1. The Bahamas
The Bahamas is a stunning island paradise with no income taxes. It’s an ideal destination for those looking to enjoy warm beaches and a relaxed lifestyle. The country mainly funds its government through tourism, VAT, and stamp duties. To gain permanent residence in the Bahamas, you can start by purchasing a property worth at least $750,000. However, gaining Bahamian citizenship is more complex and currently not offered through an investment program.
2. Bahrain
Bahrain’s wealth comes from its oil industry, allowing it to operate without the need for income taxes. While it is easier to get temporary residency, permanent residence requires a significant investment in property or a high monthly income. Despite this, the bustling city of Manama offers a vibrant expat community, making it a comfortable place to live tax-free in the Gulf region.
3. Bermuda
Bermuda, with its beautiful pink-sand beaches, is another zero-income-tax destination. While there are no programs for permanent residence, you can stay for up to six months on a short-term permit visa. For those with work permits, it's possible to live there longer. Note that while there is no income tax, Bermuda has a payroll tax, which employers may partially deduct from employees’ salaries.
4. Brunei
Brunei, rich in oil reserves, does not impose income taxes. However, this small nation has strict immigration laws, making it difficult to obtain permanent residency or citizenship. Living there as a foreigner can be challenging due to its conservative culture and limited opportunities for investment. Brunei is best suited for those who can adapt to local customs and are seeking short-term stays.
5. Cayman Islands
The Cayman Islands is famous for its zero-income-tax status and is a haven for high-net-worth individuals. To obtain permanent residency, you must invest at least $1.2 million in real estate and have an annual income of $147,000. This investment allows you to apply for residency on the Grand Cayman, but staying in less popular areas can reduce the costs. Citizenship is not available, but long-term residency offers many benefits, including no income taxes.
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