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The American polymath Benjamin Franklin memorably stated there is 'absolutely nothing specific but death and taxes' - but there are a couple of places on the planet where you can avoid paying earnings tax.
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The super-rich have long cashed in on this, however more people are being tempted by the lure of lower-tax jurisdictions for long-term wealth preservation.
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Yet off-shore relocation is no longer the maintain of the ultra-wealthy.

' Remote work, double citizenship, international employing patterns - they have actually all decreased the barriers,' states Nigel Green, CEO of deVere Group, a financial advisory and asset management firm. 'If [enthusiastic individuals] are not being rewarded in the house, they're increasingly comfy checking out alternatives abroad.'

In the UK, recent fiscal grenades include completion of non-dom regime and inheritance tax breaks on possessions kept in overseas trusts, plus a freeze on income tax limits that has pressed more individuals into greater tax brackets till at least 2028. Meanwhile, the plan to include pensions as part of inheritance tax from April 2027 is currently in the proposition stage.

The outcome? The UK has actually lost more billionaires in the past year than at any other time in history.

Some will look to nations such as Italy, Greece or Switzerland providing flat-tax routines, while others will think about low-tax jurisdictions such as Barbados or Cyprus.

But where will you pay no individual income tax at all? Here are six of the best locations to think about:

UNITED ARAB EMIRATES

If you do not want glitzy Dubai there's the calmer Emirati capital Abu Dhabi with its fast-developing cultural island, Saadiyat

Banks, worldwide schools, construction, hospitality, healthcare and engineering are all bring in a wave of British expats - an approximated 240,000 live there now

Job opportunities, terrific environment and more skyscraper-lined vistas you can shake a selfie-stick at, the UAE is quite in need for its lifestyle and tax advantages.

There is no personal earnings tax on salaries, investments, or rental income made within the nation, there is no capital gains tax (CGT), inheritance tax, wealth tax or annual tax on worldwide possessions.

If you do not want flashy Dubai there's the calmer Emirati capital Abu Dhabi with its fast-developing cultural island, Saadiyat, however they both provide beaches, classy facilities, health care and education.

The UAE can give business owners what they are failing to find in the UK: security, financial growth, a pro-business environment and regulatory certainty.

Setting up a company is a simple route to residency, including in one of Free Zones, where expats can have 100 per cent ownership without the requirement for a regional partner or investor.

There are also plentiful visa options including the 10-year golden visa that requires you to invest or buy a residential or commercial property for at least AED 2million (₤ 439,000), digital wanderer and freelance visas.

Banks, worldwide schools, construction, hospitality, health care and engineering are all attracting a wave of British expats - an approximated 240,000 live there now.

Major deterrents consist of the high cost of housing - rents can be more than in the UK, although the UAE average cost of living is 15 percent less than the UK - plus extreme summer season temperatures, traffic congestion and UAE's rigorous laws and cultural customs won't match everyone.

BAHAMAS. Much closer to Florida than South America, the Bahamas uses a far more vibrant environment than the ultimate Caribbean islands - and no income, capital gains or inheritance taxes.

The Bahamas uses a steady economy integrated with secluded pink-sand beaches, reef and outstanding sailing

Britons like it too - around 4,100 live there (there's a direct eight-hour flight to the UK), and many have established in Nassau on the island of New Providence

This Atlantic Ocean archipelago, with an American twist, uses a stable economy combined with secluded pink-sand beaches, reef and exceptional cruising.

Privacy, security and way of life make it a preferred location for numerous North American billionaires. But start-ups, crypto and fintech investors are likewise being drawn to its capital, Nassau.

Along with the international jet set, multinational brand names and conveniences have actually shown up: Nobu, Starbucks, Amazon deliveries, Michelin-starred restaurants - and it's only a half-hour flight to a lot 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 set up in Nassau on the island of New Providence - the expat hub with the majority of the international schools and cultural institutions. Or Freeport on Grand Bahama is more laid-back.

Those who spend a minimum of $1million (₤ 741,000) on a home, economic contribution or investment in a vital sector can protect irreversible residency - it's tough to get a work license otherwise. Perhaps the easiest option? The 1 year Bahamas digital nomad visa (BEATS), which, uncommonly for such plans, includes no minimum income requirement.

Aside from the threat of typhoons - 2019's Dorian devastated the Abaco islands and Grand Bahama - the greatest downside is the high cost of living, which is 27 percent more than in the UK according to numbeo.com, with rent prices that are 30 per cent greater than the UK.

You'll pay $3,200 (₤ 2,371) a month for a modest two-bedroom home on one of New Providence's gated neighborhoods.

MONACO. A favoured base for lots of sports stars, international businessmen and F1 chauffeurs, Monaco is the small tax haven that's just a seven-minute helicopter ride from Nice Airport on the French Riviera.

The summer season play areas of Cap-Ferrat, Cannes and Saint-Tropez are all within simple reach by supercar or one's yacht moored in Port Hercule, below the Monegasque cityscape of high-rises.

A favoured base for dozens of stars, worldwide business owners and F1 chauffeurs, Monaco is the small tax sanctuary that's simply a seven-minute helicopter ride from Nice Airport

From high-end shopping to Michelin-starred dining establishments, casinos and beach clubs, the principality has more millionaires per square metre than anywhere else (and prominent individuals enjoy its high security and rigorous personal privacy laws). More than 2,800 Britons call it home.

Naturally they all like it's the lack of earnings tax, wealth tax and capital gains tax, and the fact that when handing down assets, partners and children do not pay inheritance or gift 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 lease residential or commercial property in Monaco. Non-EU nationals need to get a French long-stay visa before getting 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 percent more, restaurants 50 percent pricier and rent is an eye-watering 705 per cent more, according to numbeo.com.

You can discover a studio apartment to purchase for around EUR1million (₤ 842,000), however that's all you require for your tax-base - numerous deep-pocketed new arrivals are also 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 up to foreign financial investment.

If you are comfy about its human rights record, strict laws (alcohol is prohibited) and social conservatism, not to point out the searing heat, then a tax-free high income for a couple of years might be a big adequate pull.

Yes, there's zero personal earnings 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 approximately foreign financial investment

Around 26,000-30,000 Britons reside in the Kingdom, generally in substances in Riyadh and Jeddah

Estate agents report that lots of expats are moving from Dubai to Saudi for wages that are 25 per cent more than its GCC (Gulf Cooperation Council) neighbour - and there's strong demand for engineering, building and construction, IT and health care employees.

A key aspect of this is that the Saudi federal government is making it simpler for immigrants to acquire residential or commercial property - a brand-new Freehold Law is being drafted that will open the door to acquire off-plan residential or commercial properties.

In 2015, Saudi Arabia broadened its own version of a 'golden visa' - its Premium Residency plan - that can use residency if you are not sponsored by a company. This is open to those with unique skills, investors and entrepreneurs. 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 substances in Riyadh and Jeddah, however new holiday resort-style advancements have been constructed, although rental rates can be high. In Sedra, a popular community in Riyadh by ROSHN Group, a five-bedroom villa is being promoted at SAR 160,000 annually (₤ 31,600).

The cost of living is around 35 per cent lower than in the UK, according to numbeo.com, but lots of expats get generous housing and personal health care packages. The global schools are expanding quick, with Sherborne School Jeddah (a branch of the UK independent school) opening this year.

BERMUDA

If you do not desire the searing heat of the Middle East and choose the relaxed tempo of a Caribbean island, Bermuda is a veteran favourite for British expats

The high expense of living will absorb some of the tax benefits. A two-bed townhouse in Paget might cost $7,800 (₤ 5,785) a month to lease

If you do not want the searing heat of the Middle East and choose the unwinded tempo of a Caribbean island, Bermuda - a veteran preferred with British expats - could be for you.

Britons are the most significant group of non-Bermudians in the British Overseas Territory, numbering 3,942, according to the last census. While families gravitate to Hamilton for the international schools, the central parish of Paget provides homes a brief walk from pink-sand beaches

Security, security and a high standard of living are the pulls - plus the enticement of no earnings tax or capital gains tax. Life focuses on the beach, barbecues and weekend boat parties - and it's only 2 hours to New york city for a weekend culture repair.

Less attractive are the high custom-mades responsibilities that makes buying items expensive, the limitations of small-island life (some discover it uninteresting) - and high cost of living.

You can go to Bermuda without a visa for as much as 180 days in any 12-month duration, but if you wish to operate in Bermuda, you need to get a task offer and work allow before you get in the country. There are specific chances for entrepreneurs and fintech organizations. There's likewise a 1 year 'Work from Bermuda' digital wanderer visa, but work opportunities on the island are limited.

Britons are the most significant group of non-Bermudians in the British Overseas Territory, numbering 3,942, according to the last census

Foreigners can only purchase residential or commercial properties valued above a minimum Annual Rental Value (ARV), so just higher-value residential or commercial properties. The present ARV is $126,000 (₤ 93,453) for homes - however is due to be evaluated on July 1 this year. This amount equates to around $3million (₤ 2.2 million) for homes and $600,000 (₤ 445,000) for apartments, according to Sotheby's International Real estate. Foreigners should make an application for a licence to acquire.

The high expense of living will soak up a few of that tax benefit. A two-bed townhouse in Paget may cost $7,800 (₤ 5,785) a month to lease - rents are 215 per cent higher than the UK, according to numbeo.com, although basic cost of living is just 97 percent more.

CAYMAN ISLANDS

Like Bermuda, the Cayman Islands also has tax benefits: no corporation, income, capital gains or estate tax

Like Bermuda, the Cayman Islands is a British Overseas Territory using a tax-free and beachside lifestyle simply 90 minutes south of Miami.

A high requirement of with low criminal activity rate and Caribbean climate suggests an expat way of life focusing on brunches, boat parties and barbecues, with much of this centred around Seven-Mile Beach and west of George Town, the biggest town and business center of the 3 Cayman Islands.

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Why select Cayman over Bermuda? Some state Cayman's scenery is less outstanding but the Cayman way of life is better, particularly the foodie scene centred about Grand Cayman. Others state 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 estate tax.

Britons can stay up to 180 days without a visa then there are numerous routes to residency consisting of a work permit from a company or the digital wanderer visa, the Global Citizen Concierge Program, which requires a minimum income of $100,000 (₤ 74,242) however lasts two years.

There are other routes by means of significant forms of financial investment consisting of 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 permanent residency (plus independent funds) however not the right to work.

Foreigners can purchase residential or commercial property but stamp duty at 7.5 per cent is high. You can purchase a wise two-bedroom house 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 mentality, couple of employment options and high electrical energy and home insurance coverage expenses - all that stated, the typhoon threat is low.

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