The countries with extremely low or no taxes

Although it may seem impossible, there are countries that grant their residents the benefit of extremely low income taxes - or no taxes at all! Check out the list!

Believe it or not, there are countries that offer the benefit of no - or very low - income taxes. Are you suddenly feeling the urge to pack your bags and move to get a tax-free life?

Before you do so, bear in mind that the US taxation system is not based on residency. This means that US citizens must keep up with their taxes whether they live in the US or not.

However, you can still take a look at these countries that offer this benefit and can even grant you a tax reduction. Check them out!

This tropical paradise with over 300 days of sunshine per year does not only offer great white sand beaches and coral reefs, but also zero income tax, corporate tax, capital gains tax and wealth tax.

In order to access these tax-free benefits, you will only need to get the residency. One of the most common -and fastest- ways to gain residency at The Bahamas is by purchasing a property of $1.5 million.

This sovereign nation overlooking the Mediterranean Sea is one of the most popular European destinations, especially if you are planning a tour at the French Riviera.

Part of the fame of Monaco comes from its policy of not levying income taxes. By getting a temporary residence card, you will be allowed to live in this nation for 12 months. Bear in mind that to keep your residency you will need to live three months out of that year.

The United Arab Emirates (UAE) is known as one of the most wealthy economic hubs. States like Dubai count with luxury shopping malls, skyscrapers and seven-star hotels.

Here you will not only find good job opportunities and high wages, but also the lack of income tax. However, it has recently implemented an excise tax and launched a value-added tax.

Also considered a Caribbean paradise, Bermuda is known for its mysterious Bermuda Triangle and its exotic pink sand beaches.

Throughout the years its financial industry has attracted many ex-pats. Although it doesn't have an income tax, there's a payroll tax of which companies can pass up to 6% onto the employee.

In the midst of the Caribbean, you can find these islands, formed by four main islands and around 50 smaller cays and islands.

Here you will find zero capital gains tax, inheritance tax, estate duty and corporation tax. Although you can technically find an income tax, the rates are set at zero, so it's not bad, right?

Bear in mind that gaining residence in these islands is not quite easy. You will be required to have already lived within the territory for 20 years. Besides, you will only be able to leave the region for 90 days per year tops.

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