Owning second citizenship for international diversification is something important, though having another passport doesn’t mean it will put a stop to your obligations on tax if that’s what you are searching for. For example, a US citizen could have lots of passports as he or she wishes but, in the end, they are still liable to pay their tax as far they have the American passport.
Citizens of some countries like the UK, Australia, Norway, and Canada may have some hoops to pass through if they don’t want to pay tax in their countries or even when they leave. The US citizens only must have their passports surrendered in order for them to escape tax net, whereby there are some other countries that are very hard to become a tax non-resident. No matter the circumstances, having a residence in tax-free countries would give you a lot of freedom. Listed below are 10 tax-free countries where you can get easy residence. You might not even have to fill a tax return form at all.
1 The Bahamas
The Bahamas doesn’t have an income tax; the country chose to have its money earned from tourism. With a lot of several cruise ships at their disposal, it’s effortless for them to afford to go tax-free in the country. People who reside in the Bahamas don’t pay tax on the money they make anywhere. If you wish to reside there, their application is just $1,000 which gets renewable every year. Besides, if you can purchase real estate of about $250,000 you can be able to have a residence for a long time or better still be a permanent resident. The nation has investment prioritized, and it rewards wealth.
2 The British Virgin Islands
You wouldn’t have to be very rich to obtain a residency permit when it comes to The British Virgin Islands; you just have to be patient. Obtaining a residence visa is quite easy a bit; all of the processing takes just a most in several cases. What you would need is to have your bank statements provided which would show that you can be able to support yourself, likewise paying for the surety bond which is $1,000. The country is tax-free, but it’s small which is why few residents are allowed each year.
3 Brunei
The Brunei Sultan has a lot of money to the extent that investors aren’t needed to migrate into the country. However, with an investment that is large enough, you can have a residence permit or even permanent resident permit in this country that is located inside the Borneo part in Malaysia. Most of the country immigration is majorly allowed when you get married to a citizen, but they are exceptions for people who want to invest in their economy.
4 The Cayman Islands
This country is also known to people as Caribbean offshore world crown jewel. To the people who are in the middle class, the country doesn’t look appealing. The country authorities have gone to lengths to make incorporating in their country expensive. You have to be buoyant enough when you want to migrate there at least your annual income has to be up to $145,000, and you would also have to do some investment in their real estate or their companies with like $600,000. You can apply for residence permit permanently after you have stayed for eight years in the country. If it’s a beachfront villa and a flash place you want, then this country is a good choice.
5 Monaco
When you talk about sophistication and sex appeal, Monaco got it all. The country is a European principality, has it borders close to France and Italy; it is also a part of the French Riviera. It’s connected well by airplane, helicopter, and train to the remaining of Europe. The country is a zero-tax residency which is perfect if you love the European glamour compared to that of the island living. Likewise, you would also be in the company of the wealthiest people in the world. To get their residence permit, you are expected to have £500,000 deposited inside a Monaco bank. Then you would buy real estate worth of £500,000 at least.
6 The Turks and Caicos Islands
This country which is British Overseas Territories rogue brought forth an economical residency program. The program offers residence permits quick to people who would spend almost 300,000 to have new home erected or to have distressed property remodeled, or someone that wants to invest inside a company that is majorly owned by the locals with at least $750,000.
7 Vanuatu
This country is a free-tax nation which offers a straightforward residency program, and it rewards people who invest in it more. Foreigners can have $89,000 invested in getting a one-year residence permit which can be renewed each year. When you invest more, you can get three to fifteen years of residence permit depending on what you invest.
8 Costa Rica
The country has been the choice of the second residency for long to people, especially the investor expats and American retirees. Foreigners that have $2,500 as income monthly which they can bring can have the residence permit. If you love the tropical jungles and sandy beaches, then consider the country.
9 Georgia
This county is part of the underrated countries we have in the world, but it is growing fast to become a country that has free economics. Any income you earn outside the country isn’t taxed. The country offers most of the foreigner’s 360-day tourist visa first. Likewise, anyone can have a Georgia company opened or have some real estate bought to be able to qualify for the residence permit.
10 Anguilla
This country has its territory inside the Lesser Antilles Caribbean. It is a relatively small player when it comes to offshore banking and offshore trust. They offer residency to foreigners and retirees that purchase real estate and also have their bank statements provided to prove they are self-sufficient.
