The American polymath Benjamin Franklin memorably said there is 'nothing certain but death and taxes' - however there are a few locations worldwide where you can avoid paying earnings tax.
The super-rich have long cashed in on this, but more individuals are being tempted by the lure of lower-tax jurisdictions for long-lasting wealth preservation.
Yet off-shore relocation is no longer the protect of the ultra-wealthy.
' Remote work, double citizenship, global employing patterns - they've all reduced the barriers,' says Nigel Green, CEO of deVere Group, a financial advisory and property management company. 'If [enthusiastic people] are not being rewarded in your home, they're significantly comfortable exploring choices abroad.'
In the UK, current financial grenades include the end of non-dom program and estate tax breaks on assets held in overseas trusts, plus a freeze on earnings tax limits that has pushed more individuals into higher tax brackets up until at least 2028. Meanwhile, the strategy to include pensions as part of estate tax from April 2027 is currently in the proposition stage.
The result? The UK has actually lost more billionaires in the previous year than at any other time in history.
Some will want to nations such as Italy, Greece or Switzerland offering flat-tax regimes, while others will consider low-tax jurisdictions such as Barbados or Cyprus.
But where will you pay no personal earnings tax at all? Here are six of the very best locations to think about:
UNITED ARAB EMIRATES
If you don't want flashy Dubai there's the calmer Emirati capital Abu Dhabi with its fast-developing cultural island, Saadiyat
Banks, international schools, building and construction, hospitality, health care and engineering are all attracting a wave of British expats - an approximated 240,000 live there now
Job chances, terrific climate 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 income tax on wages, investments, or rental income made within the nation, there is no capital gains tax (CGT), inheritance tax, wealth tax or annual tax on around the world assets.
If you don't want glitzy Dubai there's the calmer Emirati capital Abu Dhabi with its fast-developing cultural island, Saadiyat, however they both use beaches, high-class infrastructure, health care and education.
The UAE can offer entrepreneurs what they are failing to discover in the UK: safety, financial development, a pro-business environment and regulatory certainty.
Setting up a business is an easy route to residency, including in one of Free Zones, where expats can have 100 percent ownership without the need for a local partner or financier.
There are also abundant visa options consisting of the 10-year golden visa that needs you to invest or acquire a residential or commercial property for a minimum of AED 2million (₤ 439,000), digital wanderer and freelance visas.
Banks, worldwide schools, building and construction, hospitality, health care and engineering are all bring in a wave of British expats - an estimated 240,000 live there now.
Major deterrents include the high expense of housing - leas can be more than in the UK, although the UAE typical expense of living is 15 per cent less than the UK - plus extreme summertime temperature levels, traffic congestion and UAE's strict laws and cultural custom-mades won't suit everyone.
BAHAMAS.
Much closer to Florida than South America, the Bahamas provides a far more vibrant environment than the quintessential Caribbean islands - and no earnings, capital gains or inheritance taxes.
The Bahamas uses a steady economy integrated with remote pink-sand beaches, reef and exceptional cruising
Britons like it too - around 4,100 live there (there's a direct eight-hour flight to the UK), and numerous have set up in Nassau on the island of New Providence
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This Atlantic Ocean island chain, with an American twist, offers a stable economy combined with secluded pink-sand beaches, reef and outstanding sailing.
Privacy, security and way of life make it a favourite destination for numerous North American billionaires. But start-ups, crypto and fintech investors are likewise being drawn to its capital, Nassau.
In addition to the international jet set, multinational brands and benefits have shown up: Nobu, Starbucks, Amazon deliveries, Michelin-starred restaurants - and it's just 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), lots of have actually established in Nassau on the island of New Providence - the expat center with the majority of the worldwide schools and cultural institutions. Or Freeport on Grand Bahama is more laid-back.
Those who invest at least $1million (₤ 741,000) on a home, financial contribution or investment in a vital sector can protect irreversible residency - it's hard to get a work authorization otherwise. Perhaps the easiest choice? The 1 year Bahamas digital nomad visa (BEATS), which, unusually for such schemes, features no minimum earnings requirement.
Aside from the threat of typhoons - 2019's Dorian devastated the Abaco islands and Grand Bahama - the greatest disadvantage is the high cost of living, which is 27 per cent more than in the UK according to numbeo.com, with rent prices that are 30 per cent 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 neighborhoods.
MONACO.
A favoured base for dozens of sports stars, worldwide businessmen and F1 drivers, Monaco is the tiny tax sanctuary that's just a seven-minute helicopter trip from Nice Airport on the French Riviera.
The summer season play grounds of Cap-Ferrat, Cannes and Saint-Tropez are all within simple reach by supercar or one's private yacht moored in Port Hercule, listed below the Monegasque cityscape of high-rises.
A favoured base for dozens of stars, global business owners and F1 drivers, Monaco is the small tax haven that's just a seven-minute helicopter trip from Nice Airport
From high-end shopping to Michelin-starred restaurants, casinos and beach clubs, the principality has more millionaires per square metre than anywhere else (and prominent people love its high security and stringent privacy laws). More than 2,800 Britons call it home.
Naturally they all like it's the absence of earnings tax, wealth tax and capital gains tax, and the fact that when passing on properties, partners and kids do not pay inheritance or present tax.
To get long-term residency in Monaco you'll require to deposit a minimum of EUR500,000 (₤ 421,000) into one of its banks and purchase or rent residential or commercial property in Monaco. Non-EU nationals need to get a French long-stay visa before requesting a Monaco residency authorization.
These advantages do not come low-cost. The expense of living is 127 percent greater than in the UK, groceries are 70 per cent more, restaurants 50 percent pricier and rent is an eye-watering 705 percent more, according to numbeo.com.
You can find a small apartment or condo 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 change its economy, Saudi Arabia is opening as much as foreign investment.
If you are comfortable about its human rights record, stringent laws (alcohol is banned) and social conservatism, not to mention the searing heat, then a tax-free high wage for a couple of years might be a big enough pull.
Yes, there's zero individual income tax, however you won't find 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 transform its economy, Saudi Arabia is opening as much as foreign financial investment
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Around 26,000-30,000 Britons live in the Kingdom, generally in substances in Riyadh and Jeddah
Estate representatives report that lots of 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, construction, IT and health care workers.
A crucial element of this is that the Saudi federal government is making it easier for immigrants to buy residential or commercial property - a new Freehold Law is being prepared that will open the door to purchase off-plan residential or commercial properties.
In 2015, Saudi Arabia broadened its own variation of a 'golden visa' - its scheme - that can provide residency if you are not sponsored by a company. This is open to those with special skills, financiers and business owners. You can likewise 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 reside in the Kingdom, primarily in compounds in Riyadh and Jeddah, however new holiday resort-style advancements have actually been built, although rental rates can be high. In Sedra, a popular neighborhood in Riyadh by ROSHN Group, a five-bedroom villa is being advertised at SAR 160,000 per year (₤ 31,600).
The expense of living is around 35 per cent lower than in the UK, according to numbeo.com, however numerous expats get generous housing and private health care bundles. The worldwide schools are broadening fast, with Sherborne School Jeddah (a branch of the UK independent school) opening this year.
BERMUDA
If you do not want the searing heat of the Middle East and prefer the unwinded pace of a Caribbean island, Bermuda is a long-time favourite for British expats
The high expense of living will take in a few of the tax advantages. A two-bed townhouse in Paget may cost $7,800 (₤ 5,785) a month to rent
If you do not desire the searing heat of the Middle East and prefer the unwinded tempo of a Caribbean island, Bermuda - a long-time favourite with British expats - could be for you.
Britons are the greatest group of non-Bermudians in the British Overseas Territory, numbering 3,942, according to the last census. While families gravitate to Hamilton for the worldwide schools, the main parish of Paget provides homes a short walk from pink-sand beaches
Security, security and a high standard of living are the pulls - plus the temptation of no income tax or capital gains tax. Life revolves around the beach, barbecues and weekend boat celebrations - and it's only two hours to New York for a weekend culture fix.
Less enticing are the high customs duties that makes buying products expensive, 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 period, however if you wish to work in Bermuda, you must get a job deal and work permit before you get in the nation. There specify chances for entrepreneurs and fintech services. There's likewise a 1 year 'Work from Bermuda' digital wanderer visa, but work opportunities on the island are restricted.
Britons are the most significant group of non-Bermudians in the British Overseas Territory, numbering 3,942, according to the last census
Foreigners can just purchase residential or commercial properties valued above a minimum Annual Rental Value (ARV), so only higher-value residential or commercial properties. The present ARV is $126,000 (₤ 93,453) for homes - however is because of be evaluated on July 1 this year. This quantity relates to around $3million (₤ 2.2 million) for homes and $600,000 (₤ 445,000) for condominiums, according to Sotheby's International Real estate. Foreigners must use for a licence to purchase.
The high expense of living will absorb some of that tax benefit. A two-bed townhouse in Paget might cost $7,800 (₤ 5,785) a month to lease - leas are 215 per cent greater than the UK, according to numbeo.com, although general expense of living is just 97 per cent more.
CAYMAN ISLANDS
Like Bermuda, the Cayman Islands likewise has tax benefits: no corporation, income, capital gains or inheritance taxes
Like Bermuda, the Cayman Islands is a British Overseas Territory offering a tax-free and beachside lifestyle just 90 minutes south of Miami.
A high standard of living combined with low crime rate and Caribbean climate indicates an expat way of life focusing on breakfasts, boat parties and barbecues, with much of this centred around Seven-Mile Beach and west of George Town, the greatest town and company hub of the three Cayman Islands.
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Why pick Cayman over Bermuda? Some state Cayman's landscapes is less remarkable however the Cayman way of life is much better, specifically the food lover scene centred about Grand Cayman. Others say that while the cost of living is high in Cayman (it's still 41 per cent more than in the UK) it's lower than Bermuda.
It also has tax benefits: no corporation, earnings, capital gains or inheritance taxes.
Britons can stay up to 180 days without a visa then there are numerous paths to residency including a work license from an employer or the digital wanderer visa, the Global Citizen Concierge Program, which requires a minimum salary of $100,000 (₤ 74,242) but lasts two years.
There are other routes by means of large forms of investment including a Certificate of Direct Investment (minimum KYD 1million/ ₤ 906,000). Or costs at least KYD 2million (₤ 1.8 million) on a residential or commercial property offers you irreversible residency (plus independent financial resources) however not the right to work.
Foreigners can acquire residential or commercial property but stamp responsibility at 7.5 per cent is high. You can buy a smart two-bedroom apartment 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 mindset, few employment options and high electrical power and home insurance coverage expenses - all that said, the cyclone danger is low.
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Where to Move so you do not Need to Pay ANY Income Tax
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