Live Tax-Free All Year Round in Any of These Cities
The best cities in the world to live is of course subjective. We all have our personal favourites. Normally when lists of the best cities in the world are produced, they are made for big company employees. Often by left leaning organisations. CNN consider Copenhagen, Denmark to be one of the best cities in the world to live. The high taxes in Denmark exclude it from consideration for us.
Organisations like CNN and The Economist don’t consider such things as personal freedom and low taxes. While those may not be the only criteria, they’re important to anyone who values freedom. So, let’s have a look at a few cities you can move to. In each of these cities you can live year-round tax free. They all have policies to attract immigrants.
Other lists of the best cities in the world to live:
Singapore is the economic success story of the last 50 years It has gone from a relative backwater to an economic giant. It has benefited from Hong Kong becoming more authoritarian and less free in recent years. Many people who would have chosen Hong Kong as a base in the past, now choose Singapore. Nowadays, Singapore is a place for the wealthier ex-pats. Their immigration schemes seek people who are making at least $10,000 per month or have significant capital.
They’re particularly keen to attract tech entrepreneurs. Singapore benefits from its history as part on the British empire. It has a British legal system and you can conduct your business in England. Singapore is a hub for wealth management and has a good choice of banks. Singapore has become one of the best cities in the world to live for wealthy ex-pats.
Portugal went out of its way to attract high net worth residents after the 2008 financial crisis. They introduced the Non-Habitual Resident (NHR) scheme allowing foreign residents to move to Portugal without becoming Portuguese tax payers. As we discussed here the NHR scheme is not entirely straightforward but if you structure your affairs the right way you can live in Portugal tax free.
Lisbon is a small but charming city. It has a population of around 700,000. English is widely spoken around Lisbon. In recent years it’s become somewhat of a hub for tech start-ups. Lisbon has also attracted a lot of crypto investors. Crypto trading is completely tax free in Portugal. Lisbon also benefits from having one of the best climates in Europe with over 300 days of sunshine per year. Lisbon is close to many beautiful beaches too. All this makes Lisbon, Portugal one of our best cities in the world to live.
Monte Carlo, Monaco
English novelist Somerset Maugham described Monaco as a sunny haven for shady people. You can benefit from year-round sunshine, and you’ll never run out of interesting people to make friends with. You’ll have to decide for yourself if they’re ‘shady’ or not. If you can afford it and put up with the disadvantages of living in Monaco you’ll have a great time here. Monaco is the sole remaining pure tax haven in Europe.
There are no taxes on income or capital gains for individuals. Residency is easy to get if you can deposit enough in a Monaco bank to get an attestation. You’ll have to spend at least 90 days every year in Monaco to maintain your residency. Most Monaco residents also maintain homes in other parts of the world.
If you don’t mind the cold and the rain Dublin is a good choice. Ireland benefits from the ‘remittance’ tax system. This means you only pay tax on money remitted to Ireland as income. If you plan your affairs properly the amount of tax you pay can be kept to a bare minimum. Dublin is a bustling capital city, full of shops, bars and restaurants. Because of the low corporation tax rates
Dublin has become the European headquarters for many multi-national companies. This has pushed up prices of property in Dublin. If you’re looking for a European base with a friendly welcome Dublin is not a bad choice.
Panama City, Panama
Panama is located South of Costa Rica. Panama City is the most developed city in Central America. It has a well-developed financial system. The local currency is the US dollar. English is widely spoken in Panama City. The city has everything that you’d expect to find in a large city anywhere in the world. Panama is a territorial tax country so there’s no tax on any income from outside Panama. Because of its location Panama has excellent transport links with both North and South America. You can be in Miami in around 2 hours.
Bangkok is another Asian choice as one of our best cities to live in the world. Bangkok is a large and busy city in the heart of Asia. What’s less well known is that you can live in Thailand tax free. Thailand benefits from a special residency program. The Thailand Elite Visa is a VIP residency program open to anybody. As well as receiving the right to live in Thailand for up to 20 years they offer other benefits such as fast track through Bangkok Airport and various discount programs.
The cost of the program varies depending on how long you want the visa issued for. Unfortunately, it doesn’t offer Thai citizenship. Otherwise, Bangkok could be a perfect destination as a tax free bustling big city in Asia.
Almost anywhere can be a tax haven if you plan your affairs properly. You could live in multiple cities throughout the year and never become a resident in any of them. The cities we selected above are great for year-round living. Any one could qualify as one of the best cities in the world to live.