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7 Tax-Friendly Countries for High-Net-Worth Expats

Expat

December 26, 2024

Are you keen to learn more about the countries that make it possible for you to legally pay less tax? 

If so, you’re in the right place. 

It’s a process the Nomad Capitalist team calls ‘going where you’re treated best’. 

Simply put, we believe you can move your life, money, investments, business and even your citizenship to a location where they – and you – will get the attention and treatment they deserve.

After all, if you’re a high-net-worth individual, your needs are different from those who make an income but don’t have as much capital to invest. 

For you, when it comes to finding a place to settle down or set up a base, going where you’re treated best should satisfy all your financial and lifestyle goals.

However, one immediate benefit is finding the most tax-friendly countries (or even entirely tax-free places) that give you options.

As we said at the outset, going where you’re treated best is at the core of how we help people. 

So, if you’re after a tax-friendly country to live, work or invest your capital in, set up a call with us today.

Quite a few countries on this list are often called ‘tax haven’ countries, but be wary of the term ‘haven,’ as it’s often misleading, something that’s explained below.

1. Monaco

Monaco Zero Tax
Monaco has no personal income taxes.

Right off the bat, Monaco is a tax-free country. This means that, for the most part, the taxman will leave you alone as long as you’re not a French citizen.

Key information:

  • Income tax rate: No personal income tax
  • Corporate tax rate: 28% 

Residence and citizenship path: You can secure residence by depositing from €500,000 to €5 million in a Monaco bank. Permanent residence is available after ten years, and then you could be eligible for citizenship.

But, there’s a caveat – you can’t just have a paper residence there – you actually need to spend time living there.

Even though Monaco is the second smallest state after the Vatican, with a population of roughly 37,000, it offers the highest standards of exclusivity but comes with a hefty price tag. 

In Monaco, you’ll trade high taxes for higher living costs.

In addition, to reside in Monaco, you must deposit at least €500,000 in a bank account in your name. Realistically, banks can and do request significantly more, so anticipate having to deposit anything from €2 million to €5 million.

You’ll have to submit additional supporting documents, like proof of your bank deposit and any residencies you’ve held for the past five years. 

You’ll need to complete an interview with the police department and pass a criminal background check. Then, after ten years, you will receive permanent residence and a potential route to citizenship if you wish. 

Monaco is primarily aimed toward the ultra-wealthy who wouldn’t mind leaving several million on the table for the sake of convenience. 

2. Jersey

Jersey Mont Orgueil Castle
Jersey governs its own affairs, including its tax laws.

Is Jersey a tax haven? Again, we’re wary of using the term, but Jersey is a tax-friendly option that people don’t talk about much.

Key information: 

  • Income tax rate: 20%, then 1% on any income above £1,250,000
  • Corporate tax rate: 0% 

Residence and citizenship path: You can obtain residence as a high-net-worth individual by paying £250,000 annually in tax. After five years, you can apply for indefinite leave to remain.

It’s connected to the UK as a British Crown dependency, but it governs its own affairs, which allows it to have a tax-friendly regime.

Entrepreneurs and investors can run a company from Jersey and pay significantly less in both personal and business taxes. 

You can also get residence as a person of means and pay £250,000 per year in tax. Foreign-sourced income is taxed at 1%. 

Jersey is certainly an interesting option, particularly with its close relationship with the UK and proximity to London. 

Here, you can have a manor house with beautiful gardens and close proximity to where the action is. All this while enjoying the benefits of far lower taxes.

3. The UAE

Abu Dhabi Dubai for high net worth expats
The UAE has long been popular thanks to its favorable tax laws.

The United Arab Emirates (UAE) is a popular choice for those who want a combination of a hassle-free residence permit and no personal income tax. 

Key information:

  • Income tax rate: 0% personal income tax
  • Corporate tax rate: 9% (exceptions for some free zone companies)

Residency and citizenship path: You can obtain temporary residence with little or no fuss if you are employed, make an investment or purchase a property there. Longer-term residence by investment is available for substantial investors and costs around US$545,000.

However, with the introduction of 5% VAT and a new corporate tax rate of 9%, it’s becoming less hospitable for businesses. Unfortunately, not all free zone companies are exempt from corporate taxes. 

The two main cities of Dubai and Abu Dhabi offer luxury, entertainment and high-quality living. As you can read in our expat guide to the UAE, Dubai is more entertainment-focused, while Abu Dhabi is still glitzy but a bit less frantic. 

Life is good in the UAE. You don’t need to worry about much. If anything, you can hire someone in the UAE to worry for you, as every service and product you could ever want is available there.

Some people have reservations about the Middle East, but you’ll be treated exceptionally well when you’re there.

4. Singapore

Singapore Tax friendly for high net worth expats
Expats can benefit from Singapore territorial tax system.

Singapore attracts millionaires from all over the world with its tax-friendly policies.

It’s home to over 333,000 millionaires and over 40 billionaires from all over the world and from all kinds of backgrounds. 

Key information:

  • Income tax rate: Progressive, up to 24%
  • Corporate tax rate: 17%.

Residence and citizenship path: Invest SDG10 million (US$7.4 million)in a business or 25 million (USD$18.5 million) in a fund under the Global Investor Program (GIP). Permanent residence may lead to citizenship.

In Singapore, your foreign-sourced income is tax-exempt, while income earned there is taxed at progressive rates ranging from 0% to 22%. To learn more, see our Ultimate Guide to Establishing a Singapore Tax Residence.

Nicknamed ‘The Little Red Dot’ on the Southeast Asian Sea, this city-state and island country is small but packs a global financial punch. 

If you want to live in a tax-friendly place with a stable political climate and world-class healthcare and transport, Singapore is well worth considering.

If you are looking for a place that’s very well put together and where everything works, Singapore is an excellent spot with lots of investment potential.

5. Bahamas

Bahamas tax friendly country
The Bahamas is a tax haven, with no corporate tax, personal income taxes or wealth tax.  

The Bahamas is an exciting option for high-net-worth individuals seeking privacy and enjoyment without feeling trapped by having to live there for any length of time. 

Under its residence-by-investment program, there’s no minimum stay requirement, and the 45-minute flight to Miami offers an easy connection to the US. 

Key information:

  • Income tax rate: No personal income tax
  • Corporate tax rate: 15% corporate income tax

Residency and citizenship path: Purchase property worth US$750,000+ for permanent residence, or expedite this with properties valued at US$1.5 million and over.

Foreign investors may be eligible for a permanent residence permit based on a residential property purchase of at least BSD750,000, which, as it’s pegged to the dollar, is the same in USD. 

If your property is worth at least US$1.5 million, you can also accelerate the bureaucratic process to be completed within a speedy 21 days.

The Bahamas is a true tax haven – there are no direct taxes such as personal income tax or wealth taxes. 

The government has introduced a 15% corporate tax, but it’s still a low tax if you want to incorporate it there and enjoy a business-friendly governance regime. 

6. Cayman Islands

The Cayman Islands tax free for high net worth expats
The Cayman Islands has long been famous for its favorable tax laws.

Much of the Caribbean is well-known for its tax haven status, but the Cayman Islands has long been the crown jewel.

Key information:

  • Income tax rate: No personal income tax
  • Corporate tax rate: No corporate income tax

Residence and citizenship path: For residence, you must invest US$1.2 million (US$600,000 must be in developed real estate) and at least US$2.4 million for a pathway to citizenship.

As an English-speaking British Overseas Territory, the Cayman Islands is a good choice for a luxury lifestyle on a laid-back island.

Getting a Cayman Islands residence is pretty straightforward.

However, while becoming a resident isn’t too difficult, it is expensive, even though the Cayman Islands offers benefits not available in other Caribbean nations.

 For instance, as a resident, you have the opportunity to obtain a British Overseas Territories passport.

As always, whether you should choose a Cayman Islands residence will depend on your needs and circumstances. While island life is tempting, there might be better choices.

How to Get Cayman Islands Residency (And Pay Zero Tax)

7. Antigua and Barbuda

Antigua and Barbuda tax friendly country
Antigua and Barbuda is not tax free but very a tax-friendly jurisdiction for high-net-worth expats.

Antigua and Barbuda offers one of the cheapest CBI programs for families of up to four, making it an excellent option if you’re after a second passport.

Key information:

  • Income tax rate: No personal income tax for residents
  • Corporate tax rate: 25% 

Residence and citizenship path: Citizenship by investment is available, starting at US$230,000 for a family of four.

Although it’s not tax-free, Antigua and Barbuda is a relatively tax-friendly jurisdiction.

If you want a hassle-free place to live with specific tax benefits, you may consider citizenship by investment in Antigua and Barbuda. 

Although not entirely tax-free, it’s situated in the heart of the Caribbean and offers good lifestyle benefits. Plus, you only have to spend five days a year there to maintain your citizenship. 

Interested? Our guide to Antigua and Barbuda Citizenship by Investment has all the information you need. 

Tax-Friendly Countries for High-Net-Worth Expats: FAQs

Which countries have no taxes?

Monaco, the UAE, the Bahamas and the Cayman Islands have no personal income tax and very low (or no) corporate taxes.

What tax-haven countries are accessible for US expats?

The Bahamas and other Caribbean islands, like St Kitts and Nevis, are particularly easy for Americans due to proximity, no language barrier and straightforward investment-based residence options.

Which countries that do not have taxes are also easy to move to?

The Bahamas and the UAE are both tax-free and offer relatively simple residency options through property investment.

What is the best country for income tax optimisation?

The UAE has 0% income tax and minimal residence requirements. However, various tax-free countries exist, including Monaco, Vanuatu, and tax havens in the Caribbean, for example. There are also a number of low-tax countries where residence-by-investment is more affordable in less far-flung places. 

Is Jersey a tax haven?

Jersey is a tax-friendly  British Crown Dependency with low personal and corporate taxes  However, it’s not a typical tax haven in that it does not offer zero taxes. 

Go Where You’re Treated Best 

In some countries, the tax-free label only applies to your income. For example, in Dubai, a 9% profit tax is levied on many companies. 

In the Caribbean, you need to establish permanent residence or citizenship to avail of tax free living, but it comes at a cost. 

You will be asked to pay for citizenship by buying property, making a donation, or investing in a business there. 

Above all, legally reducing your taxes requires planning. 

At Nomad Capitalist, we help seven- and eight-figure entrepreneurs and investors create bespoke strategies using our uniquely successful methods. 

This will allow you to keep more of your own money, create new wealth faster and be protected from whatever happens in just three steps. 

If you want help understanding the ideal option for you your business, and your family, feel free to reach out to our team.

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