The American polymath Benjamin Franklin memorably said there is 'nothing certain however death and taxes' - however there are a few locations in the world where you can avoid paying income tax.
The super-rich have long cashed in on this, but more individuals are being tempted by the lure of lower-tax jurisdictions for long-lasting wealth preservation.
Yet off-shore relocation is no longer the protect of the ultra-wealthy.
' Remote work, double citizenship, international employing patterns - they've all lowered the barriers,' says Nigel Green, CEO of deVere Group, a financial advisory and possession management company. 'If [enthusiastic individuals] are not being rewarded in the house, they're increasingly comfy checking out choices abroad.'
In the UK, current financial grenades consist of completion of non-dom regime and inheritance tax breaks on possessions kept in abroad trusts, plus a freeze on income tax thresholds that has pushed more people into higher tax brackets up until at least 2028. Meanwhile, the plan to include pensions as part of inheritance tax from April 2027 is currently in the proposition stage.
The outcome? The UK has lost more billionaires in the past year than at any other time in history.
Some will seek to nations such as Italy, Greece or Switzerland using flat-tax regimes, while others will consider low-tax jurisdictions such as Barbados or Cyprus.
But where will you pay no individual income tax at all? Here are six of the very best places to consider:
UNITED ARAB EMIRATES
If you do not want flashy Dubai there's the calmer Emirati capital Abu Dhabi with its fast-developing cultural island, Saadiyat
Banks, international schools, building and construction, hospitality, healthcare and engineering are all bring in a wave of British expats - an estimated 240,000 live there now
Job chances, terrific environment and more skyscraper-lined vistas you can shake a selfie-stick at, the UAE is quite in demand for its lifestyle and tax benefits.
There is no personal earnings tax on wages, financial investments, or rental earnings earned within the nation, there is no capital gains tax (CGT), estate tax, wealth tax or annual tax on around the world possessions.
If you don't desire flashy Dubai there's the calmer Emirati capital Abu Dhabi with its fast-developing cultural island, Saadiyat, however they both offer beaches, elite infrastructure, healthcare and education.
The UAE can offer entrepreneurs what they are stopping working to discover in the UK: safety, economic development, a pro-business environment and regulatory certainty.
Establishing a company is a simple route to residency, consisting of in one of Free Zones, where expats can have 100 percent ownership without the need for a regional partner or investor.
There are likewise abundant visa options consisting of the 10-year golden visa that needs you to invest or buy a residential or commercial property for a minimum of AED 2million (₤ 439,000), digital nomad and freelance visas.
Banks, worldwide schools, building, hospitality, healthcare and engineering are all attracting a wave of British expats - an estimated 240,000 live there now.
Major deterrents consist of the high cost of housing - rents can be more than in the UK, although the UAE average cost of living is 15 per cent less than the UK - plus extreme summer temperature levels, traffic congestion and UAE's strict laws and cultural customs will not match everyone.
BAHAMAS.
Much closer to Florida than South America, the Bahamas uses a far more vibrant environment than the essential Caribbean islands - and no income, capital gains or inheritance taxes.
The Bahamas provides a stable economy integrated with secluded pink-sand beaches, coral reefs and exceptional cruising
Britons like it too - around 4,100 live there (there's a direct eight-hour flight to the UK), and numerous have actually set up in Nassau on the island of New Providence
This Atlantic Ocean archipelago, with an American twist, provides a steady economy combined with remote pink-sand beaches, reef and superb cruising.
Privacy, security and lifestyle make it a preferred location for numerous North American billionaires. But start-ups, crypto and fintech financiers are also being drawn to its capital, Nassau.
Together with the global jet set, multinational brand names and benefits have actually shown up: Nobu, Starbucks, Amazon shipments, Michelin-starred restaurants - and it's only a half-hour flight to lots of more in Miami.
But Britons like it too - around 4,100 live there (there's a direct eight-hour flight to the UK), lots of have established in Nassau on the island of New Providence - the expat center with most of the global schools and cultural organizations. Or Freeport on Grand Bahama is more laid-back.
Those who invest at least $1million (₤ 741,000) on a home, financial contribution or investment in an important sector can protect irreversible residency - it's tough to get a work authorization otherwise. Perhaps the easiest alternative? The 1 year Bahamas digital nomad visa (BEATS), which, unusually for such plans, features no minimum income requirement.
Aside from the risk of cyclones - 2019's Dorian ravaged the Abaco islands and Grand Bahama - the most significant disadvantage is the high expense of living, which is 27 percent more than in the UK according to numbeo.com, with lease rates that are 30 percent greater than the UK.
You'll pay $3,200 (₤ 2,371) a month for a modest two-bedroom house on among New Providence's gated neighborhoods.
MONACO.
A favoured base for dozens of sports stars, global entrepreneurs and F1 drivers, Monaco is the small tax haven that's just a seven-minute helicopter ride from Nice Airport on the French Riviera.
The summertime play areas of Cap-Ferrat, Cannes and Saint-Tropez are all within simple reach by supercar or one's luxury yacht moored in Port Hercule, listed below the Monegasque cityscape of high-rises.
A favoured base for dozens of stars, international business owners and F1 drivers, Monaco is the small tax sanctuary that's simply a seven-minute helicopter trip from Nice Airport
From high-end shopping to Michelin-starred restaurants, casinos and beach clubs, the principality has more millionaires per square metre than anywhere else (and prominent individuals enjoy its high security and rigorous privacy laws). More than 2,800 Britons call it home.
Obviously they all enjoy it's the absence of earnings tax, wealth tax and capital gains tax, and the fact that when handing down possessions, spouses and kids do not pay inheritance or gift tax.
To get irreversible residency in Monaco you'll need to deposit a minimum of EUR500,000 (₤ 421,000) into one of its banks and purchase or rent residential or commercial property in Monaco. Non-EU nationals need to get a French long-stay visa before making an application for a Monaco residency authorization.
These benefits do not come cheap. The expense of living is 127 per cent greater than in the UK, groceries are 70 per cent more, restaurants 50 percent costlier and lease is an eye-watering 705 per cent more, according to numbeo.com.
You can discover a small apartment to purchase for around EUR1million (₤ 842,000), however that's all you need for your tax-base - many deep-pocketed brand-new arrivals are likewise buying a bigger residential or commercial property over the border with France, according to Cote d'Azur Sotheby's International Real estate.
SAUDI ARABIA.
In the run-up to Saudi hosting the FIFA World Cup in 2034, and as part of its Vision 2030 to transform its economy, Saudi Arabia is opening approximately foreign financial investment.
If you are comfortable about its human rights record, strict laws (alcohol is prohibited) and social conservatism, not to discuss the searing heat, then a tax-free high wage for a couple of years may be a big adequate pull.
Yes, there's absolutely no personal income tax, but you will not find the beach clubs or bottomless-brunch culture that you would in Dubai.
In the run-up to Saudi hosting the FIFA World Cup in 2034, and as part of its Vision 2030 strategy to change its economy, Saudi Arabia is opening approximately foreign investment
Around 26,000-30,000 Britons live in the Kingdom, mainly in substances in Riyadh and Jeddah
Estate representatives report that lots of expats are moving from Dubai to Saudi for salaries that are 25 per cent more than its GCC (Gulf Cooperation Council) neighbour - and there's strong demand for engineering, construction, IT and healthcare workers.
An essential aspect of this is that the Saudi government is making it easier for immigrants to buy residential or commercial property - a new Freehold Law is being prepared that will unlock to acquire off-plan residential or commercial properties.
In 2015, Saudi Arabia expanded its own version of a 'golden visa' - its Premium Residency scheme - that can provide residency if you are not sponsored by an employer. This is open to those with unique talents, investors and business owners. You can also invest more than SAR 4million (₤ 790,000) in a residential or commercial property, or make a one-off payment of SAR 800,000 (₤ 158,000).
Around 26,000-30,000 Britons reside in the Kingdom, mainly in compounds in Riyadh and Jeddah, however brand-new vacation resort-style developments have actually been developed, although rental rates can be high. In Sedra, a popular community in Riyadh by ROSHN Group, a five-bedroom villa is being marketed at SAR 160,000 per year (₤ 31,600).
The cost of living is around 35 percent lower than in the UK, according to numbeo.com, however many expats get generous housing and personal health care packages. The global schools are broadening fast, with Sherborne School Jeddah (a branch of the UK independent school) opening this year.
BERMUDA
If you don't want the searing heat of the Middle East and prefer the unwinded pace of a Caribbean island, Bermuda is a veteran favourite for British expats
The high expense of living will soak up some of the tax advantages. A two-bed townhouse in Paget may cost $7,800 (₤ 5,785) a month to lease
If you do not desire the searing heat of the Middle East and choose the relaxed pace of a Caribbean island, Bermuda - a veteran favourite with British expats - might be for you.
Britons are the greatest group of non-Bermudians in the British Overseas Territory, numbering 3,942, according to the last census. While families gravitate to Hamilton for the global schools, the central parish of Paget offers homes a brief stroll from pink-sand beaches
Security, safety and a high standard of life are the pulls - plus the enticement of no income tax or capital gains tax. Life revolves around the beach, barbecues and weekend boat parties - and it's just 2 hours to New York for a weekend culture repair.
Less attractive are the high customizeds duties that makes buying products pricey, the limitations of small-island life (some discover it uninteresting) - and high expense of living.
You can visit Bermuda without a visa for approximately 180 days in any 12-month period, however if you desire to work in Bermuda, you need to get a job offer and work permit before you enter the country. There are specific chances for entrepreneurs and fintech businesses. There's also a 1 year 'Work from Bermuda' digital wanderer visa, but job opportunity on the island are restricted.
Britons are the most significant group of non-Bermudians in the British Overseas Territory, numbering 3,942, according to the last census
Foreigners can just purchase residential or commercial properties valued above a minimum Annual Rental Value (ARV), so only higher-value residential or commercial properties. The existing ARV is $126,000 (₤ 93,453) for homes - however is due to be examined on July 1 this year. This amount equates to around $3million (₤ 2.2 million) for houses and $600,000 (₤ 445,000) for condominiums, according to Sotheby's International Real estate. Foreigners must request a licence to buy.
The high expense of living will absorb a few of that tax benefit. A two-bed townhouse in Paget might cost $7,800 (₤ 5,785) a month to lease - leas are 215 per cent higher than the UK, according to numbeo.com, although basic cost of living is only 97 percent more.
CAYMAN ISLANDS
Like Bermuda, the Cayman Islands likewise has tax advantages: no corporation, income, capital gains or estate tax
Like Bermuda, the Cayman Islands is a British Overseas Territory providing a tax-free and beachside way of life just 90 minutes south of Miami.
A high requirement of living coupled with low criminal activity rate and Caribbean climate indicates an expat way of life revolving around breakfasts, boat celebrations and barbecues, with much of this centred around Seven-Mile Beach and west of George Town, the greatest town and business center of the three Cayman Islands.
Learn more
EXCLUSIVE
How to move to Qatar: Offering high salaries, tax benefits and year-round sunlight
Why choose Cayman over Bermuda? Some state Cayman's scenery is less impressive but the Cayman way of life is better, particularly the food lover scene centred about Grand Cayman. Others state that while the expense of living is high in Cayman (it's still 41 percent more than in the UK) it's lower than Bermuda.
It also has tax benefits: no corporation, income, capital gains or estate tax.
Britons can keep up to 180 days without a visa then there are numerous paths to residency consisting of a work permit from a company or the digital wanderer visa, the Global Citizen Concierge Program, which needs a minimum salary of $100,000 (₤ 74,242) however lasts 2 years.
There are other routes through substantial kinds of financial investment including a Certificate of Direct Investment (minimum KYD 1million/ ₤ 906,000). Or costs at least KYD 2million (₤ 1.8 million) on a residential or commercial property gives you long-term residency (plus independent financial resources) but not the right to work.
Foreigners can purchase residential or commercial property however stamp duty at 7.5 percent is high. You can purchase a smart two-bedroom home for ₤ 350,000-₤ 400,000 around George Town or lease a one-bedroom apartment for around ₤ 2,300 a month.
Downsides consist of small-island mindset, couple of work choices and high electrical energy and home insurance coverage costs - all that said, the cyclone danger is low.
Dubai
