Countries With No Income Tax

Countries With No Income Tax

Is there a tax haven?
Taxes are a major headache for entrepreneurs, especially in the western world. Income taxes can be very high and sometimes it feels like spending a lot of time working for your own country’s government. This is a major reason why many business people choose to apply for a residency permit and passport in another country. However, it is important to disprove the popular belief that getting a second passport will stop you paying taxes. Different countries have different systems of how they tax their citizens and residents.

For example, if you are a US citizen, you are subject to worldwide income tax regardless of the number of passports you hold or where you live. American citizens are allowed to hold multiple passports, but are always required to report their taxes to the IRS.

However, this is not the case in most countries. Many countries tax their citizens based on residence. This means that if you change your place of residence, you are no longer liable to pay tax in your home country.

There are two legal strategies you can use to avoid paying tax based on residency:

1. Become a resident of a tax-free country that does not levy income, dividend and capital gains taxes.
2. Become a resident of a country with territorial taxation that only levies income taxes and other taxes on income earned in the country. So you can legally keep profits within a foreign company.

Nowadays, in 2019, there are still some countries that are considered tax havens. However, in a world that is increasingly turning to social democracy and left-wing views, it is likely that soon there will not be many countries that can be described as tax havens.

Nations with no income tax

In the Bahamas, residents don’t pay income tax. The nation generates most of its revenue from tourism and offshore businesses. Bahamian residents are exempt from taxes regardless of where their income is earned. Investing $250,000 in real estate can lead to a longer-term residency permit, and more expensive properties expedite the process of obtaining permanent residence.

The British Virgin Islands
To obtain residency, applicants must provide bank statements demonstrating financial stability and personal wealth, as well as a $1,000 surety bond. Despite its reputation as a tax haven, immigration is challenging, with only 25 residency permits issued annually. These permits require a minimum stay of 270 days per year on the islands, and 20 years of residence for permanent residency.

Located on the island of Borneo and surrounded by Malaysia, Brunei is a small, oil-rich nation with little interest in foreign investors.

Cayman Islands
Residency in this tropical paradise comes at a cost. With an annual income of around 125,000 EUR and an investment of 500,000 EUR (including 250,000 EUR in real estate), you can obtain residence on Grand Cayman Island. Smaller islands require an annual income of around 80,000 EUR and a 250,000 EUR investment.

This principality on the French Riviera is synonymous with luxury and wealth. Income tax was abolished in 1869, but French citizens residing in Monaco still pay taxes to France. To obtain residency, you must deposit at least 500,000 EUR in a Monaco bank and purchase real estate worth at least 500,000 EUR. Furthermore, you must undergo an individual interview for a residency permit and reside in Monaco for at least six months per year.

While Oman does not tax personal income, expatriates may face income tax. Residency permits are limited and typically obtained through employment or family connections.

Turks and Caicos
Quick residency permits are granted to foreign investors willing to spend $350,000 on new home construction or remodeling distressed properties, or invest at least $750,000 in a predominantly locally-owned company.

United Arab Emirates
The UAE has no income or corporate taxes, but introduced a Value Added Tax (VAT) in 2018. With a stable economy, the UAE offers easy residency visas through setting up a foreign-owned company in one of its free trade zones.

Vanuatu is a tax-free country that offers residency and citizenship through donations. Economic Citizenship was relaunched in 2017, now in 2023 it cost only $130.000, to get a second Citizenship and Passport, and for to get the residency you investing about $89,000 grants a one-year residence visa, renewable annually.

Interested in establishing residency in a tax haven?
We can assist you in relocating to any of these countries and obtaining residency and citizenship with relative ease. If you’re a wealthy individual in a high-tax jurisdiction, consider optimizing your wealth today.


We’ve helped hundreds of people move their businesses overseas, legally reduce their taxes, and become dual citizens. We are focused on high-net-worth individuals and their families as well as corporations wishing to invest their offshore companies or even secure their wealth in offshore financial centers around the world. We will help you to find the best solution for setting up an offshore or onshore company. Another special area of our full-service consulting is the investment opportunity and solution in Europe, especially in the Balkans, Africa, Asia, UAE, the Caribbean and the Pacific.

If you are looking for it, please feel free to contact us. We create a holistic plan that serves your purpose.
TCME – Group worldwide is a leading professional International Business Investment and Advisory Firm for Foreign Economic Relations, with 17th. departments in different Countries around the world and the Headquarter in Malaysia.

GCI UNIT Worldwide, designs and implements customized, holistic strategies for successful investors and entrepreneurs to legally reduce their tax bills, diversify and protect their wealth, invest abroad, gain a second citizenship and live a freer life worldwide to lead.


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