Countries with the lowest taxes for foreigners
Often, foreigners want to register their businesses or conduct work abroad, but for this, it is necessary to take into account not only the profit but also the amount of taxes. Consider the countries with the lowest taxes.
1. Monaco. A country in which there is no tax system at all. It is one of the most attractive places to live, but it is worth considering that Monaco is one of the most expensive places to live in the world. You don't pay taxes, but you pay a lot for simple or not-so-great things.
2. UAE. There are also no taxes on income, real estate, and business activities. But to open a company, you must be a citizen of the country. The standard of living here is also quite high, but this does not stop foreigners from working in this country.
3. St. Kitts and Nevis. A country with a large number of tourists, as well as interesting investment programs for foreigners. You can invest $500,000 in real estate or donate $150,000 to the government and become a citizen of the country, which will allow you to pay no taxes.
4. Oil countries. Kuwait, Bahrain, Qatar. 90% of the revenue to the budget of these countries comes from the sale of oil, so the government is not too worried about taxing citizens. But the requirements for the activities of foreigners in the territory are strict, so it is worth considering these areas for activities only in the case of sponsorship or support of residents or companies registered in them.
5. Bahamas. There is no personal income tax and no corporate income tax. This is a great option for those who reside in the Bahamas but have a business in another country. To avoid double taxation. The request for residence for foreigners is very easily considered by the government because the country lives on tourism and offshore operations. White-collar workers must pay 3.9% of their wages. Employers must also contribute 5.9% of the wages of all employees, if you are a self-employed person, the tax is 8.8%. Property tax in the amount of 1%.
6. Bahrain. Another oil country. Social protection of citizens is 7% of taxes. Businessmen pay 12%. There is another 3% real estate transaction tax. Expatriates pay 10% for housing rent. Regarding the calculation of taxes for different countries, it is better to consult a legal consultant.
● Cyprus. Here, the corporate tax is 12.5%, VAT – 19% standard rate. If you get €19,500 per year you don't pay it.. 0% worldwide business dividend tax but these rates only apply if you are a non-dom and tax resident in Cyprus.
● Portugal. Where there is an International Business Center of Madeira (corporate tax there is 5%), registering at which the tax rates will further decrease. There is also a program for new residents that offers even lower Non-Habitual Resident rates.
● Malta. There is a tax refund scheme that allows us to compete even with countries where there are no taxes at all. Corporate tax in Malta is 35%, but due to the refund system at the end of the year, the total tax can be reduced to 5% or to 0%. VAT standard rate is 18%. Reduced rates are 7%, 5%, and for some goods and services - 0%. Employer contributions to social insurance amount to about 10% of an individual employee's salary.
● Bulgaria. A single tax of 10% was introduced for all citizens. VAT is 20%. Some businesses pay according to a simplified system if they belong to certain spheres of activity. This applies to residents of Bulgaria if you live in the country for more than 183 days a year.
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