Relocate to one of these Tax Havens for 0% Tax
Tax havens exist around the world. Even otherwise high tax countries can become personal tax havens with a bit of planning. While it’s good to venture outside the English-speaking world as much as possible, some may want to keep the familiarity of their mother tongue when moving to a tax haven. Here are 7 English speaking tax havens where you can live without learning a new language.
The Cayman Islands
The Cayman Islands is perhaps the purest tax haven in the world today. There are no income taxes, capital gains taxes or inheritance taxes. In fact, The Cayman Islands are one of a tiny handful of countries in the world that doesn’t even have a property tax.
The downside, when you make a place so attractive to live is that real estate is expensive. It’s not as expensive as some European tax havens like Monaco though. It’s easy to immigrate to The Caymans if you’re of independent means. You can find out ore here.
The British Virgin Islands
The British Virgin Islands are a tax haven for individuals and corporations, with no income tax, capital gains tax or inheritance tax.
The BVI is a British overseas territory in the Caribbean Sea, around 100 miles east of Puerto Rico. It’s made up of over 60 islands that range from flat to mountainous and are covered in tropical vegetation.
The BVI has been a popular destination for many years because it offers a great lifestyle on gorgeous beaches and excellent weather year-round. The cost of living is low compared to other parts of the world, but there are still plenty of options if you want some luxury.
The Bahamas is a tropical island paradise in the Caribbean. It’s also one of the best places to live in the world.
In fact, it’s been ranked as the 4th best country to live in by The Economist.
Like many other countries in this part of the world, the Bahamas has no income tax and no capital gains tax. It also doesn’t have an inheritance tax. That makes it an attractive place for people looking to move their money offshore.
But there’s more than just financial freedom at play here: The Bahamas offers year-round sunshine on beaches that are white sanded and calm waters with clear visibility—making them perfect for snorkeling and scuba diving. And there are plenty of opportunities for water sports like jet skiing, kiteboarding (or kitesurfing), paddleboarding, sailing and windsurfing as well.
It’s also home to some of the most beautiful hotels in the world – including Atlantis Resort & Casino – where you can rest easy knowing your money is safe from foreign governments’ prying eyes while enjoying all of this amazing island has to offer!
Malaysia is a country in Southeast Asia. It is one of the most popular tax havens among expats, and for good reason!
Malaysia was formerly a British colony, so English is widely spoken in the country. There is no income tax on income generated outside Malaysia, and there are no capital gains or inheritance taxes. The territorial tax system means that only income generated within Malaysia is subject to tax—so if you’re planning to move there and make money elsewhere, you’ll pay zero taxes on it.
The cost of living in Malaysia is quite low compared to its neighbours (such as Singapore), making it an attractive option for expats who want to live well but don’t have huge budgets. Living in Malaysia for at least part of the year could be a good choice for some.
The MM2H visa was a popular option for expats. MM2H was introduced to attract retirees to Malaysia. This visa is issued based on proof of income and a bank deposit. The amounts required have recently increased. A bank deposit of over$200,000 is required and monthly income of $9,000. You can find out more here.
Singapore is a great place to live. It’s a former British colony, and English speaking. You won’t have to worry about income tax, capital gains tax or inheritance tax for income generated outside Singapore. Singapore has a territorial tax system.
One way to immigrate to Singapore is through the TechPass program. This was established to attract tech entrepreneurs to start businesses in Singapore. You can apply online at the Immigration & Checkpoints Authority website. If you’re accepted into the program, you’ll receive a letter of approval that allows you to live in Singapore on a long-term basis and work without restrictions.
Once you’ve been accepted into the TechPass program, it’s time to get ready for life in Singapore! There are plenty of ways to enjoy yourself in this beautiful city. Try some of the best food in Asia at one of the many hawker centers, explore the museums or take a day trip out to Sentosa Island (where Universal Studios is located).
Like its neighbour Great Britain, Ireland benefits from a remittance based tax system. In essence it means that if your income comes from overseas, only the portion remitted to Ireland is taxable. With a little careful planning this can allow you to live in Ireland tax free.
Ireland also benefits from being in the EU and having a common travel area (CTA) with the UK. After 5 years of living in Ireland you can apply for an Irish passport.
Ireland has several immigration schemes to attract investors to the island. Immigration to Ireland is easier than immigration to the UK.
St Kitts and Nevis
St Kitts and Nevis, or “SKN”, is a small island nation in the Caribbean. It’s made up of two major islands and several smaller ones, with a total area of just over 100 square miles. The country is known for its stunning beaches, beautiful views, and laid-back lifestyle.
The country is also becoming increasingly popular among expats looking for an easy way to immigrate to SKN. With no income tax or capital gains tax, as well as low inheritance taxes, it’s an attractive destination for those looking to relocate abroad.
In addition to its tax benefits, SKN also has no restriction on foreign ownership of property or land—meaning that any foreign resident can buy property there without worrying about government restrictions. St Kitts and Nevis have a successful citizenship by investment program. For a modest investment you can become a citizen of St Kitts and Nevis. The passport is pretty good, offering visa free travel to the UK and the EU.
There are plenty of English speaking tax havens to choose from. There’s no need to learn another language to live tax free. This is just a small selection. With careful planning the entire world can be a tax haven. We help our clients relocate overseas and reduce their tax liability to zero, while ensuring their assets are protected in an impenetrable structure.
If you’d like help on moving overseas and protecting your assets get in touch using the form below.