Countries Without Income Tax
There are a number of countries without the burden of Income Tax and many of them are
very pleasant countries to live in. However, taking benefit of living in a no-income-tax
country is not as easy as packing a suitcase and buying a plane ticket.
A few of such countries are -
1. United Arab Emirates (UAE) - There are number of oil countries in the Middle East that
have no income tax and UAE is considered as one of the most attractive with a relatively
stable Govt. and economy. The country is having multi cultural environment than the
majority of countries in the middle East. There are good education facilities and a strong
English -speaking population.
2. The Bahamas - As Caribbean islands go, The Bahamas is one of the relatively less- expensive
ones to live in. Enjoying the benefit of not having to pay Income Tax, the Bahamas depends
on residency, not on actually obtaining citizenship, making it one of the easier countries to
access an Income Tax free life. An individual can satisfy the residency requirement by paying
for an annual Residence Permit or obtain permanent resident status by purchasing Real Estate
in The Bahamas. Overall, the country has good infrastructure and services. The one area where
services are considered a bit below par is the area of medicine. Many U.S expatriates who have
chosen to make The Bahamas home still travel back to U.S for significant medical care.
Nassau, Capital as is to be expected a heavily tourist area, has a somewhat high crime rate.
Overall, the distance to U.S and the beautiful atmosphere make The Bahamas a great place
for many tax expats.
3. Bermuda - Bermuda is an even more attractive Caribbean income tax-free destination than The
Bahamas, however, it is also a much more expensive country to live in. A gallon of milk costs
between $10 and 15 and a nice Apartment can run as high as $ 2000 a month or more. Its
relatively isolated location makes it one of the most expensive cost of living spots in the Western
world. It is much more developed than most of the Caribbean Islands. Majority of U.S expatriates
living in Bermuda are employed in the extensive financial sector that exists in the country.
4. Monaco - Is known a vacation play ground for HNIs, considered to be as a most beautiful and
desirable places to live in Europe. Located on the French Riviera, Monaco has well developed
Marinas that are usually occupied by a selection of Yachts from around the world. It has one of
the lowest crime rates of any country in the world. The drawback is that Monaco is also one of
the most expensive places in the world to live. Accessing its Tax-free financial environment is
quick but not cheap. A legal residence permit can be obtained in less than three months but
requires depositing half a million Dollars (app.) in a Monaco bank.
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very pleasant countries to live in. However, taking benefit of living in a no-income-tax
country is not as easy as packing a suitcase and buying a plane ticket.
A few of such countries are -
1. United Arab Emirates (UAE) - There are number of oil countries in the Middle East that
have no income tax and UAE is considered as one of the most attractive with a relatively
stable Govt. and economy. The country is having multi cultural environment than the
majority of countries in the middle East. There are good education facilities and a strong
English -speaking population.
2. The Bahamas - As Caribbean islands go, The Bahamas is one of the relatively less- expensive
ones to live in. Enjoying the benefit of not having to pay Income Tax, the Bahamas depends
on residency, not on actually obtaining citizenship, making it one of the easier countries to
access an Income Tax free life. An individual can satisfy the residency requirement by paying
for an annual Residence Permit or obtain permanent resident status by purchasing Real Estate
in The Bahamas. Overall, the country has good infrastructure and services. The one area where
services are considered a bit below par is the area of medicine. Many U.S expatriates who have
chosen to make The Bahamas home still travel back to U.S for significant medical care.
Nassau, Capital as is to be expected a heavily tourist area, has a somewhat high crime rate.
Overall, the distance to U.S and the beautiful atmosphere make The Bahamas a great place
for many tax expats.
3. Bermuda - Bermuda is an even more attractive Caribbean income tax-free destination than The
Bahamas, however, it is also a much more expensive country to live in. A gallon of milk costs
between $10 and 15 and a nice Apartment can run as high as $ 2000 a month or more. Its
relatively isolated location makes it one of the most expensive cost of living spots in the Western
world. It is much more developed than most of the Caribbean Islands. Majority of U.S expatriates
living in Bermuda are employed in the extensive financial sector that exists in the country.
4. Monaco - Is known a vacation play ground for HNIs, considered to be as a most beautiful and
desirable places to live in Europe. Located on the French Riviera, Monaco has well developed
Marinas that are usually occupied by a selection of Yachts from around the world. It has one of
the lowest crime rates of any country in the world. The drawback is that Monaco is also one of
the most expensive places in the world to live. Accessing its Tax-free financial environment is
quick but not cheap. A legal residence permit can be obtained in less than three months but
requires depositing half a million Dollars (app.) in a Monaco bank.
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