As of today, there are plenty of countries that are living free from income tax in the world. Without any unnecessary information, I’m going to talk about those top five countries with no income tax directly. Before you think about getting citizenship, some of them aren’t suitable for one to live.
- United Arab Emirates: You might be aware of how UAE is considered as one of the oil countries in the Middle East that are free from income tax and the United Arab Emirates is attractive and have a stable economy. The UAE has a flourishing economy with more multi-cultural surrounding than other countries. The rule of law is followed by everyone and quite seriously. Also, they offer incredibly brilliant educational and entertainment facilities.
- The Bahamas: This country indeed is enjoying the perks of not having to pay income taxes depending on the residence and not on obtaining citizenship. One can meet the residency needs by paying the annual residence permit or by earning a permanent residence permit by virtue of purchasing real estate. The Bahamas is relatively inexpensive islands or country to live.
- Bermuda: Bermuda is an attractive income tax-free Caribbean island than the Bahamas but somehow it is a lot more expensive to live. It is based in an isolated location which justifies the expensive price of living in this western side of the world. About a gallon of milk will cost you around 10-15$ and modestly flat will be about 2,000$ a month or even more. Since Bermuda is a lot developed a place to live than most of the Caribbean islands.
- Andorra: Located in the mountains between Spain and France, Andorra has been dealing with pressure from the European Union to establish income tax but somehow it still is free from income tax. Andorra’s location makes it a beautifully scenic spot and people find it a really quiet and easygoing place to live. Terms like Income tax and Value Added Tax doesn’t exist which is why more and more Europeans keeps driving in to buy cigarettes, apparel, liquor, and electronics.
- Monaco: This perennial vacay playground has been considered as one of the most desirable locations to live in Europe. Since it is located on the French Riviera, it is brilliantly developed that is occupied by the selection of the finest yachts from across the world. Monaco is famous for having the lowest crime rates in the world but everything comes with a price and hence, it is one of the fanciest ‘expensive’ places to live.
So these were the top five countries that are free from income tax. To learn more latest informative content, stay tuned with Joe Madrajat Blogs.