8 Countries with Zero Income Tax


Bahrain

Abu Safa oilfield generates 70 percent of Bahrain budget revenue inspite of the fact that this oilfield is shared with Saudi Arabia. Being an employer you will make a contribution of 12 percent of your employee salary and they shall put in 7 percent for their social insurance. A stamp duty of 3 percent of the property value is paid registering property in your name. If you are an Expatriate and you rent a house in the Persian Gulf state then you would be required to pay 10 percent municipal tax.

Bermuda

Bermuda is a nation where you will have to spend more money as the cost of living index is quite high. Custom duty charged on the imported goods turns up to be a bigger source for the government. The total population of Bermuda includes 20 percent of foreign born. For relocating you will be charged with 25 percent for the goods you take along and a 10 year work permit in this nation will cost around $20.000.

The Bahamas

The Bahamas is one among the wealthiest Caribbean countries and it depends highly on tourism and off shore banking for its economy. Duties on imported goods fetch 70 percent of the government revenue. As a self employed individual you shall have to contribute 8.8 percent of your income earned for social security called National Insurance.