The Top 10 Most Affordable Tax-Free Countries In The World

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The Top 10 Most Affordable Tax-Free Countries In The World

New research has revealed the most budget-friendly tax-free countries to consider moving to next year. The team at William Russell have ranked popular tax-free destinations based on relocation cost factors such as flights, rent and utility bills to reveal the world’s most affordable tax-free countries to relocate to this year.

Rank	Country	Cost of one-way economy flight from London	Cost of one-way economy flight from NYC	Cost to buy apartment (per sq/ m)	Cost to rent apartment per month	Average monthly net salary	Cost of utilities per month	Monthly costs (single person)
1	Oman	£187	£405	£94	£380	£1,775	£83	£604
2	Kuwait	£131	£544	£327	£624	£2,209	£39	£623
3	Bahrain	£146	£427	£139	£624	£1,668	£100	£682
4	UAE	£127	£437	£192	£818	£2,797	£136	£772
5	Brunei	£776	£1,018	£169	£396	£1,381	£39	£640
6	Maldives	£437	£595	£159	£596	£745	£119	£636
7	Qatar	£293	£454	£324	£2,149	£3,484	£90	£756
8	Bahamas	£794	£108	£259	£904	£1,496	£229	£1,119
8	Monaco	£43	£349	£5,538	£4,002	£5,814	£257	£1,710
10	Cayman Islands	£668	£238	£913	£1,925	£3,729	£329	£1,425

Oman is the most affordable tax-free country to relocate to in 2024, with a relocation score of 7.92. The most affordable tax-free country for expats to relocate to is Oman, earning a relocation score of 7.92/10. The country, located in the Middle East, has a population of around 4.6 million people. On average, Oman is the cheapest country to purchase or rent an apartment in, as well as being the most affordable country in terms of monthly costs (excluding rent). It is also the third cheapest country for monthly utility bills, costing around £83 (US$103 or €96). The average monthly net salary in Oman is around £1,775 (US$2,205 or €2,051).
Kuwait is the second most affordable tax-free country to move to this year, with a relocation score of 6.49. Kuwait has a population of approximately 4.3 million people. Kuwait is the fourth cheapest country to rent an apartment in, costing around £624 (US$775 or €721) per month, on average. It is also the second most affordable country for both monthly costs and utility bills, joint with Brunei. The average monthly net salary in Kuwait is around £2,209 (US$2,743 or €2,552).
Bahrain ranks in third place as the most affordable tax-free country to relocate to in 2024, earning a relocation score of 6.36. Bahrain is the second cheapest country to purchase an apartment in, costing £139 ($173 or €161) per square metre, on average. It is also the fifth most affordable country for both monthly costs and utility bills.

Further Study Insights:

Vanuatu is the least affordable tax-free country for expats to live in 2024, with a relocation score of 2.08. Monthly costs are around £896 ($1,113 or €1,035) and utility bills are approximately £160 ($198 or €185) per month on average. However, the average monthly net salary in Vanuatu is just £496 ($616 or €573).
Popular relocation spot The United Arab Emirates ranked as the fourth most affordable tax-free country, with monthly costs of around £772 ($959 or €893), while the average monthly net salary in the UAE is around £2,797 ($3,474 or €3,232). The United Arab Emirates has a population of approximately 9.5 million people. It costs around £818 (US$1,016 or €945) per month to rent an apartment in the United Arab Emirates. On average, expats will pay around £136 (US$169 or €157) for utilities per month.
Desired holiday destinations, the Maldives and the Bahamas are also among the most affordable tax-free countries. The Maldives ranked in 6th place, with the Bahamas following behind in 8th place.

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.