When one thinks of going on vacation, thoughts of shopping, beaches, and skiing often come to mind. For some though, these three travel destinations also offer a break from taxes in their home countries. With April looming in the near future, thoughts of getting your efile done probably has you yearning for a holiday. The following countries are known for not only their tourism, but the tremendous tax breaks involved for foreign investments. From the Caribbean Islands to the Swiss Alps, the following tourist hot spots provide haven from hectic work schedules as well as the intrusive hand of the taxman.
1) The Cayman Islands are home to the Seven Mile Beach, arguably the most beautiful beach in the world; scuba diving, and snorkeling. The islands also boast a complete lack of direct taxes (including income and payroll) and are a home for big name corporations like Shell, as well as political figures such as Mitt Romney. The Cayman Islands recently came under scrutiny for it’s secretive banking investment practices and is known for two things: it’s tourism and it’s lure as a tax haven.
2) Bermuda is another tropical paradise free of income and payroll taxes. It boasts several corporate partnerships in regards to offshore investments. Bermuda is famed for it’s miles of horseback trails, snorkeling, and the world-famous PGA Grand Slam tournament. Just look out for the infamous Bermuda Triangle where more than your tax dollars may go missing.
3) Switzerland, the world’s most famous tax haven, which boasts a 10-24 percent income tax level and the world famous “Swiss bank accounts” known for their private and secretive banking practices. Switzerland has been a tax haven for American celebrities, politicians and mega corporations like Kraft, Yahoo, and Nissan. Switzerland also offers world famous skiing in the Alps region, sophisticated arts, and world-class shopping.
You may not flaunt a private Swiss bank account or a mansion in the Caymans, but that doesn’t mean you can’t rub shoulders with the world’s elite in these popular resort destinations.
Author: Paul Lynch is a freelance writer based out of Greensboro, NC. He went to the University of North Carolina at Greensboro where he majored in English and Psychology. He has spent time in the U.K. as well as Spain, the Netherlands, and Ireland. He can be found on a blog post near you.