Tax Free Countries

People are tended to be happy when they hear a relief on tax.  They do consider the tax is a big burden on themselves. 

In general, when somebody works at a job to make money, one needs to pay income tax.  When the amount to be paid is a percentage of the income, that the government of a country collects from its citizens, is called income tax.

Thus, this tax money helps to ensure the roads you travel on are safe and well-maintained. Taxes fund public libraries and parks. It is also used to fund many types of government programs that help especially the poor and less fortunate, as well as many schools.

Now, if you can visualize that you are rewarded not to pay income tax/you are staying in tax-free countries, where people do not have to pay tax or you have been exited from tax.  It seems to be unrealistic!  But that is true. 

Especially in these countries’ income tax is not applicable.  Here, people enjoy exemption of such a big relief.

1.

United Arab Emirates – UAE is a rich country known for its oil reserve.  A tax-free country in the world.  Here, for foreign ownership trade free zone is open for easy access to trade.  Since it is a tax-free country, people are not subject to income tax.

2.

Oman - A Gulf country is known for its ease of doing business and that is the reason tax laws are regulated here.  A tax-free country in the world.  Here, taxes are exempted on personal income from citizens and non-citizens.  Moreover, capital gains and assets are also covered under the tax-free law.

3.

Bahrain - Bahrain is known for its oil-rich country.  People in this country do not have to pay corporate or income tax.  But as far as social security is concerned, both employers and employees have to pay 9 and 6 per cent respectively.

4.

Monaco - As far as personal and business laws are related, here people have given a great relief on tax especially on both the laws.  Even people do not pay tax on personal income.  If one stays here for six months or more can get citizenship and after that, he/she also gets an exemption from income tax.

5.

Bermuda - It is a region, not a complete country.  An autonomous region of Britain itself.  Here the economy is based on financial services and mainly dependent on the companies.  People do not have to pay income tax or corporate tax here.

6.

Kuwait - Known for its oil reserve.  Six per cent of the world’s total oil reserve are found here.  An economy driven is mainly based on petroleum.  The government’s total 90 per cent income is coming only from the oil industry and that is why there is no tax on people here.

7.

Brunei - It is a tax-free country.  Though this country does not impose tax certainly there are provisions for levying tax on vehicles and property.

8.

Saudi Arabia - Known for its oil and gas reserve.  It is a tax-free country.  Having a vast majority of the youth population, this country does not take taxes from the people.

9.                          

Bahamas - It is a tax-free country in the world.  As per the laws of this Caribbean country, here people do not have to pay tax.  It is one of their favourite places to live here.  Even individuals’ personal and corporate income is not taxed.

10.

Qatar - Because of the tax-free environment and good infrastructure -- attract a large number of people and they also prefer to live in Qatar.  However, those who are migrants have to pay tax according to the rules of their respective governments.