The tax season is here and while we all are burdened with taxes, there are countries with no income tax at all. You read that right! There are other sources of revenue to fund their government – mining, oil production, tourism, etc. The countries on this list are scenic and would surely make you want to shift. Take a look:
UAE (United Arab Emirates)
UAE, located at the eastern end of the Arabian Peninsula, is a thriving economy – From healthcare facilities to the education system, UAE has the best facilities for its residents.
That’s not all, there’s no income tax in UAE. You read it right! The residents do not have to pay any tax on their personal income while living a high quality of life. Corporate tax on oil companies and foreign banks is the major source of revenue for the country.
Situated on the Mediterranean Sea, Monaco is the second smallest country in the world. The country does not collect any capital gains taxes nor levy any wealth taxes. Monaco is one of the most expensive countries to live in.
An oil-rich nation, Qatar is located in the Persian Gulf. Employed individuals do not have to pay taxes on their salaries, wages, and allowances. But an individual is taxed if they have generated qualifying Qatar-source income.
Bahrain, a small archipelago consisting of 50 natural islands and 22 artificial islands is another oil-rich country where you do not have to pay personal tax. There are no taxes on estates, sales, or capital gains either. High taxes are levied on businesses that operate in the oil and gas sector. The country also generates its income from the profits made from the extraction or refinement of fossil fuels.
If you live in Bermuda, you don’t have to pay income tax. Not only that, there are no VAT, corporate income taxes, or Sales Taxes either. That’s not all, employers do not have to pay a payroll tax.
Kuwait doesn’t impose income tax on the income earned by an individual. However, the residents have to contribute towards Social Security.
The Bahamas is a tourist haven – That contributes to boosting the economy. The residents do not have to pay any taxes on income, inheritance, gifts, or capital gains making it a tax haven as well.