Planning on moving abroad but haven't decided where yet? Maybe you'll enjoy these ideas for a tax-free lifestyle...
3 August 2016| Last updated on 18 October 2017
There are plenty of countries across the world that impose income tax on its residents; it's a tax levied directly on any personal income you earn in that place, imposed by the government within their jurisdiction.
However, if the thought of no longer paying income tax is attractive to you, perhaps one of these countries should be on your moving-to list...
Of course, be mindful of whether your home country have any regulations regarding income tax, and double check whether you may or may not have to continue these responsibilities once moving abroad.
Situated in the Middle East, Qatar is a Muslim country that has no income tax regulations or tax responsibilities for residents living here. The country's capital, Doha, is recognisable thanks to its futuristing skyscrapers, and the country itself is a diverse range of desert, flora and fauna.
This place is one of the world's wealthiest countries, and is an offshore finance hub and popular tourist destination... And residents living in Bermuda do not have to pay personal income tax. However, it is one of the most expensive places to live in the world, and there are other taxes in place for residents living here like payroll tax, social security, property taxes and others.
While The Bahamas rely heavily on tourism and offshore banking, there is no income tax for individuals living here. However, be mindful of the fact that there are import duties, national insurance and property taxes in place here.
The country known as Monaco does not regulate its residents tax income, inheritance or wealth. In fact, this country is home to the highest density of millionaires in the world.
This place isn't exactly a country, but a city in southeastern China. Vibrant and densely populated, Hong Kong is a major port and global financial center famed for its tower-studded skyline. Expats living here can expect not to pay income tax or capital gains tax, however there are some taxes on salaries earned here, plus business profit and rental income taxes.
Like its neighbouring Middle Eastern countries, Oman gains the majority of its revenue from oil. Expats living here won't need to pay individual income or capital gains tax, however citizens must contribute towards social security benefits while living here.
Located in the nestle of the Pyrenees mountains between France and Spain, Andorra is known for its ski resorts, tax-haven status, fashion boutiques and more. Not only is this place tax-free, but it is also VAT free as well, and so the place heavily promotes duty-free shopping galore!
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The United Arab Emirates
The oil-rich UAE has one of the world's highest per-capita incomes, and there is no personal income or capital gain taxes in place here, making it one of the most attractive countries to live in for expatriates. The country has a thriving economy, and very multicultural environment, too.
As the world's number one oil exporter, expats living in Saudi Arabia can expect no personal income tax in place, however there are social security payments and capital gains taxes to be paid while living here.
The Cayman Islands
This country is a British Overseas Territory, encompassing 3 islands in the western Caribbean Sea. Known for its beach resorts, scuba diving and snorkelling sites, The Cayman Islands are also recognised as a tax haven for expats seeking the tax-free lifestyle.
While Bahrain has no personal income tax in place, citizens here must pay 7 per cent of their income in social security, and expats must pay 1 per cent. Despite this, there are no taxes on renting homes and no stamp duties on real estate transfers, making this Middle Eastern country a go-to for expats seeing a tax-free lifestyle.
Similar to Bahrain, while there is no personal income tax applicable to residents and citizens living here, Kuwaiti nationals must contribute 7.5 per cent of their salaries for social security benefits.
Brunei has no personal income tax for individuals, which makes it an attractive place to move to for expats who want to earn money for their families at home. However, there are other forms of taxation that must be taken into consideration.