Top Caribbean Beach Destinations For Wealthy Entrepreneurs In 2024

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News Americas, New York, NY, October 28, 2024: Nomad Capitalist has unveiled its 2024 Nomad Beach Index (NBI), spotlighting the Caribbean’s top beach destinations for high-net-worth entrepreneurs and investors seeking favorable living and financial environments.

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Leading the list is the Cayman Islands, known for its advantageous tax laws and high-quality services, followed by Antigua and Barbuda and St. Kitts and Nevis.

The NBI, based on data from more than 30 unique sources, ranks beach destinations using a 10-50 scale across five factors: Beauty (30%), Services (20%), Taxes (20%), Immigration (20%), and Safety (10%). The Cayman Islands secured the top spot for its renowned tax efficiency and appeal among affluent individuals preferring simplified tax regulations. Antigua and Barbuda advanced in the rankings due to enhanced service offerings, including improved airport operations and mobile connectivity.

Other Caribbean nations highlighted in the top 10 include Dominica (tied for fourth) and the Bahamas, which both continue to attract global entrepreneurs with streamlined immigration pathways and business-friendly environments. The Dominican Republic also made the list, reflecting its ongoing appeal as a destination with both lifestyle and financial benefits.

Javier Correa, strategy associate at Nomad Capitalist, emphasized that the NBI targets high-net-worth individuals looking for long-term, tax-efficient beach destinations. “The Caribbean’s beautiful beaches offer more than scenic getaways,” Correa noted. “They represent viable options for globally mobile entrepreneurs and investors seeking financial growth, streamlined immigration, and robust banking options.”

New Report Highlights Economic Challenges and Opportunities For The Caribbean

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News Americas, New York, NY, Mon. Oct. 28, 2024: The latest International Trade Outlook for Latin America and the Caribbean report from the Economic Commission for Latin America and the Caribbean, (ECLAC), sheds light on the Caribbean’s economic dynamics, spotlighting both growth opportunities and ongoing vulnerabilities across the region.

Key Findings for the Caribbean

Export Growth: Caribbean exports are set to increase by 24%, with Guyana (74%) and Suriname (12%) leading the expansion. However, Trinidad and Tobago, Belize, and Cuba are expected to see export declines, driven by factors like reduced sugar production, falling nickel prices, and energy sector setbacks.

Service Sector Potential: Services, particularly tourism, continue to be a dominant export for the Caribbean, but modern digital services hold significant growth potential. Currently, modern services represent just 10% of the Caribbean’s service exports – the lowest share in the region.

Food and Trade Dependency: The Caribbean remains heavily dependent on food imports, which account for over 20% of total exports in many countries. Rising food costs have heightened food insecurity, with half of the Caribbean population unable to afford a healthy diet as of 2022. Cereal imports meet nearly all the consumption needs in Caribbean island states, except the Dominican Republic. The cost of accessing a healthy diet is especially high in the Caribbean, where it amounts to US$ 5.16 PPP per person per day – 30 percent above the world average. As a result, in 2022, half of the Caribbean population have been unable to access a healthy diet, compared to 26% in South America and Central America and Mexico. The United States.

High Trade Costs: Intra-regional trade is burdened by high costs, particularly in air transportation, where limited competition and high airport fees drive up prices, impeding trade and travel across the region.

The average most-favoured-nation tariff applied to agricultural products in the region was 13.6% in 2023, almost 6 percentage points higher than the rate for non-agricultural products (7.8%). In the majority of the Caribbean countries, average agricultural tariffs are close to 20%, and in some cases higher.

Need for Regional Integration: To reduce trade costs and improve food security, ECLAC advocates for stronger regional integration. Proposed initiatives include a regional food distribution center in Barbados and Guyana, streamlined trade logistics, and regulatory harmonization.

Recommendations for Growth in Modern Services
The ECLAC report highlighted the importance of leveraging the high global demand for modern services to boost economic growth. “To harness high global demand for modern services, the countries of Latin America and the Caribbean should strengthen their productive policies and support programmes in partnership with the private sector,” ECLAC advises. “One effective strategy is to improve the measurement of services trade, in line with international recommendations, and implement policy frameworks that minimize restrictions on trade and FDI. In addition, trade agreements should be modernized, and subregional integration should be explored as a means to facilitate trade in services and avoid double-taxation.”

Furthermore, improving digital literacy is crucial. ECLAC emphasizes the need for “continuous learning programmes to train and equip workers to navigate the rapid technological changes underway” and calls for targeted policies to support services exports, including training programs, trade missions, and branding campaigns. “FDI attraction is essential to bring in new technologies and improve productivity, generating clusters and value chains to drive growth in the services sector, including exports and linkages,” ECLAC concluded.

These insights underscore the Caribbean’s strategic advantage in service sector development and regional trade integration, essential for sustainable growth and resilience.

U.S. Assistant Secretary For Curaçao Visit

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News Americas, New York, NY, October 28, 2024: Assistant Secretary of State for Western Hemisphere Affairs Brian A. Nichols is set to visit Curaçao from today, October 28th to Wednesday Oct. 30, 2024, to strengthen ties and promote cooperative efforts with the Dutch Caribbean.

During his visit, Nichols will engage with Curaçaoan leaders, including Prime Minister Gilmar Pisas and Governor Lucille George-Wout, as well as other high-ranking officials to reinforce U.S. commitment to shared goals in sustainable economic growth, regional security, and expanded educational opportunities.

In this aerial view, people walk on the floating Queen Emma Bridge connecting the two neighborhoods of Willemstad (Punda and Otrobanda) across Sint Anna Bay, Curacao, in the Dutch Caribbean. (Photo by FEDERICO PARRA/AFP via Getty Images)

In addition to government meetings, Assistant Secretary Nichols plans to connect with civil society representatives, political and business leaders, and U.S. partner organizations operating in the region. Notably, he will announce increased U.S. assistance aimed at enhancing English-language education and teacher training in the Dutch Caribbean, with a focus on expanding inclusive higher-education access at all levels of society.

This visit underscores the U.S. commitment to supporting the Dutch Caribbean island’s development goals while fostering stronger partnerships in education, security, and economic stability in the region.

The visit comes on the heels of a recent Dutch Parliament debate on the Kingdom Relations budget where several members voiced strong concerns over persistent corruption in the Dutch Caribbean islands, urging tougher enforcement and more stringent measures against officials implicated in fraud.

Aukje de Vries of the VVD highlighted good governance as a core principle of her party, expressing worry over the instability of island administrations and recurrent corruption cases. De Vries cited the recent arrest of Aruban Minister Glenbert Croes and the previous convictions of former Curaçao Prime Minister Gerrit Schotte and Sint Maarten MP Theo Heyliger.

“The VVD wants good governance for the islanders, a government that serves its people rather than itself,” De Vries stated, calling for a stronger stance on criminal behavior and greater investment in the region’s law enforcement resources.

Peter van Haasen of the PVV warned that corruption poses a severe threat to the rule of law and public trust in government. He condemned the recurring involvement of officials in fraud and bribery cases. “Corruption should never be dismissed as part of Caribbean culture. That is totally unacceptable,” Van Haasen stressed, advocating for firm action against corrupt officials to safeguard justice and social stability on the islands.

Raoul White from GroenLinks-PvdA echoed these sentiments, stressing the need for accountability. White noted that many citizens feel disillusioned, seeing political and financial elites escape consequences while others face penalties. “People feel that elites are protected while the small ones are punished. This severely damages trust in the government,” White argued, urging for concrete reforms to promote equality within the Kingdom.

The Parliament collectively urged the Dutch government to support Caribbean law enforcement efforts with financial and technical resources, underscoring that a decisive approach to corruption is essential for restoring public trust and ensuring governmental integrity across the islands.

Caribbean, Latin American Cruise Tourism Surge To Record $4.27 Billion Expenditure – Report

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News Americas, New York, NY, October 28, 2024: The cruise industry reached new economic heights in the Caribbean and Latin America during the 2023-2024 season, achieving a record $4.27 billion in direct expenditures from cruise tourism, according to a newly released study.

Conducted by Business Research & Economic Advisors, (BREA) and commissioned by the Florida-Caribbean Cruise Association, (FCCA), the report emphasizes the sector’s substantial contributions to regional economies, bolstering employment, wages, and direct spending in 33 participating destinations.

The 33.3 million cruise passenger and crew onshore visits across the Caribbean and Latin America drove the $4.27 billion in spending – a 27% increase from the previous study’s record in 2018. The industry also supported over 94,000 jobs, with total wages surpassing $1.27 billion, marking a significant boost for local economies and job creation.

Michele Paige, CEO of the FCCA, expressed pride in these results, emphasizing the positive impact on local lives and livelihoods. “This study not only underscores the economic value of cruise tourism but also offers insights for future collaboration between cruise lines and destinations to enhance mutual success,” said Paige.

Key findings reveal that cruise tourism’s impact stemmed largely from spending by passengers, crew, and cruise lines. Notable highlights include:

Passenger and Crew Spending: The 29.4 million passenger onshore visits contributed $3.07 billion in spending, averaging $104.36 per passenger. Crew visits, numbering 3.9 million, generated $229.5 million at an average spend of $58.78 per crew member.

Cruise Line Expenditures: Cruise lines spent an additional $968.3 million on services, provisions, and port fees, averaging $29.3 million per destination.

Economic Impact Per Call: For a single cruise call with 4,000 passengers and 1,640 crew, total passenger and crew spending reached an average of $369,100.

Among the 33 destinations highlighted, The Bahamas led in total expenditures with $654.8 million, followed by Cozumel, Mexico at $483.1 million, and the U.S. Virgin Islands at $258.1 million. Other key destinations included the Dominican Republic, Puerto Rico, St. Maarten, and Jamaica, each benefiting from multimillion-dollar expenditures that contribute to their economic vitality.

The report measured economic impacts using passenger and crew surveys, alongside data from regional government and economic development agencies to assess local employment, wages, port revenue, and taxes. The 31 destinations analyzed in both the 2018 and 2024 studies saw a 17% rise in passenger visits, while average passenger spending increased in 26 of these destinations. Notably, 14 destinations saw average passenger spending exceed $100, up from 12 in the previous study.

While the study focused on direct economic impacts, it also suggested that indirect benefits from cruise tourism could be substantial. These include supplies purchased by local businesses, potential for return visits by cruise passengers, and partnerships between cruise lines and local NGOs that further contribute to community growth.

The report was unveiled at the FCCA’s 30th annual Cruise Conference & Trade Show in St. Maarten, emphasizing the importance of fostering collaboration between cruise stakeholders and regional destinations. Detailed insights from the study, including individual destination metrics, passenger satisfaction, and shore excursion preferences, are available at the FCCA website.

As Caribbean and Latin American destinations continue to elevate their cruise tourism offerings, this record-breaking season provides a solid foundation for sustained growth and partnership with the global cruise industry.