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10 Countries Where You Don't Have To Pay Any Income Tax
Here is the list of 10 countries in the world that does not levy any personal income tax from its citizens.
10 Countries With No Personal Income Tax
In certain countries in the world, the governments are not required to levy taxes on their populace. People who live in these tax-free nations are not subject to personal income taxes. These nations generate revenue through other sources like tourism, natural resources or financial services.
Here are the most popular countries in the world that offer the financial benefit of having no income tax.
1. Bahamas
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This Caribbean country is globally renowned for its tax-free status. The Bahamas imposes no personal income tax, no capital gains tax and no inheritance tax on individuals. There are also no corporate income taxes or dividend taxes on businesses and investments.
2. Bahrain
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A country in the Persian Gulf, Bahrain has no income tax for individuals. The country does not impose personal income tax, capital gains tax and withholding tax on dividends.
3. Bermuda
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This British overseas territory in the North Atlantic imposes no income tax on individuals or corporations. Instead, the Government of Bermuda levies Payroll Tax and Land Tax.
4. Kuwait
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No personal income tax is imposed on individuals in Kuwait. Corporate income tax is not levied by Kuwait on companies that are fully owned by citizens of Kuwait or other Gulf Cooperation Council countries. However, GCC companies with foreign ownership are subject to taxation.
5. Cayman Islands
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There are no direct taxes in the Cayman Islands. There is no income tax, company or corporation tax and capital gains tax.
6. British Virgin Islands
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There is no personal income tax, corporate tax or capital gains tax in the British Virgin Islands. However, there are property taxes and payroll taxes.
7. Saudi Arabia
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A Middle Eastern country, Saudi Arabia has no income tax on individuals or corporations. Saudi Arabia does not impose a personal income tax on earned income for either residents or non-residents.
8. UAE
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The UAE does not levy income tax on individuals. However, it imposes a five percent value added Tax on the purchase of goods and services, levied at each stage of the supply chain, which is eventually borne by the end consumer.
9. Qatar
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A Middle Eastern country, Qatar imposes no income tax on individuals or corporations.
10. Panama
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Panama imposes no income, corporate, capital gains or estate taxes on offshore entities that only conduct business outside of Panama.
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