It might be hard to imagine, but there are countries with low (or no!) income taxes. Here’s a list of 3 tax havens.
Americans might find it hard to imagine life without taxation, but there are some countries with very low-income taxes. Take a look:
1- The Bahamas
This little tropical paradise, which is the preferred destination for warm-weather lovers, also offers zero income tax, corporate tax, capital gain tax, and wealth tax. All you need to do is obtain residency, rather than citizenship, to access the tax-free benefits.
However, you need to keep in mind that the country aims to attract wealthy residents. If you purchase a property of $1.5 million, your residency application will get fast-tracked.
This tiny principality nation is located in the southeast corner of France, overlooking the Mediterranean Sea. This is one of the most popular destinations of the French Riviera. Despite its extremely small size, it is overwhelmingly glamorous. The harbor is filled with yachts owned by the rich and famous, luxury cards up and down the streets and some of the world’s most expensive real estate.
Why is this such a popular place among the wealthiest people in the world? Because of its policy of not levying income taxes. In order to live there, you need to get a temporary residence card, which will grant your permission to live there for 12 months.
Part of the Caribbean paradise, Bermuda is known for its pink sand beaches, incredible scuba diving options and for sharing its name with the mysterious Bermuda Triangle.
Also, as an established offshore financial center, Bermuda has an important financial industry. Part of the attraction is that they offer tax-free income. However, there is a payroll tax, which companies can pass up to 6% onto the employee.
It’s worth noticing that the cost of living in Bermuda is extremely high, where a 900 sq. ft. apartment can cost around $4,500.