We are no stranger to complaining about paying taxes. And it doesn't pay to cheat. Well, at least not to "ordinary" us. And when we draw the line, the best thing to do is to move to a country that is more taxpayer-friendly with its more lax laws. Here are 15 of the friendliest tax havens.
15. Guernsey
Personal taxes: excluding capital gains and inheritance taxes.
Corporation taxes: most companies pay 0% taxes, a few companies pay 10%.
Britain's small Channel territory accounts for about one percent of the global market for financial services for companies based abroad. Although British Prime Minister David Cameron says it is unfair that Guernsey is known as a tax haven, companies with zero percent income tax and the lack of official company data on the records are telling. (More information)
14. Bermuda
Personal taxes: no income taxes, capital gains or wealth taxes
Corporation taxes: most pay 0% tax.
If we like beautiful beaches and money laundering, it's time to move to Bermuda. Bermuda is one of the best locations when it comes to keeping secrets, but at the same time it does not comply with international anti-money laundering standards. (More information)
13. Bahrain
Personal taxes: no one pays income, estate or capital gains taxes
Corporation taxes: the only companies that pay taxes are some oil and gas companies.
Bahrain, as one of the most economically free countries in the Middle East, is thus the most popular with various oil moguls. Among other questionable practices is that residents are not obliged to report payments to non-residents. (More information)
12. Malaysia (Labuan)
Personal taxes: there are no estate, gift or wealth taxes, only non-residents are liable to pay tax on income earned in Malaysia.
Corporation taxes: only income earned in the country is taxed (except banking, shipping companies and insurance companies).
The Malaysian island of Labuan has become a popular meeting place for money, especially after governments began to destroy old tax havens such as Switzerland. The lack of regulations, including the non-recording of information on public funds or foundations, are only part of the reason why more than 7,000 foreign-based companies have registered on this island. (More information)
11. Panama
Personal taxes: non-residents and residents pay tax on income earned in the country.
Corporate taxes: only on income earned in the country.
Lax tax laws in Panama are responsible for at least 50 percent of international investment not being taxed at all. (More information)
10. Japan
Personal taxes: gift tax, real estate and relatively high income taxes apply only to residents. Non-residents are subject to taxation only if they earn their income in the country.
Corporation taxes: non-resident companies only pay tax on income earned in Japan.
Although the law does not allow such closely guarded financial secrets, Japan has much less stringent rules on money laundering and tax-free foreign investment. (More information)
9. Jersey
Personal taxes: there are no wealth or estate taxes and non-residents are only responsible for income earned in the country.
Corporation taxes: the general rate is zero percent, with some exceptions such as financial institutions.
The island of Jersey, which belongs to the British Crown and is not far from the above-mentioned island of Guernsey, is also known as Treasure Island. Because of its incredibly lax tax regulations, it attracted about 2 trillion in personal wealth that people from all over the world moved to the island of Jersey. (More information)
8. Germany
Personal taxes: liable for capital gains and income taxes, subject to a 45% tax ceiling.
Corporation taxes: non-resident companies pay 15% tax on income earned in the country.
For a country known for its attention to the smallest details, it can sometimes turn a blind eye when it comes to taxation. Not only has Germany come under scrutiny for its less-than-militant anti-money laundering policies, but it also maintains a somewhat fragmented, "under-resourced" way of collecting tax, especially from the wealthy. And it's no wonder that a few years ago it hosted as much as 2 trillion US dollars in non-resident deposits. (More information)
7. Lebanon
Personal taxes: inheritance and gift tax, as well as gross income tax up to 21%.
Corporation taxes: a 15% flat tax applies to registered companies.
Despite the political unrest and violence that characterized the country over the course of the last century, Lebanon has maintained its position as a financial center in the region. No wonder, considering that it has one of the least transparent financial systems in the world. (More information)
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6. United States of America
Personal taxes: estate, gift and net income taxes are assessed at progressive rates, resident and non-residents are subject to taxes on all income (regardless of where earned) up to 39%
Corporation taxes: companies can be taxed up to 39% on worldwide income (with some exceptions).
Given that the US has the second largest economy in the world, even the smallest amount of tax "negligence" towards both domestic and foreign investments is significant. The state of Delaware is a tax haven with a low tax rate and an extremely pro-business legal environment. (More information)
5. Singapore
Personal taxes: capital gains are not taxed, income in the country may be taxed at a rate not exceeding 21%.
Corporation taxes: there is no capital gains tax, the standard corporate income tax rate is 17%.
As one of the world's fastest-growing capitals, Singapore is on track to overtake Switzerland as the largest center for overseas-based companies by 2020. (More information)
4. Cayman Islands
Personal taxes: there is no tax on income or capital gains, whether for citizens or non-citizens.
Corporation taxes: there is no income, profit or wealth tax, only annual licensing fees are charged for a specific group of companies.
Surprise – one more British Isle to make this list. It has come a long way and distanced itself from its sordid history of drug smuggling and money laundering, but the Cayman Islands remain an extremely reliable destination for companies looking to avoid paying taxes. The Cayman Islands are home to more than two hundred banks, one hundred and forty corporations and more than ninety thousand other businesses. (More information)
3. Hong Kong
Personal taxes: no estate or capital gains tax, but income subject to payroll tax up to 17%.
Corporation taxes: profits derived in Hong Kong are subject to a 16.5% tax, unless companies can demonstrate that their central management is not in the country.
Hong Kong's success as a booming global financial center owes much not only to its proximity to China, but also to its spectacular laissez-faire a financial environment (unbelievably low tax rates and very strong secret laws) that excessively draw on foreign assets. (More information)
2. Luxembourg
Personal taxes: income tax for residents (and non-residents with income from the country) is progressive, with rates capped at a whopping 43.6%.
Corporation taxes: non-resident companies are the only subject of income tax from state sources. Luxembourg is one of the smallest countries in Europe, but one of the most popular places for large corporations that bring astronomical sums there. Companies such as Apple, Amazon, PepsiCo and Heinz all have addresses in a country whose entire population is barely half a million people. (More information)
1. Switzerland
Personal taxes: no wealth tax and limited capital gains tax. Income tax is levied at the municipal, state and federal levels, although no average rate can be calculated due to the extremely complex and multi-layered system.
Corporation taxes: taxes are assessed at both the local and federal levels, the latter at a flat rate of 8.5%.
Switzerland is a combination of strict privacy laws and political stability. It is one of the most desirable locations for individuals and companies seeking shelter from taxes and attention. (More information)
Adapted and adapted from:
www.supercompressor.com
