Imagine that you have opted for Business Immigration and settled in a country where tax is levied upon the services and revenue which is higher than most of the countries. Then, you will end up paying business expenses and corporate taxes that will suffocate the business and gradually bring more burden in the due course of time. So, what should you do? Those Business Investors and Entrepreneurs who are looking for expanding their business activity in a foreign land, must know that there are “TAX HEAVEN COUNTRIES” in the world. You must be confused, who does this mean?
TAX HEAVEN COUNTRIES are those countries where there is no or minimal tax liability to foreign individuals and businesses which also offers financial secrecy and tax benefits.
What are the benefits of migrating to Tax Heaven Countries?
- You can save tax where these countries only charge tax from zero to low single digits upon comparing with the high taxes in the developed nations.
- May avail the absence of other taxes such as estate, inheritance, and gift taxes that can be as relevant as the as the absence of an income tax.
- These countries offer robust and well-enforced rules of banking secrecy and you may conduct business without any close supervision by the government agencies.
- Furthermore, there are low cost of doing business, existence of liberal banking regulations, and absence of exchange controls can be fruitful to the business.
- Equipped with a well-developed legal system with sufficient accounting expertise and, above all, a high degree of political and financial stability.
Which business immigration countries falls under Tax Heaven?
MONACO
Monaco is one of the smallest countries in the world but with a big heart. It is one of the few countries which do not impose any TAX to its residents as per the personal and business laws. A person residing in Monaco for more than six months and becomes a resident then thereafter he/she is exempted from paying income tax. Monaco does not have a general corporate tax and does not collect taxes on capital gains and net wealth. Residents can enjoy tax-free property ownership in Monaco, however they must pay a nominal 1% tax for the rented properties annually.
You can attain Monaco residency by investment by making investment of minimum EUR 500,000 (INR 4.25 Crore) in bank deposits and minimum EUR 500,000 (INR 4.25 Crore) for property investment.
MALTA
Malta is a beautiful island country located in the south of Italy with a population of 450,000. Malta’s complex tax code means that the companies and tax experts can find many ways to reduce the effective tax on their income to as low as 5%. The country is a favorable jurisdiction to do business in the tourism, hospitality or services sector due to the fair tax code of Malta.
You can get Malta Residency Visa by investing from EUR 330,000 (INR 2.80 Crore) to EUR 600,000 (INR 5.10 Crore) in Maltese Stocks and Properties. You can also attain Maltese Citizenship with contribution of EUR 896,000 (INR 7.61 Crore) to EUR 1,150,000 (INR 9.76 Crore) in Govt. Funds, Financial instruments or properties. There are options available to get it for a one-time cost of EURO 140,000 ( conditions apply) as well.
SINGAPORE
The strongest economy in Asia, Singapore is the development model and perfect business immigration destination for Business entrepreneurs and investors. The country has corporate tax rate of 17% levied on the income earned in the country but this rate can be reduced by through certain incentives which IRAS has put in place. Govt. has introduced Productivity Solutions Grant (PSG) and tax incentives to help the start-ups in Singapore.
Singapore Residency Visa by Investment can be attained who can invest SGD 2.5 Million (INR 13.6 Crore) in a new business entity or an existing business, approved GIP fund or in establishing single family office in Singapore.
IRELAND
Ireland is often regarded as tax heaven due to the low corporate tax rate of 6.25% for revenue tied to a company’s patent or intellectual property. This lower rate intends to provide tax breaks for the protection of royalties derived from the intellectual property. One living example – Tech Giants Apple incorporated in Ireland which booked over $180 billion in offshore profits through its international subsidiaries.
You can apply for Ireland Startup visa and settle down in Ireland as a permanent resident, if you can invest around Euro 200,000 (INR 1.70 Crore) in a tech idea.
If you want to save heavy on tax and be successful in your business operation, these Business Immigration destinations will never leave you empty-handed. For more info, you may connect with us on 8595338595 or [email protected]. Our immigration specialists will guide you through the entire process in one go and your application will be stand-out from the crowd.
