Top Entrepreneur Places To Live In
Posted by Nick on February 16, 2010 at 17:55 pm
While many businesspeople would prefer to stay where they currently live, there are other people who are looking for much more favorable circumstances. One reason, but not the only one, for this is that entrepreneurs are often very heavily taxed and it does not make sense for them to stay in their home country because of these high taxation rates. Other ones are things such as lifestyle, culture, location etc.
There are many places all over the world that are a great destination for entrepreneurs and the following is a list of 25 such places. If there is a place you would add to this list then share it with us in the comments box.
1. Andorra is favorable because it is known as a tax haven for Europeans, since there is no income tax at all. While there has been a capital gains tax introduced in recent years, this simply makes it more difficult to make money from properties. These property values remain extremely low, however, so there is very little reason not to take advantage of what Andorra has to offer.
2. Bahrain is another well known tax haven that does not have income tax for individuals or corporations. There is also no VAT and foreign ownership of corporations is permitted, making this one of the more popular places for entrepreneurs in the Middle East.
3. The Bahamas are a very popular tourist destination, but they are also great for tax breaks, as there is no corporate income tax or capital gains tax on this island paradise.
4. Switzerland has a long history of being a financially viable location for business owners and one such reason is because people who become residents are able to negotiate how much of their income will be subject to taxes.
5. Monaco does not have income tax of any sort and does not have wealth taxes either. This makes Monaco a great location for some of the richest people in the world.
6. The Cayman Islands is another well known tax haven that is used by people in the United States frequently. There is no tax of any sort on the island except for departure tax, which is basically a way for the island to make money from tourists.
7. The Cook Islands have income tax, but they have some of the more lenient laws in the world and a very low tax maximum.
8. Hong Kong is definitely not one of the first places you would think of when you hear low taxes mentioned, but the country has some of the lowest rates in all of Asia.
9. American Anguilla is another Caribbean area without taxes, making it the perfect place for American investors to keep their money.
10. The Mariana Islands is politically linked with the United States, but it has enough independence to be a great tax haven, with rates of only 9%.
11. Brunei has an oil based economy, but they also do not have a personal income tax. Investors, however, will have to pay taxes, so it might be a good idea to research tax laws before heading to this country.
12. The Isle of Man has lower than average income tax rates and no capital gains tax. While the rates are not as low as in other countries, it is also close enough to Britain to be similar to living at home.
13. Saint Vincent and the Grenadines is a tax haven that taxes based on the country’s insurance plan. Corporations, however, are subject to taxation based on the company’s total income.
14. Grenada has extremely low property taxes, which is what makes this country viable. The income tax rates are also relatively low, making this a great place to get involved with real estate.
15. Mauritius has a flat tax rate of 15%, but plenty of deductions are available. These laws are many to make it easier for nonresidents to make money, which is why entrepreneurs find this location so favorable.
16. Nauru does not have any taxes, nor does it have tax treaties with any other countries. The basic idea here is that the government wishes to attract foreign investment and the government of the country has also been very active with overseas development investments.
17. Dutch Antilles has low tax rates, especially for those who work within the country. If your money comes from outside of the country, you can expect slightly higher rates, but they are definitely not crippling.
18. The United Arab Emirates do not have income tax or capital gains taxes. This means that foreign based property owners can make a great deal of money, especially since this area of the world is quickly becoming a popular tourist destination.
19. The Solomon Islands is a country where income tax is highly dependent on the actual income of an individual. It is usually only viable to use this as a tax haven if much of the money comes from businesses located in other countries.
20. Antigua and Barbuda has a tax-free allowance that every taxpayer has access to. The tax rates can get rather high if you are making a lot of money, but the tax allowance definitely helps out a great deal.
21. Aruba is seen as a tax haven because certain companies have been granted tax exemptions. The problem is that not all companies are provided with this, so it can be very tricky to get a tax break in the country.
22. Cyprus has the lowest corporate tax rates in all of Europe, which gives companies the chance to operate within the European Union, but not pay high taxes.
23. Fiji provides many allowances for wives, which makes this a good country to operate out of if you have a family and wish for some tax breaks.
24. Ukraine has a higher corporate tax rate than many of these other companies, but the capital gains tax and property taxes are low, making this a good place to invest.
25. Albania is attempting to attract foreign investment and has relaxed many of their taxation laws. As a result a foreigner may invest in Albania and pay a total of 1 Euro in taxes. Yes, just ONE Euro. Add to this that this small Mediterranean country has one of the most glorious landscapes and beach fronts in South Eastern Europe, is bordered with Greece and Italy, and has one of the youngest population in Europe and you can see why this is becoming a hot spot for many entrepreneurs who are seeking peace of mind, and a simple lifestyle.