Top four tax havens (and why you wouldn’t want to live there)
It’s tax time.
3AW Drive’s finance expert Scott Haywood came up with a list of the best places to avoid paying exorbitant taxes.
But with each, there’s a catch.
Finance guru’s top four tax havens:
1. Bahamas – ‘To get there you need an employment contract and a long term work permit or the funds to buy a property which are some of the most expensive in the world.’
2. Monaco – ‘You need a contract from the employer approved or piles of cash to be able to get into there.’
3. Mauritius – ‘Non residents pay no tax on income earned outside of Mauritius so that’s where a lot of athletes, actors, entertainers base themselves as taxpayers in Mauritius but still remain Australian citizens.’
4. Bermuda – ‘To move to Bermuda you need to buy a house for over $1 million, and have significant professional, sporting, financial or legal qualifications to get a work permit.’
LISTEN: Scott Haywood explains why paying such low tax isn’t always a good thing