10 Countries with 0 Income Tax in the World 2021

citizens across the world are burdened with high income taxes however there are some countries where people are not charged any tax on their income instead of income taxes these countries have alternative sources of revenue to fund their government such as tourism investing oil production or mining although taking advantage and living in a no income tax country is not as easy as packing a suitcase and buying a plane ticket in most instances the process is lengthy and expensive some countries will purposefully keep the barrier of entry high to only attract top investment secondly tax authorities of different countries were hit hard by the loss of dozens of multi-millionaires and billionaires who have chosen to obtain citizenship in more tax-friendly countries in response these authorities have made it increasingly difficult and expensive to renounce their citizenship by imposing an expatriation tax that can become extremely expensive so here are 10 best countries with zero income tax number 10 saint kitts and nevis the full list of countries with no income tax is quite unsurprisingly dominated by the caribbean tax havens and probably the number one choice which allows you to easily establish residency and or citizenship is the island nation of saint kitts and nevis like the other countries on this list saint kitts and nevis has no income tax at all nor just about any taxes of any kind for that matter they receive most of their revenue from tourism and their offshore financial industry it is easy to establish permanent residents in saint kitts and nevis and they also offer the oldest and most well-known citizenship by investment program around number nine oman oman has been named the safest and the friendliest country in the world for expats to live and work it is no different than any other gulf countries taxation in oman is levied broadly taxable income at one percent on businesses and companies small taxpayers pay zero income tax and big oil companies engaged in petroleum operations are subject to tax at 25 oman is actually a country with steady growth and development leaving citizens to live a comfy and leisure life with low or zero income taxes number eight the bahamas located off the coast between miami and cuba the bahamas is one of the richest countries in this list with its turquoise waters and white sandy beaches it earns this rank thanks to its robust economy bolstered by tourism and offshore finance 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 expats who have chosen to make the bahamas home still travel back to the u.s for significant medical care additionally it is extremely easy to obtain an annually renewable temporary residence permit in the bahamas for one thousand dollars you will need to invest at least 250 000 in real estate in order to establish permanent residence though which allows you to become a tax resident number seven cayman islands when most people think of tax havens the cayman islands often sits at the top of that list for both big businesses and individuals alike the british overseas territory which is situated off the coasts of cuba and jamaica boasts zero corporate tax and zero income tax for residents its population is considered small at roughly 60 000 residents and is perfect for those who live for luxury and nature needless to say two biggest industries in the cayman islands are banking followed by finance with high interest rates number 6 qatar qatar is a rich country thanks to its oil reserves and is also relatively open to the west only some companies require to pay income tax in qatar salaries and wages are taxed although some self-employment and other types of income are this means most expats won't have to pay any qatari income tax the only tax being levied is the import tax but that is also quite reasonable all in all it's a good and safe place to live if you want to evade income tax or start a small business that being said like most countries with no income tax it's still difficult for foreigners to attain permanent residence since requirements are strict and few lawyers specialize in the area to even be eligible you must have lived in the country for over six years number five united arab emirates the uae has a thriving economy and a more multicultural environment than the majority of countries in the middle east it is well known for its oil wealth mega projects and their high quality of life to be exact the emirates are several small gulf states of which dubai and abu dhabi are the most famous the country does not levy income tax on individuals however it levies corporate tax on oil companies and foreign banks in terms of general livability the uae offers one of the most multicultural communities in the region the expat population in dubai and abu dhabi has soared over the past few years with around 90 percent of the total uae population being expats number four bahrain after the united arab emirates bahrain is probably the most attractive gulf state because you can become a resident here without a company assignment or without getting married bahrain has no personal income tax however citizens must pay seven percent of their income in social security while expats pay one percent there are also zero taxes on renting homes and stamp duties on real estate transfers overall bahrain promises very prosperous future for all its residents number three bermuda bermuda is considered a tax haven however bermuda does levy a number of taxes such as payroll tax on employers and land taxes there is no corporate income tax in bermuda and a company is considered a tax resident of bermuda if it is incorporated in the country however its relatively isolated location makes bermuda one of the most expensive cost of living spots in the western world it is also known for having one of the most offshore companies in the world furthermore it is much more developed than most caribbean islands with excellent roads and public transportation and beyond that from its famous pink sand beaches to its upscale restaurants bermuda is considered one of the most scenic and pleasant countries in the caribbean the majority of u.s expatriates living in bermuda are employed in the extensive financial sector that exists in the country number two kuwait another tax-free gulf state is kuwait again the abundant oil supply allows for tax exemption but just as in most other gulf states acquiring a permanent residence permit is very difficult here almost the only option for this is to be sent into the country by a company also the kuwaiti diner is the most valuable currency in the world the high value of its currency is explained by significant oil exports into the global market number one monaco well known as a perennial vacation playground for ultra high net worth individuals monaco is considered a tax haven because of its tax laws and policies a person must live in the principality for six months and one day out of the year to be considered a resident monaco does not collect capital gains taxes and does not levy net wealth taxes additionally it has one of the lowest crime rates of any country in the world however one drawback is monaco is also one of the most expensive places in the world to live accessing monaco's income tax-free financial environment is quick but not cheap a legal residence permit can be obtained in less than three months but does require depositing approximately half a million dollars in a monaco bank thanks for watching be sure to subscribe for more amazing content

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Id: UT-xAg7S9_4

Length: 8min 45sec (525 seconds)

Published: Mon Jun 28 2021