These Are the 10 Biggest Tax Havens on the Planet

While many industrialized nations burden their citizens with exorbitant taxes, a number of countries around the world still have extremely low income tax rates. Some nations exercise jaw-dropping rates as low as 0%. Interestingly, a concentration of these nations are in the Middle East: Saudi Arabia, Qatar, Oman, and the UAE all have no income tax. Some of this is accomplished through oil and gas operations, where businesses in the industry suffer under taxes as high as 35%.  But, while these nations’ citizens do enjoy low income tax, the GDP per capita remains relatively low.

Bermuda actually turns out to be the territory with the lowest income tax rate with the highest GDP per capita. The income tax rate rests comfortably at 0% while GDP per capita is $91,479. Comparatively, Saudi Arabia’s GDP per capita is only $17, 820 and Oman is an even lower $12,472. Bermuda does make up some of the difference through employer payroll taxes and high customs duties that can reach up to 25%.

See Catey Hill, These Are the 10 Biggest Tax Havens on the Planet, Market Watch, July 23, 2017.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.