Countries With No Income Tax
Saturday, Aug 15, 2020, 6:12 pm
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1.Andorra
There is no income tax in Andorra on individuals or corporations, but that's about to change. The country will collect its first income tax beginning in 2016.The new tax will apply to anyone who lives in the territory for at least 183 days in a calendar year. Andorra's chief industry is tourism. The country's lack of income tax has attracted many wealthy people who are not citizens but who make up more than 50 percent of Andorra's population.
2.Saint Barthelemy
Saint Barthelemy, also known as St. Bart's, levies no personal or corporate incomes taxes. Before this came to pass, the country was extremely poor. Once things started getting better for the region financially it wasable tokeep away the mainland's tax push. Though there are no personal or corporate income taxes, French citizens that move there after 2007 must pay mainland income tax for five years.
3.Brunei Darussalam
Brunei Darussalam is the only Asian country with zero income taxes. Although there is no income tax, employees are mandated to pay 5 percent of their earnings to a social security trust fund, and 3.5 percent to a pension scheme. Other taxes include a 12 percent tax on buildings located in the capital city of the sultanate.
4.Saudi Arabia
As the No. 1 oil exporter, it's more than fair that Saudi Arabiadoesn't levy a tax on salaries. However, self-employed expats are taxed at a rate of 20 percent. Petroleum is the main source of funding for the government - it accounts for about 75 percent of budget revenues, 45 percent of GDP and 90 percent of export earnings.
5.Cayman Islands
The Cayman Islands draws in a large number of tourists yearly; and that's not all they draw in. Apparently, the region is a huge attraction for the wealthy, which is due to their zero personal income and capital gains taxes. Workers don't even have to use any of their income to contribute to social security benefits. The Cayman Islands does have indirect taxes, of up to 25 percent, on import duties.
6.Kuwait
Kuwait holds the title for having the world's sixth-largest oil reserves. The country's petroleum accounts for almost half of its GDP. Kuwait has no income tax but employees do have to pay for social security benefits out of their salary. In 2012, Kuwait was forced to increase wages by 25 percent after an abundance of strikes and protests by public sector workers, who were unhappy with their wages,took place.
7.The Bahamas
The Bahamas is one of the wealthiest Caribbean countries. Its economy is primarily dependent on off-shore banking and tourism. Approximately 70 percent of its government incomeis from duties on imported goods. There is no personal income tax, but workers do have to pay 3.9 percent of their salary, for National Insurance - which is a form of Social Security.
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8.Bermuda
Bermuda is the perfect place to escape work and income taxes. The country is hailed as one of the richest in the world. Bermuda has no income taxes, but it is also one of the places in the world with the highest costs of living. Workers may be asked by employers to pay about half of a 14 percent payroll tax that the employer has to pay to the government on the first $750,000 of an employee's income. Bermuda is a nice place to visit, but that last sentence does not make you want to live there.
9.Bahrain
Bahrain levies absolutely no personal income tax. Instead,the region relies on output from the Abu Safa oilfield for income. Citizens do have to contribute 7 percent of their total income to the government, for social security benefits, but that's a small price to pay when you think about what they don't have to pay.
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10.Oman
Most people probably couldn't locate Oman on a map, but after reading this you might want to do some research on the region. The Middle Eastern countrygets the majority of its income from crude oil. Oman's oil profits accounts for almost 70 percent of its total revenue. Though the region does not implement taxes on individual citizens of Oman must contribute 6.5 percent of their monthly salary for social security benefits.
11.Qatar
Qatar may not be the most popular country in the world, but it's no income tax incentive is enough to make anyone want to live there. Qatar is the world's richest country with GDP per capita of $102,800. Qatar relies on its natural gas reservesfor revenue. The country charges no taxes on personal incomes, royalties, or profits.
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12.United Arab Emirates
It's time to pack up and move to the United Arab Emirates. The UAE has no personal income or capital gains taxes. In fact, the country has one of the highest per-capita incomes ($49,000 on average)in the world. The country generates revenue from oil companies that pay up to 55 percent in corporate taxes.
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