With Keir Starmer and the Labour Party winning a landslide victory in the 2024 election, one big question remains – what happens next?
The party has made “no tax rises for working people” a key commitment. While the manifesto was light on detail, Starmer and his new Labour government could be planning a tax raid on savings and pensions. In a recent radio interview, he appeared to define “working people” as those without substantial savings.
With that in mind, Express.co.uk had a look at where in the world your money would be safe from any Labour tax raids.
As such, here are five countries – with no income tax – that you can move to if you want to protect your savings from the new government.
Bahamas
The up-market island chain in the West Indies is currently home to over 4,000 British expats, of a population of 400,000. Living in the Bahamas is expensive – it is known as a haunt of the rich and famous. This is especially the case in the capital, Nassau.
The Bahamas is recognised as a tax haven due to its favourable financial environment. This includes the absence of corporate and personal income taxes, no capital gains tax and a historically strong commitment to banking secrecy, according to Investopedia.
Under the Immigration Act of The Bahamas, a foreign investor may be eligible for a permanent residence permit on the basis of a residential property purchase of at least $500,000 – or £391,343. The spouse and children of the investor may be included in the application at no additional cost, according to residencies.io, so the whole family can come along!
Vatican City
Home to the Catholic Church, few people realise that the Vatican is an independent state and tax haven.
The Vatican is one of the most exclusive locations in the world to live in. Every citizen who resides there is Roman Catholic and is considered to be influential or significant in some way with the religion. The clergy – who contribute to the city’s operation – and the Swiss Guards – who defend it – are the only people allowed to reside inside. If you tick that box, fantastic!
Employees of the Vatican pay no income tax and no custom’s duty on goods that they buy, according to Tax Fitness. It has an ATM with instructions in Latin, possibly the only such ATM in the world – so make sure you practise your Latin before the big move. With so many of its transactions conducted using cash, and with such a strong veil of secrecy surrounding its activities, the Vatican Bank has been called a natural tax haven.
Monaco
The tiny independent state of Monaco on the French Riviera is home to just under 40,000, 300 of which are wealthy Brits. It is the famed playground for the rich and famous.
According to the CIA World Factbook, Monaco has more millionaires and billionaires per head than anywhere else in the world and has the most expensive real estate.
To become a resident, there are four requirements, according to Henley & Partners: a minimum age of 16 years old, police certificate of a clear criminal record, proof of sufficient funds to live in Monaco, including a bank attestation letter, and proof of accommodation, such as a lease or purchase agreement.
The minimum investment requirement sits at the low price of one million euros – or about £847.5 million. Monaco citizenship offers substantial financial and economic benefits, including no taxation on income, wealth, local or capital gains. There are also low corporate tax rates and favourable inheritance tax regulations.
If you can jump through the hoops, Monaco sounds like the perfect place to escape to, and not just for the weather.
Pitcairn Islands
The British Overseas Territory of the Pitcairn Islands, scattered across several hundred miles of the Pacific Ocean, is another option. With a population of about 50, many descended from the Bounty mutineers who landed on the islands in 1789. You could join them, if you fit the requirements.
The Pitcairn Islands are a perfect choice for those wishing to live as a zero-tax citizen. The island nation requires islanders to pay a minimal land tax, and nothing else. You don’t even have to worry about a language barrier, as the nation’s British heritage makes it accessible to all English speakers.
The only requirements are that you must actually relocate there – about 9,100 miles – and that you are able to sustain yourself long-term. Under its re-population program, you are entitled to free land and everyone is welcome, with no skill requirements.
If you can cope with slow internet, intermittent electrical supply and the fact that you are unlikely to meet anyone new, the Pitcairn Islands is perfect for you.
United Arab Emirates
The UAE and its emirates of Dubai and Abu Dhabi are one of the most attractive offshore tax havens on offer.
Dubai offers no personal income tax and corporate tax for most businesses as it is able to generate significant revenues from its oil exports, enabling it to fund public services and infrastructure projects.
The UAE is one of the world’s wealthiest nations, with a rapid and steady economic growth. The UAE has recently begun to introduce limited tax reforms, but their effect on these “Free Zones” will be negligible, according to Offshore Protection.
Despite this, the UAE will remain an attractive choice, with the added benefit of eight to 10 hours of sunshine a day year round.