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What are the Best Countries to Live in, Incorporate and be a Citizen?

Freedom

December 26, 2024

Where are the best countries to live, and where should you consider moving to? We’ll break it down in detail in this guide. 

Since we’re in the business of helping people ‘go where they’re treated best’, it’s perhaps no surprise that we’re often asked about the ‘best’ countries – which country is best for living, retiring or starting a business?

Perhaps thousands of people have asked us these questions.

But here’s where things get subjective.

Not everyone has the same problems, and not everyone has the exact definition of a perfect country. 

Ultimately, there is no ‘best’ country to live in – instead, it depends entirely on your specific needs, goals and desires. 

Still, that’s not to say some countries don’t sit at the top of the list of most desirable places to live and we’ll explore these further. 

But first, you need to figure out what makes a country the best place for you.

How to Find the Best Countries to Live in

At Nomad Capitalist, we help seven- and eight-figure entrepreneurs go where they’re treated best through holistic offshore strategies tailored for them.

A young tech millionaire may go for a different offshore lifestyle than a veteran entrepreneur, despite making the same amount of money.

It’s not about how much money you make or what you can get for that amount of capital. 

Instead, it’s all about who you are as a person and what your definition of the best life is.

When picking a country for your offshore plan, the more isn’t always the merrier.

There are 195 countries worldwide, including 193 UN member states, so clearly, there are many options. 

Even when you remove the countries in crisis, tens of places are left competing for your business, investment or time.

Tax havens will attract you with their lucrative tax-free lifestyle. Retirement havens will woo you with their world-class beaches and hassle-free living. 

Moreover, free zones allow you to set up your company and benefit from business-friendly regulations.

No matter what you need, there’s a country out there providing it.

The tricky part is finding that country.

We carefully assess your lifestyle, income and goals to pick the best country for you from a pool of attractive countries. 

In our experience, many countries look great on paper but are a mess of tax regulations and bureaucracy in real life.

We don’t experiment on our clients because we have already spent years perfecting our offshore strategies so that we can help them go where they’re treated best.

In this article, we will discuss countries we recommended to our clients over the last year and the reasons behind it.

Best Countries to Set Up a Business

If you’re an entrepreneur, then finding a business-friendly country should be a top priority. Here are some of the absolute best places to set up a business.

United Arab Emirates (UAE)

United Arab Emirates (UAE), Best Countries to Set Up a Business

According to the GEM report by the World Economic Forum, the UAE ranks first among the best countries for entrepreneurs.

With the highest National Entrepreneurial Context Index (NECI) score of 7.7, the UAE continues to be the best country to start a new business.

The GEM ranks countries based on economic and political stability, the rule of law, the education system and more. 

In addition to all those factors, the UAE is a favourite among investors because of its zero income tax rate and various free zones.

The country also boasts some of the best international schools in the world.

According to the UAE’s Ministry of Economy, the country has over 40 free zones in which foreign investors and expats can fully own companies.

If you want to set up a business properly and hire employees to work from the office, you may want to set up a company in a free zone in Dubai right in the middle of all the business activity.

If that’s not your goal, you may opt for a distant free zone to incorporate your business.

Besides its business-friendly environment, the UAE, especially Dubai, is known for its wealth, vibrant nightlife, modern infrastructure and high quality of life.

If you want to know more about living in Dubai, you should take a look at our expat guide on the city.

If obtaining residency is the goal, there are multiple ways to get UAE residence by investment, including real estate, business and several other investment options.

Overall, the UAE offers a thriving business community, many investment opportunities and an excellent quality of life.

In recent years, the UAE has introduced a federal corporate tax rate of 9%. However, this is still the lowest corporate tax rate within the GCC region.

Hong Kong, SAR

Hong Kong, SAR, Best Countries to Set Up a Business

We have talked plenty about Hong Kong as a hub for investors and entrepreneurs

Hong Kong is one of the best countries in which to base your offshore company.

Despite its annual reporting requirements and audits, many of our clients have set up their companies in Hong Kong because of its global reputation as a secure and stable offshore banking and business jurisdiction.

Many have also opted for Hong Kong because of its connection to China, hoping to benefit from the free trade area between Hong Kong and mainland China.

The profits tax rates in Hong Kong go up to 16.50% (on part of the profits over HKD$2,000,000), but it can be reduced considerably since the country has a territorial tax system meaning foreign income is tax exempt.

Hong Kong is considered one of the world’s freest economies thanks to its low tax rates, international financial market and tremendous growth.

Known for its cultural diversity, modern infrastructure, beautiful skyline and high average life expectancy, Hong Kong is easily one of the best countries to incorporate.

Considering all its pros, using a Hong Kong corporation for your business might be the best decision you ever take for your company.

Malta

Malta, Best Countries to Set Up a Business

Some of our clients have also chosen Malta, a European Union member state, to set up their business.

With strategic tax planning, you can reduce your taxes to a single digit in Malta, but why would someone go for Malta when tax-friendly countries like UAE exist?

The answer is simple – many people choose an EU jurisdiction for their company to avoid the penalty tax rates they may be subjected to if their business was in a tax haven.

The European Union is the world’s largest single market, and many people like the idea of owning a business in the EU area.

Malta has a highly attractive pathway to citizenship for exceptional investors through its Malta Exceptional Investor Naturalisation (MEIN) program .

The new MEIN program has largely replaced the previous citizenship-by-investment program, allowing investors the opportunity to obtain Maltese citizenship by making a significant contribution to the country’s economic development.

There are other various Malta residency programs available.

Panama

Panama, Best Countries to Set Up a Business

Let’s talk about US citizens’ favourite retirement haven – Panama.

Many people retire to Panama every year, thanks to its natural beauty and large expat community, among other reasons.

Panama’s capital city is also a central international hub for investors and entrepreneurs.

Some of our clients have set up companies in Panama for asset protection since the country has a territorial tax system with low corporate income tax on locally sourced income.

Others have done it to qualify for the Panama Friendly Nations Visa, for which you have to establish economic ties in the country, and one way to do that is by setting up a company.

The country is also a popular medical tourism destination, with people visiting from all over the world to seek medical treatment.

The healthcare facilities in Panama are some of the best in the world.

Whether you go for public or private healthcare, you’ll never have to dread a hospital bill in Panama since even private medical care can be acquired at a fraction of the cost of US healthcare.

Private health insurance also comes cheap – a massive benefit for senior retirees looking to spend their golden years in Panama.

The British Virgin Islands (BVI)

The British Virgin Islands (BVI), Best Countries to Set Up a Business

Some of our clients who liked Hong Kong but didn’t want to go through the annual audits and reporting requirements opted for the British Virgin Islands.

There are practically no taxes in BVI except payroll taxes, stamp duty on real estate, and import duty, making it a great place to set up shop if you want to run an active business.

Moreover, BVI is known for its beautiful beaches and yachting spots, making it a great place to live, especially if you love natural beauty.

The Cayman Islands is another British Overseas Territory where people have incorporated their business.

Setting up a company in the Cayman Islands is a great way to reduce your personal and corporate taxes, although it does not come cheap.

The same can be said about establishing a residency in the Cayman Islands.

Like the BVI, the Cayman Islands also has no income tax, property tax, corporate tax or capital gains tax.

The Best Countries to Live, Incorporate, and Be a Citizen

The Best Countries to Live in

The Best Countries to Live in

Over the years, we’ve helped many people establish residencies and citizenship in different parts of the world.

Some went for permanent residency programs and citizenships, while others settled for temporary residencies. 

Some wanted a foreign residency as a backup option, while others wanted to move overseas indefinitely.

Some countries may want you to spend some time there to qualify for residence permits, while other countries may forgo that requirement in exchange for a higher fee.

It all depends on your needs and the country you’re aiming for.

Here’s a brief rundown of the best countries to live in as citizens or residents (temporary or permanent).

Mexico

Although next door neighbour to the US, Mexico is nothing like the Land of the Free – it’s better.

Foreigners, especially American expats, love Mexico for the freedom it offers, along with its exotic lifestyle. 

The country also offers numerous perks for people who want to retire in Mexico.

You can get a second residency in Mexico, whether temporary or permanent, multiple ways, including but not limited to real estate purchase and investment.

Depending on your circumstances, you can directly qualify for permanent residency without applying for a temporary residence permit first.

A Mexican Permanent Resident Card is issued indefinitely.

You don’t have to renew it every few years, making it an excellent option for people who want to relocate to Mexico indefinitely.

You can also apply for Mexican citizenship after five years of residency in the country, regardless of your residency status.

Nicaragua

Most people don’t know much about this Central American hidden gem.

Nicaragua is commonly known for its beautiful lakes and volcanoes, but we know Nicaragua for its straightforward residence process that any citizen from a wealthy country can take advantage of.

Nicaragua categorises countries into three classes – A, B and C.

Most western nations, including the US and countries in Western Europe, are in Category A.

The higher the category, the easier it is to get a second residency in Nicaragua.

The permanent residency is issued for five years, after which it has to be renewed.

The only catch is that you have to stay in the country for more than 183 days in a year to maintain your residency, but if that’s not an issue for you, then a Nicaraguan residency could be a great option.

The Nicaraguan passport is also a great Plan B, considering that the foreign-sourced income is tax-exempt there.

Colombia

Colombia is an excellent option for people who want to establish residency in a country with a booming real estate market without actually living there.

Factors like global reputation can directly affect national economies, and that’s precisely what happened to Colombia in the past.

However, the country has cleaned up its act and is now on the right path.

You can apply for residency through an investment in the country’s real estate or by setting up a Colombian company. 

To maintain your resident visa, you only have to visit Colombia for one day every two years, and after five years of residency, you can apply for Colombian citizenship.

All Colombian visas require you to have an international health insurance policy.

Investing in Colombian real estate, especially in Bogota (the capital city), is an excellent option for investors looking for high investment yields.

Georgia

Georgia is another low-tax country with a booming real estate market making it an excellent place for investors and entrepreneurs.

Georgia is also one of the best options for opening offshore bank accounts or setting up an offshore company.

You can get residency in Georgia through multiple routes like investment, work, study, etc. Each route comes with its own set of requirements.

Portugal

Portugal has one of the most popular Golden Visa programs in the world.

The Portuguese passport is the 6th most powerful passport in the world, granting you visa-free access to 187 countries in 2022.

Although the Portugal Golden Visa program won’t automatically get you a Portuguese passport, you can apply for citizenship in five years.

Meanwhile, you can live and work anywhere in Portugal and the EU with your Portuguese residency visa permit.

If you don’t want a Golden Visa, there are other ways to become a Portugal resident, including but not limited to having a Portuguese spouse, showing certain assets, etc.

If gaining travel freedom and living in an EU country is the goal, Portugal is an excellent option.

Malaysia

Malaysia is one of South East Asia’s hidden gems.

Impressive skyline, diverse culture and delicious food – Malaysia has it all.

Although Malaysia is far from tax-free, places like Langkawi (Malaysia) enjoy a duty-free status making it an excellent option for residents and tourists who like to shop.

Malaysia also has an MM2H Visa residence program that is valid for ten years without renewal.

However, the applicant must spend 90 days per year in Malaysia per MM2H Visa requirements.

The MM2H program also allows you to live in Malaysia and bring your family along.

Turkey

What better place to live in than Turkey, where Europe meets Asia?

Living in Turkey, you get the best of both worlds. You’ll see plenty of historic Muslim architecture, yet many cities have a heavy European vibe.

Despite the ups and downs of the Turkish Lira, Turkish real estate continues to grow in value and demand, making it a stable investment option for foreigners.

Turkey also offers one of the best Turkish citizenship by investment programs worldwide.

With a minimum investment of $400,000, you and all your dependents under 18 can get Turkish citizenship in four months.

Talk about a sweet deal.

Turkey also offers free public secondary education making it an excellent place for families with kids.

Bonus Mentions for the Best Countries to Live in

Bonus Mentions for Best Countries to Live in
  • The Bahamas: The Bahamas offers a tax-free lifestyle with no income, inheritance or capital gains taxes, making it a magnet for high-net-worth individuals. With stunning beaches, luxury amenities and straightforward residency programs, it’s ideal for those seeking tropical living with plenty of financial freedom.
  • Serbia: Serbia is an underrated gem for entrepreneurs, offering a low cost of living and competitive flat income tax rates. Its strategic location in Europe, combined with its vibrant culture and growing expat community, makes it an attractive choice for remote workers and investors.
  • Ireland: Ireland boasts a solid economy, low corporate tax rates and easy access to the EU market, which has made it a hub for multinational companies. The Emerald Isle is known for its welcoming people, beautiful landscapes and high quality of life. It’s a great place for both families and professionals to call home.
  • Montenegro: Montenegro combines natural beauty with business perks, including a low 9% – 15% income tax rate and a fast-growing real estate market. Its scenic Adriatic coastline attracts plenty of expats looking for an affordable European lifestyle. 
  • Italy: Italy offers an unparalleled lifestyle with its rich culture, world-class cuisine and stunning landscapes. The country’s flat tax program for high-income individuals and a special program for remote workers make it a fantastic option for expats seeking la dolce vita.
  • Armenia: Armenia is a hidden treasure for expats, offering low taxes, affordable living and easy residency options. With a growing tech scene and welcoming local culture, it’s a perfect spot for digital nomads and entrepreneurs looking for untapped opportunities.
  • Thailand: Thailand has long been a haven for expats seeking an affordable, high-quality lifestyle with warm weather year-round. There are some great options for long-term residency for digital nomads and retirees, while the vibrant cities, tropical beaches and rich culture attract plenty of expats.

Best Countries to Obtain Citizenship by Descent

Best Countries to Obtain Citizenship by Descent, Ireland

What’s the best citizenship-by-descent (CBD) country? The one you qualify for.

All the countries mentioned above offer one thing or another in exchange for your investment – direct investment, setting up a company or real estate purchase.

However, CBD is different from citizenship by investment (CBI). Through CBD, you can qualify for a foreign passport with no investment.

It’s practically free, minus the application fees and such.

But, of course, not all people have a fruitful bloodline, and that’s why the number of CBD qualifying people is only a fraction of the number of people applying for residence and CBI.

Many countries, especially European countries, offer citizenship by descent.

We have helped people get CBD in, but not limited to, the following countries:

  • The UK
  • Ireland
  • Guyana
  • Germany
  • Poland
  • Italy

While you might not necessarily move to another country because you qualify for CBD, gaining an easy second passport through this route can always be a great idea – especially for establishing a Plan B. 

The Best Countries for Quality of Life

If you’re researching the best countries to live in, no doubt you’ll come across various quality of life reports. 

While quality of life is obviously a valid factor, it should also be taken with a pinch of salt. For example, you might look towards Canada. Sure, it’s got a great quality of life, but you have to pay for this through heavy taxes and being at the hands of an increasingly strict government.

However, to make our assessment of the best countries to live in a bit more fair, here are the top five countries that are consistently voted as having the best quality of life:

  • Denmark: Denmark is renowned for its high level of happiness, excellent work-life balance and free healthcare and education systems. Its cities are clean and safe, and the country is known for its bicycle-friendly infrastructure and strong focus on sustainability.
  • Sweden: Sweden offers a high standard of living with free healthcare and education, generous parental leave and a strong social safety net. Its breathtaking natural beauty, from forests to archipelagos, combined with a focus on environmental conservation, makes it highly livable.
  • Switzerland: Switzerland boasts a combination of stunning alpine landscapes, a strong economy and some of the best healthcare in the world. Known for its safety, political stability and top-rated infrastructure, it’s a great place for families and professionals.
  • Norway: Norway provides an exceptional quality of life with universal healthcare, free education and a focus on equality. Its breathtaking fjords, Northern Lights, and outdoor activities enhance its appeal, while it consistently ranks as one of the safest countries in the world.
  • Canada: Canada is celebrated for its multicultural society, world-class healthcare and high levels of safety and stability. With vast natural beauty ranging from mountains to lakes and a reputation for friendliness, it’s an excellent choice for families and newcomers.

While these may be appealing countries for many, note that none of these are easy places to move to, and of course, you pay dearly for the lifestyle here in the form of taxes. That’s not to mention the many challenges you might face trying to run a business from these places.

Best Countries to Live in, Incorporate and be a Citizen: FAQs

What is the best country to live in?

The best country to live in depends entirely on your individual priorities, such as quality of life, cost of living, opportunities and cultural fit. Countries like Switzerland, Canada, and Norway often top the list due to their excellent infrastructure, healthcare and safety. However, these aren’t always the best places to move to or run a business. We often recommend destinations like Mexico, Malta, the UAE, Portugal and Malaysia as better places to live.

What countries are the best to live in as an expat?

Countries like Singapore, the UAE, Portugal and Thailand are highly rated for expats thanks to their welcoming environments, ease of settling in and economic opportunities. Each offers unique benefits depending on your goals, such as tax advantages or a vibrant cultural scene.

What are the best European countries to live in?

Portugal, Malta and Ireland are top choices in Europe for their high quality of life, excellent healthcare and vibrant cultures. Each offers unique advantages, like Portugal’s Golden Visa program or Ireland’s strong business environment and welcoming atmosphere.

What are the countries with the best infrastructure?

Countries like Malaysia, Singapore and the UAE are known for their cutting-edge infrastructure, efficient public transport, and advanced technology systems. These countries consistently invest in creating seamless living and working environments.

What’s the best country to move to for an easy experience?

Mexico and Portugal stand out for their straightforward residency programs and welcoming expat communities. These countries offer relatively easy processes for obtaining residency and adapting to a new lifestyle with support from established expat networks. However, the best country depends on your individual circumstances and where you’re moving from.

What are the best expat countries for Americans to live in?

For US citizens, some of the best countries to live in include Mexico, Portugal and the UAE. These three countries are great places to live, with friendly tax policies and easy pathways to get residency or even citizenship.

What’s the easiest country to get citizenship by investment?

The answer depends a bit on your situation, but generally speaking, Turkey, St Kitts and Nevis and Vanuatu have some of the most accessible citizenship-by-investment programs out there. They tend to have fewer hoops to jump through and faster processing times compared to other programs.

What are the best offshore bank accounts for privacy and asset protection?

For top-notch privacy and asset protection, you might want to look into offshore bank accounts in places like Switzerland, Singapore or the Cayman Islands. These countries have strong laws around banking secrecy, along with many financial products and services designed for international clients.

How can I establish economic ties in Panama to qualify for the Friendly Nations Visa?

To establish economic ties in Panama for the Friendly Nations Visa, you can invest in real estate, set up a Panama corporation or deposit a fixed amount in a Panamanian bank.

What are the benefits of incorporating a business in a free zone in Dubai?

With Dubai’s free zones, you get 100% foreign ownership, low corporate income tax, a break from import and export duties and access to stellar infrastructure and business support.

How can I obtain residency in Colombia without living there full-time?

You can become a resident of Colombia without being there 24/7. Just invest in Colombian real estate or start a company there. You’ll need to go to Colombia for at least a day every two years to keep your residency status active, but that’s it.

What’s the Best Country to Live in?

So what’s the best country in the world? The one that treats you the best.

No wealth-to-country ratio defines which country would be the best for each individual.

A multimillionaire may opt for relatively cheaper St Kitts and Nevis citizenship while a person with more than ten million dollars may go for Malta’s MEIN program – more appealing, despite the higher investment requirement.

It’s all variable.

That’s why we don’t have a one-size-fits-all approach at Nomad Capitalist.

We carefully assess our clients’ situations, goals and lifestyles to develop a plan that works best in their interests.

We can do the same for you. All you have to do is reach out and we’ll help you go where you’re treated best.

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