If you’re looking for a way to stretch your budget and enjoy a new adventure, you might want to consider relocating to a tax-free country in 2024. According to a report by expat insurance company William Russell, there are some countries where you can live like a king without paying a dime in taxes. The report ranked the countries based on the costs of flights, apartments, utilities, living expenses, and salaries.
The top four spots on the list are occupied by the Gulf Cooperation Council (GCC) countries, which offer expats a high standard of living and a low cost of living. Oman is the winner, with a relocation score of 7.92 out of 10. You can buy or rent a spacious apartment for a bargain, and your utility bills will be minimal. A flight to Muscat from London or New York will set you back less than US$500.
Kuwait is the runner-up, with a relocation score of 6.49. It’s also a great place to save money on rent, utilities, and living expenses. Bahrain is the third best option, with a relocation score of 6.36. It has the cheapest apartments for sale, and reasonable prices for everything else. The UAE is the fourth best choice, with a relocation score of 5.83. It has higher living costs than the other GCC countries, but also higher salaries.
William Russell advises expats to factor in other expenses besides taxes, such as insurance, flights, rent, and utility bills.
Brunei is the fifth best tax-free country to move to in 2024, with a relocation score of 5.58. It’s a peaceful and prosperous country, with a rich culture and natural beauty. A flight to Bandar Seri Begawan from London or New York will cost you around US$1,000. You can rent a nice apartment for less than US$500 a month, and your living expenses and utility bills will be low as well.
