Nevada Town Attracts Billionaires With Luxurious Lifestyle – And Zero Taxes

imagesNestled on the banks of Lake Tahoe is Incline Village — a gorgeous town that’s attracting a lot more than skiers and snowboarders.

Thanks to Nevada’s lack of state personal, business or corporate income tax, Incline Village’s lakefront homeowners now include billionaires such as Oracle’s Larry Ellison, PeopleSoft’s David Duffield and Zazove’s Gene Pretti.

Other affluent tech and financial executives — many of whom hail from California — are establishing residency in Incline Village before a liquidation event. This way, they can avoid tax liability while enjoying outdoor activities year-round.

“There are lots of great reasons to move to Nevada and Incline Village in particular,” says Trinkie Watson, CIPS, CLHMS, a real estate broker who specializes in the Lake Tahoe region. “It’s a thriving community full of year-round residents, many of whom work from home thanks to technology.”

When it comes to lifestyle, Watson notes the “seasonal weather that includes snow in winter/spring for skiing and snowboarding, summer with lake and water activities, hiking, biking, golf and tennis, and a beautiful fall with changing colors. And for frequent travelers, the Reno-Tahoe International Airport is less than an hour away.”

But clearly, the financial advantages have been the catalyst for the increased interest in “Income Village,” as some call it. Because Nevada has unique laws protecting corporations, Incline Village has gained a reputation as a tax haven — one in which investors can register shell corporations and claim residency to avoid tax liability.

“As long as income isn’t derived from [other states like] California, they will not have any personal state income tax to pay,” says Watson. She also points to the ability of many people to “sell high” in the Golden State and get more value for a new home purchase in Nevada (which, ironically, is known as the Silver State).

Also contributing to this newfound interest in areas like Incline Village is the growth occurring a short drive away in the Reno-Sparks region. That area has been transitioning from a gambling economy to a manufacturing economy thanks to about 100 new companies. New additions coming soon include Tesla’s battery factory in Sparks and Switch — the company that developed the Supernap, which is the world’s largest data center ecosystem — is constructing a huge campus nearby.

Both the old and new residents of Incline Village see this situation as a “win-win” — the town gets cache from its new billionaire neighbors and enjoys growth, while these new residents enjoy the ability to avoid paying big tax bills.

Courtesy of “Luxury Insights.”

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About padreeliteteam

Alta Monroe, Gayle Hood, Jules Wilk & Laurie Howell are a full-time professional and dynamic team known as the Padre Elite Team with RE/MAX 1st Choice in South Padre Island. Quality service for their clients is their number one priority. To them, it is about the client's needs and protecting their interests. Finding just the right property for their buyers or helping their sellers get their property SOLD is their goal. Helping clients step through the complicated process of buying or selling a property to a smooth closing is essential to them. A personal Bio on each of the team agents is posted on their website at www.PadreEliteTeam.com. The South Padre Island real estate industry is changing faster than ever these days. With the changes in the economy, there are new challenges with buyers, sellers, foreclosures, short sales, Internet marketing, our education, increases in inventories, changes in comparable sales, and frustrating politics. Alta, Gayle, Laurie, and Jules strive to stay on top of all of these changes and to keep in touch with their clients. Alta, Gayle, Jules & Laurie all hold designations they have acquired through eduction. These designations include CLHMS, CRS, GRI, RSPS, CPN, ePRO, SFR and RSPS. Gayle and Jules both hold the CLHMS (Certified Luxury Home Marketing Specialist) designation and they are the ONLY agents in the entire Rio Grande Valley that are members of the Institute of Luxury Home Marketing. This better qualifies them to share their specialized expertise with a luxury home seller or buyer. Making sure the buyer and the seller are represented correctly is a priority for this team. Investing in TREPAC (Texas Real Estate Political Action Committee) is important to this team since TREPAC has proven to be a major force in Texas by lobbying for Realtors and property rights for the consumer. For many years, the Padre Elite Team has been a major investor in TREPAC. Alta and Gayle have attended the National Association of Realtors Mid-Year Conference in Washington, D.C. often. The conference is primarily for Realtors that are Board directors or executives. It is a great way to stay on top of the current issues facing Realtors and homeowners in our country. They get to meet with their Senators and Congressmen to express their concerns. Last year they were invited to attend the Realtor PAC President’s Circle Conference in New York where they heard many famous guest speakers regarding current real estate issues. The Padre Elite Team also attends the RE/MAX International Conference each year to acquire more education and to keep up with the latest technology available to Realtors in the Marketplace. They have received numerous awards for being Top Producers in the real estate industry. Education is a priority for this entire team including their assistant, Grace. The GOOD news is that 2012, 2013, 2014 and now 2015 proved to be better each year for real estate sales in South Padre Island and the surrounding areas of Port Isabel, Laguna Vista/South Padre Island Golf Community, and Bayview. The real estate market is showing an increase in the number of sales and a leveling of values. Now that the market has hit the bottom, investors are finding that real estate is a great place to invest their money. It is still a buyer's market and a great time to buy. Alta, Gayle, Jules & Laurie all agree that it has been such a pleasure to live & work in a resort area such as South Padre Island. A hundred of your closest friends and family will visit when you live near the beach! Clients are always encouraged to contact them. For more information about this team and to view their blog, visit www.PadreEliteTeam.com.
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