Tired of paying high taxes out of your hard earned income? We are not saying that paying taxes is wrong, but we might have found a perfect solution for you to tackle this problem.
There are countries around the world with no taxes their government earns money through various other sources like tourism, exports, oil production, etc. We have a list of 10 beautiful countries that have no taxes, which will save you a lot of money and let you explore guilt-free. We hope this list makes you want to pack your bags and move.
- Monaco
Besides being famous for hosting the oldest Formula 1 race on the calendar, Monaco earns its name for not collecting any capital gains or wealth taxes. The second smallest country in the world is situated on the Mediterranean Sea. However, it is one of the most expensive countries to live in.
- United Arab Emirates (UAE)
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UAE is one of the most exciting countries in the world, and the citizens do not have to pay any tax on their personal income while maintaining a high standard of living. UAE earns its money majorly through the corporate tax on foreign banks and oil companies.
UAE is located at the Eastern end of the Arabian Peninsula and is a perfect country to move to.
- Bahrain
Bahrain is a small archipelago consisting of 50 natural and 22 artificial islands in the Persian Gulf. Bahrain is a country that has substantial oil reserves and does not levy any personal tax on its citizens, and there are no sales, capital gains, or estate taxes either.
The country generates income by levying taxes on businesses that operate in the oil and gas sector or from the extraction of fossil fuels.
- Cayman Islands
The Cayman Islands is a tropical island nation between the Caribbean Sea and the Atlantic Ocean. There is no personal income tax, gift tax, death duties, estate tax, inheritance tax, or capital gains tax in the Cayman Islands. This included with the view you will get to see, makes the Cayman Islands the perfect place to shift.
- Qatar
Qatar is another oil-rich nation in the Persian Gulf. It doesn’t levy income tax on individuals’ sales, wages, and allowances.
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- Bermuda
Bermuda is another beautiful place that has no income tax imposed on individuals. Apart from that, there is no Sales Tax or VAT either. However, it does set a payroll tax paid by the employers.
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- Oman
Oman is a Middle Eastern country that has rich oil and gas reserves. This country does not impose any personal income tax or other taxes on the individuals in the country.
- Kuwait
Located at the tip of the Persian Gulf, Kuwait doesn’t impose any income tax on the income earned by any individual. However, there is a contribution towards Social Security in which both the employees and the employers contribute.
- The Bahamas
The Bahamas is a tropical island that is surrounded by turquoise waters. The Bahamas earns the majority of its income through its tourism sector. The citizens don’t have to pay taxes on income, gifts, inheritance or capital gains.
- Vanuatu
Vanuatu is an island nation that does not levy income taxes, taxes on profit, and capital gains.
All these countries on this list are a perfect place to move because they are very beautiful and are also tax havens.
