The BEST 4 Tax Free Countries in the World Nobody Talks About
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- เผยแพร่เมื่อ 2 ก.ค. 2024
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Today we are going to discuss the best tax-free countries in the world that nobody is talking about. There are some typical places that we often discuss: Cyprus, Malta, Portugal, UAE, Malaysia, Hong Kong, Panama, etc.
However, today we are looking at things from a different angle. We are giving you some zero or low tax countries that you didn't expect can be so!
Here is our list of unexpectedly low tax countries:
1. The United Kingdom - What? Yes! The UK is an attractive place to go in many respects! This is a first-world English-speaking country, where you can take advantage of the tax system. We are talking about the famous Non-Dom Program. This program has a time limit, but as long as you can qualify you can live in the UK tax-free. It only applies to foreign income that's not remitted to the UK.
2. Ireland - This country can also be a great choice if you don't want to pay lots in tax. Similar to the UK Ireland also has Non-Dom Program. If you're a foreigner who lives in Ireland and makes money abroad you will not pay any taxes on your foreign income that's not remitted to Ireland.
3. New Zealand - This is considered a super attractive place to be! But many think of New Zealand as a very high tax country. Well, they're wrong! If you move there as a foreigner you can get tax exemption on your foreign income for 4 years!
4. Spain - Wait, what? Isn't Spain super unattractive when it comes to taxes? Yes, to many Spain is a horrible place to be from this point of view, but there is a way you can live in Spain and pay very little tax. Unlike the previous three places on our list, you will not be able to get away with zero tax. You will need to have some local income and pay taxes on that.
There is something called the Beckham law, which allows you to not pay taxes on your foreign income for 6 years!
The Beckham Law is a Spanish Tax Decree passed in June 2005. The law gained its nickname after the footballer David Beckham became one of the first foreigners to take advantage of it. However, the law is aimed at all foreign workers (particularly the wealthier ones) living in Spain. Upon application and acceptance by authorities, such individuals become liable for Spanish taxes based on their Spanish income and assets but avoid such taxes on their non-Spanish income and assets.
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Those countries are not talked about because it's not always about taxes. If the cost of living is high, healthcare, education and safety is not great, then you don't keep as much money as you think.
Cost of living is high but healthcare is way better in New Zealand than Portugal and much better in UK than in Malta and so on. UK is super famous for high quality post secondary education, while no one is going to Cyprus because of the amazing school system. Then when it comes to safety, New Zealand is extremely safe, while Panama comparatively isn't even close.
@@MichaelRosmer I would take issue with the education system ... in particular private schools in England. Having my children in one is one disappointment after another. Over promise, under deliver appears to be the norm ... coupled with poor quality up their own arse teachers. Private tutors are better
interesting info! would be great if you can do some special on countries with attractive plans for just retiring,thanks!
You can check this one out th-cam.com/video/mDXgSW8RdE8/w-d-xo.html and let us know what you think☺
I have a friend 20 years ago he sought the easiest country to obtain citizenship and he went off to New Zealand. It was supposed to be a 2 year affair but he stayed there for 12 years. He got the passport but the remoteness of the country is such , he insists nobody in his right mind should try such a thing again....
Yeah it's definitely not for everyone that's why it's good there's many options in the world. Some people love living in Bali, personally I'd never want to live there. Other people love Switzerland, some people consider it boring. To each their own but I'm glad there are tax favourable options.
The UK hahaha! Dude come on, I'm a Brit trying to escape this hell hole. The Britain of today is not what it used to be and nothing like what we see in the movies. Decades of pushing for 'multiculturalism' and open boarders has absolutely devastated this country, and the so called "conservative" government we now have are conservative in name only. They aren't fixing anything. We might have destroyed any hopes of Communism but the problem is the damage is done. Unlike Dubai for example, which attracts the best of all cultures who strive to work hard and have a better life, and where they also have very strict laws, the UK on the other hand only attracted the worst due to its benefits and 'free for all' healthcare (which is poor service as it can't keep up with demand). I do have some love for my country however. It will always be "home" and I'm lucky to live really far up north where we have nice small towns, nice coasts and beaches, and lovely countryside. If anyone reading this plans to come here my advice would be to stay away from the big cities like London, Birmingham, Bristol, Liverpool and Manchester. They are awash with anti-capitalists, grim and dirty streets, and full of violent crime. London is just literally the worst place on earth.
What are parts of the world you really like?
@@OffshoreCitizen Difficult to say under the current circumstances ha! But if we're talking about nice places to potentially live and not strictly lowest taxes then probably Florida, Dubai, Portugal, Poland, Hungary, Singapore, and personally I like the Caribbean Islands, namely Cayman but that won't be to everyone's taste if you want big cities.
Fun fact: even Italy has a Beckham tax which was approved in 2018 and entered in froce before the pandemic, which is available for non-italians and those who haven't resided in the country for the past 8 years, similar as to how Portugalallows those who migrated back to take advantage of the non habitual residency programme.
The main aim if this new law wax to attract higher quality football players from abroad to improve the Italian football leagues image, and there are rumors that Cristiano Ronaldo chose to move to Italy so he was exempt from paying tax on his circa 80 million euros per year in brand endorsements, hotel profits etc which would have been taxed at around 49.5% + 8.5% municipal tax
Spain has Beckham’s law not Italy
Those programs that exclude foreign income usually require you to pay tax somewhere else or they don't cover you. You can not usually benefit if you work remotely as they consider your activity local even if you never remit the money. Or am I mistaken and there's exceptions in a western poor person's compatible country like Ireland or Portugal. Can't afford Monaco and Eastern countries are too exotic when you are old and just want some peace, lower tax and good health care...
UK is off my list considering the way BJ is treating his people
Agree, but thanks god it’s not JC he would be way worse
I would not go there but I know what you mean, I quarrel also with Latin countries, shortly heared that Paraguay demands you to file a monthly tax form and you have to pay a min tax of 30 $ and the people there live in permanent fear of being robbed.
Actually in Italy you can be exempt from 70% of income tax if you didn’t live there before or even 90% if you live in the south
Can you share more?
@@patienceisalpha Said every government ever.
Yes that's true though of course 70% discount off 43% is still 14% so it's not that great but definitely better than their regular rates. They've also got the €100k lump sum tax option, which for the right person is pretty good.
@@MichaelRosmer Maybe. When I had no money I looked endlessly for ways to pay zero tax and after I made some it mattered less, within boundaries. In many EU countries, you can pay 20% tax by combining a corporation with a small salary and using (legal) loopholes like having your company pay you royalties or lending money to it and being paid interest etc. Once you are at 20% or so it is more a question of quality of life rather than paying less. I rather live in Marbella and pay an effective 23% tax than living in some Caribbean place with dirt roads and crap public services. In many ways it is more about understanding local loopholes nowadays in my opinion. Appreciate your channel keep it on.
Great video as always Mike. I was reading an article from a tax accountant firm in Sydney that specializes in international tax. I heard that as long as you are a temporary resident, you are only taxed on your Australian Income while CFC rules are also being disregarded. Is it true?
If you don't qualify as a tax resident that's true. But if you're living there full time you'll qualify as a tax resident.
Good video! But, what would be a great co-video would be to examine and compare how these same countries were for freedoms during this past crisis era. N.Z. and Australia had very severe lock-downs compared to their actual number of cases for example. Especially N.Z..
How do these countries show themselves to be in terms of political over-reach during the crisis times?
This sounds like an amazing suggestion!
Great suggestion! As soon as I heard NZ I just thought of Repressive lockdowns like in Aus
UK... bad weather, bad traffic, expensive, crowded, petty bureaucrats... so many better places.
UK is not what it used to be. I'm getting out asap
@@robster7012 Agree. UK became a crap country. Had lived there for long time to be able to say that.
@@robster7012 agreed!
@@cryptoha5076 not like it was even just 20 years ago when the Pound was the strongest currency
The English have a peculiar impersonality in their character ...
Thanks for talking about Spain
You're welcome!
Is there anything else you'd like me to talk about?
@@OffshoreCitizen .. Yes.. What countries have the best roads and driving conditions and low crime.. its one of my 2 vises
Ireland 🇮🇪 is in my top list 📃 for moving
"Beckham Law"
I'm more concerned about Shakira Law. LOL
What are the best countries for reducing capital gains tax if you are selling a company or shares in a company?
I did a video about this a while ago on countries with no capital gains tax check it out in our past videos.
Great video, forgot about those Non-Dom options.. seriously considering New Zealand in future.. LOL
Michael, I get so frustrated because I love mega cities that have cool weather and the problem with these cities is that they are almost all in countries with high taxes. What to do????
There's always a solution ☺
You can book a call calendly.com/michael-rosmer we'll discuss your specific situation and I'll guide you on the best solution
Could you do a vidéo explaining how a European person have to be structured to take benefits of the Beckham law properly
th-cam.com/video/qn0dQtRngw8/w-d-xo.html
We touch on it a bit here :)
You should add Uruguay to this list.
I didn't like any of those suggestions bc I'm more about quiet with no tax. Puerto Rico, Uruguay, Columbia (maybe), etc.
Columbia is a university in New York.
New Zealand is pretty quiet. You should like you enjoy Latin countries? More laidback lifestyle?
Beware, Colombia is not zero tax, far from it.
@@billhennessey6374 lol
Portugal has Southern California weather with the possibility of zero tax. What is not to love?
They only vote socialist. Notice how California and New York have handled this past year compared to Florida and Texas. Portugal has very high unemployment.
They have such a good price for the visa because they’re desperate!!
You can’t be wearing name brands over there. The reason the crime rate is low has to do with not many people who make a lot of money, aka there’s no reason for violence. As a foreigner, you are at greater risk
@@gu3sswh075 ... yes.. important thing to consider
I am considering moving from New Zealand to Portugal because of the friendly taxation law.
You have a 10 year residency and then it's over. Some would consider that a trap if they are a settler.
Stupid question alert so if you get Spain citizen by decent for the passport that takes 5 years can you use the Beckham law to avoid taxes until you get the passport ?
You should be able to yes
The Beckham law was abolished in 2018 in Spain.
do you much about getting a diplomatic passport?
A tax is an expense, just like the cost of ownership or rental, so it
isn't about the taxes, but, more so, about what you are getting in
return for the taxes.
I choose a place to live based on the lifestyle, not the taxes.
I would factor the cost of servants into the equation, though, or take my own servants along. Generally, even if the servants are expensive, I'd be able to get a higher partial rental, which should even pay for the greater relative cost of servants.
Nothing is absolute, but broadly, I wouldn't worry too much about the cost of living even in a very expensive if I'm earning a part of my income from that country, which should offset the higher cost of living, unless the taxes and benefits are so high that most of the population is not working, and the few that are earning are subsidizing the bums.
I might choose a place for business based partially on lower taxes, but
primarily on the total end-profit or net profit, which would be profit
after all expenses, amortized payments, depreciations and
taxes(including income, sales or consumption, capital gains,
withholding, wealth, and property, and other state, local and municipal
taxes). I would also take the estate tax into account.
It does help to find a place with no or low taxes that also provides an
attractive lifestyle, but low or no taxes, in and of their own, are not
an end in itself
For example, if you live in the U.S for fewer than 6 months, you don't
have to file your income tax there, so you can enjoy the U.S, if you
really don't wish to see the world, and pay the taxes, or spend fewer
than 6 months in the US, as you travel and explore the world, have your
permanent residence in a place like Dubai or one of the Caribbean
islands and file no taxes.
I like Italy, Spain, France, Germany, Belgium, the UK, the US, Canada, Hong Kong, Singapore, Brazil, Argentina, Egypt, UAE, Kenya and South Africa, so would want to minimize or avoid
taxes, but still continue to live there even if I have to pay taxes.
I've lived in most of these countries during my undergrad vacations in the 1980s.
I don't have a wife and children, I like Bali for the lifestyle, from all the western countries, Australia would be my pick but is horrible for tax, I don't mind Dubai and it's central to most destinations I do business.
I'm a Dutch citizen, but for many reasons aside taxes I need to minimise my exposure in the Netherlands and Europe for the upcoming years. Basically get the hell out of there! Australia is in my books the best option when it comes down to lifestyle, standard of living, nature and education for the future. Ireland or UK sounds decent, but I plan to do business in these countries. And the weather is terrible. Crime is a problem in the UK and there is a massive immigrant crisis.
So is it wise to setup up in Dubai for tax and for business and crypto activities? Live a couple of months in Bali and go through the citizenship program for Australia?
In times of Covid restrictions you recommend New Zealand?? Ridicolous
I'm a New Zealand citizen living in Australia. Can I get 4 years tax free om crypto and international shares if I move back?
If an Australian has property tied up in Aus and receives rental income in from Aus property, they need to pay Australian tax on that income. So the untaxed foreign income if that person were to move to say UK would still be taxed at Aus and only Net income would be h taxed by the UK? Or do I have this wrong?
On the au side you're correct on the receiving end it depends...
@@OffshoreCitizen Thanks for the reply :)
Maybe I’m not understanding 100% the concept but could for example someone on the Spanish non lucrative take advantage of this zero tax or would it already not be tax since the money is brought from abroad or earned abroad?
No, this is a very special status that you can only qualify for if you relocated to Spain to work for a local company. I'll do a video on it in the near future.
@@MichaelRosmer thanks bro.
What do you think of Bahrain bearing in mind forthcoming Dubai 9% tax?
I don't see it getting very popular, Dubai is still 0% personal
Do you think uk and ireland will keep the nom dom tax?
Crystal ball unfortunately is broken so hard to say.
I don't think there's enough noise about it to get rid of it yet but that could change
Hey Michael,
Regarding UKs residence non Dom program.
What about Cryto investors. Who don't cash out in Pound or Euro but use USD stable coin like Tether or USDC to keep his/her profit. Will that be considered as foreign income and can live off tax free in UK?
No if you bring it into UK you're taxable if it's investment income and you keep it out of UK you should be ok
@@OffshoreCitizen I didn't get Michael. What do mean by not bringing it to UK? Cryptocurrency resides on internet.
Thank you for your response Michael.
@@sandysutb he means cash out from a UK bank
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Wow these are awesome, didn't know about them. So why would anyone pick cyprus instead of uk if they are already a EU citizen?
You can't repatriate the foreign income, that's the main big reason. Also harder to get residency. Bad weather. More expensive to live. Local source income is fully taxed. That being said it's compelling for the right person.
@@MichaelRosmer 'Bad weather' is relative.
As someone who grew up on the rainy side of the Pacific Northwest, I would take UK weather over Mediterranean Island any day of the year 😋
But yeah, I can see the appeal. Same reason the Sun Belt in the US blew up in Population the last decade, there are a lot of sun worshipers
So someone could move to one of the Spanish Islands, bring all the money they would need /want for their stay with them and take no other foreign sourced income during their stay, and they pay no income tax for 5 years? They would not be employed in Spain.
That would be interesting to many people
Well what I'm discussing in this video is if you qualify for the Beckham law you can have foreign source income and pay no tax but you need to be employed and pay tax on that. It lasts for 6 years.
I live in New Zealand. I wanna move out of NZ as I don't wanna pay crypto taxes. I wanna go somewhere where is tax-friendly.
Why should I live in UK as a poor man with no money, just to avoid tax. UK may not tax me on my foreign money, but I will still have to pay tax where my assets are. It would be better to live where your assets are with all the life luxuries.
If you reside in the UK and domiciled outside, wherever you domiciled you pat tax there.
So yes, you do not pay tax in the UK but you pay regardless, your domicile jurisdiction will demand the tax.
That is true in some cases. USA and Eritrea have citizen taxes. Some other countries tax for some number of years after leaving, or if you have ties to the country of domicile. Some don't at all.
No this isn't true.
UK has the concept of domicile, most countries do not and most countries don't tax based on domicile they tax based on residency.
Domicile is a weird concept and kind of surprising it still exists at all because it's not well defined and essentially you can just claim your domicile is somewhere else in many cases.
When you "come with a bunch of money" to these four places they tax you on that bunch.
I guess you could just buy a house before you become tax resident, that way you can reduce your living expenses and tax liability
How come ? How do you know ?
What do you mean?
Best not say what you have
respecrt for the video notes so i can skip ahead
Anything to help! :)
Do you have any other suggestions for the channel?
Turkiye is an important alternative
What do you think makes Turkey important?
NZ wonderful place.
Perhaps it would be if Jacinda Ardern wasn't there.
WE DONT NEED YOUR OPINION ABOUT DUOBTS PEOPLE HAVE ABOUT WHERE TO GO
UK 🇬🇧 is really attractive for Julian Assange, he receive best treatment from Queen.
Sri Lanka is best for me because I didn't pay a single penny for taxes when earning my 1M USD nett worth. :D :D
Haha yeah some of those places are a bit of a, different story
No such thing no such place
London is one of the worst places to live.
Get to the point!
just stay in the us...