Dan Dobry

People are fleeing their countries of origin – should we flee too?

The story of the global tax refugees – do you not want to pay income tax?

Do you hate it when your government takes your money and uses it for whatever they want?

In the UK the first 142 days of the working income of the average citizen will be paid to the kingdom.

In Germany, you must work for 192 days for the state before you take one Euro home.

In Austria, it is even a few days longer than that. This means that you work for the state for more than half of the year.

And how do governments thank you for it? They make sure that you work for them for even longer and look for creative ways to make you pay them more without complaining.

But as you groan under the tax burden, you are far from sharing your fate with all your fellow inhabitants in this world.

Remember the saying: Only two things are certain: “taxes and death”.

This saying is, in fact, very wrong. Many, many people in the world are living tax-free!

And to achieve this you do not even have to live on a yacht in the middle of the ocean, all you should do is settle down in a suitable country and enjoy a relaxed life there.

It may surprise you, but you do have a very large selection of countries to choose from.

There are 60 Tax-Free Countries Around the World

Twenty-three counties in the world do not impose income tax – and thirty-six other countries only tax domestic income.

Tax exemption on foreign income is a particularly interesting policy. This could provide broad opportunities for tax-free living in 60 countries around the world.

Twenty-three countries in the world do not tax their citizens at all, at least not their income. They raise money through indirect Taxes, have affluent oil and mineral deposits, or have a very attractive financial services sector with low or absent tax rates.

Countries like Bermuda, Cayman Islands, BVI, (British Virgin Islands) UAE (Dubai), Qatar, Vanuatu, and Monaco, attract the rich and even the mass affluent, and in some cases, up to 80% of families domiciled there are ex-pats (People who live in a country that is not the country of their origin)

Over 300 million people are living outside of their nation of origin today and if they organized themselves as an imaginary nation, ‘Expatria’ – they would have a population of over 300 million, rising from 154 million in 1990 and 175 million in 2000, according to UN statistics.

This would rank our imaginary country “Expatria” around the third most populous nation on the planet, over four times the number of people in the United Kingdom and very similar to the population of Indonesia and Brazil – more than half the population size of the European Union.

The average age of the citizens of Expatria would be 38. UN statistics estimate that 48% of the population would be women and 26 million of the residents aged 65+ years of age and proportionally greater represented than they are in the world population.

It’s all too common for famous names to run from the Revenue but you don’t have to be a celebrity to be a part of this community.

100,000  Millionaires Changed Their Country of Residence in 2021

Since 2013, New World Wealth, a research outfit based in South Africa, has been tracking High Net Worth families’ migrations by culling property records, visa programs, news media reports, and information from travel agents and others who cater to the wealthy.

Out of 15 million people they tracked, each worth more than $1 million in net assets, nearly 100,000 changed their country of residence in 2021.

In addition to the 23 countries without an income tax, there are still 36 other countries with tax exemption on foreign income. Tax-free foreign income means that you can still live tax-free in the destination country if you earn your money outside of that country. And best of all: many of them offer an extremely high quality of life and very easy-to-obtain residence permits.

Amongst these countries are the United Kingdom, Japan, and Portugal which are attracting wealthy entrepreneurs and business people as well as high tech professionals seeking domiciles where they can build their futures.

Israel also has a program to encourage immigration of wealthy families that not only provides exemption on all income that is not created in Israel but also an exemption to report this for 10 years.

Immigration: Maybe the Only Way to Live the Life You Dream of

Our lives are very difficult and challenging and we alone are responsible for our futures and destinies, so young professionals and the wealthy are asking the question “How can I build for my family a future with dignity and security when I have to pass over more than half the money I earn to my government?”

These people are looking at the alternative to work and living abroad as the solution.
The world population is on the move. Should you consider moving as well? It may be the only way to live the life you dream of.

About the Author
Dan Dobry was the founder and a director of the GlobalNET Investment House, he was one of the founders of the Union of Financial Planners in Israel (UFPI) and served as the first Chairman and President of UFPI. Dan was the Global Council Representative for Israel for the Global Community (FPSB) from 2012 - 2018 and was a member of the Committee for Standards and Qualifications for the European Union (SQC) until December 2021.
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