Tax is definitely not a happy word. We all get goosebumps when someone mentions tax deductions and percentages. If one day you get dirty rich, you can move into one of those tax-free countries and enjoy all the benefits. The list below brings you some of the places with the lowest tax rate in the world. There are even locations with a 0% individual tax, which is definitely tempting.
Imagine living in a country that has a 0% individual tax rate. Well, the Bahamas actually have a law that says that their tax rate is 0%. Isn’t that just heaven. All of your hard earned money stays in your pocket. While most countries use taxes to improve the lifestyle of their population, the Bahamas lead a perfectly nice lifestyle in spite of the fact that they don’t pay taxes. The political situation is in a great place, so this country sounds like the perfect place to live in. In order for anyone to become a resident there, they will definitely have to make a sacrifice. The most important thing is that you have to invest at least a half of million dollars into an estate. For all the ones who want to speed up the procedure, they have to be ready to give away $1,5 million.
Just like the Bahamas, these islands have employed a 0% individual tax policy. It is officially the second country with the lowest tax rate in the world. I’m guessing you’ve heard of numerous rich people on the movies who open accounts on the Cayman Islands. Now you know why. The only way that the country gets money is through stamp and import duties. If you want to live a tax-free life this is where you should move to.
Andora was tax-free until 2015 when the European Union instructed this small country to make some changes. Today is one of the places with the lowest tax rate in Europe and in the world as well. It has a very popular location, somewhere between France and Spain. That definitely attracts a lot of people and tourists from everywhere. A lot of individuals decide to move there and use all the low tax benefits. The investment you need to make for a residency is 350,000 euros, plus a deposit of 50,000. You will have to spend at least 90 days in Andora. If you start a company, the process will take longer. The main way in which the country gets tax is through the sales of real estate.
This is another country located in Europe with a very low personal income tax of 10%. The corporate tax is 10% as well. Bulgaria shares this spot with Cyprus. So if you want to open a business, feel free to visit this country like many others do. By simply living there, you need to pay a personal tax of 10%. If you star for 183 days, you earn the right to become a fiscal resident. For those who claim that this is the country where their whole life happens, they will also score a fiscal residency. A lot of entrepreneurs decide to invest in Bulgaria and enjoy those low %10.
Thanks to the laws in Panama, their locally sourced income is taxed with only 15% to 20%. For a foreign-sourced revenue, the tax is set at 0%. This country is a paradise for plenty of people who decide to enjoy the tax benefits. According to new updates, you can earn residency much faster than before, by making a low investment.