(This article was last updated on March 1, 2023.)
10 Best Countries for Wealthy Expats – that will be the topic of today’s article.
We’ll talk about the best countries for wealthy expats, where high-net-worth individuals can live comfortably. Factors such as residency requirements, taxes, healthcare, safety, cost of living, and quality of life are often taken into consideration when deciding on a new place to settle.
If you are a wealthy expat or an ultra-high-net-worth individual, your priorities are likely to differ significantly from those of an entrepreneur who earns a living but lacks the financial resources to invest.
When it comes to settling down or establishing a base, personal preferences vary, but one preference we should all share is finding a tax-friendly (or even tax-free) place to call home.
If you want to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or use WhatsApp (+44-7393-450-837).
Saint Kitts and Nevis can be a good option for wealthy expats looking for a Caribbean Island lifestyle, with several programs in place to attract foreign investment and residency.
Wealthy expats can obtain residency in Saint Kitts and Nevis through several programs, including the Citizenship by Investment Program, which is far less expensive than similar programs.
To obtain a passport, you can choose between two investment choices:
Saint Kitts and Nevis has no income tax or capital gains tax for non-residents, and residents are only taxed on income earned within the country.
The healthcare system in Saint Kitts and Nevis is relatively basic, with limited facilities and resources. Many expats opt for private healthcare options instead.
Saint Kitts and Nevis has a relatively low crime rate, but like many Caribbean countries, it can be prone to natural disasters like hurricanes.
The cost of living in Saint Kitts and Nevis can be relatively high, especially for imported goods and real estate.
According to Numbeo, an aggregator of living cost data globally, renting an apartment within the central city costs 2,176 Eastern Caribbean dollar (EC$) or US$805 per month, while outside that area costs EC$1,648.5.
Saint Kitts and Nevis offers a relaxed island lifestyle with beautiful beaches and outdoor activities like hiking, snorkeling, and fishing. The country also has a vibrant cultural scene with festivals and events throughout the year.
Antigua and Barbuda is also one of the best countries for wealthy expats. Here is a rundown of some key factors to consider:
Wealthy expats can obtain residency in Antigua and Barbuda through the Citizenship by Investment Program, which requires a minimum investment of US$100,000 in the National Development Fund or US$400,000 in real estate.
People who have obtained a passport from nearby St. Lucia will tell you that it is perfectly legit.
Antigua and Barbuda has no income tax on worldwide income, no capital gains tax, and no inheritance tax.
Antigua and Barbuda has both private and public healthcare options, with the public system providing free or low-cost care to residents.
The country is generally considered safe, with low crime rates. As per usual, exercise caution especially around unfamiliar surroundings and use common sense.
The cost of living in Antigua and Barbuda can be relatively high, especially in terms of imported goods.
Numbeo said one person and a four-person family in the country need about EC$10,538 and EC$2,941 per month, respectively. Those amounts are exclusive of monthly rentals that cost EC$2,700 within the central city and EC$2,000 outside of it.
Antigua and Barbuda has a tropical climate and beautiful beaches, with opportunities for outdoor activities like sailing and snorkeling. The country is also known for its relaxed and friendly lifestyle.
The Cayman Islands is a very attractive options as one of the best countries for wealthy expats to move to.
Wealthy expats can obtain residency in the Cayman Islands through the Golden Visa Program, which requires proof of substantial financial resources and a clean criminal record.
While becoming a Cayman Islands resident is not difficult, it is very expensive. You need to invest US$2.5 million in real estate to qualify. Even for a temporary residency visa, you’ll need to be ready to pay more than US$1 million if you want to go there.
However, there are a number of perks that aren’t available in other Caribbean nations. For example, you can ultimately obtain a British Overseas Territories (Cayman Islands) passport and can then seek to register as a British Citizen, which comes with all of the benefits it involves.
The Cayman Islands is popular for its status as a tax haven, which is one of the reasons why it’s among the best countries for wealthy expats.
It has no taxes on income, capital gains, inheritance, net wealth, and properties. Withholding taxes for individuals are also non-existent. Even corporations are not levied on their income and capital gains, PricewaterhouseCoopers (PwC) said.
The Cayman Islands has a well-regarded healthcare system, with several modern medical facilities and highly trained healthcare professionals. Both public and private options are available.
The Cayman Islands is generally considered a safe and secure country, with a low crime rate. However, as with any destination, travelers and newcomers should take some precautions to ensure their safety while in the country.
As a popular tourist destination and financial hub, many goods and services in the Cayman Islands can be more expensive than in other countries.
Housing costs, in particular, are very high, with rental prices and property values being among the highest in the Caribbean. Numbeo said landlords charge a monthly rental of about 2,242 Cayman Islands dollar (CI$) or roughly US$2,692 if inside the city center and CI$1,595 if outside that area.
The Cayman Islands is known for its beautiful beaches and outdoor activities, and has a thriving expat community. It offers a high quality of life for residents and visitors alike. The islands are also known for their warm weather, which make them a popular destination for tourists from around the world.
In addition to its natural beauty, the Cayman Islands also offer a strong economy and a stable political environment, making it an attractive destination for those seeking to relocate for work or retirement
Your requirements and circumstances will determine if Cayman Islands residence is a good fit for you.
The Bahamas is an appealing alternative for high-net-worth individuals wanting solitude without feeling hemmed in, as there is no minimum stay restriction and a 45-minute flight to Miami provides a convenient link to a first-world country.
Some key factors to consider include:
Wealthy expats can obtain residency in the Bahamas through the Bahamas Permanent Residency Program, which requires foreign investors to pay a minimum of 750,000 Bahamian dollars (BSD) or US$750,138 for a residential property.
If your property is valued at least 1.5 million BSD, you may also speed up the bureaucratic procedure and have it completed sooner.
The Bahamas is often referred to as a tax haven due to its favorable tax regime, which includes no income tax, no capital gains tax, and no inheritance tax.
The Bahamas has both private and public healthcare options, with the public system providing free or low-cost care to residents. While healthcare services are free to Bahamian citizens and residents, the quality of care can vary widely, and wait times for certain procedures can be long.
Private healthcare is generally considered to be of higher quality and more accessible to those who can afford it.
The country has several private hospitals and clinics that offer a range of medical services, from basic check-ups to advanced surgical procedures. Private healthcare is typically more expensive than public healthcare, but many residents and visitors to the Bahamas opt for private care due to its higher quality and shorter wait times.
While the Bahamas is generally considered a safe country, it does have a higher crime rate than some other countries on this list.
The cost of living in the Bahamas can vary depending on a number of factors such as location, lifestyle, and spending habits. Generally speaking, the costs can be relatively high, especially in terms of housing and imported goods.
Monthly apartment rentals can set you back US$996 inside the central city and roughly US$946 if outside. If you’re buying the apartment within the city center, it will cost you about US$1,969 per square meter and US$1,348.5 outside, according to Numbeo.
The Bahamas is generally considered to offer a high quality of life, particularly for those who enjoy a warm climate, outdoor activities, and a laid-back island lifestyle. The Bahamas is home to beautiful beaches, crystal-clear waters, and abundant natural beauty, which attracts many tourists and expatriates.
Moreover, the country has a relatively stable political climate and a strong economy, which contributes to a sense of security and stability for residents, and makes it one of the best countries for wealthy expats.
Singapore, called “The Little Red Dot” in the Southeast Asian Sea because it is too small to be displayed on most maps, appears unassuming at first view. But, contrary to popular belief, Singapore has emerged as one of the world’s most significant and interesting corporate and cultural capitals, making it one of the best countries for wealthy expats.
Singapore has a relatively straightforward residency process, with several visa options available depending on your situation. Among the most popular options is the Employment Pass, which is granted to individuals who are employed by a Singaporean company.
If you have 2.5 million Singapore dollars (S$) or about US$1.9 million, you can apply for a residency visa under their Global Investor Programme. This may be done in two ways: you can put the money in a fund or you can create and manage a business with it, but the latter has more limits.
Singapore has a top personal income tax rate of 22%. Aside from that, contributions to the country’s Central Provident Fund is obligatory for all citizens and permanent residents who are employed in the country. While they’re residents of Singapore, non-working expats are excused from making contributions to the Fund.
Depending on how much you get from your pension, it’s possible that you’ll have to pay taxes on that money too. The country also has a Goods and Services Tax (GST) of 8%.
Singapore has a world-renowned healthcare system, with both public and private options available. Private healthcare is of the highest quality, but it can be expensive. However, as a resident, you are required to have basic health insurance, which is affordable and provides comprehensive coverage.
According to Bloomberg, in 2021, the medical care system in the nation placed second in the world, behind only Hong Kong’s, thanks to an efficiency score that was quite similar to the latter.
Singapore is one of the safest countries in the world, with low levels of crime and strict laws that are strictly enforced.
According to the 2022 Law and Order report by analytics and advisory firm Gallup, which was based on a 2021 global poll for views of law and order, the country actually took the top rank in terms of countries/areas where individuals feel the safest strolling alone, especially at night.
Singapore is known to be one of the most expensive cities in the world. The cost of living in Singapore can vary depending on factors such as housing, food, transportation, and entertainment, with housing being one of the biggest expenses.
Monthly apartment rentals inside and outside the city center would respectively cost you S$4,375 and S$3,072. If you’re acquiring the apartment, it costs S$26,989 and S$13,791 per square meter inside and outside the city center, respectively.
Singapore consistently ranks as one of the best countries in the world for quality of life, with a high standard of living, excellent healthcare, and a thriving business environment.
Overall, Singapore is one of the best countries for wealthy expats to live in, especially if you want to be in a changing market and close to emerging markets in order to invest in them.
There is no better destination than the UAE for people who desire the best of everything.
The UAE has several visa options available, depending on your situation. For wealthy expats, the most popular option is the Golden Visa. You can be eligible for this type of visa if you invest 2 million United Arab Emirates Dirham (AED) or US$544,514 in public investments, such as an investment fund, among other conditions.
The UAE has no personal income and withholding taxes, making it one of the best countries for wealthy expats. Moreover, there are no estate tax, capital gains tax, net worth tax, luxury tax, inheritance tax, or gifts tax in the UAE.
However, there is a 5% value-added tax (VAT) on most goods and services. Besides, a federal company tax on adjusted accounting net profit is anticipated to be enforced beginning June 1, 2023.
If a corporation has taxable income that is greater than 375,000 dirhams, then that corporation will be subject to a 9% income tax. Any sum that is lower than that threshold will not be subject to a levy.
The UAE has a mix of public and private healthcare, with both options providing high-quality medical care. Private healthcare can be expensive, but as a resident, you are required to have health insurance, which can help cover the costs.
The UAE is generally considered a safe country, with low levels of crime and a highly efficient police force. The country ranked 3rd in terms of countries/areas where individuals feel the safest strolling alone, especially at night, per the latest Gallup report.
However, there have been concerns about human rights abuses and discrimination against certain groups.
The cost of living in the UAE can vary depending on the city, with Dubai and Abu Dhabi being more expensive than other areas. Housing can be a significant expense, but other expenses, such as food and transportation, can be relatively affordable.
Monthly rentals for an apartment inside the city center can set you back 5,757 dirhams, while that outside can cost roughly 3,566 dirhams. If you’re acquiring the apartment, it will be 9,210 dirhams and 6,913 dirhams inside and outside the city center, respectively.
The UAE offers a high standard of living, with a thriving business environment, a diverse culture, and excellent infrastructure.
Wealthy expats can obtain residency in Monaco through the Monégasque Residency Program, which requires proof of sufficient financial means and an investment in local property.
The restriction is that you must spend some time within the country; it is not enough to simply have paper residency. You just must live there.
To live in this gorgeous South Mediterranean country, you must deposit 500,000 euros in a bank account in your name. This sum is not to be touched throughout the term of your residency permit. After 10 years, you could be granted permanent residency.
This option is mostly intended for ultra-high-net-worth individuals who don’t mind foregoing several million euros for the sake of ease.
Monaco is another tax haven because of how it handles taxes. It doesn’t tax personal income, capital gains, or net wealth. However, there are some specific circumstances in which Monaco residents may be subject to personal income tax, such as if they are citizens of countries that tax their citizens on their worldwide income.
Monaco has a high-quality healthcare system, with both public and private options available.
The public healthcare system in Monaco is managed by the government and offers a range of services, including hospital care, general practitioner consultations, and specialist medical care. The public healthcare system is financed by the government through taxes and social security contributions. While public healthcare is available to all residents of Monaco, it is primarily intended for those who are unable to afford private healthcare.
The private healthcare system in Monaco is extensive and offers a wide range of medical services, including specialist care and cutting-edge treatments. Private healthcare providers in Monaco typically charge higher fees than public providers, but patients often have shorter waiting times for appointments and procedures.
Monaco is generally considered to be a safe destination for tourists and residents alike. The Principality of Monaco has a low crime rate and is known for its high standard of living and security measures.
Monaco has a well-trained police force and security services that work to maintain law and order throughout the country.
The cost of living in Monaco is among the highest in the world, with real estate prices being particularly expensive.
Numbeo pegged monthly rental costs for apartments within and outside the city center at about 5,772 euros and 3,512 euros, respectively.
Monaco is known for its glamorous lifestyle and beautiful scenery, with a Mediterranean climate and plenty of opportunities for high-end entertainment and leisure activities.
Switzerland has one of the most stringent residency requirements in the world. To become a resident, you need to have a valid reason for staying in the country, such as employment, education, or family reunification. You also need to provide evidence of financial means to support yourself and have a clean criminal record.
Switzerland has a reputation for having high taxes, but this is not entirely true for wealthy expats. The country has a favorable tax regime for those who earn their income outside of Switzerland, with many cantons offering a lump-sum taxation system based on your living expenses. This can significantly reduce your tax burden.
Switzerland has a world-class healthcare system, with both public and private options available. Private healthcare is of the highest quality, but it can be expensive. However, as a resident, you are required to have basic health insurance, which is affordable and provides comprehensive coverage.
Switzerland is one of the safest countries in the world, with low levels of crime and a highly efficient police force.
The country ranked 5th for countries/areas where individuals feel the safest strolling alone at night, Gallup said.
Switzerland is known for its high cost of living, with Zurich and Geneva being some of the most expensive cities in the world. However, salaries are also high.
Numbeo said landlords charge a monthly rental of about 1,632 Swiss francs if inside the city center and 1,294 francs if outside that area. For acquisitions, the cost per square meter inside the central city is at 13,285 francs. It costs 9,110 francs outside that area.
Switzerland consistently ranks as one of the best countries in the world for quality of life, with a high standard of living, excellent healthcare, and stunning natural scenery.
Portugal has several visa options available, with the most popular option for wealthy expats being the Golden Visa Program. To qualify, you could invest at least 500,000 euros in a government-approved investment fund or Portuguese real estate that are in certain areas.
Currently, Portugal residents are assessed taxes on their worldwide income at rates that range from 14.5% to 48%. Meanwhile, non-residents only have to pay income tax at a 25% flat rate on income that comes from Portugal.
The country has a relatively low tax system, particularly for non-habitual residents, who can benefit from a 10-year tax exemption on foreign income.
Portugal has a mix of public and private healthcare options available, with both options providing high-quality medical care.
The public healthcare system offers healthcare services to all legal residents of Portugal, including foreigners who contribute to the country’s social security system.
Residents of Portugal are required to have health insurance, whether through the public system or private providers, as part of the country’s social security system. Many residents opt to purchase additional private health insurance to cover the cost of private medical care or to have access to more specialized medical services.
Portugal is considered a safe country, with low levels of crime and a stable political environment.
In the Gallup report, the country ranked 5th in terms of law and order.
The cost of living in Portugal is relatively low compared to other European countries, particularly in terms of housing. Other expenses, such as food and transportation, can also be affordable.
Numbeo said landlords charge a monthly rental of around 762 euros if inside the city center and 585 euros if outside. For purchases, the cost per square meter inside the central city is at 2,911 euros. It costs 2,012 euros outside that area.
Portugal offers a high quality of life, with a warm climate, beautiful beaches, and a rich cultural heritage. The country also offers a relaxed lifestyle and a strong emphasis on family values.
New Zealand has several visa options available, with the most popular option for wealthy expats being the Active Investor Plus Visa. This visa replaced the investor 1 and 2 visas that were previously offered. The investor visa 2 allowed for investments worth at least 3 million in New Zealand dollars (NZ$) or US$1.9 million. It is no longer accepting new applications, though.
Under the Active Investor Plus Visa, you need a minimum of NZ$15 million or the weighted equivalent in funds or assets to qualify.
New Zealand has a progressive tax system, with the top marginal tax rate being 39%. However, the country also has numerous tax incentives for investors, which can significantly reduce your tax burden.
New Zealand has a universal healthcare system, which provides basic medical coverage to all residents. However, many wealthy expats also choose to purchase private health insurance to supplement their coverage.
New Zealand is considered a safe country, with low levels of crime and a stable political environment.
In the Gallup report, the country made it within the top 20 countries that have high law and order index scores.
The cost of living in New Zealand can vary depending on the city, with Auckland and Wellington being some of the most expensive. Housing can be a significant expense, but other expenses, such as food and transportation, can be relatively affordable.
Numbeo said one person and a four-person family in the country need about NZ$ 5,457 and NZ$1,523 per month, respectively. Those amounts are exclusive of monthly rentals that cost NZ$1,798 within the central city and NZ$1,512 outside of it.
New Zealand offers a high standard of living, with beautiful natural scenery, a laid-back lifestyle, and a strong emphasis on work-life balance.
Wealthy expats have many options when it comes to choosing a country to live in. Each of the 10 countries mentioned above offers unique benefits, including residency requirements, taxes, healthcare, safety and security, cost of living, and quality of life.
When it comes to finding the best countries for wealthy expats, the best advice goes beyond the offshore research lifecycle’s trends.
Ultimately, the best country for a wealthy expat will depend on their individual priorities and preferences. While a list of tax-friendly countries can be useful, the best advice is to go see and experience these places for yourself before deciding whether or not they are right for you.