Which country has least taxes?

Bermuda, Monaco, the Bahamas, and the United Arab Emirates (UAE) are four countries that do not have personal income taxes.

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Some of the most popular countries that offer the financial benefit of having no income tax are Bermuda, Monaco, the Bahamas, and the United Arab Emirates (UAE). There are a number of countries without the burden of income taxes, and many of them are very pleasant countries in which to live. However, taking advantage of living in a no-income-tax country is not as easy as packing a suitcase and buying a plane ticket. Key Takeaways Bermuda, Monaco, the Bahamas, and the United Arab Emirates (UAE) are four countries that do not have personal income taxes. U.S. citizens are obligated to file and pay U.S. income taxes even if they live in another country. If you renounce your U.S. citizenship, you may end up paying a tax penalty called an expatriation tax.

Escaping Taxes by Renouncing Citizenship

Citizens of the United States cannot escape paying U.S. income taxes just by moving to another country. All U.S. citizens, regardless of where they choose to reside, are still legally obligated to file U.S. income taxes in the same way as if they were living in the U.S. It may seem appealing, but renouncing citizenship is not an easy task. First of all, many countries do not offer easy access to citizenship. In most instances, the process is lengthy and expensive. Some countries will purposefully keep the barrier of entry high so as to only attract top investment. Secondly, U.S. tax authorities were hit hard by the loss of dozens of multimillionaires 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 U.S. citizenship, imposing an expatriation tax that can become extremely expensive. For some, repatriating means more to them than the tax penalty incurred. Below is our analysis of some countries which are entirely livable—and quite beautiful—that do not impose an income tax.

United Arab Emirates

There are a number of oil countries in the Middle East that have no income or corporate tax, and the UAE is considered one of the most attractive with a relatively stable government and economy. The UAE has a thriving economy and a more multicultural environment than the majority of countries in the Middle East. This translates into excellent dining and entertainment options. There are also very good educational facilities available and a strong English-speaking populace. The UAE does levy corporate taxes on oil companies and foreign banks. It also levies a value-added tax (VAT) on most goods and services.

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The Bahamas

Enjoying the benefit of not having to pay income taxes in the Bahamas depends on residency, not on actually obtaining citizenship, making it one of the easier countries in which to access an income tax-free life. There is a minimum residency requirement for permanent residents of at least 90 days, and expats must maintain ownership of a residence for a minimum of ten years. The residence must also meet a minimum purchase amount that is prescribed by the Minister "from time to time" with persons that purchase a residence for more than BSD $750,000 getting "speedy consideration." As Caribbean islands go, the Bahamas is one of the relatively less-expensive ones in which to live. 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. Nassau, as is to be expected with a tourist area, has a somewhat high crime rate. Overall, the distance to the U.S. and the beautiful atmosphere make the Bahamas a great place for many tax ex-pats.

Bermuda

Bermuda is an even more attractive Caribbean income-tax-free destination than the Bahamas; however, it is also a much more expensive country in which to live. Its relatively isolated location makes Bermuda one of the most expensive cost of living spots in the Western world. Bermuda 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. Many U.S. expatriates living in Bermuda are employed in the well-developed financial sector that exists in the country. While Bermuda doesn't have a personal income tax, it does levy a payroll tax on employers and a land tax on homeowners and long-term tenants.

Monaco

Well-known as a perennial vacation playground for ultra-high-net-worth individuals, Monaco has long been considered one of the most beautiful and desirable places to live in Europe. Located on the French Riviera, Monaco has extensive, well-developed marinas that are usually occupied by a selection of yachts from around the world. A favorite of the rich is the Monaco Grand Prix, with many apartments renting for $10,000 or more a night during the event.

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Monaco is a city-state that is not much larger than the Vatican. 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 requires depositing at least 500,000 euros in a Monaco bank.

Honorable Mention: Andorra

Located in the Pyrenees mountains between France and Spain, Andorra enjoyed a reputation for many years as a tax haven that did not impose personal income taxes. That changed in 2015 when the country introduced a scalable tax rate capped at 10% for individuals making over 40,000 euros each year. Compared to personal income tax rates in other countries, Andorra's low rate might make it an attractive option given its other unique qualities. Andorra's mountain location makes it a scenic spot for skiers and mountain climbers. Other than skiing tourists, life in Andorra is relatively quiet and easygoing. Andorra is renowned for not only low tax rates but also for the lack of inheritance and gift taxes. In keeping with its tax-friendly attitude, Andorra has one of the most well-developed offshore banking industries in the world. Correction—Nov. 13, 2021: A previous version of this article incorrectly identified Andorra as a country without income taxes.

investopedia.com - 4 Countries Without Income Taxes - Investopedia

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