Wealthy Americans are buying second homes in this small ski town where slopeside property is quickly disappearing

A view of Snowmass Base Village.

Monica Humphries/Business Insider

• Snowmass in Colorado is nearing the completion of its $1 billion Base Village.
• Once its final complex opens in late 2027, there won't be land left in Base Village to develop.
• Wealthy Americans are buying the building's few remaining condos for millions of dollars.

Three decades ago, Snowmass Village was known mainly for its mountain. It was a quiet town where serious skiers searched for powder in the winter, and mountain bikers flew down trails in the summer.

Now, Snowmass has a different reputation. It's still luring skiers, mountain bikers, and nature lovers, but it's also attracting those with large pocketbooks.

That's because the town has added a $1 billion development at the bottom of its mountain called Snowmass Base Village.

It's home to luxury hotels, fine dining, shopping, and multimillion-dollar residential complexes.

As Base Village nears the finish line of construction, only a few luxury condominiums remain, and after those are sold, there won't be land left in Base Village to develop.

Two residential buildings that make up Snowmass' Base Village.

Monica Humphries/Business Insider

A $1 billion development nears completion

On and off for the past two decades, Snowmass has been developing and building its Snowmass Base Village.

The area sits down the road from Snowmass Mall, a two-story complex built in the 1960s. With a few restaurants, cafés, and stores, this was a limited area for tourists.

In an attempt to make Snowmass a popular destination, Aspen Skiing Company bought 11 acres down the road from the mall and planned to develop Snowmass Base Village. The hope was that the town would become a place where wealthy visitors could vacation, dine, shop, and explore Snowmass Mountain.

"To keep Snowmass relevant in the world of ski resorts, this was needed," Andy Gunion, a managing partner at the development firm East West Partners, told Business Insider.

Plans for Base Village were approved in 2004 after a contentious vote. Construction started and stalled during the recession. In late 2016, East West Partners acquired the base with KSL Capital Partners and Aspen Skiing Company.

Nearly a decade later, East West Partners is finishing its final residential structure: the Stratos, a two-building, 89-unit luxury complex.

The commercial area of Snowmass Base Village.

Monica Humphries/Business Insider

Beyond this final project, Base Village includes nine other residential buildings with amenities like heated pools, fitness rooms, housekeeping, ski valets, and 24-hour concierge. The complexes also have ski-in, ski-out access — a prime perk in a ski town.

In addition to the residences, there's a community center, hotel, restaurants, an ice rink, a medical clinic, and a children's area.

Gunion said potential buyers were initially skeptical about whether Base Village would be successful after years of stalled construction. The first 14 condo units sold by East West Partners went for low prices.

"Our profit margins on these were not great because we just needed to start," Gunion said. "The people who bought early got great deals."

The living room of a unit in the Cirque in Snowmass Base Village.

Monica Humphries/Business Insider

Gunion said interest picked up as time went on, especially after the COVID-19 pandemic. Selling units hasn't been a challenge in recent years.

For example, the Cirque Building, which was completed in 2024 and is part of the Viceroy Hotel, sold out of most of its privately owned units within the first two weeks of being released for $2,700 a square foot.

The construction site for Stratos, a luxury residential complex being built in Snowmass, Colorado.

Monica Humphries/Business Insider

Meanwhile, the first Stratos building won't be finished until early 2027, and the second is set for late 2027. Though the opening is two years away, the buildings have nearly sold out. Sales launched at the end of January, and only 21 units of the 89-unit complex remain.

Originally, the Stratos units started at $2.85 million. The cheapest option is no longer available; today, units range from $2.95 million to $30 million.

The entrance to Snowmass Base Village.

Monica Humphries/Business Insider

There isn't a cookie-cutter buyer

Gunion told BI that buyers come from across the country and the world.

Florida is the No. 1 market, but Gunion said that's by a slim margin. Others come from Texas, California, Chicago, and New York. He added that international interest is also increasing, especially with Brazilian buyers.

Most of these people are second homeowners or are purchasing condos as investments. While they might vacation in Snowmass, few owners are full-time residents.

Gunion said that was the expectation when designing and building Base Village.

"Here's a neighborhood that's for second homeowners and resort guests, and that's what Base Village is always intended to be," he said.

Once Stratos is complete, Base Village will also be finished, which means there will be limited new construction in the area.

Wealthy buyers interested in Base Village will have to buy condos being relisted at a higher price or expand their search outside the ski hub.

Either way, luxury seems to be the theme when it comes to real estate in Snowmass.

"We've elevated the market with all these residences," Gunion said.

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Growing up in the military taught me resilience. I used it to launch a successful health startup at 35.

Lindsey Williams used her military mindset to help her launch a successful health startup.

Courtesy of Lindsey Williams

• I took my first international flight at 6 weeks old and had moved four times by age 5.
• My nomadic childhood wasn't a series of disruptions — it was the ultimate entrepreneurial boot camp.
• The military mindset I developed as a kid helped me launch a successful startup in uncertain times.

As a child of the military, I learned early that change wasn't just a possibility — it was an inevitability.

Logging in two countries and four moves before the age of 5 will teach you that. Attending a different elementary school nearly every single year will ingrain it in you.

Looking back, I now recognize that my nomadic childhood wasn't a series of disruptions — it was the ultimate entrepreneurial boot camp.

Every new school, every carefully packed box, and every farewell taught me invaluable lessons in thriving amid uncertainty — lessons that have proven instrumental in helping me navigate the tumultuous waters of startup life.

How I used my military mindset to launch a successful health startup

My journey into adaptability began before I could even walk. At just 6 weeks old, I embarked on my first international flight, cradled in my mother's arms as she deftly managed my nonverbal 5-year-old sister and a mountain of luggage.

This was long before smartphones and Google Translate, and watching my mother face the challenges of living in a foreign country instilled in me a fundamental belief: no obstacle is insurmountable.

It's a mindset that has served me well in the unpredictable world of entrepreneurship.

In early 2020, at age 35, just as the pandemic disrupted traditional healthcare models, I co-founded MyUTI, a startup focused on accessible, at-home urinary tract infection testing.

Our logic was simple: if people could swab their noses for COVID-19 at home, surely there was a better way to handle UTIs — the second-most common infection in the US.

Launching a healthcare startup without external funding in such uncertain times didn't feel impossible; it felt like exactly the kind of puzzle I had grown accustomed to solving.

For example, growing up, each military move forced me not just to react to change, but to anticipate it. When my co-founder and I started pitching our idea for MyUTI, it was to rooms filled with predominantly men who often viewed our focus as "too niche."

Instead of backing down, we doubled down, leaned directly into the skepticism, and started proactively addressing objections at the start of our pitches.

The result: we secured a grant from the state of Colorado, validating both our strategy and its importance to the market.

Getting our product to market didn't mean the challenges ended though

Next, we had to build a marketing strategy that complied with stringent healthcare regulations.

My instinct isn't to dwell on difficulties but to immediately shift into solution mode, asking, "How do we make this work?"

We chose to prioritize high-quality educational content for social media to boost organic traffic and consumer trust, which helped establish our brand's credibility in the very noisy digital health landscape.

That proactive, solutions-focused mindset — honed through years of military-driven transitions — enabled me to successfully navigate uncharted territory and ultimately build a thriving business in uncertain times.

Today, the business helps thousands navigate their healthcare.

For all the difficulties and bittersweet goodbyes, I wouldn't trade my military upbringing for anything

Today, as I face the myriad challenges of co-founding and running a healthcare startup, I draw strength from my upbringing and more recent achievements.

In moments of doubt, I remind myself that I've navigated uncharted territories countless times before.

Whether it was switching to a new school and quickly learning local social customs as a kid or code-switching from customer interactions to pitching for grant funding in my current role.

I take a deep breath, embrace the unknown, and trust in my ability to find innovative solutions.

My military upbringing has shaped me into the entrepreneur I am today, equipping me with a unique set of skills that no business school could replicate.

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Trump's 90-day tariff pause isn't enough to stop the stock market falling further

Mario Tama/Getty Images

• This post originally appeared in the Business Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Good morning. US Defense Secretary Pete Hegseth has ordered the termination of IT and consulting contracts with companies like Accenture and Deloitte, saying the contracts represent "$5.1 billion in wasteful spending." Hegseth also said he was terminating contracts that support "non-essential" activities, like DEI, climate matters, and the Pentagon's COVID-19 response. Read the full story.

In today's newsletter, Goldman Sachs sees more pain ahead for the stock market — and China just retaliated to US tariffs, again.

What's on deck

Markets: The dollar and Treasurys are nosediving in the 'Sell America' trade.

Tech: Amazon will pay higher prices to some vendors to offset tariffs impact — but with a catch.

Business: President Trump's tariff reprieve only means more uncertainty for CEOs.

But first, it's not over.

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If this was forwarded to you, sign up here.

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The big story

The tariff saga continues

REUTERS/Dario Cantatore/NYSE Euronext

It might not have been enough. Goldman Sachs warned on Thursday morning that Trump's 90-day tariff pause is unlikely to stop the stock market falling further. They were proven correct almost immediately.

US indexes were back in sell-off mode, with the Dow Jones Industrial Average shedding 2,181 points at its intraday low before paring gains ahead of the close.

Goldman Sachs' equity drawdown risk model, which bases its probability of further market downside on a handful of indicators, recently spiked past 35% on both a three-month and a 12-month horizon. That's a strong signal that the S&P 500 is headed for further declines, the bank wrote in a note.

Analysts said several factors, including policy uncertainty and recent volatility, had raised the risk of more downside. Here's what Goldman is watching.

Wall Street still sees the tariffs as bad news.

Investors are particularly concerned about the escalating trade war between the US and China — which did not get a reprieve from Trump. The US's tariff rate against Chinese imports is now 145%.

Early this morning, China hit back again, announcing it will raise tariffs on all US goods from 84% to 125% starting on April 12.

That could further hurt companies like Tesla. Since Wednesday, the automaker has received three price target cuts from Wall Street firms, all predicting that higher costs due to tariffs will weigh on the business.

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3 things in markets

Peter Dazeley/Getty Images

1. Greenback blues. Investors are selling off US dollars and Treasurys, once considered safe assets, as the trade war ratchets up economic uncertainty. Ex-Treasury Secretary Larry Summers said on Wednesday that the US is being treated as if it were a "problematic emerging market."

2. "The Big Short" investor Kyle Bass thinks the US might need a "brief recession" to reset. Amid President Trump's tariff moves, the veteran investor told Bloomberg TV that the US needs to work on its trade relationships and narrow its fiscal deficit.

3. Expect some familiar faces in the next wave of multistrategy funds. Citadel, Millennium, and Point72 dominate the industry, but that means there's a huge talent pool for smaller rivals to draw from. Managers like Balyasny, Walleye, and Jain Global are hiring their alums.

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3 things in tech

Former OpenAI CTO Mira Murati speaking in December 2024 in San Francisco.

Kimberly White/Getty Images for WIRED

1. Mira Murati stares down historic funding round with new AI startup. OpenAI's former CTO doubled the fundraising target for Thinking Machines Lab to $2 billion, sources told BI. It could be the largest seed round in history — and remarkable for a startup less than a year old.

2. How's Apple going to get out of its China jam? Trump's tariff pause didn't include China, which currently faces a 145% markup on products shipped from there. That's a big problem for Apple, which depends on the country for iPhones. Luckily, CEO Tim Cook has been here before.

3. Amazon wants to save some vendors from tariff pain, but not all. The company is paying higher prices to vendors on a "case-by-case basis" to "share the tariff impact," according to a document obtained by BI. However, it's unclear how Amazon chooses which price increases to accept, several vendors told BI.

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3 things in business

Temu; Getty Images; Chelsea Jia Feng/BI

1. It may be your last chance to order from Temu without a giant fee. Temu and Shein are known for their cheap offerings, but President Trump is about to start tacking on steep duty fees. BI's Katie Notopoulos thinks now is the time to get your orders in.

2. Trump paused tariffs, but CEOs are still screwed. The 90-day delay gives some leaders room to breathe, but the big-picture uncertainty hasn't subsided. The unpredictability of the Trump administration is paralyzing CEOs' decision-making.

3. MrBeast wants to build the next Disney. The CEO of Beast Industries drew the comparison when pitching prospective investors. Like Disney, MrBeast's company aims to diversify its IP.

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In other news

• Helicopter crash in New York City's Hudson River killed six, including three children, mayor says.
• TikTok is laying off staff as it restructures part of its e-commerce business.
• Do you know where your groceries come from? Here's what we import and could see price hikes under Trump's tariffs.
• Read Amazon CEO's annual letter. This year, he predicts AI will get cheaper thanks to chip improvements.
• Return-to-office chaos is coming for your tax return.
• A frequent flyer's guide to ASMR.
• How much did Elon Musk's DOGE bender put a dent in Cybertruck sales? Here's an answer.
• Meet the "Technology Brothers" behind tech's hot new daily show.
• Zillow is fighting back against a push to make real estate listings more exclusive.
• A.1. Sauce is seizing the moment after Linda McMahon's 'AI' gaffe.

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What's happening today

• JPMorgan, Morgan Stanley, and Wells Fargo report Q1 earnings.
• Coachella begins.

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The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York (on parental leave). Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Ella Hopkins, associate editor, in London. Elizabeth Casolo, fellow, in Chicago.

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I'm a financial planner. When my client launched her small business, we solved 3 problems to strengthen her plan.

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Eric Roberge and Karina Ripps.

Beyond Your Hammock, Rachel Lehman

• I'm a financial planner, and I helped one of my clients start a personal training business.
• I would normally never advise cutting retirement savings, but that was key to going all in on her business.
• Having a financial planner who can assess your business plan makes it easier to find clarity.

I'm a financial planner, and one of my favorite things to do within the wealth management firm I started 12 years ago is helping other aspiring entrepreneurs reach their own goals of launching successful ventures.

That's exactly what we got to do last year with one of our amazing clients, Karina Ripps.

Ripps is a certified run coach, a personal trainer, a nutritionist, and the founder of Ripps on the Run. She and her team of coaches help runners hit their long-term goals through coaching and training.

Today, being the CEO of her company is Ripps' full-time job. But when we started working together, she still worked a corporate job — and she was determined to start devoting all her time and energy to her own business.

Making the transition from successful side hustle to full-time entrepreneurship

Ripps started Ripps on the Run in the depths of the COVID-19 pandemic, while juggling a full-time corporate job.

In late 2020, she made a bold move — investing $1,500 in a business coach. "I had no income from my business, and I remember texting a friend, panicking," Ripps said.

But the bet on herself paid off: She made $50,000 in her first 12 months after launching her business.

Read more from this series:

A coffee shop founder's blueprint for small-business success has 6 key rules

"I stayed on that grind for three years," Ripps said, "juggling my full-time job, marathon training, and my growing business."

Ripps and I worked together to confirm that her goal to quit her 9-to-5 and focus on building the business wasn't just a leap of faith. It was a strategic, financially sound move.

We focused on three areas of her financial plan so she could confidently move into the role of full-time entrepreneur and business owner.

1. Controlling (and freeing up) cash flow by reducing retirement savings

Ripps' business was generating a healthy amount of income, but it didn't yet replace her full-time salary (and in Boston, where we both are, the cost of living is sky-high).

Knowing this, her biggest priority would be to reduce money going out the door. The less she had to spend, the more she reduced the chances she'd need to dip too far into savings and the more runway she could create for her business to grow.

We advised Ripps to not just minimize extra spending in the short term, but also stop saving for retirement.

This goes counter to almost any financial advice out there, but there are situations in which it makes more sense to invest in yourself now than in your very long-term financial future.

Ripps found that reassurance was invaluable. "I gave my business 100%, and that made all the difference," she said.

2. Developing structure and clarity with ongoing support

Ripps never lacked grit, determination, or initiative; launching a run coaching gig during the pandemic already proved she had the business acumen and drive to succeed without relying on a full-time job.

But when you have so much going on, it can be hard to step back from a massive goal and see a clear, organized order of operations to take you from here to where you want to be.

"I was so deep in the daily grind between coaching, working my 9-to-5, training, and handling life that I didn't have the mental bandwidth to sit down and make sense of my finances," Ripps told me. "Having a second set of eyes on my numbers was invaluable."

When we first sat down to create a financial plan together, based on assumptions around personal expenses and expected business revenue growth over time, we decided that quitting her corporate job to focus on her business was a reasonable move to make.

3. Creating contingency plans, just in case

Even with a strong plan, no transition is risk-free. To protect her financial stability, we outlined a clear backup plan: If business growth was slower than expected, she'd consider picking up a part-time job.

When unexpected challenges arose, we adjusted projections, reassessed strategies, and confirmed she was still on track.

"By the time I officially made the transition, I wasn't nervous," Ripps told me. "I was ready and protected in case things didn't go to plan right off the bat. When I finally quit my job, I had zero doubt that I was making the right decision."

Today, not only is Ripps' thriving business helping runners, but she's also guiding other run coaches to launch and scale their own coaching businesses — turning her own experience into a blueprint for others.

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I used to judge stay-at-home moms until I became one. I was surprised at how much I love it.

Dyana Lederman loves her life as a stay-at-home mom.

Dyana Lederman

• I always judged stay-at-home moms and never wanted to be one.
• I got pregnant around the time my career was taking an unexpected turn.
• I feel lost when it comes to a career, but I have a newfound passion: my son.

It wasn't intentional, but it's been two years since I've worked a full-time job.

When asked what I do, I stumble over my words. I write articles occasionally as a freelance journalist, but I can't sugarcoat it: I'm a stay-at-home mom. Even typing it, I cringe a little.

Before becoming a stay-at-home, I saw my friends who were well-off and stay-at-home moms. Their days seemed to be all about lunches and playing tennis.

I was judgmental, for sure. I used to think, "Must be nice."

Now I know — yes, it is nice, but it's also a very challenging job.

My life took an unexpected turn after getting pregnant

When I was 25, I moved to Los Angeles with big dreams of working in Hollywood as a sitcom writer. That didn't pan out, but I did meet my husband.

When COVID-19 hit, it was even harder to find a steady job in television so I took a position in podcasting. I was there a little over a year but left when things went south — the company declared bankruptcy a few months later. I was also newly pregnant.

I didn't look for a new full-time job while pregnant. Becoming a sitcom writer had been an uphill battle and one I was ready to give up. I took a few short-term contract positions, and after giving birth to my son, I wasn't working at all.

When I finally started to consider working again, there'd been a shift in the podcasting openings I found — many producer roles also required editing experience, which wasn't a skill I had or was interested in.

Since becoming a mother, I can't seem to find a career path that excites me

I'm a self-admitted lost soul when it comes to a career. I still look for jobs and often apply.

However, when I really think about what it would mean to take any of the jobs I apply for, sadness washes over me at the thought of being away from my son.

Maybe it's time to accept what I do feel passionate about: my son.

Also, if I returned to work I would need to find childcare since a day job would likely go to 5 p.m. and my son is out of preschool by 3 p.m. Plus, my son only goes to preschool three days a week.

Whether it's day care or a nanny, the amount of money it would cost makes taking any job less appealing. It's just not worth it.

If I had a clear career trajectory, it might be a different story.

I was surprised that I enjoy being a stay-at-home mom

I was with my son every single day until he started preschool at 1 ½ years old. I was there for all the milestones: first word, steps, giggles.

I was amazed at how this helpless being transformed into a chatty toddler, full of personality, right before my eyes. Though cliché, it was true: The days are long but the years are short.

Of course, some days are just hard. His naps offer me a much-needed break but then sometimes they don't happen. Food gets thrown on the just-washed floor. If he doesn't have a cold, then he has a stomach bug. It feels like a week without an illness is a rarity.

Even now that's he in school part time, my hours alone fly by, and I never accomplish all the to-dos I hope to. At 3 p.m. I switch back to mom duty and I must entertain him, keep him away from the remote (although sometimes you just have to put on the TV), and manage his multistep bedtime routine.

Even with all the trying moments, I've realized I'm the happiest I've ever been. My son makes me laugh constantly, and I can't tell him enough how much I love him.

I am privileged that my family can afford to live on my husband's salary alone. An additional salary would certainly be helpful, but the opportunity cost of me finding work — and not spending my days with my son — is too high.

My name may not be in the credits of your favorite comedy show, but I know people whose names are and I wouldn't trade places with any of them.

Although my days may not be glamorous and are often monotonous, I love my life as a stay-at-home mom.

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The Pentagon just killed $5.1 billion in IT and consulting contracts with firms like Accenture and Deloitte, calling it 'wasteful spending'

US Defense Secretary Pete Hegseth axed $5.1 billion in IT and consulting contracts.

Tom Williams/CQ-Roll Call via Getty Images

• US Defense Secretary Pete Hegseth axed $5.1 billion in IT and consulting contracts.
• This includes contracts with companies like Accenture and Deloitte.
• He said the terminations "represent $5.1 billion in wasteful spending" at the DOD.

The US's defense secretary, Pete Hegseth, just ordered the termination of IT and consulting contracts with companies like Accenture and Deloitte, calling it "wasteful spending."

In a Department of Defense memo, Hegseth said he would cut a Defense Health Agency contract "for consulting services from Accenture, Deloitte, Booz Allen, and other firms that can be performed by our civilian workforce."

Also on the chopping block is the Air Force's contract with Accenture to "re-sell third-party Enterprise Cloud IT Services," which Hegseth says the government can "already fulfill directly with existing procurement resources."

In the memo, Hegseth also said he was terminating 11 other contracts for "consulting services" that support "non-essential" activities, like Diversity, Equity and Inclusion (DEI), climate matters, and the Pentagon's COVID-19 response.

Hegseth said the terminations "represent $5.1 billion in wasteful spending" at the DOD and would result in nearly $4 billion in savings.

The savings would be reallocated, Hegseth said, to serve "critical priorities to Revive the Warrior Ethos, Rebuild the Military, and Reestablish Deterrence."

He did not specify in his memo which Pentagon projects this money would go to.

In response to a request for comment, the DOD directed BI to an X video of Hegseth talking about the terminations.

"By the way, we need this money to spend on better healthcare for our warfighters and their families, instead of $500 an hour business process consultant. That's a lot of consulting," Hegseth said in the video.

Representatives for Accenture, Deloitte, and Booz Allen did not immediately respond to a request for comment from Business Insider.

This is a developing story. Check back for updates.

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I moved to Panama. It feels like I'm living a dream because it's affordable and I'm so much more relaxed.

Kimberly Kelley moved to Panama in 2023.

Courtesy of Kimberly Kelley

• Kimberly Kelley, 71, moved from a small town in Arizona to Panama in 2023.
• Kelley lives in a condo on the beach, paying a little more than she spent on housing in the US.
• Her groceries, car-related payments, and healthcare costs are cheaper, and she's much happier.

This as-told-to essay is based on a conversation with Kimberly Kelley, a 71-year-old retired hypnotherapist who moved from Arizona to Panama in 2023. The interview has been edited for length and clarity.

I'm from Arizona — a town called Cottonwood, up near Sedona.

Before I retired, I worked as a licensed hypnotherapist and was also a minister at a spiritual center that my ex and I founded. After living in Cottonwood for years, a number of factors made me want to leave — not just the town but ultimately the US as well.

During COVID-19, many people from California started buying property in Sedona and renting it out short-term, which drove up prices and pushed out local workers. People who could no longer afford Sedona moved to Cottonwood, which then caused prices to rise there, too.

Affordability wasn't the main reason I wanted to leave the US. The increasingly toxic political environment also concerned me. On top of that, my husband and I got divorced after 30 years of marriage, my mom passed away, and the dog I had rescued died — all within three months of each other.

I just tapped out. I needed a fresh start, a sense of adventure — something that would let me reinvent myself.

While I've always been comfortable traveling, my biggest hesitation was missing my family. But after some reflection, I realized that my family is spread out across the US, and I only see them about once a year anyway.

I thought, why not do that from another country like Panama?

My Google searches led me to Panama

Panama came onto my radar through an online search.

I was looking up the best and most affordable places to retire on the beach. Every time I typed something in, Panama kept popping up.

Several things attracted me: the country's natural beauty, climate, and affordability. The fact that they speak Spanish was another big plus. I have a Spanish background and wanted to brush up on my language skills. I'm getting fluent — still not quite there yet, but close.

Panama is also not that far from the US — about four hours from Houston — so it's easy to get back if needed.

The country offers some incredible financial benefits for retirees. The most important ones for me are the 25% discount on round-trip flights originating in Panama, 50% off entertainment, and 25% off healthcare. That's on top of its already incredibly low prices.

I took a scouting trip to Panama in July 2023, and just four months later, in November, I sold everything I owned and made the move.

I'm paying more for housing, but it's worth it

I live about an hour and a half outside Panama City, in a little town called San Carlos. I love it here.

It's kind of a busy area that is known for its beaches. Many expats have settled there, and one of the main hubs nearby is a town called Coronado. That's where all the key amenities are — larger grocery stores (not quite big-box by US standards, but big for here), hardware stores similar to Home Depot, doctors, dentists, hair salons.

It's also a popular vacation spot for locals from Panama City. Many own condos out here that they rent out on Airbnb when not using them.

Kimberly Kelley in Panama.

Courtesy of Kimberly Kelley

When I came on my recon trip in July, I had a handler named Angela. She took me all over the area to check out different neighborhoods where I could live. I wanted a condo on the beach — that was non-negotiable.

By chance, we connected with a condo owner, an American who retired in Panama City. She and I hit it off, and she offered to hold a unit until I could move in November.

My condo came fully furnished. There's just one door in, which opens into the kitchen. A balcony overlooks the ocean directly across from it, and I also have a second balcony off the bedroom.

When I first moved in, the rent was $900 monthly, including all utilities. The owner raised it to $1,000 this past year, but it's still a bargain by anyone's standards. It's a beautiful place, not some cheap little unit.

Back in Cottonwood, I lived in a studio apartment attached to the spiritual center my husband and I owned. I paid just $600 monthly, which was a bit cheaper. However, my place in Panama is more than worth the difference.

Besides the views of the Pacific Ocean and all the amenities I get from being near the city, I live in an area where many local fishermen come in. Around 8:30 every morning, they return from their night catch, and I can buy fresh fish straight from them.

I'm saving big on groceries and other expenses

Each month, I set aside money for living expenses such as housing, groceries, my car, personal maintenance fees, entertainment, and my US cellphone plan.

I budget about $300 a month for groceries. Some months, I've spent between $400 to $500, including extras — like food for potlucks, get-togethers, wine, and beach parties. Overall, it's really affordable, especially if you shop locally. If you prefer US brands, you'll pay a lot more.

Fruit in a Panamanian market.

MichelGuenette/Getty Images

I purchased a cute little 2012 Hyundai Accent outright for only about $5,000. My car insurance is just over $200.

I spend around $80 a month on fuel. Panama is a small country, and I don't drive nearly as much as I did when I lived in Arizona. That helps keep costs down. Car repairs here are also super affordable — labor runs about $25 to $35 an hour.

Healthcare is affordable, too. When I first visited Panama in July 2023, I got really sick from something I picked up in Belize. I ended up seeing two different doctors, receiving four days of steroid and antibiotic shots, going to the hospital, having X-rays and lab work, and being prescribed multiple medications.

The total cost? Under $300. That kind of care would've been impossible for that price in the US. That amount would have maybe covered a single office visit there.

I am living a dream in Panama

There's so much I love about Panama. First and foremost, the Panamanian people — they're some of the warmest and kindest you can imagine.

Making friends here has been one of the easiest parts. I joined several expat groups on Facebook, including tons specifically for Panama. From there, I found more targeted groups on WhatsApp based on my interests and activities.

Of course, I did have to adjust to a few things. The infrastructure, for example, took some getting used to. Things like trash pickup, potholes, and general maintenance can be a bit inconsistent.

People also don't lock up their dogs like we do in the States. I work with a group called Spay Panama, and we gather as many stray dogs and cats as possible — with permission from their families, of course. We take them to be spayed or neutered and then return them to their owners.

Kelley, left, and her friends in Panama.

Courtesy of Kimberly Kelley

The biggest adjustment was learning to live in "mañana time." There's just a completely different energy here: laid-back and relaxed. I no longer enjoy that rushed, go-go-go mindset.

It takes courage, but it also requires a lot of curiosity and a desire to move somewhere new and reinvent yourself. I think the happiest expats are the ones who are looking for an adventure.

While I pay more in rent than I did for my old place in Arizona, living in Panama has been absolutely worth it.

My environment, peace of mind, and overall quality of life have all improved. Honestly, the lifestyle I have here would've been completely out of reach for me in the US. I feel like I'm living a dream — but this is truly my life.

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Business leaders from Bill Ackman to Mark Cuban react to Trump's tariff pause

Donald Trump on Wednesday announced a 90-day pause in his tariff plan against some countries, causing disparate reactions among business leaders.

Bloomberg via Getty Images

• President Donald Trump on Wednesday announced a 90-day pause in his tariff plan against some countries.
• Stocks, which had fallen following news of his aggressive strategy, surged in response to the pause.
• Business leaders across the spectrum, from Bill Ackman to Mark Cuban, reacted disparately.

President Donald Trump on Wednesday announced via a social media post a planned 90-day pause in his aggressive tariff plan against some countries, sending ripples through the business community.

The market, which had plummeted following news of the president's trade strategy, surged in response to the planned pause. Industry leaders from across the political spectrum gave their initial reactions:

Bill Ackman

Billionaire hedge fund manager Bill Ackman wrote in a post on X, "This was brilliantly executed by @realDonaldTrump. Textbook, Art of the Deal."

Ackman had previously advocated for a pause in the tariffs' implementation "to enable negotiations to be completed without a major global economic disruption that will harm the most vulnerable companies and citizens of our country."

Ackman called China a "bad actor." He wrote, "Advice for China: Pick up the phone and call the President. He is a tough but fair negotiator. The longer China holds out and retaliates, the worse the outcome for China."

David Sacks

Former PayPal executive David Sacks posted on X to declare Trump's reversal on tariffs a massive victory for the president.

"They did everything they could to create a panic," Sacks wrote. "They predicted a Black Monday that never came. They became jubilant over an intraday correction on Tuesday. They were rooting for Trump to fail even if it meant the market and economy crashed."

Now a White House advisor, Sacks continued: "Fortunately their hopes have been dashed. Trump has been vindicated. China is isolated, and the rest of the world is lining up to negotiate new trade deals. Do you think this would have happened if Trump had asked nicely? Maybe if he had said pretty please? Never. This was the only way to rewrite the rules of global trade. Once again, Trump was right about everything!"

Diane Swonk

Diane Swonk, the chief economist of the professional services firm KPMG, wrote in a series of posts on X that, despite the news of the implementation pause, the country has "not escaped the tariff problems."

"The effective tariff rate is actually HIGHER with the pause than it was as announced on April 2, due to the tariffs on China," Swonk wrote. "There will be some diversion through connector countries. However, the effective tariff rate now peaks at 30.5% during the pause. That is worse than our worst case scenarios."

She added: "The tariff pause is a moving target and it given the high level of tariffs on China and 10% across the board plus potentially more in the pipeline, takes the effective tariff rate to a RECORD. The market must be hoping told all goes away."

Spencer Hakimian

The founder of the hedge fund Tolou Capital Management was not too pleased with the recent back-and-forth over Trump's tariffs, writing in a series of posts on X that we're now "back to square one" after Trump's latest reversal.

"Nothing accomplished. Nothing changed. But somehow we won. Nice," Hakimian wrote.

In a separate post, Hakimian lamented the lack of clarity in Trump's tariff strategy, regardless of the economic outcome.

"Even if you support all of the past week. From the escalation to the walk back, although that's inherently contradictory to support both. Everyone admits that the rollout & rollback of all of this has been needlessly sloppy and unclear, correct? Or is that also some voodoo 8D chess strategy too?"

Chris Fralic

Chris Fralic, a partner at the venture capital firm First Round Capital, posted on X a screenshot of the tickers of several surging stocks, writing it's "Good to be liberated from Liberation Day."

"If your portfolio drops by X% and then rises by X%, you'll still be below your starting point," Fralic wrote in a separate post. "The bigger the drop, the more pronounced this effect becomes. A 20% drop followed by a 20% rise leaves you at 96% of your original value."

Mark Cuban

Over on Bluesky, "Shark Tank" star Mark Cuban re-posted a statement from economist Paulo dos Santos, which described Trump's tariffs as "the Ivermectin of economic strategy," referencing the anti-parasitic drug used by some to treat COVID-19 infections, despite reservations from the medical community.

In a separate post made just before Trump announced the tariff pause, Cuban wrote: "What some people aren't factoring into their analysis is the reality that companies were buying tons of inventory to beat the tariffs. That's cash taken from being able to invest or hire. In fact the probably cut costs and jobs as a result."

Ray Dalio

Ray Dalio wrote in a post on X that he hoped all parties would "reconsider their approaches."

"There are better and worse ways of handling our problems with unsustainable debt and imbalances, and President Trump's decision to step back from a worse way and negotiate how to deal with these imbalances is a much better way," wrote Dalio.

The founder of Bridgewater Associates said he hopes that Trump will do the same with China — which is excluded from the 90-day reprieve. He said a deal with China should include a way to strengthen the renminbi against the dollar while easing China's fiscal and monetary policies to stimulate Chinese demand.

"This would be a win-win," Dalio added.

Richard Branson

"As I wrote earlier this week, this was a moment for the US administration to accept their mistake and change course," wrote Richard Branson in a post on X. "This reversal is a huge relief for the whole world,"

Earlier this week, the founder of the Virgin Group had called on the US government to "own up to a colossal mistake."

Kevin O'Leary

In a Truth Social post on Wednesday, Trump wrote that he'd raised his tariffs on China to 125% "based on the lack of respect that China has shown to the World's Markets."

But "Shark Tank" star Kevin O'Leary said Trump should have pressed China harder by raising tariffs to 400%.

"China doesn't play fair, and it's time we stop letting them get away with it," O'Leary wrote on X hours after Trump's announcement.

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Business leaders from Bill Ackman to Mark Cuban react to Trump's tariff pause

Donald Trump on Wednesday announced a 90-day pause in his tariff plan against some countries, causing disparate reactions among business leaders.

Bloomberg/Bloomberg via Getty Images

• President Donald Trump on Wednesday announced a 90-day pause in his tariff plan against some countries.
• Stocks, which had fallen following news of his aggressive strategy, surged in response to the pause.
• Business leaders across the spectrum, from Bill Ackman to Mark Cuban, reacted disparately.

President Donald Trump on Wednesday announced via a social media post a planned 90-day pause in his aggressive tariff plan against some countries, sending ripples through the business community.

The market, which had plummeted following news of the president's trade strategy, surged in response to the planned pause, while industry leaders from across the political spectrum gave their initial reactions.

Billionaire hedge fund manager Bill Ackman, in a post on X, wrote, "This was brilliantly executed by @realDonaldTrump. Textbook, Art of the Deal."

Ackman had previously advocated for a pause in the tariffs' implementation "to enable negotiations to be completed without a major global economic disruption that will harm the most vulnerable companies and citizens of our country."

"The benefit of @realDonaldTrump 's approach is that we now understand who are our preferred trading partners, and who the problems are," Ackman said in a separate post following the announcement of the pause. "China has shown themselves to be a bad actor. Our counterparties also have a taste of what life is like if they don't take down their trade barriers. This is the perfect setup for trade negotiations over the next 90 days."

Ackman continued: "Advice for China: Pick up the phone and call the President. He is a tough but fair negotiator. The longer China holds out and retaliates, the worse the outcome for China."

Chris Fralic, a partner at the venture capital firm First Round Capital, posted on X a screenshot of the tickers of several surging stocks, writing it's, "Good to be liberated from Liberation Day."

"If your portfolio drops by X% and then rises by X%, you'll still be below your starting point," Fralic wrote in a separate post. "The bigger the drop, the more pronounced this effect becomes. A 20% drop followed by a 20% rise leaves you at 96% of your original value."

In response to a post by Shibetoshi Nakamoto, the pseudonym for Dogecoin co-creator Billy Markus, which read, "The next 4 years are gonna be an insane roller coaster, aren't they?" Tesla CEO Elon Musk replied simply with a "100" emoji.

Over on Bluesky, the X alternative social media site, Cost Plus Drugs cofounder and "Shark Tank" star Mark Cuban re-posted a statement from economist Paulo dos Santos, which described Trump's tariffs as "the Ivermectin of economic strategy," referencing the anti-parasitic drug used by some to treat COVID-19 infections, despite reservations from the medical community.

In a separate post made just before Trump announced the tariff pause, Cuban wrote: "What some people aren't factoring into their analysis is the reality that companies were buying tons of inventory to beat the tariffs. That's cash taken from being able to invest or hire. In fact the probably cut costs and jobs as a result."

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A company that helped build SoFi Stadium and the Burj Khalifa started using AR headsets and a zero-trust network. It cut costs by thousands.

Much of Surespan's work requires field technicians working on-site to install the company's roof and floor hatches.

Surespan

• The UK's Surespan builds roof hatch and floor access covers for infrastructure projects.
• It used a new security model and AR headsets to enable real-time communication on remote projects.
• This article is part of "Build IT: Connectivity," a series about tech powering better business.

A stadium is designed to capture attention, yet one of its most fascinating elements is often ignored: the roof.

Surespan, a UK manufacturer, has worked on some of the world's biggest construction projects, from SoFi Stadium in Los Angeles to the world's tallest building, the Burj Khalifa in Dubai.

It makes roof hatch and floor access covers — a small but integral part of major infrastructure projects.

The installation process isn't always easy. On-the-ground technicians rely on the knowledge of Surespan's in-house engineers, who are often thousands of miles away at the company's headquarters. Security is also a concern as the company handles sensitive information, especially when working on government designs.

Previously relying on phone calls and emails, Surespan wanted to find a faster way for its employees to collaborate as it scaled its business globally. It turned to two tech solutions: a new security model to access installation files and augmented reality headsets to enable real-time communication on remote projects.

While one engineer at Surespan told Business Insider that the construction industry could be traditional and resistant to new technology, the methods had saved the company tens of thousands of dollars.

At Kielder Observatory in England, Surespan's double-leaf roof hatches open to reveal the sky.

Surespan

Building a secure connection

Last year, Surespan set up an operational base in Argentina as part of its plan to expand its business in South America. But it wasn't a smooth setup: It experienced what Thomas Davies, the company's commercial director, described as a "nightmare situation" when the team in Argentina couldn't access critical design files for three days.

It had been using a virtual private network to manage digital connections.

"VPNs function on an implicit trust model," Spencer Summons, the founder of the cybersecurity firm Opliciti, said. "This approach can be likened to giving a user the keys to your office building, trusting they won't enter restricted areas."

As Surespan expanded, its in-house VPN became less reliable and required support from contractors to set up in new locations. The VPN also routed traffic through congested centralized points, which led to slower connections. When the new base opened in Argentina, the company struggled to keep up with the increased setup demands, which is why the team on the ground had to wait three additional days to access essential digital resources.

Robert Fletcher, Surespan's IT lead, wanted to find a faster way for users to connect to resources regardless of their physical location. "You have to give everyone, whether they are in the office, on a remote construction site, or traveling, dependable, secure access to company resources while juggling different time zones and differing local IT infrastructure quality," Fletcher told BI.

With the help of Zscaler, a cloud security company based in San Jose, California, the company switched to zero-trust network access, a security model that requires continuous authentication and provides a more direct connection.

Summons told BI that ZTNAs work on a "never trust, always verify" basis. He said that businesses are increasingly seeking secure remote access solutions to protect their resources as they scale. When they're working across countries, he added, security becomes even more pressing, as certain regions are more vulnerable to cybercrime.

A 2024 survey from Gartner estimated that 63% of organizations worldwide had fully or partially applied a zero-trust strategy.

While VPNs give users full network access after initial authentication, ZTNAs allow access only to the resources that they need and continuously authenticate. The tech, Summons said, is "akin to having numerous security guards checking IDs at each entry point, ensuring access to certain rooms and areas is granted only to those who are authorized and verified."

Fletcher said Surespan's new system had provided employees access to crucial resources, like design software and project files. He added that since the company switched, issues such as connection drops and slow speeds had largely disappeared because the ZTNAs connect users directly to the applications they need, rather than routing them through a busy central data center.

Bringing virtual assistance to the field

Much of Surespan's work requires on-the-ground expertise, with field technicians working on-site to install the company's roof and floor hatches. During the COVID-19 pandemic, the company trialed AR headsets to connect workers on the installation sites with Surespan's engineers.

"With travel restrictions hitting hard, we needed a way for our experienced engineers, often based here in the UK, to remotely support our teams in installing complex access solutions on sites across the globe," Mikolaj Wisniewski, a senior engineer at Surespan, told BI.

The field technicians use voice-controlled headsets made by RealWear, an AR company based in Vancouver, Washington. The headsets allow engineers at the Surespan offices to see the installation site in real time. Users can also share documents, annotate views live, and provide step-by-step instructions for the technician in troubleshooting, inspection, or complex installation procedures.

The method wasn't popular at first.

"As with any new technology, there was some resistance at first due to the learning curve and skepticism about wearing the physical headset," Wisniewski said. "Construction can be quite traditional, and some team members were more comfortable with the old ways of doing things — physically being on-site or just sticking to phone calls and photos."

Despite the initial reluctance, Wisniewski said, the team was won over when they actually used the headset. Today, the tool is deployed whenever remote expertise is needed quickly.

"Our site teams and our central engineering and support functions are now much more connected," Wisniewski added. "We receive instant visual context rather than having to deal with lengthy email chains or possibly unclear photos, providing immediate visual context."

Wisniewski said the AR headsets had saved the company more than $54,000 in flights and accommodation, which would otherwise have been required for engineers to travel to installation sites. The technology has also resulted in fewer project delays, he said.

"It breaks down geographical barriers and enables much richer, faster collaboration," Wisniewski added. "The entire organization feels more responsive and connected when an engineer in the UK can provide direct guidance to someone on a site thousands of miles away."

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This travel agency wanted to meet families' demand for luxury trips. Its private villa business could be the answer.

With the rise in family travel, some luxury travel agencies have expanded into private villas.

Courtesy of Kensington

• Despite the luxury slowdown, the luxury travel industry is still going strong.
• Luxury travelers want more family time, making multigenerational trips a growth area for agencies.
• Kensington, a bespoke travel agency, is taking advantage of this with its villa business.

With rising prices and costs of living, US consumers are thinking twice before splurging on luxury goods and services. But not all areas of the sector are slowing down: Luxury travel is still riding the wave of its post-pandemic-era surge as people continue to spend on getaways and incorporate luxury into their trips.

The luxury travel industry tends to be resilient amid economic volatility. Grand View Research says the sector is also growing, partially due to rising disposable incomes among affluent demographics and a shift in spending priorities that favors memorable experiences.

For companies to cash in on luxury travel trends, "marketing to the underlying motivations" of travelers is key, Mike Gallinari, a senior travel and leisure analyst at the market research firm Mintel, said.

Alongside a craving for experiential travel, consumers are driven by a desire to spend more time with family. This has made multigenerational travel a growth area, especially for the luxury sector. "It is that level of specificity and line-item planning that is the hallmark of luxury travel and luxury advisors," Gallinari said.

This opportunity has not been lost on luxury travel agencies. In October 2023, Black Tomato introduced "See You in the Moment," a collection of itineraries designed for group travel. In September, Abercrombie & Kent announced A&K Private Estates, five private villas in Tuscany, Italy, advertised as ideal for multigenerational travel.

Kensington, a luxury travel agency that specializes in bespoke itineraries and tours in countries around the world, is also taking advantage of the trend. The company has developed family-focused itineraries, like kid-friendly safaris, and trained its travel advisors on how to manage the needs of multigenerational groups. In October 2024, it launched a rebrand, which included a revamped private villa business division, Kensington Villas.

Edita Sgovio is the vice president of Kensington's yachts and villas division.

Courtesy of Kensington

Recognizing a growth opportunity

Edita Sgovio, the vice president of Kensington's yachts and villas division, said the company's villa business was born out of the peak COVID-19 era, when travelers wanted to be more isolated and safely distance themselves. "They wanted to have their own space, their own resort for their families and their groups," she said.

Gallinari told Business Insider that as restrictions lifted, brands continued to capitalize on people's preference for villas — which generally have more space and privacy — over hotels and home sharing. Since then, villas have emerged as the accommodation of choice for luxury travelers booking multigenerational trips.

Company leaders at Kensington first noticed an increase in demand for private villas based on conversations and bookings with its clients, particularly those planning family trips.

Kensington's top destinations for private villas include Italy, France, Croatia, and the Caribbean.

Courtesy of Kensington

Kensington's booking data showed that its villa division had grown 30% in sales year over year as of September 2024, with about 90% of its villa clients being families. This demand inspired the company to expand its villa business with a focus on private experiences.

Matt Cammaert, Kensington's senior vice president of marketing and outside sales, told BI that the launch of Kensington Villas "wasn't just about demand — it was also about alignment." Translating Kensington's itinerary model into a custom private villa experience was a challenge but integral to keeping brand consistency.

"It really was a combination of already doing the things that we're good at," Cammaert said, "and then being able to pivot and think strategically about the business and how we can expand into other offerings, other products, while still keeping tours at the core of what we do."

Matt Cammaert is the senior vice president of marketing and outside sales at Kensington.

Courtesy of Kensington

Targeting villas to multigenerational travelers

Sgovio said that Kensington recognized "a need for a different approach" to multigenerational travel to accommodate groups and provide the privacy and personalization luxury travelers often want.

Previously, Kensington offered villa rentals as add-ons to tour itineraries. Its new villa-experience approach allows travel advisors to build an itinerary around the villa with add-on services — such as a private chef and a private yoga class — that cater to each family member's wants.

Making options accessible and customizable for various age groups has been important to its rebrand. While Gen Xers and baby boomers are most likely to front the costs of these trips, Gen Z is becoming increasingly influential on family vacations.

Kensington also saw the need for a website exclusive to Kensington Villas that could better communicate the villa experience to clients and increase sales. "People wanted to first see the villa, like, 'Where am I staying? What's absolutely amazing about this property?'" Sgovio said. "We were just not able to translate it very well on our older site because it really came secondary."

The new, villa-first website, which is expected to formally launch in June, will showcase a selection of the company's nearly 2,000 handpicked private villas in its top-visited destinations, with webpages that prioritize photos and amenities. The company refined its search engine optimization strategy as well, focusing landing pages on searches like "family villas" and "luxury villas for kids."

As luxury travel agencies like Kensington look to take advantage of the growing market, Cammaert said, the company's innovation strategy has been about asking whether there's a particular demand and, if not, how the company can create demand.

"It's a good mixture of being sure in the decisions we make based on data," he said, "but at the same time placing some bets that say, 'We think this is going to work. Here's why.'"

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Stocks are being whipsawed by tariffs for a 5th straight day. These 4 parts of the market are getting hit hardest.

NYSE Traders working during the opening bell.

JOHANNES EISELE/AFP via Getty Images

• US stocks fell as Trump's tariffs on China took effect, escalating trade tensions.
• The S&P 500 has dropped 14% since the tariff announcement, nearing bear market territory.
• Investors are growing worried about bond market stress as Treasury yields surge.

US stocks were pummeled by trade-war volatility for a fifth day in a row on Wednesday after President Trump's tariffs officially took effect at midnight.

Since Trump announced the tariffs last week, the S&P 500 has plunged about 13% and is on the verge of entering a bear market, which would be the second fastest bear market in history after the COVID-19 pandemic.

Here's where indexes stood shortly after the 9:30 a.m. opening bell on Monday:

• S&P 500: 4,963.41, down 0.39%.
• Dow Jones Industrial Average: 37,286.40, down 0.95% (359 points).
• Nasdaq composite: 15,307.40, up 0.26%.

As to what's getting hit the hardest on Wednesday, some of the biggest losers included oil, small-cap stocks, and international stocks.

• WTI crude oil: down 4.4%

• Russell 2000: down 1.3%
• Nikkei 225: down 1.95%
• Euro Stoxx 50: down 2.98%

Investors' worries on Wednesday were twofold: that the trade war was showing no signs of de-escalating and that the bond market was showing signs of intense stress.

After Trump imposed a 104% tariff on China, that country retaliated with an 84% tariff on US goods, signaling no sign of de-escalation in the ongoing trade war.

The European Union also announced tariffs against about $23 billion of US goods, set to go into effect in mid-April. Those tariffs are in retaliation for Trump's earlier tariffs on European steel and aluminum exports.

The immense uncertainty about the tariffs led Delta Air Lines and Walmart to pull their earnings guidance.

"With the level of uncertainty we're seeing and the amount of changes happening on a daily basis in global trade, it's very difficult to predict what policies may look like over the course of the year," Chief Executive Officer Ed Bastian said.

Bastian warned that his company was "acting as if we're going into a recession."

Meanwhile, Treasury bond yields surged, with the 10-year surging to an intraday high of 4.51%. The 10-year US Treasury yield is up nearly 50 basis points since last week.

Bank of America said the surge in Treasury yields served as a "confidence test" for investors, as concerns of higher inflation from the tariffs and a potential deficit spike continue to linger.

Dario Perkins, an economist at GlobalDataTS Lombard, called the bond yield surge America's "Liz Truss" moment, suggesting that incompetence among US policymakers was leading to a loss of confidence among investors.

"For the first time in my career, I'm hearing widespread skepticism about the competency of US policymakers. This isn't about politics," Perkins said. "It is about recklessness."

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Tiffany Trump and Michael Boulos are expecting their first child. Here's a timeline of their relationship.

Tiffany Trump and Michael Boulos are expecting their first child.

Carlos Barria/Reuters

• Tiffany Trump and Michael Boulos met in Mykonos in July 2018 and wed at Mar-a-Lago in 2022.
• Boulos grew up in Nigeria, where his family owns an automotive company, and he works in business.
• Donald Trump announced that Tiffany Trump is pregnant at a campaign event in Michigan in October.

Tiffany Trump and her husband, Michael Boulos, are expecting their first child.

President Donald Trump shared the news at a campaign event in Michigan in October. 

Michael Boulos began dating Tiffany Trump in 2018 and reportedly proposed to her with a $1.2 million engagement ring at the White House, shortly before Donald Trump left office. The couple wed at Mar-a-Lago in 2022.

Boulos' father, Massad Boulos, is CEO of the Nigerian automotive business SCOA Nigeria and serves as a senior advisor on Middle Eastern affairs in Trump's second White House administration.

The White House did not respond to a request for comment.

Here's a timeline of Tiffany Trump and Michael Boulos' relationship.

July 2018: Tiffany Trump and Michael Boulos met at Lindsay Lohan's beach club in Mykonos, Greece, according to People magazine.

Lindsay Lohan.

Andy Kropa/Invision/AP

Boulos grew up in Lagos, Nigeria, where his family owns the automotive conglomerate SCOA Nigeria. He was studying project management at City, University of London, when he met Tiffany, then a law student at Georgetown, on vacation in Mykonos.

"I wasn't there when they met," Lohan told People magazine at the premiere party for her MTV series, "Lindsay Lohan's Beach Club," in 2019, adding that she knew both Tiffany Trump and Boulos but didn't know exactly how they met.

September 2018: They made their first public appearance together at New York Fashion Week.

Michael Boulos and Tiffany Trump at New York Fashion Week.

Noam Galai/Getty Images

Boulos joined Tiffany Trump in the front row of the Taoray Wang show during New York Fashion Week.

November 2018: Page Six reported they were dating and that Tiffany Trump introduced Boulos to her family over Thanksgiving at Mar-a-Lago.

The Trump family celebrated Thanksgiving at Mar-a-Lago in 2018.

MANDEL NGAN/AFP via Getty Images

"Tiffany is happy she has so far been able to keep things with Michael under the radar," an unnamed source told Page Six. "But she introduced him to her family at Thanksgiving, and he comes across as a very intelligent young man from a great family. There was no mention of the president's unfortunate comment about African nations."

In January 2018, Donald Trump reportedly referred to African nations and Haiti using an expletive during a meeting with lawmakers. He denied the reports, writing on X that the language he used was "tough" but that the widely reported remark was "not the language used."

January 2019: Boulos made his first appearance on her Instagram.

Tiffany Trump.

Chip Somodevilla/Getty Images

Trump posted an Instagram photo of her and Boulos in the Red Room of the White House at Christmastime. Boulos also shared a photo with her at a White House Christmas party, captioned, "Christmas vibes are the best vibes," in a post that no longer appears on his page.

February 2019: They attended New York Fashion Week with Tiffany Trump's mother, Marla Maples.

Michael Boulos, Tiffany Trump, and Marla Maples at New York Fashion Week.

Photo by Noam Galai/Getty Images for Taoray Wang

As they had the year before, Tiffany Trump and Boulos sat in the front row of the Taoray Wang show.

April 2019: Boulos joined the Trump family for Easter services at the Bethesda-by-the-Sea Episcopal Church in Palm Beach, Florida.

Donald Trump and Melania Trump with Tiffany Trump and Michael Boulos on Easter.

Pablo Martinez Monsivais/AP

Tiffany Trump shared a photo of herself and Boulos, as well as snapshots with her father, Donald Trump Jr., and Kimberly Guilfoyle, on Instagram. The photos are no longer available on her Instagram page.

May 2019: They stepped out together at the Cannes Film Festival.

Tiffany Trump and Michael Boulos at Cannes Film Festival.

Pierre Suu/GC Images

Public records showed that the three-night trip to France, during which the couple stayed at the Marriott Jesta Fontainebleau hotel, cost taxpayers at least $20,000, Quartz reported.

"For operational security reasons, the Secret Service cannot discuss specifically nor in general terms the means, methods, resources, costs, or numbers we utilize to carry out our protective responsibilities," a Secret Service spokesperson told Quartz.

June 2019: They flew to Orlando for a rally kicking off Donald Trump's 2020 campaign.

Members of the Trump family at Donald Trump's 2020 campaign kickoff rally.

MANDEL NGAN/AFP via Getty Images

"With every ounce of heart and mind, and sweat and soul, we're going to keep making America great again, and then we will indeed keep America great," Donald Trump said in his speech. "I will keep it so great. Better than ever before. We're going to keep it better than ever before. And that is why tonight, I stand before you to officially launch my campaign for a second term as president of the United States."

August 2019: Tiffany Trump wished Boulos a happy birthday on Instagram, writing that he fills her life with "so much joy, kindness and laughter!"

Michael Boulos and Tiffany Trump.

Mandel Ngan/Getty Images

"Happy Birthday, @michaelboulos," she captioned a photo of her and Boulos. "You fill my life with so much joy, kindness and laughter! Thank you for always putting a smile on my face!"

September 2019: Boulos joined his girlfriend to hear Donald Trump speak at the UN.

Tiffany Trump and Michael Boulos at the UN.

Stephanie Keith/Getty Images

Boulos sat behind Tiffany, who was seated beside Donald Trump Jr. and Kimberly Guilfoyle.

November 2019: They greeted guests at the national Thanksgiving turkey pardoning event in the Rose Garden of the White House.

Tiffany Trump and Michael Boulos at the national Thanksgiving turkey pardoning.

Chip Somodevilla/Getty Images

How the turkey pardoning tradition started is still a bit of a mystery, but the White House traces it all the way back to President Abraham Lincoln in 1863.

December 2019: They celebrated New Year's together at Mar-a-Lago.

Tiffany Trump and Michael Boulos at a New Year's celebration at Mar-a-Lago.

JIM WATSON/AFP via Getty Images

Trump's other children were in attendance, as well as his then-lawyer Rudy Giuliani.

July 2020: Trump and Boulos waved to crowds gathered at Mount Rushmore for Independence Day fireworks.

Michael Boulos, Tiffany Trump, Eric Trump, and Lara Trump at Mount Rushmore.

Tom Brenner/Reuters

They were joined by Eric Trump and Lara Trump.

August 2020: They attended the funeral of Donald Trump's brother, Robert.

Members of the Trump family on the White House North Portico following the funeral of Robert Trump.

Chip Somodevilla/Getty Images

Robert Trump died on August 15, 2020, at the age of 71.

"He was not just my brother, he was my best friend," Donald Trump said in a statement. "He will be greatly missed, but we will meet again. His memory will live on in my heart forever. Robert, I love you. Rest in peace."

August 2020: Tiffany Trump and Boulos attended the Republican National Convention, where she gave a speech.

Tiffany Trump and Michael Boulos at the 2020 Republican National Convention.

Evan Vucci/AP

Tiffany Trump spoke on the second night of the RNC in support of her father and mentioned her recent graduation from Georgetown Law School.

"Like so many students across the world, I graduated from law school during the pandemic," she said. "Our generation is unified in facing the future in uncertain times. And many of us are considering what kind of country we want to live in. As a recent graduate, I can relate to so many of you who might be looking for a job. My father built a thriving economy once and believe me, he will do it again."

October 2020: They arrived in Nashville to watch the final presidential debate between Donald Trump and Joe Biden.

Tiffany Trump and Michael Boulos at the Nashville International Airport.

Tom Brenner/Reuters

The debate featured plexiglass barriers between the candidates to prevent the spread of COVID-19 and a mute button to prevent them from talking over each other.

November 2020: They joined Donald Trump at the White House to watch the election results come in.

Tiffany Trump and Michael Boulos at the White House on election night.

MANDEL NGAN/AFP via Getty Images

The Trumps watched election results in the East Room of the White House.

January 2021: The couple announced their engagement on Instagram the day before Trump left office.

Tiffany Trump and Michael Boulos departed Washington, DC, on Inauguration Day.

Manuel Balce Ceneta/AP

The day before Biden's inauguration, Tiffany Trump shared an Instagram photo of her and Boulos standing in the White House Colonnade.

"It has been an honor to celebrate many milestones, historic occasions and create memories with my family here at the White House, none more special than my engagement to my amazing fiancé Michael!" she wrote. "Feeling blessed and excited for the next chapter!"

Boulos also announced their engagement on Instagram, writing, "Got engaged to the love of my life! Looking forward to our next chapter together."

Boulos proposed in the White House Rose Garden with a diamond ring worth $1.2 million, People magazine reported.

July 2021: Trump and Boulos, who moved to Miami after her father's presidency, were spotted in Mykonos.

Tiffany Trump and Michael Boulos in Florida.

Sam Navarro/USA TODAY Sports/Reuters

Tiffany Trump and Boulos vacationed in Mykonos, where their relationship began, over the summer.

May 2022: Tiffany Trump and Boulos chose Mar-a-Lago as their wedding venue.

Mar-a-Lago.

Steve Helber/AP

Page Six reported that Donald Trump and his ex-wife, Tiffany's mother Marla Maples, would host the wedding at Mar-a-Lago with over 500 people expected to attend.

November 2022: Tropical Storm Nicole made landfall north of Palm Beach days before the wedding, putting their wedding plans in jeopardy.

Tropical Storm Nicole floods streets in Florida.

Joe Raedle/Getty Images

Days before the wedding, Mar-a-Lago and its surrounding coastal residential areas were under mandatory evacuation orders because of the storm.

A Mar-a-Lago employee confirmed to Business Insider that the club had reopened on Friday, November 11, just in time for Trump and Boulos' welcome dinner.

November 2022: The wedding proceeded as planned.

Preparations at Mar-a-Lago ahead of Tiffany Trump and Michael Boulos' wedding.

MEGA/GC Images

Tiffany Trump wore a sparkling long-sleeved wedding dress from Lebanese fashion designer Elie Saab, a likely nod to Boulos' Lebanese heritage. The couple exchanged vows under a gazebo decorated with cascading bouquets of pastel-colored flowers.

In an Instagram post, Tiffany Trump described the wedding as "the most magical day."

May 2024: Tiffany Trump and Boulos attended the closing arguments of Donald Trump's hush-money trial in New York City.

Tiffany Trump and Michael Boulos with other Trump family members at the Manhattan Criminal Court.

Julia Nikhinson-Pool/Getty Images

Donald Trump was found guilty on all 34 felony counts of falsifying business records to cover up a $130,000 hush-money payment to adult film actor Stormy Daniels ahead of the 2016 election. The former president denies ever having sex with Daniels and has called the trial a "witch hunt."

July 2024: They attended days two and four of the Republican National Convention.

Corey Lewandowski with Tiffany Trump and Michael Boulos at the Republican National Convention.

Joe Raedle/Getty Images

Unlike in 2020, Tiffany Trump did not speak at the 2024 Republican National Convention.

October 2024: While speaking at a campaign event, Donald Trump announced that Tiffany Trump and Boulos are expecting their first child.

Donald Trump at the Detroit Economic Club.

Bill Pugliano/Getty Images

Speaking to a crowd at the Detroit Economic Club, Donald Trump shared the news while acknowledging the presence of Michael Boulos' father, businessman Massad Boulos, at the event.

"He happens to be the father of Tiffany's husband Michael, who's a very exceptional young guy, and she's an exceptional young woman," he said. "And she's going to have a baby, so that's nice."

November 2024: In the days leading up to the presidential election, Tiffany Trump and Boulos appeared at campaign events in Michigan and Pennsylvania.

Donald Trump with Tiffany Trump and Michael Boulos in Grand Rapids, Michigan.

Chip Somodevilla/Getty Images

Tiffany Trump delivered a rare speech in Reading, Pennsylvania, telling the crowd, "Hello, we love you, we support you, and my father's here fighting for you and he's never gonna let you down, so please vote. Let's get this country back on track."

November 2024: Tiffany Trump and Boulos celebrated Donald Trump's victory in the presidential election.

Trump family members on election night.

JIM WATSON/AFP via Getty Images

Tiffany Trump and Boulos joined other Trump family members and associates at the campaign's election night watch party in West Palm Beach, Florida.

December 2024: Trump chose Boulos' father, Massad Boulos, to serve as a senior advisor on Middle Eastern affairs.

Michael Boulos.

Jeenah Moon for The Washington Post via Getty Images

In a Truth Social post, Donald Trump described Massad Boulos as "an accomplished lawyer and a highly respected leader in the business world."

"He has been a longtime proponent of Republican and Conservative values, an asset to my Campaign, and was instrumental in building tremendous new coalitions with the Arab American Community," he wrote in part.

Trump's description of Massad Boulos as an "accomplished lawyer" may not be accurate. Although Massad Boulos listed a law degree from Texas Southern University on his LinkedIn profile, a Business Insider investigation found that he does not appear to be licensed to practice law in any of the countries where he's lived.

Massad Boulos was also widely reported to be the billionaire owner of Boulos Enterprises and told The New York Times in December that his company was worth billions. However, Boulos Enterprises is owned by a different Boulos family. The small automotive company Massad Boulos runs, SCOA Nigeria, is reportedly worth about $865,000.

Massad Boulos later told The New York Times that he was referring to his father-in-law's companies when asked about his business. Massad Boulos' wife, Sarah Fadoul Boulos, is the daughter of wealthy Lebanese businessman Michel Zouhair Fadoul, who runs The Fadoul Group's conglomerate.

In an email to Business Insider, Trump spokeswoman Karoline Leavitt called media reports examining Boulos' credentials "fake news."

"The truth is Mr. Boulos is a highly respected businessman who has proudly served as the CEO of some of his family's group of companies based in West Africa for more than 27 years, and his family has employed tens of thousands of people around the globe," Leavitt said.

January 2025: Tiffany Trump and Boulos attended Donald Trump's second inauguration.

Tiffany Trump and Michael Boulos danced at the Liberty Ball on Inauguration Day.

Carlos Barria/Reuters

Tiffany Trump wore a gray off-the-shoulder dress designed by Zuhair Murad to the inaugural balls. She wrote on Instagram that she was six months pregnant.

March 2025: Tiffany Trump and Boulos joined other Trump family members at Donald Trump's joint address to Congress.

Michael Boulos and Tiffany Trump with Jared Kushner and Ivanka Trump at Donald Trump's address to a joint session of Congress.

Alex Brandon/AP

Donald Trump Jr. attended the address with his girlfriend, Bettina Anderson. They were joined by Melania Trump, Eric Trump, Lara Trump, Jared Kushner, and Ivanka Trump.

April 2025: Ivanka Trump hosted a baby shower for Tiffany Trump, where she publicly revealed the sex of the baby.

Ivanka Trump and Tiffany Trump.

Jim Watson/AFP via Getty Images

Ivanka Trump shared photos on Instagram from Tiffany Trump's Peter Rabbit-themed baby shower.

"Every detail was inspired by Beatrix Potter's world — from bunny tails to garden treats — to celebrate the little boy she's about to welcome into her life," Ivanka Trump wrote.

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