We have all become quite spoiled in the UAE with the luxury of no income tax
3 April 2019| Last updated on 19 January 2020
The UAE is said to be one of the most appealing and it’s easy to see why.
Compared to a large majority of countries in the Middle East, the United Arab Emirates boasts a thriving economy and a multicultural environment that welcomes foreigners from across the globe.
There are also exceptional educational facilities available here, which is just one of the country’s highest priorities, making the UAE an ideal choice for expat families.
So the question is where to go to next? Are there other tax free save havens in the World? At Santa Fe we can assist you with relocating to a few that are viable alternatives.
Countries without income tax
The requirement to pay income taxes in the Bahamas depends on residence, not on obtaining citizenship, and so when it comes to acquiring an income tax-free life, the Bahamas is considered to be one of the easiest countries in which to do so.
Despite being a Caribbean island, the Bahamas is generally thought to be one of the less-expensive in which to live permanently. With good services and solid infrastructure, moving here is a dream for many. Similarly, there is no corporate tax, capital gains or inheritance tax in the Bahamas so expats will truly have control of their earnings and assets.
SEE ALSO: Here's What You Need to Know if You're Moving Abroad
While the Bahamas is a highly attractive destination, Bermuda is considered to be an even more attractive tax-free destination. While living here is more expensive than living in the Bahamas, development here is skyrocketing – not to mention the efficient public transportation services and good roads already available at your fingertips!
As well as it’s great transportation services, Bermuda is home to an endless list of gorgeous beaches including Horseshoe Bay Beach, Tobacco Bay Beach and Warwick Long Bay, the largest beach in Bermuda.
While import tax in Bermuda is quite high, making the cost of living in the country substantially more expensive compared to many other Caribbean countries, the lack of income tax, capital gains tax, wealth tax, sales tax and VAT are seeing a number of businesses and expatriates turning their heads to the country.
SEE ALSO: UAE Ranks in Top 5 of Best Countries for Expat Jobs in 2019
Monaco is known as Europe’s tax heaven – but there’s one exception; French nationals who are a resident of Monaco are required to pay personal income tax in accordance to the French tax law. As one of the most desirable places to live in Europe, there’s much more to love about Monaco than the tax-free lifestyle. Here, you can do anything from trying your luck at Casino de Monte-Carlo, to cruising along the coast of the French Riviera in a supercar.
For more information about how we can assist your move, get in touch with a member of our friendly expert team today.