A recent report by William Russell has revealed that half of the top 10 most affordable tax-free countries for expats are located in the Gulf region. The report takes into account factors such as average salaries, rent, living expenses, and utility costs to determine the most budget-friendly destinations for expats to relocate to in 2024.
Oman has emerged as the most affordable tax-free country to move to, offering low costs for both purchasing or renting an apartment and monthly living expenses. Kuwait and Bahrain also rank highly on the list, providing surplus income for expats after covering essential expenses.
The United Arab Emirates, including popular destinations like Dubai, is becoming an increasingly attractive option for expats, ranking as the fourth most affordable tax-free destination. Even desirable holiday locations like the Maldives and the Bahamas made it onto the list, albeit with lower average salaries compared to other countries.
Monaco stands out as the only European country on the list, offering a high average net salary but also high living costs that may eat into leftover income for expats. Vanuatu, on the other hand, ranks as the least affordable tax-free country due to low average salaries compared to living expenses.
Overall, the Gulf countries dominate the list of the most affordable tax-free destinations for expats in 2024. Ross Irvine, Finance Director at William Russell, advises expats to consider purchasing international income protection to safeguard their lifestyle in case of incapacity to work.
Source
Photo credit www.euronews.com
