The American polymath Benjamin Franklin memorably stated there is 'absolutely nothing particular however death and taxes' - but there are a few locations in the world where you can avoid paying income tax.
The super-rich have long capitalized this, however more individuals are being lured by the lure of lower-tax jurisdictions for long-lasting wealth conservation.
Yet off-shore moving is no longer the protect of the ultra-wealthy.
' Remote work, dual citizenship, global employing patterns - they have actually all lowered the barriers,' states Nigel Green, CEO of deVere Group, a monetary advisory and asset management firm. 'If [enthusiastic individuals] are not being rewarded at home, they're increasingly comfy exploring choices abroad.'
In the UK, recent fiscal grenades include the end of non-dom program and estate tax breaks on possessions held in abroad trusts, plus a freeze on earnings tax thresholds that has pressed more people into greater tax brackets up until a minimum of 2028. Meanwhile, the strategy to include pensions as part of estate tax from April 2027 is currently in the proposition phase.
The result? The UK has actually lost more billionaires in the past year than at any other time in history.
Some will aim to nations 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 income tax at all? Here are six of the best locations to think about:
UNITED ARAB EMIRATES
If you do not desire flashy Dubai there's the calmer Emirati capital Abu Dhabi with its fast-developing cultural island, Saadiyat
Banks, worldwide schools, building, hospitality, healthcare and engineering are all drawing in a wave of British expats - an approximated 240,000 live there now
Job chances, great environment 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 personal earnings tax on wages, investments, or rental income earned within the nation, there is no capital gains tax (CGT), inheritance tax, wealth tax or annual tax on around the world properties.
If you do not desire glitzy Dubai there's the calmer Emirati capital Abu Dhabi with its fast-developing cultural island, Saadiyat, but they both offer beaches, classy facilities, health care and education.
The UAE can offer entrepreneurs what they are failing to find in the UK: security, financial growth, a pro-business environment and regulatory certainty.
Setting up a business is an easy path to residency, consisting of in among Free Zones, where expats can have 100 percent ownership without the need for a regional partner or financier.
There are likewise numerous visa choices including the 10-year golden visa that requires you to invest or acquire a residential or commercial property for at least AED 2million (₤ 439,000), digital wanderer and freelance visas.
Banks, global schools, building, hospitality, health care and engineering are all attracting a wave of British expats - an approximated 240,000 live there now.
Major deterrents consist of the high cost of housing - leas can be more than in the UK, although the UAE average cost of living is 15 per cent less than the UK - plus severe summer season temperature levels, traffic congestion and UAE's strict laws and cultural customs will not match everybody.
BAHAMAS.
Much closer to Florida than South America, the Bahamas provides a a lot more vibrant environment than the quintessential Caribbean islands - and no income, capital gains or inheritance taxes.
The Bahamas provides a stable economy combined with secluded pink-sand beaches, coral reefs and outstanding sailing
Britons like it too - around 4,100 live there (there's a direct eight-hour flight to the UK), and many have set up in Nassau on the island of New Providence
This Atlantic Ocean island chain, with an American twist, provides a steady economy combined with remote pink-sand beaches, coral reefs and outstanding sailing.
Privacy, security and lifestyle make it a preferred destination for many North American billionaires. But start-ups, crypto and fintech investors are also being drawn to its capital, Nassau.
In addition to the international jet set, international brand names and benefits have shown up: 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 center with the majority of the international schools and cultural institutions. Or Freeport on Grand Bahama is more easygoing.
Those who spend at least $1million (₤ 741,000) on a home, financial contribution or financial investment in an important sector can protect irreversible residency - it's tough to get a work permit otherwise. Perhaps the easiest option? The one-year Bahamas digital wanderer visa (BEATS), which, uncommonly for such plans, features no minimum income requirement.
Aside from the threat of cyclones - 2019's Dorian devastated the Abaco islands and Grand Bahama - the greatest downside is the high cost of living, which is 27 percent more than in the UK according to numbeo.com, with rent costs that are 30 percent 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 communities.
MONACO.
A favoured base for lots of sports stars, international entrepreneurs and F1 motorists, Monaco is the small tax haven that's simply a seven-minute helicopter ride from Nice Airport on the French Riviera.
The summertime 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, below the Monegasque cityscape of high-rises.
A favoured base for dozens of stars, worldwide entrepreneurs and F1 drivers, Monaco is the tiny tax haven that's just a seven-minute helicopter ride from Nice Airport
From high-end shopping to Michelin-starred dining establishments, casinos and beach clubs, the principality has more millionaires per square metre than anywhere else (and high-profile people enjoy its high security and stringent 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 properties, spouses and children do not pay inheritance or gift tax.
To get long-term residency in Monaco you'll require to deposit a minimum of EUR500,000 (₤ 421,000) into among its banks and purchase or lease residential or commercial property in Monaco. Non-EU nationals need to get a French long-stay visa before getting a Monaco residency authorization.
These benefits do not come low-cost. The cost of living is 127 percent higher than in the UK, groceries are 70 percent more, restaurants 50 percent more expensive and rent is an eye-watering 705 percent more, according to numbeo.com.
You can find a small home to buy 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 approximately foreign financial investment.
If you are comfy about its human rights record, rigorous laws (alcohol is prohibited) and social conservatism, not to point out the searing heat, then a tax-free high salary for a number of years may be a huge sufficient pull.
Yes, there's zero personal earnings tax, but you won't discover 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 plan to change its economy, Saudi Arabia is opening approximately foreign investment
Around 26,000-30,000 Britons reside in the Kingdom, generally in substances in Riyadh and Jeddah
Estate representatives report that many expats are moving from Dubai to Saudi for incomes that are 25 per cent more than its GCC (Gulf Cooperation Council) neighbour - and there's strong need for engineering, building and construction, IT and healthcare workers.
An essential element of this is that the Saudi government is making it much easier for immigrants to acquire residential or commercial property - a new Freehold Law is being drafted that will unlock to acquire off-plan residential or commercial properties.
In 2015, Saudi Arabia broadened its own version of a 'golden visa' - its Premium Residency scheme - that can offer residency if you are not sponsored by an employer. This is open to those with unique talents, investors 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, primarily in substances in Riyadh and Jeddah, but brand-new vacation resort-style advancements have been built, although rental rates can be high. In Sedra, a popular community in Riyadh by ROSHN Group, a five-bedroom rental property is being promoted at SAR 160,000 annually (₤ 31,600).
The expense of living is around 35 per cent lower than in the UK, according to numbeo.com, however many expats get generous housing and personal health care bundles. The global schools are expanding quick, 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 tempo of a Caribbean island, Bermuda is a veteran favourite for British expats
The high cost of living will soak up a few of the tax benefits. A two-bed townhouse in Paget may cost $7,800 (₤ 5,785) a month to lease
If you do not want the searing heat of the Middle East and choose the unwinded tempo of a Caribbean island, Bermuda - a long-time favourite with British expats - could be for you.
Britons are the most significant group of non-Bermudians in the British Overseas Territory, numbering 3,942, according to the last census. While households gravitate to Hamilton for the global schools, the main parish of Paget offers 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 celebrations - and it's just two hours to New York for a weekend culture fix.
Less enticing are the high custom-mades responsibilities that makes purchasing goods costly, the constraints of small-island life (some discover it uninteresting) - and high cost of living.
You can visit Bermuda without a visa for approximately 180 days in any 12-month duration, however if you wish to operate in Bermuda, you must get a job offer and work allow before you enter the country. There are particular opportunities for business owners and fintech businesses. There's also a 1 year 'Work from Bermuda' digital nomad visa, but employment opportunities 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 only buy 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 homes - however is because of be examined on July 1 this year. This quantity equates to around $3million (₤ 2.2 million) for houses and $600,000 (₤ 445,000) for condominiums, according to Sotheby's International Real estate. Foreigners must apply for a licence to acquire.
The high cost of living will take in some of that tax advantage. A two-bed townhouse in Paget may cost $7,800 (₤ 5,785) a month to lease - rents are 215 per cent 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 likewise has tax advantages: no corporation, income, capital gains or estate tax
Like Bermuda, the Cayman Islands is a British Overseas Territory providing a tax-free and beachside lifestyle just 90 minutes south of Miami.
A high standard of living paired with low criminal activity rate and Caribbean environment indicates an expat way of life focusing on brunches, boat parties and barbecues, with much of this centred around Seven-Mile Beach and west of George Town, the biggest town and company hub of the three Cayman Islands.
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Why select Cayman over Bermuda? Some say Cayman's scenery is less remarkable however the Cayman lifestyle is much better, particularly the food lover scene centred about Grand Cayman. Others state 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 likewise has tax advantages: no corporation, earnings, capital gains or inheritance taxes.
Britons can stay up to 180 days without a visa then there are numerous routes to residency including a work permit from a company or the digital nomad visa, the Global Citizen Concierge Program, which requires a minimum salary of $100,000 (₤ 74,242) however lasts 2 years.
There are other paths through substantial kinds of financial investment including a Certificate of Direct Investment (minimum KYD 1million/ ₤ 906,000). Or costs a minimum of 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 buy residential or commercial property but stamp task at 7.5 per cent is high. You can purchase a wise two-bedroom house for ₤ 350,000-₤ 400,000 around George Town or lease a one-bedroom condo for around ₤ 2,300 a month.
Downsides consist of small-island mentality, few work alternatives and high electrical energy and home insurance coverage costs - all that said, the hurricane risk is low.
Dubai
