Bermuda
A well known tax haven. The country has a low corporate tax rate of only 0-9.5% and no income tax on individuals. Bermuda also has a variety of laws and regulations in place to protect the confidentiality of financial transactions, making it a popular destination for international businesses.
United Arab Emirates (UAE)
Another country with low taxes is the United Arab Emirates (UAE). The country has a 0% personal income tax rate and a corporate tax rate of only 2-55%. Additionally, the UAE has a value-added tax (VAT) of only 5%.
Caribbean island nations
The Caribbean island nations of Bermuda, Bahamas, and the British Virgin Islands are other popular tax havens, as they all have low or no taxes and strict laws to protect financial privacy.
Andorra
The country of Andorra is a small nation between France and Spain, known for having no income tax, capital gains tax, and wealth tax. They also have no VAT, making it a perfect country for business entities and individuals looking to minimize their tax bill.
Monaco
The Principality of Monaco, is another country with no income tax. It’s a popular destination for high net worth individuals due to the luxurious lifestyle and proximity to France and Italy, it’s also a tax haven for many wealthy European and American citizens.
Hong Kong
Lastly, the city-state of Hong Kong, is one of the world’s major financial centers and has a territorial tax system, which means that only income earned within Hong Kong is subject to tax. Additionally, the corporate tax rate is only 8.25%.
You must take into account that while taxes may be low or non-existent in these countries, they might have other regulations and requirements that must be fulfilled in order to work or start a business in the country. It is advisable to consult with a tax professional to determine which country would be the best fit for your specific needs.
