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Want to pay no income tax? Try these 10 countries

Check out the top 10 countries in the world which levy the lowest level of income tax, according to international expatriation experts Bradley Hackford.

1. Bahamas

The country's location in the immediate vicinity of the US, as well as its tax rate of 0% on individual income, make the Bahamas the first jurisdiction of choice for establishing physical and fiscal residence.

It offers an excellent quality of life and political stability. Obtaining residence requires making a local real estate investment, with a minimum value of $500,000. The residency process can be accelerated with a minimum investment of $1.5 million.

Personal income tax rate: 0%

2. Andorra

A small principality located between France and Spain, Andorra attracts both French and Spanish border residents due to its very favourable taxation. It also draws non-European foreigners, particularly Russians, who like the country's geographic location as well as its high level of security.

Obtaining residence requires making a minimum investment of 350,000 euros in the country and making a deposit of 50,000 euros.

Personal income tax rate: 0 to 10%

3. Monaco

Monaco attracts many residents from various countries, especially Italy, Russia, and more recently from Switzerland.

Obtaining residence requires being able to demonstrate significant financial wealth. Living in Monaco allows people to benefit from the total absence of income taxes (except for people of French nationality who continue to pay their taxes in France).

Personal income tax rate: 0%

4. Bulgaria

Bulgaria has one of the lowest tax rates in Europe. For non-Europeans, the residency process involves an investment of 511,295 euros in Bulgarian state bonds. The investment must be maintained for five years. Europeans do not have to make this investment.

Bulgaria has a 10% income tax, which is lower than the likes of Hungary (16%), Lithuania (15%), and Romania (16%).'

Personal income tax rate: 10%

5. Panama

The various residency programs in Panama are attractive to retirees and people with international operations. The principle of territoriality applies to taxation in Panama, meaning only locally sourced income is taxed. All foreign earnings are completely exempt from taxation.

Personal income tax rate: 0% on foreign sourced revenue, and 15 to 25% on locally sourced revenue.

6. Mauritius

International investors appreciate Mauritius because of the simple residency process and the tax benefits related to residency. The main procedure for obtaining Mauritian residency is through the purchase of real estate on the island with a minimum value of $500,000 US.

Personal income tax rate: 15%

7. United Arab Emirates - Dubai

Dubai is attracting more and more expatriates thanks to the possibility of establishing a company in one of Dubai's many free zones and then obtaining residency. Companies established in free zones can be 100% foreign-owned. The tax rate for corporations is 0%. The same rate applies to the incomes resident individuals, who are not subject to any tax.

Personal income tax rate: 0%

8. Guernsey

Guernsey has low taxation, with a maximum of 20% on individuals and a ceiling of £110,000 to £220,000 depending on the type of income. Local companies also enjoy a 0% tax rate, which attracts people who have international operations.

Personal income tax rate: 20% with a maximum tax of £110,000 to £220,000 depending on the type of income

9. The Cayman Islands

The Caymans are a well-known destination with a 0% tax rate for corporations and individuals. The Caymans have set up a special economic zone allowing active people to obtain residency fairly easily, by forming a company in this area.

Personal income tax rate: 0%

10. Switzerland

Swiss taxation is attractive, especially the lump sum taxation regime which is a flat rate tax for which people do not need to disclose their annual income.

Neighbouring Liechtenstein has a tax rate of 12.5% on companies and a maximum of 24% on individuals.

Personal income tax rate: flat rate, the flat rate amount is currently between 150,000 and 200,000 Swiss Francs.