FIVE INCOME TAX-FREE COUNTRIES
Despite pressure from the European Union, Andorra remains an income tax-free country. Located in the Pyrenees mountains between France and Spain, needless to say the country has a very panoramic spot. Andorra is also a value-added tax-free nation, making many Europeans purchase goods such as clothes or electronics. Because of its tax-friendly attitude, the country is known as one of the world’s most well-developed offshore banking industries. However, it will take you at least 10 years to become a naturalized Andorran.
Bahamians enjoy the following benefits: no personal income tax, no capital income tax, no gift tax, and no inheritance taxes. A person needs to pay an Annual Residence Permit or secure a permanent resident status by acquiring a real estate property in order to fulfill the residency requirement. The Bahamas is one of the less expensive countries to live in. It also has good infrastructure and service, but medicine is the only service a bit below par. Although its capital, Nassar, records a high crime rate, the country is a pleasant place to live.
The British island territory, even though it is a tax-free destination, is a more expensive country to in which to live. For instance, a gallon of milk costs between $10 and $15. Bermuda, with exceptional roads and public transportation, is popular for a distinctive blend of British and American culture, as well as pink sand beaches and upscale restaurants.
A haven for wealthy individuals, Monaco is one of the breathtaking places in the region. Situated on the French Riviera, the European nation has glitzy casinos, and also has well-nurtured marinas normally occupied by various yachts worldwide. A city state that is not much bigger than the Vatican, the nation has one of the lowest crime rates in the world. However, it is much expensive to live in the country as housing prices are more or less double that of anywhere else in Europe. Experiencing Monaco’s tax-free environment is an easy yet costly process. You can obtain a legal residence permit in less than three months, but you need to deposit almost half a million dollars in a Monaco bank.
United Arab Emirates
Numerous oil countries in the Middle East do not impose income tax, including the United Arab Emirates. Considered as one of the most attractive nations, the UAE has a stable government and thriving economy; as a result, offering first class dining and entertainment options. The nation also provides superb educational facilities. Although corruption remains a concern, the Emirati people strictly abides by the country’s rule of the law.
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