Business is a numbers game and every penny saved in business has big values. India is a country where starting something on your own takes a lot of courage and one has to study many financial terms to achieve success in India.
Yes, India is a great country and many other terms but having a look at places where the government doesn’t impose any taxes on their incomes can make you rethink about your business plans in India.
1. UAE
The UAE citizens don’t have to pay the taxes on personal income. There are taxes on some financial activities involving oil, gas.
2. Qatar
Qatar citizens only have to pay 10% tax on local source business income. Except this, there are absolutely no taxes in Qatar.
3. Oman
You will be surprised to know that there is no type of taxes imposed on people living in Oman.
4. Cayman Islands
The Cayman Islands is also a tax-free country but one has to invest $500,000 in real estate or local companies and have an annual income of nearly $150,000. The investment can be in your own company too.
5. Vanuatu
Vanuatu is another tax-free country where anyone can get temporary and permanent citizenship by giving a donation.
6. Monaco
Monaco citizens have the advantage of not paying any type of taxes. Isn’t that great?
7. Bahamas
The Bahamas is a country that earns mostly from the tourism and offshore industry. No income tax is taken from the people.
8. Turks and Caicos
This is not only a Tax-free nation but gives an easy permit to the outsiders who outsiders who spend at least $300,000 in building a new house or in the remodeling of distressed property or invest at least $750,000 in a company that is owned by locals.
9. Brunei
Brunei is a small country on the island of Borneo with very less population. ALong with the tax benefits banking sector also co-operates a lot with the citizens.
10. British Virgin Islands
The British Virgin Islands has always been an inspiration for the entrepreneurs because of the facilities it provides to the people who want to do business. All one has to do is pay $1,000 surety bond to the banks and show the bank statements to get a residency permit in this country.
We hope this list can give you an idea how much other countries think about their citizens. Do share your thoughts about this in the comments.
