The tax season just passed and while we are burdened with taxes, there are countries with no income tax at all. Instead, they have other sources of revenue to fund their government such as tourism, oil production, mining etc. The countries on this list are so beautiful that they’d surely make you want to move. Let’s have a look at them.
1. UAE (United Arab Emirates)
UAE, the beautiful country located at the eastern end of the Arabian Peninsula, is a thriving economy with a multicultural environment. From education to healthcare, UAE provides top-notch facilities for its residents.
The best part? UAE is a tax-free country. Yep, you read it right. The citizens have to pay zero tax on their personal income while living a high quality of life. The major source of revenue for the country is the corporate tax on the oil companies and foreign banks.
2. Monaco
The second smallest country in the world, Monaco, is situated on the Mediterranean Sea. Monaco does not collect any capital gains taxes nor levy any wealth taxes. This beautiful country has the lowest crime rates of any country in the world but is also one of the most expensive countries to live.
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3. Cayman Islands
The Cayman Islands is a tropical island nation situated between the Atlantic Ocean and the Caribbean Sea. Just like other countries on the list, there is no personal income tax in the Cayman Islands. Not just that, there are no gift tax, death duties, estate tax, inheritance tax or even capital gains tax on worldwide income either.
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4. Qatar
Qatar is an oil-rich nation located on the Persian Gulf. Qatar does not impose income tax on employed individuals’ salaries, wages, and allowances though an individual is taxed if they have generated qualifying Qatar-source income.
5. Bahrain
Situated on the Persian Gulf, Bahrain is a small archipelago consisting of 50 natural islands and 22 artificial islands. Bahrain is another oil-rich country on the list implying zero personal tax for its citizens. There are no taxes on sales, capital gains, or estates either.
Bahrain generates its income by levying high taxes on businesses that operate in the oil and gas sector or derive profits from the extraction or refinement of fossil fuels.
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6. Bermuda
Bermuda is yet another tax haven as there is no income tax imposed on the individuals. Not only that, there are no corporate income taxes, VAT or Sales Taxes either. It does impose a payroll tax which is paid by the employers.
7. Kuwait
Kuwait is located at the tip of the Persian Gulf, bordering Iraq to the north and Saudi Arabia to the south. Kuwait doesn’t impose income tax on the income earned by an individual. Though there’s a contribution towards Social Security wherein both employee and employer contributes.
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8. The Bahamas
Palm-fringed tropical islands surrounded by turquoise waters, the Bahamas is a tourists haven. The Bahamas has a robust economy contributed by the tourism sector and is one of the richest countries on the list. The citizens of the Bahamas don’t have to pay any taxes on income, inheritance, gifts, or capital gains making it a tax haven as well.
9. Oman
Oman is another Middle Eastern country on the list. It is also heavily dependent on oil and gas for the sources of revenue. There is no personal income tax or other taxes for an individual in the country.
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10. St. Kitts and Nevis
A Caribbean tax haven, Saint Kitts and Nevis is a dual island nation situated between the Atlantic Ocean and the Caribbean Sea. St. Kitts and Nevis don’t have any income tax or any other kind of taxes for that matter. The main source of revenue is tourism, and they also provide economic citizenship programs for foreign nationals.
11. Vanuatu
Vanuatu is a South Pacific island nation. There are no income taxes, taxes on profits, dividends or income, and capital gains tax in the country.
All these countries are beautiful and also a tax haven for the residents, a combination that surely makes us wanna move.
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