Where Expats Can Go For Sunshine and No Tax
Expats wanting to pay little or no tax but enjoy a quality lifestyle have a range of destinations to pick from, although the choice of traditional tax havens is shrinking.
Despite the US Foreign Account Tax Compliance Act (FATCA) and a tougher tax crackdown in Europe, many countries still offer sunshine, a relaxed lifestyle and low taxes.
If you are considering a move overseas and are not sure where to head, here are some suggestions:
- Monaco
Sitting between France and Italy on the Riviera, Monaco is a short hop by air from all Europe’s major cities. Scattered around the famous Monte Carlo harbour, packed with super yachts, Monaco residents pay no taxes. Qualifying for residence means lots of cash, starting an approved business or a contract from an employer in the principality
- Panama
Attracts retiring Americans, so has developed high standards in health care and offers bargain basement property prices. No tax on income earned overseas but expats need a job contract or £195,000 cash in their pocket to prove they are a ‘person of means’ to gain a visa
- United Arab Emirates
Welcoming to expats who want to live and work in the desert city of glass and steel. No tax, although a sales tax may be on the way. Expats need an employer to get a work permit but can apply separately for residence visas
- Singapore
Tax kicks in at 2%, with the highest personal income tax rate at 20%.
High rise, high salaries and a high lifestyle for the Asia Pacific in a city state where everything runs like clockwork. Special visas to attract entrepreneurs and top quality workers.
- Bulgaria
European expats can stay as long as they wish. A budget retirement destination offering cheap homes, a low cost of standard of living and reasonably cheap private healthcare. Income tax is half of that in most European Union countries – around 10% to 12%.
The welcome mat is out for wealthier expats in about dozen or so countries off the high life at low cost with minimal taxes, from sun-kissed Caribbean islands, Middle East oil kingdoms to the mountain states of Andorra and Switzerland.
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