Are you tired of giving half of your income to the government in form of taxes? The tax situation today in the United States and some other western countries are worst than ever. As an entrepreneur, remote worker, or a freelancer you can save the money you are currently spending on income tax by migrating to other countries with no(Or very low) taxes.
Here are 5 countries with no(or very low) taxes. Moving to any of these countries will give you a tax break and get you closer to your dream of becoming financially independent.
Bahrain is regarded as one of the most popular destinations in the middle east by westerners. They like the open and carefree culture of Bahrainians. Nearly 50 percent of the population in Bahrain consists of expats. So, you don’t have to worry about fitting in a Muslim country. It the second country–after Qatar– in the Middle East with no taxes. Getting citizenship is also fairly easy.
Monaco is another country with no taxes. It is well known for its luxurious lifestyle and lenient tax system. Only French national living in Monaco are supposed to pay tax. That too for the initial five years. Otherwise, Monaco is one of the best destinations for wealthy people looking to become even more wealthier. However, you will have to pay relevant tax if you own a business in Monaco. But still, it’s nothing compared to that in the other western countries.
3) The British Virgin Islands
The British Virgin Islands is governed by the British and is situated in the Caribbean Islands. It’s an Island nation consisting of 4 separate pieces of Islands. The British Virgin Islands is best for people who love yachting in the ocean. Wealthy people around the world have offshore accounts in The British Virgin Islands. The banks here protect your funds without you having to pay any taxes.
4) The Bahamas
The Bahamas is an Island nation in the Atlantic Ocean. It comprises of 700 tiny Islands. All rich with natural resources and exotic animals. Although the Bahamas is a tourist destination, you could consider immigrating there permanently. It is very closer to America, so most of the immigrants there are Americans enjoying their twilight years or people like you who are looking for a tax-free country. To settle here permanently, you are required to buy a house or pay an annual fee of around $1000.
5) St Kitts and Nevis
Saint Kitts and Nevis is another country with no taxes. It is an Island nation situated in the Caribbean sea. You can a citizen today by making a one-time payment of $300,000 for a single person and $400,000 for a couple. Another benefit of becoming a citizen of St Kitts and Nevis is you can a powerful passport which allows you to visit 130 countries with no visa requirements. This is very essential for businessmen who travel a lot.
You don’t have to be a millionaire to benefit from moving to a country with no taxes. You could still benefit by moving to one of the above countries even if you are a new college grad or an accountant in his/her 30’s. Many of these countries would be happily welcome you if you make a tiny investment in the form of real estate or an annual fee. Moreover, this decision can decide how your future is going to look like. So, think deeply and make an informed decision.