Pay low to zero taxes and still live an exotic life?
Who would not dream of living in a sunny island with a pocket full of paychecks!
Ask most people around the world and they would agree on this one thing- the other certainty in life apart from death is paying taxes!
I mean, who would not dream of living in a sunny island with a pocket full of paychecks! But taxes just chop a big percentage of it right off.
Well, a finer quality of life is a reality in the countries with low to zero taxes because of the abundance flow of revenue. These countries have low taxes because they get money from natural resources or businesses like tourism.
Just take a look at the countries where the government will not take money from you for you to enjoy the best.
Tax rate: 0%
Oracle Team USA is headquartered in Bermuda, the world's richest sailing yacht team sponsored by billionaire businessman Larry Ellison. That should give you a hint of the immense wealth of this Caribbean destination. When you talk about tax-free havens, Bermuda is as luxurious and idyllic.
The drawback? Because of its relative isolation from the eastern coasts of the United States, living costs are astronomical. Those who work in Bermuda tend to experience a luxurious lifestyle supported by high-paid jobs, but again, this is to the detriment of high living costs–almost four times that of the United States and three times that of the United Kingdom or Canada.
Income tax: 0%
With Instagrammable swimming pigs and scenic pulling power like this, it's no wonder that the Bahamas don't have to impose income tax on residents looking to make life between turquoise waters and white sands.
Located off the coast between Miami and Cuba, after the US and Canada, The Bahamas is one of America's richest countries due to its strong economy, supported by tourism and offshore finance.
You'll need to invest US$ 250,000 in property if you're planning to stay for a long time or stay permanently.
Tax rate: 10%
Andorra, a quaint little country in the Pyrenees mountains, sandwiched on the border between France and Spain, for those who prefer snow to sun. While not a tax-free haven–individuals who make up more than € 40,000 a year need to pay 10 percent tax.
With a population of 20,000, this country is considered to be one of the safest. However, getting citizenship is a long process taking over 10 years.
Tax rate: 0%
This annual destination for ultra-high-net-worth people is also one of the most beautiful in the world. With dedicated marinas wrapped around natural cliff faces, mansions and luxury hotels bordered by a sea of superyachts, it just doesn't get any better than this.
Getting the citizenship of Monaco is easy. The banks require a minimum deposit of between € 500,000 and € 1,000,000 to apply for citizenship.
Tax rate: 25%
Belize is considered a tax haven as one of the cheaper Caribbean resorts. To begin with, the taxes are low. For individuals and businesses with the first US$ 10,000 exempt, income tax is capped at 25 percent. There are also no taxes on capital gains and property taxes are priced at 1-1.5% of the estate. Belize International Business Corporation's dividends, which are offshore corporations that do not include US income, are tax-free. There is zero inheritance tax as well.
The temperature does not fall under 21°C and the country comes with a stunning natural beauty too.
United Arab Emirates
Income tax: 0%
There are many oil-rich countries littered across the Middle East that do not tax residents on income, but the United Arab Emirates is generally considered one of the most popular due to its stable government, educational facilities and a robust economy.
The UAE provides one of the most diverse cultures in the world in terms of general liveability. In addition to a large English-speaking community, there are plenty of dining and entertainment options available.
However, they do have some strict rules on alcohol, homosexuality and public affection.
Tax rate: 0%
The other Muslim country with zero taxes may be beautiful and all, but the government is a borderline dictatorship. Strict sharia law is followed here.
Hence, you won't be able to enjoy the exotic life on the island but hey, no taxes!