Avoid paying income tax in these four countries
There are several countries in the world that are known for having low tax rates. Here are four examples:
- United Arab Emirates (UAE) – The UAE has no income tax, no corporate tax, and no value-added tax (VAT). However, there are some fees and tariffs that businesses and individuals may have to pay.
- Bahamas – The Bahamas has no income tax, no capital gains tax, and no inheritance tax. However, there is a 12% value-added tax (VAT) on goods and services.
- Cayman Islands – The Cayman Islands has no income tax, no corporate tax, and no capital gains tax. However, there are some fees and levies that individuals and businesses may have to pay.
- Bermuda – Bermuda has no income tax, no capital gains tax, and no value-added tax (VAT). However, there are some payroll taxes and customs duties that businesses and individuals may have to pay.
It’s important to note that while these countries may have low tax rates, they may also have high costs of living or other expenses that could offset the savings from low taxes. Additionally, tax laws and regulations can change over time, so it’s important to do thorough research and consult with a professional tax advisor before making any decisions about where to live or work based on tax rates.
Maybe it’s time to make a global move? Do you live in one of those countries?