Countries with no income taxes - Middle East tax havens - Arabian Tax Havens + Some tax haven islands you may never have heard of
The huge Expo 2020 site will be transformed into one of the region's largest green cities - District 2020, located in the south of Dubai.
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COURSE 1 TAX HAVENS COURSE - GLOBAL CITIZEN COURSE - BUSINESS INTERNATIONALIZATION COURSE
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COURSE 2 Learn 10 hidden strategies used by elites and multimillionaires to reduce their taxes, and start saving taxes right NOW, even without moving abroad
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Some countries have managed to sustain a good economy without imposing taxes on their citizens. Countries with no income taxes imply their economy is well-developed. Compared to other countries, citizens do not have to work half the year to pay these taxes set by the state.
In some no taxes countries, conditions are quite different. and much better than in countries where taxes are mandatory. Let's take a look.
Countries with no income taxes countries
The cultures and customs may differ from those you know, and some of these countries are islands where you will not find much other than a peaceful place.
However, other countries are attractive because of their culture, society and economy. Below we will tell you about the countries where you do not pay income taxes.
Arabian / Middle East Countries with no Income Tax
Qatar
Qatar is also considered one of the wealthiest countries in the world; this is due to its large GDP per capita. However, like other countries in the Persian Gulf, the wealth of this nation comes from its oil and gas reserves. It is the second largest oil reserve in the world after Russia.
This country has decided not to impose income taxes or commissions on:
- Its citizens
- Regular workers (Salaries)
Any other person who has any source of income should declare it. Depending on the goods' origins, you must pay certain taxes. Usually, this income tax is 10% rated. But it may vary. For example:
- Tobacco products (100%)
- Energy drinks (100%)
- Special goods (Pork, alcohol, and so on) (100%)
- Property taxes
If you compare this. It is just a perfect no income taxes country to save your investments and living style. In a regular LATAM country, VAT could reflect 14-18% in all products you buy or services you pay, and in a European country is well over 20%. In Qatar there will be soon VAT but only of 5%.
Generally speaking, we can consider Qatar a no-income country because of its fabulous low taxes system. They will also apply different terms to international businesses and banks.
United Arab Emirates
It is another country belonging to the Persian Gulf that possesses tremendous wealth due to its natural resources. The United Arab Emirates bases much of its wealth on its natural gas and oil reserves and its exploitation of the tourism sector.
This country almost has no taxes due to how they cover costs with international banks' contracts percentages and gas/oil companies and other goods that pay taxes. The government produces more than 50% of the nation's income from the tourism and industrial sector, thanks to their innovative and forward thinking policies.
On January 2022, the Minister of Finance announced that the federal corporate tax on some businesses would be applicable by next year. This country is creating some benefits for businesses. However, all are based on their future tax payments.
They also respect the current contracts. This corporate tax could vary between 0 and 9%.
An exciting and essential feature is that the government of this almost no-tax country always invites foreign investors with other low corporate tax regulations such as.
They also respect the current contracts. This corporate tax could vary between 0 and 9%.
An exciting and essential feature is that the government of this almost no-tax country always invites foreign investors with other low corporate tax regulations.
Bahrain
The Kingdom of Bahrain is a British protectorate located in Southeast Asia and has been independent since 1971. It is one of the Persian Gulf countries with no taxes, and the reason for this is due to its large reserves of gas and oil.
They also and/or are planning some Double Taxation Avoidance treaty. You can have more info on their official website.
These vast reserves of gas and oil have made Bahrain a prosperous country. Therefore, paying taxes is not necessary. It is estimated that 85% of the country's wealth comes from these two natural resources.
Bahrain's economy is an open market. Due to this, it has one of the most expensive currencies in the world according to its price in USD. This currency is the Dinar.
Bahrain's socio-political system is considered a constitutional monarchy, which implies that its government is hereditary. Its legal system is based on the laws of Islam and is also based on other tribal laws.
Obtaining a residency is a bit complicated; one of the minimum requirements is to have at least one business with a minimum value of $270,000 or at least $135,000 in assets. In addition, the minimum monthly income must be $1,400, and you must have a minimum deposit of $40,000.
The nationality issue is much more complicated since it is mandatory to have a perfect command of Arabic, the official language of this nation, and to have resided in the country for 25 consecutive years.
Brunei
This country is located on the island of Borneo. Brunei is another prosperous Arab country, considered the 5th richest country in the world.
The wealth of this country comes from its large oil and natural gas reserves, and because of this, citizens and residents of this Arabian nation do not pay taxes.
A problematic issue is a residency and citizenship, which is even more difficult. All this is due to the cultural, language, and local customs tests and the fact that the Sultan must approve in person to obtain it.
Islands countries with no Income tax
Pitcairn
This country, called Pitcairn, is a group of 4 islands in the Pacific Ocean. This group of islands is the only British colony existing today.
In this territory live approximately 50 people who make up 9 different families. These people sustain the economy there. Their economy is fishing, handicrafts, agriculture and postage stamps, and they do not have any taxes on the island.
To apply for a residency in this country, you must fill out several settlement application forms, meet with the island's vice governor and pay a separate fee.
Kitts and Nevis
This country's economy is mainly based on tourism. Therefore, income taxes do not exist for the citizens, and it has been considered a valid tax haven for many years.
- There are some sale taxes as VAT
- There are not personal income taxes
- Only commercial taxes are charged
If you write “taxes” on their official search box, you also can check:
- 85% of their contributors pay on time
- The government is creating new taxes for some cases
Obtaining a residency and citizenship is relatively easy in the archipelago.
So do not hesitate. You can choose a no income tax country in order to invest or live.
The huge Expo 2020 site will be transformed into one of the region's largest green cities - District 2020, located in the south of Dubai.
***
Contact us and speak with an international tax lawyer: https://yourinternationaltaxlawyers.net
Discover our courses
COURSE 1 TAX HAVENS COURSE - GLOBAL CITIZEN COURSE - BUSINESS INTERNATIONALIZATION COURSE
https://yourinternationaltaxlawyers.net/index.php/course-1
COURSE 2 Learn 10 hidden strategies used by elites and multimillionaires to reduce their taxes, and start saving taxes right NOW, even without moving abroad
https://yourinternationaltaxlawyers.net/index.php/course-2
***