Idyllic Nevada lake community becomes haven for billionaires fleeing California taxes

With stunning crystal-clear waters and breathtaking snow-capped mountains, it's easy to see the appeal of Lake Tahoe - but there's a bigger draw for the billionaires flocking to the Nevada side of the lake.

Realtors say super-rich buyers are setting up home just east of the border as they flee California's punitive tax regime - without sacrificing quick and easy access to the Golden State.

Google co-founder Sergey Brin, Oracle chief Larry Ellison and former Tesla bigwig Steve Juvetson are among the tech moguls whose moves to Incline Village, Nevada, have fueled its reputation as a billionaire's playground.

Mark Norman Vena, CEO of SmartTech Research, told the Daily Mail he made the switch the Nevada after 18 years of living in California. 

Vena explained that it wasn't just a lifestyle decision, it was also a 'financial reset.'

'Between state income taxes, housing prices, utilities, insurance and everyday expenses, the premium to stay in the Bay Area became harder to justify,' Vena told us. 

Nevada offered him a cleaner equation for building wealth. He, of course, mentioned that Nevada has no state income tax, a lower overall cost of living, and dramatically cheaper energy and utility costs.

The housing difference, especially, was impossible to ignore: Vena said he was able to buy a new house roughly twice the size of what he had in California for less than half the price.

Todd J Drowlette of A+E Network's The Real Estate Commission said that the 'simple math' behind California's income taxes make the move a no brainer for billionaires. 

'Ultra wealthy people can easily pick up and move and still stay in contact easily with friends and family in ways the average income person cannot,' Drowlette told the Daily Mail. 

'Nevada has a healthy economy, has many attractions and things to do, and is easily accessible to California,' he added. 

The influx of ultra-high net worth individuals has brought new amenities. David Duffield, a co-founder of Workday, helped set up a private grade school and donated $30million to the local high school.

Ellison purchased an Incline Village hotel for $345 million five years ago and there have been claims he plans to add an outpost of the famous restaurant Nobu there.

For those who appreciate the simpler things in life the nudist beach Secret Cove is praised as one of the most beautiful in the country.

And for Vena, he is still running his business from Nevada. 

'The bottom line is simple,' Vena said. 'I did not leave California because I stopped believing in innovation, I left because Nevada gave me a better platform to live, work and build.'

Wealth advisor Mark Sanaiha explained why financially Nevada has such a draw.

'The attraction is simple. No state income tax, no capital gains tax, no estate tax, no inheritance tax and finally no gift tax. 

'For our clients that were selling a business or concentrated stocks, the difference between California's top rate and Nevada's was life changing money,' he said.

'Consider this, on a $10 million gain, there's roughly $1.3 million saved by properly establishing residency. 

Many clients have greater peace of mind realizing the tax savings.

If it sounds too good to be true, Sanaiha does have one important caveat for those considering the move.

'Leaving a high-income state like California is more difficult than you might think. They will conduct a domicile test and a statutory residence test, so be prepared. Everything has to be moved. If done correctly, however, the savings are real.'