Countries That Have Little To No Tax
If you're looking to stretch your retirement funds further, one way to do it is to move to a country with lower taxes. There even are countries that have no federal income taxes at all! These are five examples countries with no federal income tax or very low taxes:
Andorra is located between France and Spain. It is a mountainous country, and there are many ski resorts in the region. It's an extremely small country, and it doesn't have any coastlines. Andorra is the sixth smallest country in Europe. It isn't a member of the European Union, and there is no federal income tax. The nation has become popular as a tax haven, and the nation also is known for having the longest average life expectancy of any nation in Europe.
Not only is Andorra a small country in geographic size, but the population is also extremely small. Andorra has a population of around 77,000! This is the size of a small city. Many people live near the country's capital city, but there also are many rural areas in Andorra. The entire region is extremely picturesque and features incredible mountain views.
Macedonia is north of Greece. It also is a landlocked country. Residents of Macedonia do pay taxes, but the tax rate is quite low. Macedonian citizens only pay a federal tax rate of 9.7 percent! Macedonia is a fairly small country, but it isn't as small as Andorra in terms of geographical size. It also has a significantly higher population than Andorra. In fact, approximately 2 million people live in Macedonia. Despite this, the country's population is only about a quarter of the population of New York City. Macedonia also is not a member of the European Union. However, it is applying to be accepted into the EU.
Unlike the capital of Andorra, the capital and largest city of Macedonia is fairly large. Macedonia's capital, Skjope, has a population of over 500,000. However, there are areas of the country that are very rural. There even are singificant regions of untouched wilderness.
Macedonia is an extremely old country. Many historical sites in the nation date back to ancient times. The country's official language is Macedonian. However, many people in the country also speak English.
The Maldives are a group of islands in the Indian Ocean. The country is located to the south of India. The tax rate in this nation is 9.3 percent. These islands feature a tropical climate, and the country is more well-developed than many other nations in the region. The world bank classifies the Maldives as an upper-middle income country. In addition, the Maldives are widely known for attracting tourists.
However, there are some serious human rights concerns in the Maldives. Non-muslims are not allowed to become citizens. The government has serious penalties in place for individuals who publicly practice other religions. In addition to the lack of religious freedom, there is a significant corruption problem.
This country technically isn't tax-free, but the federal income tax rate is only 0.2%. Timor Leste is located north of Australia, and it has a tropical climate. Unlike the other countries on this list, it is fairly impoverished. The country does not have its own currency. The official currency of Timor Leste is the United States Dollar.
The largest city in the country has a population of around 222,000. The country is quite small, and the population is around 1 million. While there are plenty of urban areas, there are plenty of rural areas as well. The country features miles of picturesque coastlines.
United Arab Emirates:
The United Arab Emirates (UAE) is a well-developed country with a tax rate of 14.1%. The reason for the nation's low tax rate is the fact that it is exceptionally rich in oil. Given the fact that the oil reserves aren't likely to dry up anytime soon, the tax rate is likely to remain low for many years.
The largest city in the nation is Dubai. Dubai is an extremely prosperous city, and it is well-known for its incredible architectural feats, such as the Burj Khalifa. This is the tallest building in the world. It is nearly 3,000 feet tall. There are many American expatriates who live in Dubai and the rest of the UAE. In fact, approximately half a percent of the people living in the UAE are United States citizens.
While the country is very well-developed, it has an extremely strict legal system that has raised serious human rights concerns. Despite the fact that there are many expatriates from the US in the UAE, it's important to thoroughly research the nation's laws as some of them include harsh penalties for things that are not crimes in the United States or other western nations. For instance, committing adultery can result in severe penalties, including jail sentences.