The American polymath Benjamin Franklin memorably stated there is 'absolutely nothing particular but death and taxes' - however there are a couple of locations worldwide where you can avoid paying income tax.
The super-rich have long cashed in on this, but more people are being lured by the lure of lower-tax jurisdictions for long-lasting wealth conservation.
Yet off-shore relocation is no longer the protect of the ultra-wealthy.
' Remote work, double citizenship, international hiring patterns - they've all reduced the barriers,' says Nigel Green, CEO of deVere Group, a monetary advisory and possession management company. 'If [enthusiastic people] are not being rewarded in your home, they're increasingly comfortable checking out choices abroad.'
In the UK, current fiscal grenades include completion of non-dom program and estate tax breaks on assets kept in overseas trusts, plus a freeze on earnings tax limits that has actually pushed more people into greater tax brackets till a minimum of 2028. Meanwhile, the strategy to include pensions as part of estate tax from April 2027 is currently in the proposition phase.
The outcome? The UK has lost more billionaires in the previous year than at any other time in history.
Some will want to countries such as Italy, Greece or Switzerland providing flat-tax regimes, while others will consider low-tax jurisdictions such as Barbados or Cyprus.
But where will you pay no personal earnings tax at all? Here are 6 of the very best places to think about:
UNITED ARAB EMIRATES
If you don't desire glitzy Dubai there's the calmer Emirati capital Abu Dhabi with its fast-developing cultural island, Saadiyat
Banks, international schools, construction, hospitality, health care and engineering are all bring in a wave of British expats - an approximated 240,000 live there now
Job opportunities, great environment and more skyscraper-lined vistas you can shake a selfie-stick at, the UAE is quite in need for its lifestyle and tax advantages.
There is no individual earnings tax on wages, financial investments, or rental income earned within the nation, there is no capital gains tax (CGT), inheritance tax, wealth tax or yearly tax on around the world properties.
If you do not want glitzy Dubai there's the calmer Emirati capital Abu Dhabi with its fast-developing cultural island, Saadiyat, but they both use beaches, high-class infrastructure, health care and education.
The UAE can offer entrepreneurs what they are stopping working to find in the UK: security, financial development, a pro-business environment and regulatory certainty.
Setting up a company is an easy path to residency, consisting of in among Free Zones, where expats can have 100 percent ownership without the need for a regional partner or financier.
There are likewise abundant visa choices consisting of the 10-year golden visa that requires you to invest or acquire a residential or commercial property for at least AED 2million (₤ 439,000), digital nomad and freelance visas.
Banks, international schools, building, hospitality, healthcare and engineering are all bring in a wave of British expats - an estimated 240,000 live there now.
Major deterrents include the high cost of housing - leas can be more than in the UK, although the UAE typical expense of living is 15 percent less than the UK - plus severe summertime temperatures, traffic jams and UAE's rigorous laws and cultural customizeds will not fit everyone.
BAHAMAS.
Much closer to Florida than South America, the Bahamas uses a much more vibrant environment than the ultimate Caribbean islands - and no earnings, capital gains or estate tax.
The Bahamas provides a stable economy combined with secluded pink-sand beaches, reef and exceptional sailing
Britons like it too - around 4,100 live there (there's a direct eight-hour flight to the UK), and lots of have set up in Nassau on the island of New Providence
This Atlantic Ocean archipelago, with an American twist, uses a stable economy combined with secluded pink-sand beaches, coral reefs and outstanding sailing.
Privacy, security and way of life make it a preferred destination for numerous North American billionaires. But start-ups, crypto and fintech financiers are also being drawn to its capital, Nassau.
Together with the international jet set, international brand names and benefits have gotten here: Nobu, Starbucks, Amazon shipments, Michelin-starred dining establishments - and it's just a half-hour flight to much more in Miami.
But Britons like it too - around 4,100 live there (there's a direct eight-hour flight to the UK), numerous have established in Nassau on the island of New Providence - the expat hub with the majority of the global schools and cultural organizations. Or Freeport on Grand Bahama is more easygoing.
Those who spend a minimum of $1million (₤ 741,000) on a home, economic contribution or financial investment in a crucial sector can secure long-term residency - it's difficult to get a work permit otherwise. Perhaps the simplest option? The 1 year Bahamas digital nomad visa (BEATS), which, unusually for such plans, comes with no minimum income requirement.
Aside from the risk of hurricanes - 2019's Dorian ravaged the Abaco islands and Grand Bahama - the most significant disadvantage is the high cost of living, which is 27 percent more than in the UK according to numbeo.com, with rent prices that are 30 per cent higher than the UK.
You'll pay $3,200 (₤ 2,371) a month for a modest two-bedroom home on one of New Providence's gated communities.
MONACO.
A favoured base for dozens of sports stars, international businessmen and F1 motorists, Monaco is the small tax haven that's just a seven-minute helicopter trip from Nice Airport on the French Riviera.
The summertime play areas of Cap-Ferrat, Cannes and Saint-Tropez are all within easy reach by supercar or one's yacht moored in Port Hercule, below the Monegasque cityscape of high-rises.
A favoured base for dozens of stars, international entrepreneurs and F1 drivers, Monaco is the tiny tax haven that's simply a seven-minute helicopter ride from Nice Airport
From high-end shopping to Michelin-starred restaurants, gambling establishments and beach clubs, the principality has more millionaires per square metre than anywhere else (and prominent people love its high security and strict privacy laws). More than 2,800 Britons call it home.
Obviously they all enjoy it's the lack of earnings tax, wealth tax and capital gains tax, and the fact that when handing down properties, spouses and children do not pay inheritance or present tax.
To get irreversible residency in Monaco you'll need to deposit at least EUR500,000 (₤ 421,000) into among its banks and purchase or lease residential or commercial property in Monaco. Non-EU nationals require to get a French long-stay visa before looking for a Monaco residency permit.
These benefits do not come cheap. The expense of living is 127 per cent higher than in the UK, groceries are 70 per cent more, restaurants 50 percent pricier and rent is an eye-watering 705 per cent more, according to numbeo.com.
You can discover a studio apartment to purchase for around EUR1million (₤ 842,000), however that's all you require for your tax-base - lots of deep-pocketed new arrivals are also buying a larger residential or commercial property over the border with France, according to Cote d'Azur Sotheby's International Real estate.
SAUDI ARABIA.
In the run-up to Saudi hosting the FIFA World Cup in 2034, and as part of its Vision 2030 to transform its economy, Saudi Arabia is opening as much as foreign investment.
If you are comfy about its human rights record, stringent laws (alcohol is banned) and social conservatism, not to mention the searing heat, then a tax-free high income for a number of years might be a big sufficient pull.
Yes, there's no individual earnings tax, however you won't find the beach clubs or bottomless-brunch culture that you would in Dubai.
In the run-up to Saudi hosting the FIFA World Cup in 2034, and as part of its Vision 2030 plan to change its economy, Saudi Arabia is opening up to foreign investment
Around 26,000-30,000 Britons live in the Kingdom, primarily in compounds in Riyadh and Jeddah
Estate agents report that many expats are moving from Dubai to Saudi for incomes that are 25 per cent more than its GCC (Gulf Cooperation Council) neighbour - and there's strong need for engineering, building, IT and health care employees.
A crucial element of this is that the Saudi federal government is making it simpler for foreigners to buy residential or commercial property - a new Freehold Law is being prepared that will unlock to acquire off-plan residential or commercial properties.
Last year, Saudi Arabia expanded its own version of a 'golden visa' - its Premium Residency scheme - that can use residency if you are not sponsored by a company. This is open to those with unique skills, investors and entrepreneurs. You can also invest more than SAR 4million (₤ 790,000) in a residential or commercial property, or make a one-off payment of SAR 800,000 (₤ 158,000).
Around 26,000-30,000 Britons live in the Kingdom, generally in compounds in Riyadh and Jeddah, but new vacation resort-style developments have actually been developed, although rental rates can be high. In Sedra, a popular neighborhood in Riyadh by ROSHN Group, a five-bedroom villa is being promoted at SAR 160,000 each year (₤ 31,600).
The cost of living is around 35 percent lower than in the UK, according to numbeo.com, but numerous expats get generous housing and personal healthcare packages. The worldwide schools are broadening quick, with Sherborne School Jeddah (a branch of the UK independent school) opening this year.
BERMUDA
If you do not desire the searing heat of the Middle East and choose the relaxed tempo of a Caribbean island, Bermuda is a long-time favourite for British expats
The high expense of living will soak up a few of the tax benefits. A two-bed townhouse in Paget might cost $7,800 (₤ 5,785) a month to lease
If you don't want the searing heat of the Middle East and prefer the unwinded tempo of a Caribbean island, Bermuda - a long-time preferred with British expats - might be for you.
Britons are the greatest group of non-Bermudians in the British Overseas Territory, numbering 3,942, according to the last census. While households gravitate to Hamilton for the global schools, the main parish of Paget provides homes a brief walk from pink-sand beaches
Security, safety and a high requirement of living are the pulls - plus the temptation of no earnings tax or capital gains tax. Life revolves around the beach, barbecues and weekend boat celebrations - and it's only 2 hours to New york city for a weekend culture repair.
Less attractive are the high customs tasks that makes purchasing goods costly, the restrictions of small-island life (some discover it dull) - and high cost of living.
You can go to Bermuda without a visa for approximately 180 days in any 12-month duration, but if you wish to work in Bermuda, you need to get a task offer and work permit before you get in the nation. There are particular chances for entrepreneurs and fintech companies. There's also an one-year 'Work from Bermuda' digital nomad visa, however job opportunity on the island are restricted.
Britons are the biggest group of non-Bermudians in the British Overseas Territory, numbering 3,942, according to the last census
Foreigners can just purchase residential or commercial properties valued above a minimum Annual Rental Value (ARV), so just higher-value residential or commercial properties. The existing ARV is $126,000 (₤ 93,453) for homes - but is because of be evaluated on July 1 this year. This quantity equates to around $3million (₤ 2.2 million) for homes and $600,000 (₤ 445,000) for condominiums, according to Sotheby's International Real estate. Foreigners need to get a licence to purchase.
The high expense of living will absorb some of that tax benefit. A two-bed townhouse in Paget may cost $7,800 (₤ 5,785) a month to lease - rents are 215 per cent greater than the UK, according to numbeo.com, although basic expense of living is just 97 percent more.
CAYMAN ISLANDS
Like Bermuda, the Cayman Islands also has tax advantages: no corporation, earnings, capital gains or inheritance taxes
Like Bermuda, the Cayman Islands is a British Overseas Territory providing a tax-free and beachside lifestyle simply 90 minutes south of Miami.
A high requirement of living paired with low criminal offense rate and Caribbean environment implies an expat lifestyle focusing on breakfasts, boat parties and barbecues, with much of this centred around Seven-Mile Beach and west of George Town, the most significant town and company center of the three Cayman Islands.
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Why select Cayman over Bermuda? Some say Cayman's scenery is less impressive however the Cayman lifestyle is much better, particularly the foodie scene centred about Grand Cayman. Others state that while the expense of living is high in Cayman (it's still 41 per cent more than in the UK) it's lower than Bermuda.
It likewise has tax benefits: no corporation, earnings, capital gains or inheritance taxes.
Britons can remain up to 180 days without a visa then there are various paths to residency including a work license from an employer or the digital wanderer visa, the Global Citizen Concierge Program, which needs a minimum income of $100,000 (₤ 74,242) however lasts two years.
There are other paths by means of substantial kinds of investment consisting of a Certificate of Direct Investment (minimum KYD 1million/ ₤ 906,000). Or spending at least KYD 2million (₤ 1.8 million) on a residential or commercial property offers you irreversible residency (plus independent monetary resources) but not the right to work.
Foreigners can buy residential or commercial property but stamp task at 7.5 per cent is high. You can buy a wise two-bedroom home for ₤ 350,000-₤ 400,000 around George Town or rent a one-bedroom apartment for around ₤ 2,300 a month.
Downsides include small-island mentality, couple of employment options and high electrical power and home insurance bills - all that stated, the cyclone danger is low.
Dubai
