15 Countries With NO Income Tax

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With taxes increasing in the United States, we all daydream about going somewhere without taxes.

The Blaze compiled a list of 15 such nations, pictures and all!

Our favs – anything in the Caribbean.

Read the full story and view the pictures here.

The 15:

Monaco
Kuwait
Bermuda
U.A.E.
Andorra
British Virgin Islands
Qatar
Bahamas
Oman
Brunei
Cayman Islands
Anguilla
Maldives
Turks and Caicos
Vanuatu

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Comments

  1. Hang on, let me grab my burka.

  2. And none of these countries have large defense budgets. Our defense budget is more than the next 17 nations combined. This is where we should start with our budget cuts, but it won’t happen. Congress passed a defense budget that was billions larger than the president requested. The defense secretary and the military leadership have said that much of what is in the defense budget isn’t wanted or needed, but these big spenders in Congress from both parties keep spending and spending. Stop the madness! How do we get Congressional members from our own party to lead on these cuts? The money just flows out of the Pentagon like water.

    • Certainly there is wasteful spending in the Pentagon. No question. However, that’s not the point — at all.

      Countries without income taxes still have tax revenue. Rather than taxing what you put in the economy (your work and thereby your income), they tax what you take out of it or use (real estate, sales taxes).

      The issue is NOT the amount of money obtained, it’s how the government goes about it. TN doesn’t have an income tax but still has a national guard — income tax and defense are not tied.

  3. Although these countries have no income tax, US persons (citizens and green card holders) Are subject to US income tax on their worldwide income, no matter where in the world theyy live, either at home or abroad. So they are subject to US taxes on all their income in these “tax free” countries just as if they never left home. That’t the part of the story that is left untold.

    • Right you are Roger. And with Final FATCA Fatwa now issued, these countries financial institutions have to sign up and report their account activity back to the International Revenue Service each year. So, there is no place to hide from the long arm of the IRS, unless you renounce your citizenship. Then, like Tina Turner will learn, it comes with an exit tax if your assets world wide, mark to market in USD exceeds certain thresholds.

      • Roger Conklin says:

        Excellent! This should sure upset Brenner’s misleading applecart. It will be interesting to see any further comments others may make on these.

        Roger

        _____

        • Sadly, I kind of doubt it. As you know, except for those who have actually lived abroad and tried to remain compliant with the most complex and only full blown citizenship taxation regime on the globe, few in the homeland understand the issues.

          More Americans who have been living abroad, and maybe ignoring the requirements, are now coming to the realization that the US passport, actually represents membership in an very unique TAX, Form and Penalty (TFP) club.

          So, if you want to be free of this burden to live in one of these 15 countries without income tax, and you don’t want to be hunted down by the FINAL FATCA FATWA that was just issued, and you don’t want to be bubject to FBAR penalties, double taxation and restrictions on opening normal banking accounts where you live and being reported back to the International Revenue Service, then your choice is a simple one, You have to give up the little blue passport before residing there.

          Shouldn’t be that way, but it is what it is. If the US practiced a resident based taxation system like the rest of the world, say the Germans, the French, the Chinese, the Brazilians, the Mexicans, the Swedish, the Brits, the Indians, the Russians, the Italians, etc, etc, etc. there would be no such requirement.

          Unfortunately more and more Americans Abroad, are coming to make decisions like Tina Turner, to “clarify their situation” as she said. 🙂 If you didn’t read this by Professor Allison Christians, I would encourage you to do so. “What does FBAR got to do with it, got to do with it?” http://bit.ly/V9Llj5

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