In India, everyone, whether they’re working a job or running a business, is required to pay income tax. This tax is a major source of revenue for the government, and in India, it’s based on how much people earn. Essentially, those with lower incomes pay less tax, while higher earners contribute more.
Now, while many countries like India, the U.S., and the U.K. impose income tax, there are some places where residents don’t pay any income tax at all. Let’s take a look at a few of these tax-free countries.
Bahamas
First up is the Bahamas, often referred to as a tourist paradise. Located in the Western Hemisphere, this country is known for not taxing its citizens.
United Arab Emirates
Next is the UAE, a nation heavily reliant on crude oil trade for its economy. Here, residents enjoy the benefit of not having to pay income tax.
Brunei
Brunei, an Islamic nation in Southeast Asia with significant oil reserves, also doesn’t impose any income tax on its citizens.
Bahrain
In Bahrain, another Gulf nation, residents are free from any income tax obligations. The government here doesn’t collect taxes from the public.
Cayman Islands
Lastly, the Cayman Islands, situated in the Caribbean, is another place where no one pays income tax.
Kuwait
Thanks to its oil and gas reserves, Kuwait rakes in a solid income, which means its citizens enjoy the perk of not having to pay taxes.
Qatar
There’s no income tax for the folks living here. The Maldives attracts visitors from all over the globe, including many from India, and is known as one of the top tourist spots. Just like in Kuwait, the citizens of the Maldives also don’t have to worry about income tax.