Top 10 tax havens in the world
In February, financial information website Howmuch.net announced the top ten tax havens around the world based on the latest income tax rate data. These ten nations, in which earnings are fully exempt from personal income tax, are ranked according to the size of per capita GDP.
The ten nations have a personal income tax rate of 0%. Top ranked Bermuda has a per capita GDP of US$36,230.
GDP is regarded as the key indicator for individual nations’ standard of living, and generally speaking a higher per capita GDP indicates a richer country. In other words, the ten nations at the top of the ranking have a stable economy in addition to enjoying low tax.
Bermuda, however, has a high payroll tax of 14.5% and custom taxes are high at an average 25%. And, in The Cayman Islands, companies are required to provide pensions for their employees.
A number of Middle Eastern nations feature in the ranking, but these levy very high gasoline and regional gasoline taxes. Qatar, for example, taxes oil and gas businesses at 35%.
Top ten ranking
10. Oman – GDP per capita of US$12,472
9. Saudi Arabia – US$17,820
8. Bahrain – US$18,128
7. Bahamas – US$20,690
6. Brunei – US$25,140
5. United Arab Emirates – US$25,773
4. Kuwait – US$30,147
3. The Cayman Islands – US$54,827
2. Qatar – US$60,796
1. Bermuda – US$91,479