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Best 10 low tax jurisdictions for wealthy expats
| Published: | 21 Aug at 6 PM |
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The rash of changes in international tax laws have caused difficulties for wealthy would-be expats, but the globe still holds a number of low-tax jurisdictions happy to accept large pension pots and savings.
A recent investigation revealed the top ten most tax-friendly countries based on actual tax rates, lifestyles, political and economic security and tempting expat packages for the wealthy or comfortably off. Many are idyllic tropical paradises, and several have tax rates as low as zero.
The Bahamas is an ever-popular refuge with zero personal taxation, and residence permits are available with the purchase of a property worth £295,000 or more. The tiny Pyrenean state of Andorra offers residence for an investment of £80,000 and a savings deposit of £40,000, and its tax rate varies between 0 and 10 per cent.
Monaco is for the seriously rich, with property prices at an all-time high, but only the French pay taxes here. Bulgaria’s expat tax rate is a friendly 10 per cent, but the downside is the £400,000 five-year bond requested by the government for residency status
Panama offers a no-tax regime including offshore earnings, and is popular with USA expats for its decent healthcare and close ties with America. For French citizens and French-speakers, the island of Mauritius offers residency in exchange for a £300,000 property and personal taxes are set at 15 per cent.
For the adventurous, the UAE waives taxes for expats as well as foreign companies and, for nervous millionaires, Guernsey is another option with tax rates up to 20 per cent and a limit of £220,000. The Cayman Islands give special deals for expats starting a business, and don’t tax companies or individuals.
Switzerland, the prime destination for the seriously wealthy, has all the EU benefits and none of the hassles as it’s not a member state. Expats pay a flat personal tax and don’t have to declare their income.
A recent investigation revealed the top ten most tax-friendly countries based on actual tax rates, lifestyles, political and economic security and tempting expat packages for the wealthy or comfortably off. Many are idyllic tropical paradises, and several have tax rates as low as zero.
The Bahamas is an ever-popular refuge with zero personal taxation, and residence permits are available with the purchase of a property worth £295,000 or more. The tiny Pyrenean state of Andorra offers residence for an investment of £80,000 and a savings deposit of £40,000, and its tax rate varies between 0 and 10 per cent.
Monaco is for the seriously rich, with property prices at an all-time high, but only the French pay taxes here. Bulgaria’s expat tax rate is a friendly 10 per cent, but the downside is the £400,000 five-year bond requested by the government for residency status
Panama offers a no-tax regime including offshore earnings, and is popular with USA expats for its decent healthcare and close ties with America. For French citizens and French-speakers, the island of Mauritius offers residency in exchange for a £300,000 property and personal taxes are set at 15 per cent.
For the adventurous, the UAE waives taxes for expats as well as foreign companies and, for nervous millionaires, Guernsey is another option with tax rates up to 20 per cent and a limit of £220,000. The Cayman Islands give special deals for expats starting a business, and don’t tax companies or individuals.
Switzerland, the prime destination for the seriously wealthy, has all the EU benefits and none of the hassles as it’s not a member state. Expats pay a flat personal tax and don’t have to declare their income.
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