If you are high net worth individual or a successful entrepreneur or investor and do not need to be living in the country you are deriving your income source from and want to legally avoid paying taxes – then relocating to a tax free paradise is definitely worth considering;

HavenInvestor recommends the top 5 best and most desirable destinations to be legally free from tax:

1) The Bahamas.

Bahamas residents pay zero tax on any income earned from anywhere in the world. If you intend on staying for the long term you can obtain permanent residency by investing a minimum of USD 250K.

2) British Virgin Islands.

A residence visa for a proven self-sufficient and financially independent person plus family can be obtained in less than a month. Although local authorities do not specify the amount
3) Cayman Islands.

Must have a minimum annual income of USD150k and make an invest USD 500k into real estate or local business to live on the main island, Grand Cayman.
4) Monaco.

European zero-tax residency and surrounded by the world’s wealthiest people. Monaco requires that prospective residents deposit EUR 500k in a local bank and purchase at least EUR 500k in local real estate.

5) UAE.

The desert paradise of Dubai offers zero tax liability to its residents and residency can be obtained by purchasing local property over Dhs1m ($300k) or setting up a company in a freezone Dhs 30k-60k($10k-$20k).

 

Read more about residency in  tax friendly jurisdictions with Haven Investor.