Do you want to relocate? Are you in search of more economic freedom and lower taxes? Do you want to move to a place where your lifestyle choices, values, and financial motivation align?
If you said yes to these questions, you will be happy to learn that Nomad Capitalist has the solution for each of these questions and more.
We understand that everyone isn’t born in a city or even a country that they truly appreciate. Perhaps there is a business venture you want to partake in but can’t because of certain restrictions.
What can you do in such a situation? It’s not easy to move to a completely new place without knowing anything about the culture or lifestyle practiced there.
You will need experts who understand your needs and want to help you go where you’re treated best. That is what Nomad Capitalist is all about.
We strive to help seven and eight-figure entrepreneurs move to countries where they can most out of their finances. If you want to learn more about offshore banking or investments overseas, you should seek advice from our experts.
Our team consists of professionals with years of relevant experience across various financial solutions to overcome restrictions that are holding you back.
Find ways to grow your wealth and legally lower your taxes. We are here to help you; all you have to do is reach out to us.
Move Overseas to A Place Where You Can Feel at Home
To efficiently conduct your affairs, it is important that you live in a place where you are truly happy. As we say here, you should go where you’re treated best. This way you don’t have to worry about things like your dietary preferences so that you can focus on the bigger picture.
After all, as an entrepreneur or investor, it is important that you’re able to focus on your finances without thinking about what you will do later. The best way to succeed is to ensure that you’re able to focus on the task at hand.
This can be especially difficult if you live in a country where your lifestyle choices are at odds with the locals. Maybe you have certain dietary restrictions which you must adhere to. Perhaps you want to avoid certain stores because of their business practices.
Of course, people usually say that you should learn to “adapt” to any situation. But why should you make fundamental compromises in a country where you’re getting nothing in return for it?
It only makes sense to live in a country where you can focus on your business ventures without worrying about being taxed unfairly or having to go the extra mile to ensure that your basic needs are met.
With the growing understanding of sustainability and increasing awareness of the benefits of veganism, we have seen an exponential rise in the availability of vegan foods in western countries.
However, we also know that most western nations are not the most tax-friendly countries in the world. The truth is, at one point, you will have to move abroad. But where will you go?
Are There Vegan-Friendly Options Available?
If you’re vegan, you probably want to move to some of the most vegan-friendly countries in the world. You will also want these places to be some of the most tax-friendly countries as well.
To make your search simpler, we have created a list of the most vegan-friendly countries to make your decision easier for you.
With the growing understanding of sustainability and increasing awareness of the benefits of veganism, we have seen an exponential rise in the availability of vegan food.
The Rise of The Most Vegan-Friendly Countries
In recent years, we have seen an increase in the number of people practicing veganism. The west is at the center of the rise of veganism. There is generally a much better understanding of the need for this diet.
However, some of the most vegan-friendly countries are also ones with the highest taxes. That is not good for business.
So, what do you do?
It may seem like the most vegan-friendly countries are highly taxed, but this isn’t always the case. We associate veganism with the west due to its overwhelming popularity in the region.
Yet, we fail to acknowledge that numerous countries are also home to vegan food. In fact, there are certain countries where an entire subsection of local cultures can be considered vegan-friendly.
The growing popularity of veganism has led to more common vegan options globally. Some of the most vegan-friendly countries are not in the west. Incidentally, this list consists of countries with lowest tax rates as well.
They also offer tax incentives for investors and entrepreneurs who are willing to relocate there.
Five Most Vegan-Friendly Countries With Low Taxes
We have spoken to many vegans who have traveled the world in search of the most vegan-friendly countries to call home. By doing so, we were able to compile a list of the most vegan-friendly countries with the lowest taxes.
As an extremely diverse country, you find many different cultures and cuisines here. Malaysia is host to a range of East Asian cultures, most of which practice veganism.
Kuala Lumpur can easily be called the vegan capital of the world. It is home to authentic Indian cuisine. Indian food is not only flavorful but also offers numerous vegan and vegetarian options, due to the restrictive diet followed by Indians.
You’ve also got over 200 vegan restaurants just in Kuala Lumpur alone. This makes Malaysia one of the most vegan-friendly countries in the world.
The tropical climate, diverse wildlife, and beautiful beaches are a bonus. This would also mean that, when living there, you would never get bored of the country. It has the added benefit of being one of the most developed countries in the region.
Moving to Malaysia is also fairly easy. The only major requirement to get a residence permit is to have approximately $70,000 in the bank. This amount is halved if you’re over fifty years of age. Malaysia also requires you to have a monthly income of $2,500 or more.
Malaysia makes use of the territorial tax system. This means that if you are a resident there, the government can tax your economic activity, which happens locally. This means that your foreign-sourced income isn’t taxed, but if you were to buy an apartment and rent it out, it would be.
Thailand also rates very highly on the list of vegan-friendly countries. There are almost 2000 vegan restaurants across Thailand; 500 of those are in Bangkok alone.
Thailand is also home to a large expat population. The different cultures have brought with them their unique cuisines. A lot of which offer vegan-friendly options. Thai culture is also very open to veganism. Several of the favorite local dishes also have vegan options.
One thing that concerns people looking for vegan-friendly countries is that they use fish sauce as an ingredient in most of their food. For people who don’t eat fish, this is a major issue.
But you can easily find vegan substitutes for fish sauce or have it excluded from your meal. While there might be a bit of a language barrier, you can communicate in other ways.
Thailand is the second-largest economy in Southeast Asia. It benefits from a strategic location, as it’s the only country in Southeast Asia to share borders with four other countries.
Because of this, Thailand is used as a gateway for investment into its smaller neighbors, Cambodia, Laos, and Myanmar. Another benefit of Thailand’s geographic location is the possibility of turning it into a transportation hub. All of these things are beneficial for Thailand’s real estate market.
Like Malaysia, Thailand also makes use of the territorial taxing system. So, only the income you make in Thailand is subject to taxation.
3. United Arab Emirates
Admittedly, no one would imagine the UAE as one of the most vegan-friendly countries in the world. However, the large population of Indians in the country has brought along with them their cuisine.
There is an abundance of Indian restaurants in the UAE. Indian cuisine has a lot of vegan-friendly dishes. The UAE is also a Muslim country. This is an additional benefit for vegans, as most Muslim cuisines have readily available vegan options as well.
While Malaysia and Thailand are the least taxed countries globally, the UAE beats them by being completely tax-free.
It has a corporate income tax rate of 0%. One of the primary reasons a country decides to have such a tax incentive is to increase entrepreneurship. They have income from other sources and don’t need the tax revenue.
The UAE offers entrepreneur investors a straightforward path to becoming a resident. So, if you are an entrepreneur or an investor, you don’t worry about getting visas. You could just set up your company in the UAE. This will allow you to live in one of the most vegan-friendly countries and enjoy your lifestyle choices.
While you might be hesitant about moving to an Arab country, the UAE is a good middle ground between eastern and western cultures. It’s a cultural hub with many foreigners living there, and English is widely spoken.
Singapore is also a popular expat destination, with people from many different cultures living together. The country’s four official languages showcase its diversity. It’s a very livable city, and immigration has played a big role in Singapore’s ascension to one of the world’s wealthiest countries.
There are many expats in Singapore due to the country’s global popularity. Singapore hosts multiple different cultures from all over the world. Immigrants bring along with their recipes for a taste of home. Many immigrants have also opened restaurants to showcase their regional cuisines.
People in Singapore have recently started to look at veganism as a healthier lifestyle. This can be seen in the increase in vegan foods and restaurants around the country. Some of these prominent cultures also have vegan options. Others have adapted their recipes and menus to adjust for the growing demand for vegan food.
As you can see, Singapore is one of the most vegan-friendly countries with some of the best tax incentives.
Singapore is also home to an abundance of specialty restaurants. Additionally, Singapore is one of the world’s most peaceful countries, has zero net debt, is one of the freest economies globally, with some of the most stable and safe banks.
Singapore’s individual income tax policies are better than its business taxes. Because of this, it has attracted many expats and millionaires.
Switzerland is the only European country on this list. So, it makes sense to consider moving to Switzerland if you’re looking for a vegan-friendly place in Europe to live in.
Almost one-third of the Swiss are getting rid of meat from their diets. As a result, one of the largest grocery chains in Switzerland adopted a 100% vegan line. Switzerland also has many vegan restaurants.
For western expats, especially, Switzerland is probably a little easier to move in terms of cultural differences.
Switzerland’s Tax Policy
Switzerland has a multi-tier tax system. There are three levels: federal, canton, and municipal. The federal level is a progressive marginal tax system.
As a resident or citizen, you are taxed on your worldwide income. However, any foreign-sourced income will only be taxed after deducting the foreign withholding taxes.
Next, Switzerland is divided into 26 distinct and independent cantons, where each has its tax system. Usually, the canton and municipal tax rates are calculated together.
This would be the highest percentage paid, but it is possible to pay much less depending on where you live. Each canton has its own tax system. To reduce taxes, you could choose a canton with lower taxation.
Switzerland also offers a fiscal permit to wealthy people seeking to live in Switzerland but not desiring to work in the country.
This is an attractive option to wealthy individuals because it qualifies them for Switzerland’s lump-sum tax regime. They’ll pay one flat amount for taxes, and it doesn’t tax their foreign income.
Under this regime, a foreigner living but not working in Switzerland is taxed based on their expenditures and standard of living rather than their worldwide income and assets.
The benefit of the lump-sum tax is not that you’ll have special tax rates but that your taxable amount will be much lower than your actual worldwide income and assets.
What does The Future Hold?
As of now, the options regarding vegan-friendly countries are limited. There is growing hope and expectation that these changes will happen soon. Discoveries in science relating to the benefits of a vegan diet will lead to how people and countries focus on vegans.
This will, as a result, create a competitive market among countries to provide the best possible, including tax rates, conditions for vegans in the world. While it may take some time, the positive is that it will happen.
The current options are a good starting point, but there is more room for improvement in the coming future.
Most Tax-Friendly Options Available for Vegans
To learn more about other vegan-friendly countries, get in touch with our team today.
We will help you find the perfect fit for you, taking all your needs into consideration. We bring decades of personal and professional experience to assist you with financial planning and tax reduction.
Nomad Capitalist is dedicated to providing financial services to seven and eight-figure entrepreneurs and business people. If you’re thinking about applying for citizenship through investment, we have got you covered. We help you go where you’re treated best.
Everything we do is completely legal to ensure that transition is as smooth as possible. So, don’t waste any time and learn more about your options today.