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5 Tax Free Countries in the World

        Most of the people who are earning are burdened by the thing called Tax. Tax is usually the biggest fear of every one of us. Imagine, you're working for more than eight hours per day and the government will require you to pay them up to 33.48% of your salary. Yes, most of the countries average 33.48% income tax. But did you know that there are countries that requires you absolutely 0% of tax? Isn't it awesome? You can save more than 33.48% of your salary if you are in these countries!

1. Monaco



         Despite of being a small independent city-state in France's Mediterranean coastline, Monaco managed to have rich casinos, luxurious hotels, restaurants, and nightclubs. And to be added, this country has the coastline that has the finest yachts. Surely, this is the most beautiful and most elegant place across the Europe. However, even if this country doesn't collect income tax returns, Monaco seems to be one of the most expensive place to live in across the world. Most of the houses here costs more than double than the average houses across the Europe. The application for residence is easy an it just takes months of processing provided that you had deposited half a million in the bank of Monaco.

2. Qatar



         Countries in the Middle East who produces oil doesn't collect income tax. Qatar is one of them. Qatar is an arab country with desert across the Persian Gulf. It is the richest country when we talk about GDP per capita. This is because of the income coming from  oil and gas which made it possible for the country not to collect income tax.

3. Bahamas



         Located in the Atlantic Ocean, this archipelago is consisted of more than 700 islands that ranges from virgin shores to commercial resorts. Some individuals from the outside of Bahamas prefer to live in this country because this country doesn't require the change of citizenship. The Bahamas Government only depends on the residence of an individual. This is fulfilled by the means of paying for the Annual Residence Permit or getting the permanent residence status by purchasing a real estate in the said country.

4. Brunei


         Brunei is a small nation in the island of Borneo surrounded by Malaysia and South China Sea. Known for its beaches and rainforests which are protected within reserve. Brunei is one of the richest country in Southeast Asia (and the world) as one of the top exporters of oil. This country has a strong economy due to the leadership of Sultan Hassanal Bolkiah who managed to create an economy that can support the needs of his fellow country men.

5. United Arab Emirates


         Located in along the Persian Gulf in the Middle East, consists of federation of 7 Emitrates. This is where Dubai and Burj Khalifa is located.This tax free country has a stable economy and government. There is no tax in UAE because the 7 Emirates implemented an income tax decree. But this practice doesn't apply to foreign banks and oil companies. Most of the revenue comes from oil sales from the different parts of the world. The UAE government would like to add Value Added Tax in their country with the rate of 5% by January 1, 2018.



Photo Credits : https://www.pixabay.com


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