Life without tax! These are the countries where not a single penny is taxed on income.
Tax-Free Countries: There are some countries in the world where citizens do not have to pay income tax. Due to this these countries are considered tax havens. Their economy is based on oil, gas or tourism, not on tax collection. However, Oman is now preparing to implement income tax from 2028.
Tax Free Countries: In today's world, where income tax rates are increasing in most countries. At the same time, there are some countries where people do not have to pay any tax on their earnings. These countries are considered as tax havens for investors, high net worth individuals and migrant workers. But now one name may soon be out of this list. Oman, which is preparing to impose income tax from 2028.
Which countries are tax-free?
There are some selected countries around the world where citizens are not taxed on personal income. These countries depend on oil, gas, tourism or financial services for their income. The tax-free policy makes them attractive for global talent and investment.
Tax-free countries
- United Arab Emirates (UAE)
- Kuwait
- Qatar
- Saudi Arabia
- Bahrain
- Brunei
- Bahamas
- Monaco
- Cayman Islands
- British Virgin Islands
- Anguilla
- Oman (till 2028)
What changes are happening in Oman?
Oman is now preparing to get out of the category of those tax-free countries. Personal income tax can be implemented in Oman from 2028. According to this proposal, 5% tax will be imposed on those earning more than 42,000 Omani riyals (about Rs 93.5 lakh) annually. This policy is being brought with the aim of taking the country out of oil-dependence and moving towards economic stability.
What are the benefits of no tax?
Big savings opportunity for high-income earners
Centre of attraction for investors
Migrant workers get higher net income
Simple tax system reduces administrative costs
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