With the increase in insecurities and threats to life and assets worldwide, it is important to secure your wealth as much as you can. One of the best ways to protect yourself from such threats is to move to a safe country or city where your life and investments remain secured.
Chances are, low-tax countries are the best alternative to protect your wealth, as well as your well-being.
While it is normally considered that an economically strong country will provide a low crime rate and a stable environment for businesses, they do tend to have rather high taxes. Why not spending a bit of time to learn more about low taxes countries? Those are typically not only related to tax-related savings, but also higher quality of life.
But thanks to one-sided media, a negative connotation that surrounds the so called "tax haven" jurisdictions has crafted a general - largely false - consensus that those countries and cities aren't good options. What if we tell you this is not the case?
We have listed down some of the best low-tax countries to move to protect your assets and enjoy your wealth. There are multiple less-discussed places in the world with flexible tax plans and security facilitations that we often miss.
1. Uruguay
A least discussed jurisdiction but an extremely favorable one in terms of tax policies for investors and entrepreneurs. Uruguay is a place where buying real estate offers you the best package of using your tax residence worldwide, in exchange for living in Uruguay for just several days only annually.
People who are interested in living in this jurisdiction will have the benefit of getting a tax break for almost a decade on all the foreign-sourced income in your accounts. Investors only must pay around 12% to the government or the authorities.
Equally important, the place has a breezy coastline to entertain and soothe your eyes and is extremely safe for you to enjoy your time on the coast.
2. Singapore
A lot of things are just fine in this country, like its laws, citizen-friendly rules, and no corruption. It is considered a financial hub for many with no criminal records. Investors and entrepreneurs who are looking to move to a different place with a lot of potentials should opt for Singapore.
The government of Singapore offers plenty of tax incentives to investors and entrepreneurs. With the emergence of criminal threats, more and more people are storing their assets in Singapore. It depends on what you do as a businessman or as an entrepreneur you will have to pay the tax in single digits without any additional charges if you are a foreigner.
Read also: Top 5 Offshore Jurisdictions in Asia
3. Andorra
To move here, you will have to invest some amount of cash to get yourself a residency. But when it comes to safety, Andorra is extremely safe compared to many other places. People have no threats related to robbery theft or even murders and consider going out without even locking their apartments and even leaving their cars in the middle of roads.
The country is even pretty to experience a change and spend some time. However, it will be difficult to have citizenship. But it offers a lot of safety for your assets and your life. In addition to this, it offers a 0 to 10% tax rate, and the government offers a lot of tax incentives for foreigners.
4. Switzerland
Switzerland, the country is known for a lot of things and we have mentioned it for the safety it offers. It is safe for investors and entrepreneurs, but the country has a complex tax system for high net-worth individuals (HNWIs)/p>
Interested people must pay a certain amount of money to the authorities, and then you are allowed to continue generating income. The only downside of this country is that it is not for everyone (read: Only available to HNWIs) and this can be an issue for people who just started their investing journey.
Read also: Crackdown? A Third of Global Offshore Wealth is (Still) in Switzerland
5. Chile
You must be familiar with this name. Chile is one of those countries that has the strongest passports, with the access to 174 countries without any visa requirements. People who are looking for safe countries to move their assets to, should go for Chile. The capital of Chile which is Santiago is one of the safest, facilitated and citizen friendly capital. On top of this it is a great place to start your business.
One downside of Chile is the lack of tax flexibility and people must pay a lot when it comes to taxes. The tax rates are high, but foreigners are allowed exempt taxes for about three to six-year.
6. Dubai
A city state like none other, the state of Dubai has practically no taxes and is considered the safest on the planet. No wonder the high-rise buildings and the sprawling real estate is home to the rich and famous.
Read also: Establishing your Company HQ in Dubai
While there is zero tax when it comes to Dubai, it does have a high cost of living. A transformed desert, everything must be imported as natural resources are a bit tight and that drives up the cost.
Takeaway
Choosing the right jurisdiction to save on taxes AND enjoy a good quality of living is not an easy task. You need to spend time to research on the jurisdictions. You also need to be aware of the local laws and regulations.
It's advisable for you to consult with a lawyer who are well-versed in international laws. Alternatively, you can consult with us.
FEB
2022
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