Producer: Priyanka Das Editor: Sujata Singh
Income tax is the main source of income for the majority of governments across the globe. In India, your tax is imposed on the basis of your salary, meaning that the more you earn, the more you pay and vice versa.
Now, as shocking as it may sound, there are actually a few countries in the world where people do not have to pay income tax.
The Bahamas does not levy income tax on its citizens. In fact, the country depends on residency and not on citizenship, which makes it one of the countries that offers income tax-free life.
Monaco is a well-known high-end vacation spot for ultra-wealthy individuals. This country too does not levy income tax. One needs to get a legal residence permit, which can be obtained in under three months but costs 500,000 Euros.
Many oil countries in the Middle East have no income or corporate tax. United Arab Emirates (UAE) is one of them. It has a thriving economy and multi-cultural environment.
This Caribbean income tax-free country is expensive to live in but is quite famous for its pink sand beaches, upscale restaurants and scenic beauty. Bermuda does not levy personal income tax but it does levy payroll tax on employers and land tax on property owners and tenants.