Have You Ever Wondered What Country Has No Tax?
As we write about on LibertyMundo almost any country can be a tax haven for some. This is true, in particular, if you live outside your home country. Many countries want to attract immigrants and offer incentives to attract expats. Countries like Portugal, Uruguay and Canada offer tax incentives for new immigrants.
Territorial tax countries, like Costa Rica and Thailand don’t tax foreign income. It can be easy to live in those countries without paying taxes if your income is coming from overseas.
Others like Switzerland and Italy offer tax deals. You can arrange to pay a fixed amount every year irrespective of your income.
But what country has no tax? It can be refreshing to never have to fill in a tax return. It’s a relief to know that no government will pry into your financial affairs. So, let’s have a closer look at what country has no tax in 2022.
Monaco is the only pure tax haven in Europe. It’s known as a playground of Europe’s super wealthy. It offers a glamorous life style in France’s Cote d’Azur. Because it’s Europe’s only true tax haven it has the highest real estate prices in the world. Find out how you can move to Monaco here.
United Arab Emirates
The United Arab Emirates offers an amazing tax free lifestyle for expats. Most expats will head to Dubai or Abu Dhabi. The UAE is easy to move to for almost anybody. It offers a warm climate, good services and a few world class banks.
When looking at what country has no tax the Gulf countries are always at the top of the list. Oman is an underrated tax haven with much to offer. Oman is the oldest independent state in the Arab world.
Bahrain is an island nation, connected to Saudi Arabia with a 25km long causeway. Bahrain offers a peaceful and laidback lifestyle for expats. The capital city Manama has been ranked as one of the best cities in the world for expats.
Expats make up more than 40% of the population of Brunei. When searching for what country has no tax in Asia, Brunei is the only one. Expats mainly go to Dubai to work in the oil and gas sector which makes up most of Brunei’s economy. Expats enjoy a good life in this Asian tax haven.
St Kitts and Nevis
St Kitts and Nevis is another pure tax haven in the Caribbean. St Kitts and Nevis offers citizenship by investment. You can effectively buy a passport in this Caribbean country. Like most of the Caribbean Island nations it’s definitely for those that are seeking a quiet and peaceful life.
The Cayman Islands
The Cayman Islands is a tax and banking haven in the Caribbean. Not only do the Caymans have no income tax, but they are also one of the few countries in the world that doesn’t have a property tax either. The Caymans are an expensive choice but if you have the money, it’s easy to get residency. Life on The Caymans is great but if you get bored there are regular daily flights to major US cities. Find out here how you can move to The Cayman Islands.
The Bahamas has great beaches and a wonderful climate. It has a well developed economy and some amazing places to stay for expats. The Bahamas and The Cayman Islands are the best options for those seeking a Caribbean tax haven.
This island nation is located in the South Pacific. It’s a 3.5 hour flight from Sydney. Vanuatu has its own citizenship by investment program. A family of four can become citizens of Vanuatu for $200,000. You can even pay for your citizenship with bitcoin. There are some beautiful locations in Vanuatu. It could be somewhere to call home for part of the year to take advantage of the zero tax rates.
Another of the oil rich Gulf countries that dominate our list. Expats who live in Kuwait work in the oil and gas industry. Expats can have a good life in this no tax country. It would be more of a cultural adjustment for anyone not moving there for work. The UAE would be a better option for most.
Qatar is a highly developed Gulf nation seeking to take on Dubai. It’s hosting the world cup in 2022 which will help put it firmly on the map. Qatar offers an appealing lifestyle for expats with beautiful beaches and almost every service you’d find in a major country.
Saudi Arabia oil rich and the largest of the Arab countries. It offers a lot of opportunity with plans to build new mega cities. It still has strict Islamic laws which will put most people off. Most expats who move to Saudi Arabia go to work in the oil and gas industry.
Bermuda is a British overseas territory located in the Atlantic. The nearest mainland to Bermuda is the American state of North Carolina which is about 600 miles away. Bermuda offers a sophisticated, tax-free life. It has a mild year-round climate and good infrastructure, including some excellent banks.
British Virgin Islands
When looking at what country has no tax, the British Overseas Territories dominate the list along with the Gulf countries. While the British Virgin Islands might be near useless nowadays for offshore companies it’s a great place to have a base. You can live here year-round tax-free and enjoy an amazing lifestyle.
Anguilla is another British protectorate in the Caribbean, located east of Puerto Rico. With a population of only 14,500 those moving there should be prepared for a tranquil life enjoying the beautiful beaches.
Antigua and Barbuda
Antigua and Bermuda is an independent island nation located between the Caribbean and the Atlantic. There are 2 main islands which are separated by 63km. It’s much bigger than Anguilla, with a population of 93,000. Antigua, like other countries in the region, has a citizenship by investment program. If you want a quick passport and are prepared to pay for it this could be a good option.
So, in answer to the question of what country has no tax we’ve found 16 countries that have no income tax at all. Some like The Caymans and Monaco don’t have property taxes either. Of course, to keep more of your money you don’t have to move to a pure tax haven. We help reduce clients’ tax rates to almost zero even when they move to high-tax countries like the UK. But, for some the joy at never having to deal with tax officials at all is something you can’t put a price on.
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