Availing of the lowest possible tax rate has become a top priority for individuals and businesses all over the world. As such, a number of countries have positioned themselves as go-to destinations for those seeking to minimize their tax liabilities. Here are 10 of the best places to relocate to if you’re looking to keep more of your money in your own pocket.
1.Bahrain – With a corporate tax rate of only 0-10%, Bahrain is one of the most business-friendly countries in the world. Add in the fact that there is no personal income tax, and it’s easy to see why this Arabian Gulf state is a top destination for those looking to minimize their tax burden.
2. Bermuda – This popular tourist destination is also well-known as a premier offshore financial center. Thanks to its favorable taxation regime, which includes no personal or corporate income taxes, as well as no capital gains taxes, many individuals and businesses choose to relocate here.
3. Cayman Islands – The Cayman Islands offer a number of advantages for those looking to reduce their tax liability, including no personal income taxes, no corporate taxes, and no capital gains taxes. Add in the fact that it’s home to some of the world’s largest banks and hedge funds, and it’s easy to see why this British Overseas Territory is such a popular tax haven.
4. Gibraltar – Another British Overseas Territory, Gibraltar offers numerous benefits for those looking to minimize their taxes, including no corporate income taxes, no capital gains taxes, and no inheritance taxes. And with its low personal income tax rates ( ranging from 0% for low earners up to only 30% for high earners), it’s easy to see why Gibraltar is such a popular choice for expats.
5. Guernsey – This Channel Island offers a number of advantages for those seeking to reduce their taxes, including low personal income tax rates ( ranging from 0% for low earners up to only 20% for high earners) and no capital gains taxes or inheritance taxes. And with its status as an international finance center, it’s easy to see why Guernsey is such a popular choice for both individuals and businesses alike.
6. Isle of Man – Like Guernsey, the Isle of Man offers low personal income tax rates and no capital gains taxes or inheritance taxes. However, what sets the Isle of Man apart from other jurisdictions is its extensive network of double taxation treaties, which makes it an attractive destination for businesses looking to minimize their overall tax liability.
7. Jersey – Another Channel Island, Jersey offers many of the same benefits as Guernsey (low personal income tax rates and no capital gains taxes or inheritance taxes). However, what makes Jersey particularly attractive is its status as an international finance center, which provides businesses with access to a large pool of potential investors.
8. Monaco – Although often associated with wealth and luxury, Monaco is also known as being one of the most favorable places in the world when it comes to taxation. That’s because there is no corporate income tax or Capital Gains Tax in Monaco. And while there is a personal income tax (ranging from 0% for low earners up to only 35% for high earners), Monaco residents can take advantage of a number of deductions and exemptions that help minimize their overall liability.
9. Singapore – Singapore has long been known as a business-friendly jurisdiction thanks to its pro-business policies and low tax rates (corporate tax rate is only 17%). However, what really makes Singapore stand out from other jurisdictions is its widespread use of double taxation treaties , which helps companies minimize their overall global tax liability .
10. United Arab Emirates – The UAE offers numerous advantages for those looking solely on taxation , including zero percent Corporate Income Tax on foreign companies , zero percent Personal Income Tax on foreign nationals ,and zero percent Capital Gains Tax . Add in the fact that there are numerous Free Trade Zones located throughout the country , and it ‘s easy seeing how appealing the UAE can be businesses across multiple industries .
There are plenty of options available if you’re looking to reduce your tax liability by relocating to a foreign jurisdiction . However , it’s important to understand how each country works before making any decisions , as not all “tax havens” are created equal . Be sure to your due diligence before making any moves , so you can be sure you’re getting the most benefit possible for your particular situation.
Note: Before making any Judgement we recommend you to read the official government policy of designated country