Tax-Free Countries Around The World
If you’re a US citizen, you know how annoying taxes can be. It’s a burden that you can’t avoid, and if you mess it up, you could end up in serious trouble. Some people who are tired of high taxes sometimes decide to get a second citizenship from a country that has low or even no taxes. However, as long as you’re an American citizen, you’re obliged to pay the taxes even if you don’t live in the American territory. Most countries, however, tax their subject based on a residential basis, and people who want to avoid paying taxes know that there are two paths they can take:
1.Become residents of a country that’s tax-free, one that doesn’t inflict income taxes, capital gains, and dividends. When they’ve done that, they simply move their income from corporate to a personal level.
2.Become residents of a country that only imposes territorial tax on the income they earn within the borders of that country, but not on the income they earn abroad.
Since this is such a popular tourist attraction, and that’s how the country earns most of its money, it’s completely tax-free. If you’re considering moving there, you can get temporary residence for just $1000, and you can renew it every year. Moreover, if you’re looking to get permanent or long term residence, you can invest $250, 000 in the country’s real estate.
The British Virgin Islands
The home of a lot of entrepreneurs from all around the world that are seeking a place to make their money while avoiding taxes in a completely legal way. If you want to get a residency permit, all you will need to do is to pay a security bond of $1000 and present your bank statements to show your personal wealth.
It’s not exactly cheap living here. You will need a yearly income of $150, 000 and about $500, 000 invested in local companies or real estate. However, these rules are a bit more flexible if you live on one of the smaller islands. This is why this place is better for fund management than offshore companies that still hold an active business.
If you’re looking for an amazing place to live while having adventures, this country (that doesn’t even have an airport) will attract you with its beauty, as it’s a part of the breathtaking French Riviera. You can’t get there by plane, but you can drive there or take a boat ride.
It’s a bit hard to apply for residency here, but most people use two ways. You can be employed there, or go through a family member that’s already a citizen there. However, before you can even apply for residency in this country that doesn’t tax personal revenues, you need to get a Non-Objection certificate that has to be signed by the government and the sponsor.
Turks and Caicos
This country is completely tax-free and has an economic residency program that helps foreigners get residence quickly. The two conditions you need to fulfill for this is to either invest $300, 000 by building a house there or invest $750, 000 in a company that is owned by locals.
The United Arab Emirates
When it comes to getting residence in the United Arab Emirates, all you need to do is set up a company that is completely owned by foreigners in one of its free trade areas. This shouldn’t be too hard considering the fact there are over 40. You can also set up an offshore company in Dubai and even own real estate in some development projects there. The United Arab Emirates are tax-free when it comes to personal income.
There’s an interesting way to get residency here. You can obtain it by donating to the country through a residency program that has been relaunched this year. However, it won’t be cheap. You will need to invest approximately $89, 000 for a residence visa that will last for one year and that can be renewed annually. If you want a longer residency, you can get a visa that will last you for five, ten, or 15 years, but you will be required to make a larger donation. Vanuatu is an offshore financial center that’s located in the South Pacific, so if you think a sizable donation would be more profitable for you than paying taxes, go for it.
More in Business Lounge
How To Be A Better Listener
There is a need for a person to learn cognitive skills as they grow up. One of the skills is listening skills....September 12, 2018
The Fascinating Hobbies Of The Rich And The Famous
The rich and the famous can explore endless horizons. Have you ever wondered how they spend not only their free time...September 11, 2018
Healthy Dieting For Busy People
One of our greatest wish in life is to stay healthy and to live long and in peace. Everyone would want...September 10, 2018
Wasting Your Money? This Is How To Avoid It
Whenever we come in touch with a bit of money, the first thought is how to spend it —it is a...September 7, 2018
A Feeling Of Discomfort Can Be An Excellent Thing And This Is Why
Discomfort is a feeling that arises when we are about to face some changes. Usually, we confuse it for the unhappiness...September 6, 2018
A Sneak Peek Into The World’s Most Luxurious Hotel Suites
The luxurious hotel could be hierarchical in terms of their characteristics but what does it mean to be the most luxurious...September 5, 2018
Learn How to Overcome Depression
Everyone feels depressed at one time in life. Depression results from prolonged stress, and it it has detrimental effects n both physical and...September 4, 2018
Things You Don’t Need To Do When You Turn 24
People always anticipate being adults because it’s the most exciting phase in life. This is where one gets the first job,...September 3, 2018
Five Ways To Stop Unwelcome Thoughts In Their Tracks
Every person has his or her own inner voice—or even more of them. We all think differently, but everyone is influenced...August 29, 2018