Tax Havens Around the World

For individuals, the best tax havens offer low or no taxes on capital gains, interest, inheritance and even personal income. With tax rates for personal and business income likely to increase in numerous heavily indebted nations, many individuals and businesses are seeking relief in so-called tax havens. An analysis of personal top income tax rates along with gross domestic product per capita (GDP) released by HowMuch.net. The analysis cross-referenced the country’s top personal income tax rates with gross domestic product per capita to highlight countries with both low taxes and a healthy economy.

Top 10 Tax Havens Around the World

Bermuda – Personal Income Tax Rate 0% – GDP per capita of $91,479.
Qatar – Personal Income Tax Rate 0% – GDP per capita of $60,796.
The Cayman Islands – Personal Income Tax Rate 0% – GDP per capita of $54,827.
Kuwait – Personal Income Tax Rate 0% – GDP per capita of $30,147.
United Arab Emirates – Personal Income Tax Rate 0% – GDP per capita of $25,773.
Brunei – Personal Income Tax Rate 0% – GDP per capita of $25,140.
Bahamas – Personal Income Tax Rate 0% – GDP per capita of $20,690.
Bahrain – Personal Income Tax Rate 0% – GDP per capita of $18,128.
Saudi Arabia – Personal Income Tax Rate 0% – GDP per capita of $17,820.
Oman – Personal Income Tax Rate 0% – GDP per capita of $12,472.

Bermuda has the most extreme combination of tax rate and GDP per capita in the world. The country has a low tax rate of 0% and a high GDP per capita of $91,479. Qatar falls in second with a 0% tax rate and a high GDP per capita of $60,796. Qatar has the world’s largest natural gas reserves. Although the country has no personal income tax, oil and gas businesses have a tax rate of 35%. Business that are owned by foreigners and are not in the oil and gas sector are taxed at a flat rate of 10%. The Cayman Islands is in third with a tax rate of 0% and a GDP per capita of $54,827. The Cayman Islands has become a major offshore financial center due to the low personal income, corporate and capital gains taxes.