GitLab

wsj.com
The American polymath Benjamin Franklin memorably said there is 'nothing certain however death and taxes' - however there are a couple of locations worldwide where you can avoid paying income tax.

The super-rich have actually long cashed in on this, however more people are being lured by the lure of lower-tax jurisdictions for long-term wealth conservation.

Yet is no longer the protect of the ultra-wealthy.

' Remote work, dual citizenship, global hiring patterns - they've all lowered the barriers,' states Nigel Green, CEO of deVere Group, a financial advisory and property management company. 'If [enthusiastic people] are not being rewarded at home, they're progressively comfy checking out alternatives abroad.'

In the UK, current financial grenades consist of completion of non-dom regime and inheritance tax breaks on possessions kept in overseas trusts, plus a freeze on income tax limits that has pushed more people into higher tax brackets till at least 2028. Meanwhile, the plan to consist of pensions as part of estate tax from April 2027 is currently in the proposal phase.

The outcome? The UK has actually lost more billionaires in the previous year than at any other time in history.

Some will seek to countries such as Italy, Greece or Switzerland providing flat-tax routines, while others will think about low-tax jurisdictions such as Barbados or Cyprus.

But where will you pay no individual earnings tax at all? Here are six of the very best locations to consider:

UNITED ARAB EMIRATES

If you don't want glitzy Dubai there's the calmer Emirati capital Abu Dhabi with its fast-developing cultural island, Saadiyat

Banks, international schools, construction, hospitality, healthcare and engineering are all attracting a wave of British expats - an approximated 240,000 live there now

Job chances, excellent climate and more skyscraper-lined vistas you can shake a selfie-stick at, the UAE is quite in demand for its way of life and tax advantages.

There is no individual income tax on incomes, financial investments, or rental income made within the country, there is no capital gains tax (CGT), inheritance tax, wealth tax or annual tax on worldwide possessions.

If you do not want flashy Dubai there's the calmer Emirati capital Abu Dhabi with its fast-developing cultural island, Saadiyat, but they both offer beaches, elite infrastructure, health care and education.

The UAE can provide entrepreneurs what they are failing to discover in the UK: safety, financial development, a pro-business environment and regulative certainty.

Setting up a business is an easy route to residency, including in among Free Zones, where expats can have 100 percent ownership without the need for a regional partner or investor.

There are also plentiful visa options consisting of the 10-year golden visa that needs you to invest or acquire a residential or commercial property for a minimum of AED 2million (₤ 439,000), digital wanderer and freelance visas.

Banks, global schools, construction, hospitality, health care and engineering are all attracting a wave of British expats - an approximated 240,000 live there now.

Major deterrents include the high expense of housing - rents can be more than in the UK, although the UAE typical cost of living is 15 percent less than the UK - plus extreme summer temperatures, traffic congestion and UAE's stringent laws and cultural custom-mades won't match everyone.

BAHAMAS. Much closer to Florida than South America, the Bahamas uses a a lot more vibrant environment than the quintessential Caribbean islands - and no income, capital gains or inheritance taxes.

The Bahamas offers a stable economy combined with remote pink-sand beaches, coral reefs and excellent cruising

Britons like it too - around 4,100 live there (there's a direct eight-hour flight to the UK), and lots of have actually established in Nassau on the island of New Providence

This Atlantic Ocean island chain, with an American twist, uses a steady economy combined with remote pink-sand beaches, coral reefs and outstanding cruising.

Privacy, security and way of life make it a preferred destination for lots of North American billionaires. But start-ups, crypto and fintech investors are also being drawn to its capital, Nassau.

Together with the global jet set, international brands and benefits have gotten here: Nobu, Starbucks, Amazon shipments, Michelin-starred dining establishments - and it's only a half-hour flight to much more in Miami.

But Britons like it too - around 4,100 live there (there's a direct eight-hour flight to the UK), many have actually established in Nassau on the island of New Providence - the expat hub with the majority of the global schools and cultural institutions. Or Freeport on Grand Bahama is more easygoing.

Those who invest at least $1million (₤ 741,000) on a home, financial contribution or financial investment in a crucial sector can secure long-term residency - it's tough to get a work authorization otherwise. Perhaps the simplest alternative? The 1 year Bahamas digital nomad visa (BEATS), which, uncommonly for such schemes, comes with no minimum earnings requirement.

Aside from the threat of typhoons - 2019's Dorian ravaged the Abaco islands and Grand Bahama - the greatest downside is the high expense of living, which is 27 per cent more than in the UK according to numbeo.com, with lease prices that are 30 per cent higher than the UK.

You'll pay $3,200 (₤ 2,371) a month for a modest two-bedroom house on one of New Providence's gated neighborhoods.

MONACO. A favoured base for dozens of sports stars, global businessmen and F1 motorists, Monaco is the tiny tax haven that's simply a seven-minute helicopter trip from Nice Airport on the French Riviera.

The summer season play areas of Cap-Ferrat, Cannes and Saint-Tropez are all within simple reach by supercar or one's private yacht moored in Port Hercule, listed below the Monegasque cityscape of high-rises.

A favoured base for lots of stars, worldwide entrepreneurs and F1 chauffeurs, Monaco is the small tax haven that's just a seven-minute helicopter trip from Nice Airport

From high-end shopping to Michelin-starred restaurants, gambling establishments and beach clubs, the principality has more millionaires per square metre than anywhere else (and high-profile individuals enjoy its high security and rigorous personal privacy laws). More than 2,800 Britons call it home.

Naturally they all like it's the lack of income tax, wealth tax and capital gains tax, and the fact that when passing on possessions, spouses and children do not pay inheritance or gift tax.

To get irreversible residency in Monaco you'll require to deposit at least EUR500,000 (₤ 421,000) into one of its banks and purchase or lease residential or commercial property in Monaco. Non-EU nationals require to get a French long-stay visa before making an application for a Monaco residency authorization.

These benefits do not come low-cost. The cost of living is 127 per cent greater than in the UK, groceries are 70 per cent more, dining establishments 50 percent pricier and lease is an eye-watering 705 per cent more, according to numbeo.com.

You can find a studio apartment to purchase for around EUR1million (₤ 842,000), however that's all you need for your tax-base - lots of deep-pocketed new arrivals are likewise purchasing a larger residential or commercial property over the border with France, according to Cote d'Azur Sotheby's International Real estate.

SAUDI ARABIA. In the run-up to Saudi hosting the FIFA World Cup in 2034, and as part of its Vision 2030 to transform its economy, Saudi Arabia is opening as much as foreign financial investment.

If you are comfy about its human rights record, stringent laws (alcohol is prohibited) and social conservatism, not to mention the searing heat, then a tax-free high income for a couple of years might be a big adequate pull.

Yes, there's zero individual income tax, however you will not find the beach clubs or bottomless-brunch culture that you would in Dubai.

In the run-up to Saudi hosting the FIFA World Cup in 2034, and as part of its Vision 2030 strategy to transform its economy, Saudi Arabia is opening up to foreign investment

Around 26,000-30,000 Britons live in the Kingdom, generally in compounds in Riyadh and Jeddah

Estate representatives report that many expats are moving from Dubai to Saudi for wages that are 25 percent more than its GCC (Gulf Cooperation Council) neighbour - and there's strong need for engineering, construction, IT and health care workers.

A key aspect of this is that the Saudi government is making it easier for foreigners to acquire residential or commercial property - a new Freehold Law is being drafted that will unlock to purchase off-plan residential or commercial properties.

Last year, Saudi Arabia expanded its own version of a 'golden visa' - its Premium Residency plan - that can provide residency if you are not sponsored by an employer. This is open to those with unique talents, financiers and business owners. You can also invest more than SAR 4million (₤ 790,000) in a residential or commercial property, or make a one-off payment of SAR 800,000 (₤ 158,000).

Around 26,000-30,000 Britons live in the Kingdom, mainly in substances in Riyadh and Jeddah, however new holiday resort-style developments have actually been built, although rental rates can be high. In Sedra, a popular neighborhood in Riyadh by ROSHN Group, a five-bedroom vacation home is being advertised at SAR 160,000 each year (₤ 31,600).

The expense of living is around 35 percent lower than in the UK, according to numbeo.com, however many expats get generous housing and personal healthcare plans. The international schools are broadening quickly, with Sherborne School Jeddah (a branch of the UK independent school) opening this year.

BERMUDA

If you don't want the searing heat of the Middle East and choose the relaxed pace of a Caribbean island, Bermuda is a veteran favourite for British expats

The high expense of living will take in a few of the tax advantages. A two-bed townhouse in Paget may cost $7,800 (₤ 5,785) a month to lease

If you don't desire the searing heat of the Middle East and choose the relaxed tempo of a Caribbean island, Bermuda - a long-time favourite with British expats - might be for you.

Britons are the greatest group of non-Bermudians in the British Overseas Territory, numbering 3,942, according to the last census. While households gravitate to Hamilton for the worldwide schools, the main parish of Paget provides homes a short walk from pink-sand beaches

Security, security and a high standard of life are the pulls - plus the enticement of no earnings tax or capital gains tax. Life focuses on the beach, barbecues and weekend boat parties - and it's only 2 hours to New york city for a weekend culture fix.

Less enticing are the high custom-mades duties that makes buying products expensive, the restrictions of small-island life (some discover it uninteresting) - and high expense of living.

You can visit Bermuda without a visa for up to 180 days in any 12-month duration, however if you wish to operate in Bermuda, you need to get a task deal and work allow before you enter the country. There specify chances for entrepreneurs and fintech organizations. There's also an one-year 'Work from Bermuda' digital nomad visa, but job opportunity on the island are restricted.

Britons are the biggest group of non-Bermudians in the British Overseas Territory, numbering 3,942, according to the last census

Foreigners can just purchase residential or commercial properties valued above a minimum Annual Rental Value (ARV), so only higher-value residential or commercial properties. The current ARV is $126,000 (₤ 93,453) for houses - but is because of be evaluated on July 1 this year. This quantity corresponds to around $3million (₤ 2.2 million) for houses and $600,000 (₤ 445,000) for condominiums, according to Sotheby's International Real estate. Foreigners need to obtain a licence to buy.

The high expense of living will absorb a few of that tax advantage. A two-bed townhouse in Paget may cost $7,800 (₤ 5,785) a month to rent - leas are 215 percent higher than the UK, according to numbeo.com, although general cost of living is just 97 percent more.

CAYMAN ISLANDS

Like Bermuda, the Cayman Islands also has tax advantages: no corporation, income, capital gains or estate tax

Like Bermuda, the Cayman Islands is a British Overseas Territory offering a tax-free and beachside way of life simply 90 minutes south of Miami.

A high requirement of living coupled with low criminal offense rate and Caribbean environment indicates an expat lifestyle revolving around breakfasts, boat parties and barbecues, with much of this centred around Seven-Mile Beach and west of George Town, the most significant town and company hub of the 3 Cayman Islands.

Read More

EXCLUSIVE

How to transfer to Qatar: Offering high earnings, tax benefits and year-round sunlight

Why select Cayman over Bermuda? Some state Cayman's scenery is less excellent however the Cayman way of life is better, particularly the foodie scene centred about Grand Cayman. Others say that while the cost of living is high in Cayman (it's still 41 percent more than in the UK) it's lower than Bermuda.

It also has tax benefits: no corporation, earnings, capital gains or estate tax.

Britons can remain up to 180 days without a visa then there are different routes to residency including a work authorization from an employer or the digital nomad visa, the Global Citizen Concierge Program, which needs a minimum salary of $100,000 (₤ 74,242) however lasts 2 years.

There are other routes by means of hefty types of financial investment consisting of a Certificate of Direct Investment (minimum KYD 1million/ ₤ 906,000). Or spending at least KYD 2million (₤ 1.8 million) on a residential or commercial property provides you irreversible residency (plus independent funds) however not the right to work.

Foreigners can acquire residential or commercial property but stamp task at 7.5 percent is high. You can buy a wise two-bedroom apartment or condo for ₤ 350,000-₤ 400,000 around George Town or lease a one-bedroom apartment for around ₤ 2,300 a month.

Downsides consist of small-island mentality, few employment options and high electrical power and home insurance costs - all that said, the hurricane threat is low.

Dubai
nbcnews.com