Curated By: Business Desk
Last Updated: September 05, 2023, 17:51 IST
UAE is an income tax-free country.
Monaco is an exquisite place and one of the most beautiful countries to live in. This country does not levy income tax.
Every person who belongs to a certain income slab has to pay income tax in India, no matter what the profession is. Income tax is the main source of income for the majority of governments across the globe. In India, your tax is imposed on the basis of your salary, meaning that the more you earn, the more you pay and vice versa.
Now, as shocking as it may sound, there are actually a few countries in the world where people do not have to pay income tax. No matter how much they earn, they do not have to give a single penny to the government in the form of income tax. Let us enlist those countries here:
The Bahamas
The Bahamas does not levy income tax on its citizens. In fact, the country depends on residency and not on citizenship, which makes it one of the countries that offers income tax-free life. However, the minimum residency requirement for permanent residents is at least 90 days. As for expats, they must own a property for a minimum of 10 years. They also need to meet the purchase amount that is time to time prescribed by the government.
Monaco
Monaco is a well-known high-end vacation spot for ultra-wealthy individuals. It is also known for hosting the Monaco Grand Prix, and many apartments rent reach sky-high for a night or two of the event. Monaco is an exquisite place and one of the most beautiful countries to live in. This country too does not levy income tax. Monaco is one of the most expensive places to stay in with one of the lowest crime rates in the country. One needs to get a legal residence permit, which can be obtained in under three months but costs 500,000 Euros.
United Arab Emirates (UAE)
Many oil countries in the Middle East have no income or corporate tax. United Arab Emirates (UAE) is one of them. It has a thriving economy and multi-cultural environment. This country too, does not levy income tax from its citizens.
Bermuda
This Caribbean income tax-free country is expensive to live in but is quite famous for its pink sand beaches, upscale restaurants and scenic beauty. Bermuda does not levy personal income tax but it does levy payroll tax on employers and land tax on property owners and tenants.
