Some countries surprisingly do not implement income taxes on their residents. Many of these countries are not only popular but are also enjoyable places to live. Nevertheless, it is not an easy feat to live in a no-income-tax nation nor is it as easy as just packing your suitcase and jetting off to any of these countries.
For instance, if you are a citizen of the United States, going off to live in any of the no-income-tax nations does not exempt you from paying U.S. income taxes. All United States citizens, irrespective of where they decide to live in, are still compelled or required to record U.S. income taxes, just as if they were living in their home country.
The only exception, however, may be that in a few instances, it is possible to leave out a limited sum of money earned as income abroad from the United States taxation.
The only way to be exempted from paying tax or getting out from under the spotlight of the IRS and to enjoy living your life free from the burden of paying income taxes is to renounce your U.S. citizenship. Then you go ahead to become a legal resident or citizen of the no-income-tax country you choose to reside.
Of course, none of these options can be carried out efficiently. Not many countries offer citizenship to anyone who asks, and it is an expensive and lengthy process. What is more, the United States tax authorities have also made it extremely difficult and very expensive for anyone U.S. citizen to renounce his or her citizenship.
This is as a result of the colossal loss that U.S. tax authorities incurred when dozens of multimillionaires, as well as billionaires, opted to obtain citizenship in countries with more tax-friendly policies.
The Bahamas
To live life from paying income taxes in the Bahamas depends on residence, and not on being a citizen. It is, however, one of the most prosperous countries where one can obtain citizenship and live a tax-free income life.
To satisfy residency requirements in the Bahamas, you will need to pay for an Annual Residence Permit or purchase real estate to obtain permanent resident status. The Bahamas is one of the less expensive places to live in on the Caribbean islands.
United Arab Emirates
The UAE is the most attractive oil countries with no income tax systems in place, thanks to its stable economy and government. The multicultural environment and booming economy make it the ideal choice compared with other oil countries in the Middle East.
Andorra
Pressured by the EU (European Union) to implement an income tax, Andorra, which is located in the Pyrenees Mountains between Spain and France, is still running its tax-free income system. If an income tax is instituted, however, it will most likely be a token which is meant to appease the European Union.
Andorra is a picturesque spot, thanks to its mountain location and is prominent for not only being tax-free but also for being VAT-free (i.e. value-added tax-free) as well. This is the primary reason why many Europeans drive in daily to purchase liquor, cigarettes, electronics, and apparel.
Andorra also boasts of one of the most sophisticated and highly developed offshore banking industries in the world. Becoming a citizen of Andorra is quite lengthy, and takes up to ten years before you become a naturalized citizen.
Bermuda
Bermuda is believed to offer more regarding attractions, aside from its income-free status when compared with the Bahamas. However, it is also a more expensive country to reside, mainly due to its isolated location. It is more developed than a majority of the Caribbean islands with excellent road networks alongside fantastic public transportation system.
Bermuda is also considered as one of the most pleasant and scenic countries in the Caribbean and is home to a majority of U.S. expatriates working in the broad financial sector of the nation.
Monaco
Monaco is one of the most desirable and beautiful places to reside in Europe. It is situated on the French Riviera and has well-developed and extensive marinas which are usually filled with exotic yachts from all over the globe. Not only does Monaco have one of the lowest crime rates in the world, but also provides an income tax-free financial environment.
It does not come cheap, however as you may need to obtain a legal residence permit. It takes up to three months for the entire process to complete but will require you to be depositing a minimum of half a million dollars consistently for three months in a bank in Monaco.
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Awesome post. St. Kitts is also a good tax-free country, as well as Dominica - both have citizenship-by-investment programs, but the hurricanes and climate change may be a big risk going forward.
I've actually considered applying in St.Kitts, but the only thing that is making me uneasy is all the climate change implications for the island.
Yes great places and the fact that there are tax-free its a major plus... but lets not forget that the best place to be is where you were born, where you have your family and your loves ones...
At the end of the day there is no place like Home!😉
Iti urez un week-end placut!
You seem to know an awful lot about the United States tax law.
Have you lived here long?
Nope, I just read about it a lot :p, honestly I thought there are wrong informations on the Internet lol
NO!
Incorrect information on the internet?
I'm SHOCKED!
Shocked I say!
lol man, please correct everything is incorrect in my post, I will appreciate! Thank you!
OH NO!
I would never presume to do that.
I've just lived in the US for 67 years...what would I know?
Everything! Better than any other steemian out there 🔥✔
Well I know that I know everything. I'm a former trucker after all.
but it would be arrogant for me to say so.
It speaks well of you that you figured it out for yourself.
You have great analytical skills. This blog is full of useful and updated knowledge about the countries to live peacefully without much burden of taxes. I think life is short and most important thing about it would be its pleasure and happiness it provides. There are so many countries, mostly are small nations, which attract wealthy people to its shores.
The blogs carries much wait because of its balanced and unbiased approach as well.
Nice summary and pictures. How did you pick these countries?
Vanuatu and
Anguilla best i think
Yep, especially because they drink kava kava over there. :D
If only it wasn't so difficult and time consuming to renounce your US citizenship...
These pictures look amazing, I hope to someday be able to see a few!
It is about making you think from a different perspective..
Excellent post good analyses thanks for sharing.
I appreciate your upvote.
Thanks boss...How I wish I can have the type of voting power you have
An interesting travel, such a clear sky, you can envy your warm days.
Thank you for the great article, personnaly I go for the Bahamas ;)
Thanks for this great post, giving enough detail about various countries. Thanks for the post.
Goos post thank for sharing for information.
Absolutely you are great ..You are really super hero of steemit media ...
You have special power of photography system as though you are great .
In every time I follow you so much ...
Give upvoted and do resteemited properly..
Thanks for sharing your important blog ..
Hiii @jwolf please UPVOTE and help me grow...... NIce post. Awesome photography.
Please see my last post on scienceeeee....
https://steemit.com/steemstem/@lachitsarmah/material-science-it-s-harmful-effects-to-the-creation-c10fae5a415a3
that's pretty cool to know, thanks for the tips by the way..
Wow fantastic photography sir.thanks sir...
hear some amazing and natural photography....and you post is so good....i live to reed it..
heavenly places)
I didn't know that UAE is on that list. I am living its neighbour country. so it will be easier for me :)
Tips for newbies: How to give a fractional upvote when your SP is below 500?
Good list but I couldn't figure how much money is needed for moving to these places.
Such places are perfect for crypto enthusiasts. Most crypto lovers fear what would happen when governments start regulating cryptos and start asking to pay tax on them. Now in these countries, you don't have such fear. No regulations, no taxes, just do whatever you want :)
you can come in bangladesh its really awsome placs hope you like it pleass search in gooogle...
You left out saint Kitts where Roger ver became a citizen
what an amazing place this is! Just amazing. Thanks for giving us the chance to see it....
Really informative post, thank you for sharing. I'm considering a move to Costa Rica.
Well My Friend @jwolf you are tremendously promoting the tourism by giving a very soft image of the above mentioned countries. One country which i am going to visit for once in my life is Monaco <3
This is so so beautiful country although expensive but a very peaceful place to stay with one's family :)
Thanks a lot My Friend ;)
Stay Blessed, Steem On!
Hi @jwolf, This is a very interesting topic. Paying tax and getting facilities in this regard seems logical but what if you pay hefty tax and yet have to pay for health, education, transportation and such other basic necessities of life. This is what happens in the third world countries. Being historically behind from the development perspective is no doubt a big difference. Thanks for compiling this list. By the way, it;s good that you started updating your followers about Steemit ranking.
Steem On!
uae is really expensive, too much.. what about Panama? i hear that some people live there and it is very good with tax..
Going to make a million this year and moving to Monaco. :)
Amazing travel. My favourite bahamas. Because cultur, people and fooda perfect.
Upvote and follow me plase @burabay
That's really good to hear considering the crypto taxes issued in our countries nowadays. I'm looking forward to see what how crypto and taxes will be regulated in the future, so maybe we should consider finding an island and creating a new country for steemians haha.
well its a great blog and wonderful steeming @jwolf
i like your stuff about #tax and its reaction on living life. its very good work you did for steemian community and thanks for update this standard of valuable post for your followers.
Keep inspiring others as you inspired me in all these days.
My Support is always with you
Stay Blessed, Steem On!
@jwolf This is a fantastic list The United Arab Emirates looks amazing at night time! Always loved travel and with the crypto lifestyle these places are ideal!
Thanks again for the awesome list! upvoted resteemed and followed!
Peace and Love my Friend!
This is really good info. Totally enjoyed the post :)
oh this is amazing, we can have fun with the beauty of the city in those countries but it would be better if staying with family even in non tax free country
hahah looks like every crypto holder will move there in a bit of time hahah :D
tax free countries is what everyone desire of now a days they remove half of the burden
Bahamas the land of amazingness each day would be like a holiday to enjoy
the list looks really nice time to apply for citizenship ;)
Yep Bermuda sounds great :) Thanks for the tip
I agree man!