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10 Countries With 0 Income Tax In The World, 2022 - YouTube
Channel: Grace Media
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10 countries with zero income tax in the
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world personal income taxes are a major
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source of revenue for governments around
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the world and the discussion over
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taxation has dominated recent elections
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in the united states and europe most
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countries now levy income tax which is
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paid at various rates based on the
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country's tax regulations income tax is
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a type of tax that is levied on a
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person's or a company's net income this
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tax is a source of revenue for
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governments and must be filed annually
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by the individual
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sweden collected the highest income tax
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in 2019 with persons with the highest
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incomes paying more than 50 percent of
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their taxable income the income taxes in
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northern europe and the north atlantic
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are often higher on the other side some
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countries have very low or no income
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taxes these countries are either tax
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havens or have economies that are
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heavily reliant on natural resources
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like oil these oil-rich countries
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revenues stabilize their economies to
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the point where they can avoid
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collecting income tax from their
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citizens the oil-rich gulf area and the
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caribbean islands are home to countries
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with zero income tax rates these
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countries are well known around the
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world as preferred investment and
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expatriate destinations join us on a
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journey across the world's 10 countries
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with no income tax
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[Music]
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10. qatar qatar is a small but
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prosperous country that made its fortune
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in the oil business its culture is
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conservative but thanks to foreign
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investment and influence it is rapidly
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modernizing and of course the
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government's oil and gas revenues allow
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it to stay afloat without having to
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charge an income tax
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qaddar is an intriguing country because
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of its high degree of development and
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importance in global politics it has the
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greatest per capita gdp in the world and
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is widely regarded as the middle east's
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most developed country qatar is a
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relatively calm and pleasant area to
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live and it is the only gulf country
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that allows foreigners to stay
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permanently however unlike most nations
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without an income tax it is still
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difficult for foreigners to obtain
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permanent residence because the
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conditions are stringent and there are
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few lawyers that specialize in this
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field to be considered you must have
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resided in the country for at least 20
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years and speak arabic fluently
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9. oman because of its oil and gas
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business oh man like most of the middle
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eastern countries on this list is a
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wealthy and entrepreneurial country that
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does not require an income tax in
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addition despite its vast oil and gas
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reserves oman has made a concerted
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effort to diversify its economy and
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expand its market for investors
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searching for new prospects in the gulf
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this makes it a great option to the uae
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on its website the amani government even
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offers an investor residence visa
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specifics such as minimum investments
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aren't readily available and none of the
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lawyers i spoke within oman specialize
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in this field because a man like most
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affluent middle eastern governments
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isn't in desperate need of foreign
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capital expats who want to relocate
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their usually need a job or relatives in
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the country because armani culture is
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fairly conservative living there might
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be a huge adjustment to buy a bottle of
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wine you must first obtain a personal
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liquor license from a local police
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station oman is an interesting
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possibility among tax-free countries but
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most nomad capitalists aren't interested
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in living there long term
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8. nauru
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nauru is a micronesia island country
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that was given the moniker pleasant
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island by european sailors but
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unfortunately the island does not appear
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to live up to its moniker most people
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are only familiar with nauru as the site
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of a contentious australian run
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detention center for asylum seekers
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although naouru boasts many of the
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lovely traits that attract visitors to
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other pacific islands the island's
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economy has been devastated by the
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phosphate mining industry due to rising
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sea levels it may potentially be sinking
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into the pacific ocean
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because to the government's last ditch
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efforts to keep the economy afloat nauru
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is one of the world's countries with no
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taxes now roone might not be your best
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pick if you're seeking for a calm tax
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hideaway in the south pacific
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7. monaco
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monaco has become a playground for the
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european elite due to its status as one
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of the top tax-free countries in the
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world
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this beautiful country on the french
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riviera is safe and wealthy but it
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levies no income tax on its residents or
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citizens furthermore because the country
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attracts high income tax adverse
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individuals it will very certainly
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remain among the countries with no
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income tax in the foreseeable future
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it's also one of the more
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straightforward tax-free countries to
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join although you'll have to spend
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several million dollars to establish
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your riches in order to become a
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resident the residency process is quite
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simple due to the popularity of the
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resort
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living tax-free in monaco may be the
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appropriate decision for individuals who
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prefer european flair to island life
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[Music]
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6. maldive
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imagine being able to live in an
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overwater bungalow without paying any
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income taxes in the maldives a small
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island nation in the indian ocean you
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can potentially do that the maldive
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doesn't see the necessity for an income
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tax because of its numerous and
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expensive resorts while spending your
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days tax-free in the maldives may appear
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dreamy at first
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remaining there for an extended period
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of time is nearly impossible to apply
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for citizenship or permanent residency
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you must be a sunny muslim even if you
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are a muslim there is no scheme for
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foreigners to become permanent residents
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let alone citizens in the country while
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you won't have to worry about triggering
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tax obligations while lounging at the
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cent regis most people won't be able to
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afford to relocate to the maldives
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5. kuwait
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kuwait like many of the gulf countries
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on this list does not need to charge an
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income tax because of its thriving oil
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business it's also one of the world's
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most expat friendly countries kuwait
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city is largely americanized and simple
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to traverse with foreign nationals
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accounting for two-thirds of the
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population while i enjoyed visiting and
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doing business in kuwait acquiring
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permanent residency in the nation
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usually necessitates having kuwaiti
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family or regular employment there it
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also has no need for for investment thus
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citizenship through investment is not an
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option it's nearly impossible to live
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permanently in kuwait's tax-free refuge
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so i wouldn't build your tax plan here
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4. cayman islands the cayman islands
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beautiful beaches like those of the
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bahamas attract enough tourists to keep
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the government viable without the need
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for income tax
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however if you plan to stay there for a
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long time be prepared to invest a
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significant sum of money if you want to
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live in grand cayman you'll need to earn
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145 000
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a year and invest at least six hundred
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thousand dollars in real estate or local
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businesses and then you'll have to wait
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another eight years for permanent
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residency
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furthermore as in most caribbean
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countries the more money you invest the
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easier it is to gain permanent residency
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if you want to relocate to one of the
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less popular islands such as cayman brac
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you can invest a little less if you have
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the funds to invest in becoming a
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permanent resident the cayman islands
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could be an appealing zero tax choice
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3. brunei
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this tiny sultanate on borneo malaysia's
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largest island has enough oil wealth to
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avoid paying income tax brunei on the
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other hand is far more difficult to live
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in than bahrain or the bahamas
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when i first visited brunei several
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years ago i was not a fan it is not very
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welcoming to foreigners and the
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administration is to put it bluntly
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oppressive and totalitarian
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due to local regulations and enforcement
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methods i even encountered a fellow
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expat who was afraid to communicate with
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me
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permanent residency and citizenship are
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also out of the question unless you can
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get the sultan's blessing brunei
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primarily serves as an example of how
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countries that do not levy in income tax
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are not necessarily hotbeds of economic
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freedom
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2. bahrain
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bahrain was one of the first persian
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gulf countries to discover oil on its
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soil with the discovery of oil it has
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become one of the world's wealthiest
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countries and one of just a few without
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an income tax it is also rather simple
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to live there while i am not especially
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fond of manama it is a well-developed
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city with a significant expat community
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the issue with bahrain and many other
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gulf republics is that obtaining
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permanent residency is tough you must be
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retired invest one hundred thirty-five
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thousand 000 in real estate or invest
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270 000 in a bahraini firm to acquire
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permanent residence in bahrain while it
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is possible to obtain permanent
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residency in bahrain citizenship is a
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different issue you must have lived in
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the nation for 25 years and speak arabic
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fluently if you're seeking for a
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tax-free permanent residence in the gulf
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bahrain could be an option but don't
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expect to receive a second passport
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there
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1. the bahamas
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it's no surprise that the bahamas
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doesn't need to levy income tax to make
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ends meet as one of the world's most
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popular tourist destinations
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the bahamas is also one of the most
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habitable countries with no income tax
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thanks to its beautiful beaches and fast
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growing economy it's not difficult to
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set up a second residence there as long
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as you have the funds it's as easy as
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paying one thousand dollars at the
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immigration office to get a temporary
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residence permit and it's renewable
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every year the bahamas on the other hand
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have recently begun cracking down on
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foreign residents who use the temporary
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permit to avoid making investments if
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you want to live there long term you'll
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need to invest at least 250 000 in real
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estate to be on the right road as a
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general rule the more money you invest
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in the bahamas the more likely the
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immigration office will treat you
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positively while obtaining permanent
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residence is mostly a matter of
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financial investment obtaining
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citizenship is a different issue the
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country has toyed with the idea of a
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costly citizenship by investment program
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but nothing has materialized as of yet
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you won't have to pay much in taxes in
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the bahamas but you'll need a lot of
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money to live there in the long run
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though paying no taxes while relaxing on
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the beach might be worth it
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investing in any country is influenced
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by a number of factors the most
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important of which is taxation as a
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result these are some of the countries
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in which you can readily invest i hope
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you enjoyed your journey with us through
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the world's top 10 countries with no
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income tax please remember to like share
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