Most people move to a new country to make a better living and that mostly comes with lucrative salaries and the means to save money. We all aspire to earn more money and have attractive salaries and it really helps if we can relocate to a country where there is no requirement to shell out income taxes. Therefore, potential expats often decide on a country to move to, based on the income tax quotient that it offers. Moving to those nations with no income tax could leave expats the opportunity to make the most of the money that they earn. After all, that is justified because expats take extensive trouble to relocate to a new country after leaving the comforts of their own home. We’re looking at those countries of the world, where there is no requirement to shell out income taxes to the government.
What Is Income Tax?
Income tax is the money people pay on their income component. However, this rate is never fixed and can vary, depending on the income type it relates to. In some countries, people must pay this tax on certain incomes like wages from a job or the money that is earned from renting out a property. However, there are certain countries in the world, where your earnings remain tax-free.
United Arab Emirates
There are many rich oil-reserve countries in the Middle East and the best part about living in there is that they do not come with the income tax component. But the country that’s so far can be called the best possible one, keeping in mind all factors into consideration, is UAE. The country boasts of a thriving economy along with a multicultural environment, which are perfect for outsiders who want to make this country their home. There are multiple educational facilities in this country, which makes it an ideal choice for expat families. 92% of Dubai’s population is made up of expatriates. Experts from relocation service providers globally recommend Dubai as a preferred destination for people who wish to capitalise on this particular benefit of lack of income tax and high wages.
The Bahamas
The income tax quotient in the Bahamas mostly depends on residence permit of the people. Therefore, when it comes to opting for a life without the tax burdens, the Bahamas is one easy country to do so. Moreover, it’s known for being one of the less-expensive countries if one wants to live permanently. There is no need to shell out any corporate tax or inheritance tax in the Bahamas. This makes the place a great option for the expats.
Bermuda
Not only is this a beautiful country, Bermuda is often lauded for being a tax-free destination. Compared to the progress and development standards that have almost skyrocketed, this country is not that expensive a place, even though more than the Bahamas. The efficient public transportation services in this country along with the good roads, which are available at your fingertips, make Bermuda a very sought-after destination, mostly for expats who are keen to make a home as they struggle to emerge professionally in their new country. The lack of income tax, wealth tax, sales tax, capital gains tax, and VAT is the reason several expatriates and businesses are turning their heads to make this country their own.
Monaco
Monaco is often known to be Europe’s tax heaven. However, there’s one glitch. French nationals who are Monaco residents are required to pay personal income tax as per the French tax law. Apart from the tax-free life that Monaco offers, this country is amazing to live in. You can experience life at its finest aspects in here. Be it trying your luck at Casino de Monte-Carlo, or cruising along the coastal shores of the French Riviera in a supercar, you can live life king-size, in Monaco.
So, make up your mind, look for the right option for yourself and finalise the decision to relocate to a new country to discover the newer joys of life. And, for all relocation assistance, be it visa and immigration services, settling down and destination services, we, as one of the best when it comes to providing relocation services, and we are there for you every step of the way.