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It is important for business owners to know their personal and corporate tax obligations in their country of residence and where they will meet those obligations each year. Healy Consultants assumes that our Clients have received appropriate tax and legal advice prior to the formation of the Corporation and will pay any personal or business taxes that may be due as a result of the formation and operation of the Corporation.
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“Not only does Healy Consultants have expertise in local needs, they also understand my needs as an expat, something that is not among the Singaporean consulting firms I have spoken to. They take the process from start to finish. I am more than satisfied with this service.” Paying income tax can be very expensive, depending on where you live. However, some countries do not impose income tax on their residents. Whether you are thinking of setting up a company abroad or applying to reside in a foreign country, one of the most important things to consider is the comparison of tax rates. This article provides you with a list of countries without income tax.
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The Bahamas is located northwest of the West Indies in the Atlantic and gained independence from the British crown in 1973. Although Bahamians do not have to pay any income tax, the cost of living can be expensive due to the high . prices of goods and services in the country. In addition, it is not easy to obtain citizenship in the Bahamas due to special requirements. However, the beautiful scenery and pristine white beaches, along with attractive taxes, have attracted many foreigners to live in the Bahamas. The Bahamas is also an attractive location to set up an offshore business.
Located on the northern coast of the island of Borneo in Southeast Asia, Brunei is a rich country with an economy heavily dependent on the export of crude oil and natural gas. In addition to having no income tax, Brunei also provides education and health services to all citizens and residents. Although the official language in Brunei is Malay, English is widely used as a spoken and written language in business and education. Brunei has the highest car ownership in Asia, and this can contribute to the reduction of public transport infrastructure in the country.
Like Brunei, Bahrain cannot offer income tax for both residents and foreigners due to the country's high oil revenues. However, workers in the country must pay a small portion of their income for social services in Bahrain under the Social Insurance Organization (SIO) law.
Bahrain is known for its low cost of living and high quality of life. Although there are still many conservatives in the country, Bahrain is considered more open and tolerant than its Arab neighbors. Women are allowed to drive, vote and run for office in Bahrain, and there are few restrictions on their dress code.
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Located in the Middle East, the high wealth accumulated from Kuwait's oil production allows the country to control tax rates. Kuwait is also considered more liberal than many other Arab countries, as laws in Kuwait are largely secular and women have more rights and freedoms.
Qatar is another wealthy country in the Middle East that does not require its citizens to pay income tax. Compared to some of its Gulf neighbors, Qatar offers a wider choice of entertainment and a less strict policy on alcohol consumption. Although locals are prohibited from drinking alcohol, foreigners with permits can buy alcohol and drink it in their homes.
Like Bahrain, Kuwait and Qatar, Oman is a wealthy country in the Middle East that offers zero income tax to its citizens. Oman is very welcoming to foreigners and the number of foreigners in the country is about 40% of the population. However, the cost of living in Oman is very high and healthcare can be very expensive for foreigners.
Despite having a large oil export business, the UAE is trying to shift its focus to tourism and business and is now one of the most diverse economies in the Middle East. . In particular, Dubai, the most famous city in the UAE, is famous for its modern architecture and shopping malls. Dubai is also known as a new location and remains an attractive location for tech startups chasing foreign companies.
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Located in the South Pacific Ocean, Vanuatu's economy is heavily dependent on its agricultural sector and is considered a lower middle income country by the World Bank. Although the country's lack of health infrastructure is a cause of concern for foreigners who want to live in the country, the cost of living is cheap. It is also easy to obtain Vanuatu citizenship through the employment program. By investing $130,000 in a local mutual fund, one can obtain Vanuatu citizenship in less than 2 months. The citizenship fee for a family of four is $180,000.
Saint Kitts and Nevis is a small country in the West Indies with a population of about 53,000. It is easy to achieve a prosperous life in this country because of the low cost of living. Likewise, one can obtain citizenship by investing in real estate or donating to a local trust fund. The country's economic growth is heavily dependent on tourism and agriculture, and English is the main language of communication in the country.
Monaco is a nation state located in Europe and has some of the richest people in the world. Almost
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