has had one of the world’s highest GDPs for much of the 20th century. Like the Cayman Islands and Barbados, Bermuda too has initiated a special program targeting UHNW buyers looking to work remotely. For those interested in testing the turquoise waters and get a feel of life on the island the Work from Bermuda Certificate is a short-term ideal option. It is a first of its kind for the territory, introduced in 2020 to help reinvigorate a local economy that was adversely impacted by the global pandemic. Qualified applicants will be allowed to stay and work remotely for up to 12 months.
For non-Bermudians looking for a longer term investment and permanent residency, the newly introduced EIC (Economic Investment Certificate) program provides this opportunity to eligible candidates. The certificate encourages and enables high-net-worth individuals to make a $2.5 million investment into one of the following areas: real estate, government bonds, a sinking fund contribution, donation to a charity, business investment, new business, or other venture. If granted, the applicant will be issued an Economic Investment Certificate (EIC) for a five year period, after which they can apply for a Residential Certificate (RC). This status would allow the RC holder, his/her spouse and/or dependents to reside in Bermuda for an indefinite period.
“Not only are we considered one of the safest countries in the world to visit, we have a desirable location with direct flights to major east coast U.S. cities as well as Canada and London,” says Buddy Rego, President of Rego Sotheby’s International Realty in Bermuda. “This allows easy and convenient travel for remote workers who may want to visit friends or family in their home country during their extended stay.”