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Can You Avoid Business Taxes by Working in Another Country?

 

Can you avoid taxes by working in another country? - The bahamas

Leave the tax bill behind

Today’s post comes courtesy of FeedbacQ

Thinking of moving to a new country to start over? Work experience abroad will guarantee career progression, not to mention broadening your horizons, the opportunity to learn new languages, visit exotic lands and live out of your comfort zone. Well, it is not such a bad thing after all. We have compiled a list of countries that expats can live the adventurous life and save on their taxes as a bonus. Each one is diverse and different from the other. Pick one that suits you.

1) Qatar

The State of Qatar has one of the fastest growing economies in the world. It is the No.2 ranked country in terms of per-capita income, making it a wealthy nation. Qatar recently won the bid to host the 2022 Football World Cup. The country has earmarked massive infrastructure projects, like new motorways, stadiums and other urban development projects. Such an influx of investments are expected to catapult the Qatari economy into the league of regional giants like Saudi Arabia and Dubai. Qatar enjoys a zero income tax regime. The major employers in the country are the oil and natural gas, real estate and education sectors.

2) Cayman Islands

As the 15th richest country in terms of per-capita income, the people of Cayman Islands enjoy a high standard of living. This British Overseas Territory is one of the leading offshore banking centres in the world. All of the worlds leading banks have offices in the Cayman Islands. It has also been referred to as a Mutual Fund Mecca as Cayman Islands are home to thousands of registered hedge fund companies. Banks, insurance companies, hedge funds, securities and corporations are the major employers in the region. Tourism is the other major industry, accounting for 70 percent of GDP. The Cayman Islands impose no direct taxation, which includes personal income tax.

3) Bahrain

The Kingdom of Bahrain has one of the most open economies in the world. In the “Index of Economic Freedom” study by the Heritage Foundation, Bahrain ranked No.12 overall in the world and No.1 in the Middle Eastern region. Bahrain is a major financial and banking centre in the Middle East. A key ally of the United States, it was the first Middle Eastern state to sign a Free Trade Agreement with the US. Bahrain follows a zero income tax policy for its citizens and expats alike. Major employment sectors include petroleum production, oil refining, aluminium manufacturing, finance and construction.

4) The Bahamas

The Bahamas is one the world’s least taxed countries. The government imposes no personal income tax, corporate income tax, capital gains tax or wealth tax. The Bahamas ranks only behind the United States and Canada in the GDP per capita stakes in the North American region. The 2012 Index of Economic Freedom study ranked The Bahamas in the top 10 overall within the region, scoring well in the fiscal and economic freedom criteria. Offshore banking and tourism are the country’s two biggest providers of employment. The prevailing tax regime makes it an attractive destination for expats looking for a tropical island lifestyle combined with a lean taxation policy.

About the Author

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Author:Globial International Business Team

The Globial International Business Team researches, analyzes, and reports on all things related to global trade and business.

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