Are you fed up for paying taxes? Well, let’s take you through some countries that are tax havens or their economies highly depend on natural resources like oil. These countries have economies that are stabilised to a degree that makes it unneccessary to collect taxes. Which can be a dream come true for its citizens and expatriates. So, here are 10 countries across the world where you don’t need to pay taxes.
1. The UAE
It perfectly makes sense why the UAE is right on top of this list. This Arab nation is highly rich in natural resources like oil so they don’t need to boost theri revenue through the income of citizens. People staying in the UAE can enjoy the benefits of tax-free salaries. With zero taxes, foreign ownership opporuntiies, the UAE is an attractive destination for people who wish to settle down here.
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2. Panama
A “tax-haven”, Panama thrives on tax-friendly laws and a flexible legal strucrture. Both individuals staying in Panama and offshore companies don’t have to pay taxes. While offshore companies that negage in business from outside Panama can enjoy zero corporate tax, those engaged in local business must pay minimal local taxes. The Central American nation dotted with beaches, casinos and skyscrapers can be a wonderful destination to visit and live.
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3. Bahamas
Think of a perfect holiday by the beach, and yu’d certainly want to visit Bahamas. But here’s another reason to not juts visit but even settle there amid the lush green coconut groves. Bahamas doesn’t charge any income tax to its residents. Endowed with breathtaking beaches and a fast grwoing economy, Bahamas is one of the most livable nations in the world. The no income tax policy is the cherry on the cake. But if you wish to stay here longterm, you’d need to make long term investments in property for permanent residence.
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4. Qatar
The tax-free environment, cosmopiltan vibe and welcoming atmosphere in Qatar makes it one of the best places to stay in the Middle East. The Arab nation offers tax-free personal income to residents. However, commercial acitivities would attract 10 percent of the company’s total state income. You must pay this annually. Rental income would also be subjected to 10 percent fixed tax rate. So any plans to permanently stay in Qatar?
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5. Bermuda
Taxes are out of Bermuda and into the Bermuda triangle. In short, Bermuda has no taxes. The Carribean destination is an income-tax free haven. More developed than other Carribean islands, youur stay in Bermuda would encompass travelling on excellent roads and using great public transportation. However, do keep in mind that Bahamas is an expensive nation to live in as it’s relatively isolated. But if the pink sand beaches and swanky restaurants beckon you, then Bermuda is the place to be.
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6. Monaco
The stunning country of Monaco on the French Riviera is one of the best tax-free countries to live in. It’s safe, luxurious and yet residents don’t need to pay a penny in taxes. The European elite, love investing and staying in Monaco for the lomng run. Do keep in mind that in order to become a resident, you need to shell out big bucks to prove your wealth. Monaco thrives on being on eof the easier places for expatriates to become citizens.
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7. Cayman Islands
Another Carribean island nation that boasts of zero taxes is Cayman Islands.This nation makes plenty of revenue through offshore finane sectors and bustling tourism. With high living costs, you’d need to be prepared to pay a large sum on investments to gain long term residency. It’s a viable option to consider for those willing to make massive investments in real estate and local businesses.
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8. Kuwait
Another Middle East nation that thrives on being tax-free is Kuwait. Generating revenue through natural resources like oil, Kuwait promises tax-free personal income to everyone irrespective of the nationality. So, this means that Kuwait’s tax law doesn’t differentiate people on the basis of resident and non-resident. But if you do open a foreign corporate venture in Kuwait, you’d have to pay 15 percent of the income to the Kuwaiti government.
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9. Vanuatu
Vanuatu, a South Pacific Ocean country is made up of 80 islands. It’s known for offering stunning coral reefs, blue waters, scuba diving and more. The beautiful nation earns revenue through tourism. It’s one of the few countries in the world where you can easily get a second passport, both quickly and cheapily. Vanuatu doesn’t take any taxes. Infact the country has started taking Bitcoin as investment currency.
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10. Oman
Oman is another tax-free nation that also boasts of business-friendly tax laws. While businesses must cough up 15 percent in taxes on their taxable income, petroleum companies must shell upto 55 percent in tax. When it comes to tax free laws, wealth, property and capital gains all enjoy benefits under this umbrella. So if you want to escape taxes, ow about moving base to Oman?
Well, these are some of the nations across the world that offer zero taxes to individuals.
