Amid the discussions about the United States economy, and higher prices this presidential election season, one key point for candidates has been their views on taxes. While many voters would rather pay less or even none in taxes, most understand that the generated helps support governmental resources and programs. If you’re tired of paying income tax, perhaps you’re considering moving to a country without it.
According to , “Unlike the countries that generate the majority of their revenue from income taxes, the countries with no income taxes in the world rely on other taxes such as sales tax, property tax, excise tax, and social security tax, among others.” Here’s a look at seven countries with zero income tax. .
In addition to the beautiful beaches and waters, you may be considering Bermuda for financial reasons. The government derives its revenue from customs duties, payroll taxes and other indirect taxes. “Apart from value added tax (VAT) and stamp duties, you won’t pay much in taxes to the Bahamas, but you’ll need to spend a substantial amount of money to live there,” per .
“In the long run, though, it could be worth it to pay no income taxes while lounging on the beach.” Earning passive income doesn't need to be difficult. Nestled on the French Riviera, this tiny, glamorous principality has long been a magnet for the wealthy, partly due to its zero personal income tax policy.
Moreover, Monaco is known for being safe and luxurious. It’s also among .