The world’s most affordable tax havens have been revealed as millionaires flee the UK amid a crackdown on nom-dom residents.
Expat specialists at William Russell analysed cost factors such as flights, rent, and utility bills to identify potential destinations that the country’s highest earners may move to.
Oman came out on top as the cheapest country to purchase or rent an apartment in, as it boasts the lowest monthly living costs. It’s also the third cheapest country for monthly utility bills, costing around £83.
Kuwait is the second most affordable tax-free country to move to this year. Single economy flights to the country range from £131 to £544 and Kuwait is also the second most affordable country for both monthly costs and utility bills.
Bahrain took third place as it’s the second cheapest country to purchase an apartment in, costing £139 per square metre on average. It’s also the fifth most affordable country for both monthly costs and utility bills.
William Cooper, Marketing Director at William Russell, commented: “Historically, the non-dom regime allowed individuals residing in the UK, but with a permanent home elsewhere, to limit their tax liabilities on foreign income and gains.
“The proposal to scrap non-domiciled (non-dom) tax status, effective from April, will transition the UK to a residence-based taxation system, thereby subjecting residents to UK taxes on their worldwide income and gains.
“Under the new regime, newcomers to the UK who have not been tax residents in the previous decade will benefit from a four-year foreign income and gains (FIG) relief.
“This provision offers 100% relief on foreign income and gains during this period, even if such income is remitted to the UK. However, after this transitional phase, individuals will be taxed on their global income and gains, aligning with the standard UK tax framework.”
