People often joke about emigrating to an exotic location where there are less tax burdens, but where exactly are these dream locations? Here we list our top ten havens to escape to...
Buy in the Bahamas
You'll need an employment contract, long-term work permit, or funds to buy a property, but in the Bahamas you can enjoy a laid-back lifestyle close to the beach, 50 miles off the Florida coast, with the added bonus of zero income, corporate, capital gains, and inheritance tax.
Move to Monaco
You'll also be subject to no income/capital gains/wealth tax in the world's second smallest country. Monaco is renowned for being home to 'high society' living on the picturesque French Riviera, and offers free healthcare for citizens and employees as an aside. To move there you just need a contract from an authorised Monegasque employer, or piles of cash!
With it's tropical climate, white sands, low-cost healthcare, and cheap properties, Panama would be a dream location for many. Further to that there is no tax levied on income earned outside of Panama for individual residents as well as companies. You'll need an employment contract and work permit, or £200,000 in cash to qualify for a 'Person of Means' visa.
Migrate to Mauritius
Another tropical paradise, Mauritius can easily be found in the Indian Ocean, with good flight connections. Non-residents pay no income tax earned outside of the country, otherwise there is a flat rate of just 15%. Investors, professionals and the self-employed will need a Work and Residence Permit, or the combined Occupation Permit for non-nationals.
United Arab Emirates
The UAE offers good career prospects and high salaries for expats, along with sweltering hot weather, a society dominated by restrictive religious practices and a sense of artificiality. You can also enjoy no income tax, no property tax, nor capital gains or sales tax. You can move there via a work permit, residence visa and Emirates ID.
The Cayman Islands
The Cayman Islands is British Territory within the Caribbean. Crystal clear water and a laid back lifestyle make this another tropical paradise. As a result work permit's are much sought after and skilled professionals in the finance and law sectors stand the best chance of being accepted. There's no direct income tax for expats working in the Cayman Islands.
All year round sunshine is a big draw for Bermuda, which is a mid-Atlantic island. Professionals in the finance or legal industry stand the best chance of obtaining a work permit, and can enjoy no income tax once inside.
Vanuatu is made up of an 83 island archipelago, in the exotic South Pacific, and boasts the world's only underwater post office! No personal income tax is payable in Vanuatu. To get in you'll need a Residency Permit as a contracted employee, or proof of income if self-funded.
Another British overseas territory in the tropical Caribbean. Anguilla is small and beautiful and has stunning beaches. What's more no income tax is payable for residents. To move there you'll need a work permit approved by the Department of Labour.
Whilst the UK is still in the EU, Bulgaria is a good option for those who can't secure work permits for other locations. All EU/EAA nationals can move to Bulgaria without any form of permit or visa. Tax for income earned within Bulgaria is charged at a flat rate of 10%, with extras still only taking this up to a maximum of 12.9%. It may not be somewhere you'd instantly think of, but cheap property, beautiful scenery, and low cost healthcare all mean Bulgaria's not to be dismissed easily.