10 countries with no income tax
THE TOP TEN MOST LIVABLE COUNTRIES WITH NO INCOME TAX
In these ten countries there is no income tax … can you imagine: not having to give anything away from your annual income?
Naturally, every government needs money and financial resources are collected in a different way: higher labor taxes or taxes on imported goods … Each country taxes differently.
At offshorecitizen.net/countries-with-no-income-tax/ has a list of countries with no income tax.
1. Saudi Arabia:
Thanks to the amount of oil in the country, the inhabitants are saved on a fiscal level. However, foreigners purchasing oil must pay!
Where all the money comes from is not entirely clear. Maybe the tourists who buy plenty of alcohol and cigarettes have something to do with it?
Foreign residents are taxed on their rent.
4. British Virgin Islands:
Here, companies are taxed on labor. Whether it is the employee or the company who has to pay the tax, it is basically the same.
5. United Arab Emirates:
Residents can escape income taxes thanks to the large reserves of crude oil and natural gas. A corporation tax is charged on companies that use their sources.
90% of the country’s income comes from oil. About 93% of the population works in the public service, in particular in the oil sector … why make an effort to claim income tax?
7. Cayman Islands:
Their largest source of income is tourism, accounting for $ 326 million a year. The taxes are previously levied on imported products.
Why don’t you have to ask Monaco for an income tax? The country taxes casinos instead and tries to maintain the monopoly in certain sectors, such as tobacco and telecommunications.
Here is the policy of allowing the rich to settle on the islands and only overburden the indispensable import products.
The taxes are levied here on companies that use the country’s gas reserves.