(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).
Best Countries for Wealthy Expats: Saint Kitts and Nevis
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.
What are the residency requirements?
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:
- a $150,000 gift to the Sustainable Growth Fund
- a $400,000.00 investment in a government-approved real estate project to get the full-title deed or a $200,000 investment for hotel shares.
What about taxes?
Saint Kitts and Nevis has no income tax or capital gains tax for non-residents, and residents are only taxed on income earned within the country.
How does accessibility to healthcare look like?
The healthcare system in Saint Kitts and Nevis is relatively basic, with limited facilities and resources. Many expats opt for private healthcare options instead.
Is the country safe?
Saint Kitts and Nevis has a relatively low crime rate, but like many Caribbean countries, it can be prone to natural disasters like hurricanes.
What of living costs?
The cost of living in Saint Kitts and Nevis can be relatively high, especially for imported goods and real estate.
According to Numbeo, an aggregator of living cost data globally, renting an apartment within the central city costs 2,176 Eastern Caribbean dollar (EC$) or US$805 per month, while outside that area costs EC$1,648.5.
How is the quality of life?
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.
Pros of Moving to Saint Kitts and Nevis:
- Citizenship by Investment Program, which allows wealthy expats to obtain citizenship and a passport with a minimum investment of US$150,000
- No personal income tax on worldwide income
- Beautiful tropical climate and beaches
- English is the official language
Cons:
- Limited job opportunities and a small economy
- High cost of living, especially for imported goods
- Limited healthcare options, with most residents opting for private insurance
Best Countries for Wealthy Expats: Antigua and Barbuda
Antigua and Barbuda is also one of the best countries for wealthy expats. Here is a rundown of some key factors to consider:
Residency Requirements
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.
Taxes
Antigua and Barbuda has no income tax on worldwide income, no capital gains tax, and no inheritance tax.
Private and Public Healthcare
Antigua and Barbuda has both private and public healthcare options, with the public system providing free or low-cost care to residents.
Safety and Security
The country is generally considered safe, with low crime rates. As per usual, exercise caution especially around unfamiliar surroundings and use common sense.
Cost of Living
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.
Quality of Life
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.
Pros of Living in Antigua and Barbuda:
- Citizenship by Investment Program, which allows wealthy expats to obtain citizenship and a passport with a minimum investment of US$100,000
- No personal income tax on worldwide income
- Tropical climate and beautiful beaches
- Relaxed and friendly lifestyle
Cons:
- Limited job opportunities and a small economy
- High cost of living, especially for imported goods
- Limited healthcare options, with most residents opting for private insurance
Best Countries for Wealthy Expats: Cayman Islands
The Cayman Islands is a very attractive options as one of the best countries for wealthy expats to move to.
Requirements for Residency
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$1 million if you want to go there.
However, there are a number of perks that aren’t available in other Caribbean nations. For example, you can ultimately obtain a British Overseas Territories (Cayman Islands) passport and can then seek to register as a British Citizen, which comes with all of the benefits it involves.
Taxes
The Cayman Islands is popular for its status as a tax haven, which is one of the reasons why it’s among the best countries for wealthy expats.
It has no taxes on income, capital gains, inheritance, net wealth, and properties. Withholding taxes for individuals are also non-existent. Even corporations are not levied on their income and capital gains, PricewaterhouseCoopers (PwC) said.
Private and Public Healthcare
The Cayman Islands has a well-regarded healthcare system, with several modern medical facilities and highly trained healthcare professionals. Both public and private options are available.
Safety and Security
The Cayman Islands is generally considered a safe and secure country, with a low crime rate. However, as with any destination, travelers and newcomers should take some precautions to ensure their safety while in the country.
Cost of Living
As a popular tourist destination and financial hub, many goods and services in the Cayman Islands can be more expensive than in other countries.
Housing costs, in particular, are very high, with rental prices and property values being among the highest in the Caribbean. Numbeo said landlords charge a monthly rental of about 2,242 Cayman Islands dollar (CI$) or roughly US$2,692 if inside the city center and CI$1,595 if outside that area.
Quality of Life
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.
Pros of Relocating to Cayman Islands:
- No personal income tax or capital gains tax
- Stable political and economic environment
- High-quality healthcare facilities and options
- Beautiful beaches and outdoor activities
Cons:
- High cost of living, especially for imported goods
- Limited job opportunities in certain industries
- Hurricane risk during the annual season
Best Countries for Wealthy Expats: Bahamas
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:
Residency Requirements
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.
Taxes
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.
Private and Public Healthcare
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.
Safety and Security
While the Bahamas is generally considered a safe country, it does have a higher crime rate than some other countries on this list.
Cost of Living
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$1,348.5 outside, according to Numbeo.
Quality of Life
The Bahamas is generally considered to offer a high quality of life, particularly for those who enjoy a warm climate, outdoor activities, and a laid-back island lifestyle. The Bahamas is home to beautiful beaches, crystal-clear waters, and abundant natural beauty, which attracts many tourists and expatriates.
Moreover, the country has a relatively stable political climate and a strong economy, which contributes to a sense of security and stability for residents, and makes it one of the best countries for wealthy expats.
Pros of Living in the Bahamas:
- Tropical island lifestyle with beautiful beaches and warm climate year-round
- No income tax for residents
- Relaxed and friendly culture
- Opportunities for outdoor activities like fishing and boating
Cons:
- Relatively high cost of living, especially for housing and imported goods
- Higher crime rate than some other countries on this list
- Limited job opportunities outside of tourism and hospitality
Best Countries for Wealthy Expats: Singapore
Singapore, called “The Little Red Dot” in the Southeast Asian Sea because it is too small to be displayed on most maps, appears unassuming at first view. But, contrary to popular belief, Singapore has emerged as one of the world’s most significant and interesting corporate and cultural capitals, making it one of the best countries for wealthy expats.
Residency Requirements
Singapore has a relatively straightforward residency process, with several visa options available depending on your situation. Among the most popular options is the Employment Pass, which is granted to individuals who are employed by a Singaporean company.
If you have 2.5 million Singapore dollars (S$) 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.
Taxes
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%.
Private and Public Healthcare
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.
Safety and Security
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.
Cost of Living
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.
Quality of Life
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.
Pros of Relocating to Singapore:
- High standard of living with excellent infrastructure and healthcare
- Favorable tax policies for high earners
- Safe and secure with low crime rates
- Multicultural and diverse society
- Convenient location for travel within Asia
Cons:
- High cost of living, especially for housing
- Strict laws and regulations
- Warm and humid climate year-round
Best Countries for Wealthy Expats: The UAE
There is no better destination than the UAE for people who desire the best of everything.
Residency Requirements
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.
Taxes
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.
Private and Public Healthcare
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.
Safety and Security
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.
Cost of Living
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.
Quality of Life
The UAE offers a high standard of living, with a thriving business environment, a diverse culture, and excellent infrastructure.
Pros of Living in the UAE:
- High standard of living with modern infrastructure and amenities
- No income tax for residents
- Safe and secure with low crime rates
- Warm and sunny climate year-round
- Multicultural and diverse society
- Easy access to other Middle Eastern and Asian countries
Cons:
- Hot and humid summers
- Can be expensive to maintain a high standard of living
- Restrictions on certain behaviors and dress codes
- Limited political freedom and censorship
Best Countries for Wealthy Expats: Monaco
Residency Requirements
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.
Taxes
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.
Private and Public Healthcare
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.
Safety and Security
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.
Cost of Living
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.
Quality of Life
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.
Pros of Settling in Monaco:
- No personal income tax for residents (except for French citizens)
- High standard of living, with access to many amenities and cultural events
- Beautiful Mediterranean climate and location
- Safe and secure environment
Cons:
- Extremely high cost of living, especially for housing
- Limited space and crowded population
- Limited job opportunities, especially for non-French speakers
Best Countries for Wealthy Expats: Switzerland
Residency Requirements
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.
Taxes
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.
Private and Public Healthcare
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.
Safety and Security
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.
Cost of Living
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.
Quality of Life
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.
Pros of Living in Switzerland:
- High standard of living with excellent healthcare and education
- Favorable tax policies for high earners
- Safe and secure with low crime rates
- Beautiful natural scenery and outdoor activities
- Multilingual and diverse society
Cons:
- High cost of living, especially in major cities like Zurich and Geneva
- Cold winters and warm summers
- Can be difficult to obtain residency or citizenship
Best Countries for Wealthy Expats: Portugal
Residency Requirements
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.
Taxes
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.
Private and Public Healthcare
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.
Safety and Security
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.
Cost of Living
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.
Quality of Life
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.
Pros of Relocating to Portugal:
- Relatively low cost of living compared to other Western European countries
- Beautiful natural scenery and beaches
- Favorable tax policies for retirees and foreign residents
- Warm and sunny climate year-round
- Safe and secure with low crime rates
Cons:
- Can be difficult to obtain residency or citizenship
- Public transportation and infrastructure may not be as developed as in other European countries
- Limited job opportunities for expats outside of tourism and English teaching
Best Countries for Wealthy Expats: New Zealand
Residency Requirements
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$15 million or the weighted equivalent in funds or assets to qualify.
Taxes
New Zealand has a progressive tax system, with the top marginal tax rate being 39%. However, the country also has numerous tax incentives for investors, which can significantly reduce your tax burden.
Private and Public Healthcare
New Zealand has a universal healthcare system, which provides basic medical coverage to all residents. However, many wealthy expats also choose to purchase private health insurance to supplement their coverage.
Safety and Security
New Zealand is considered a safe country, with low levels of crime and a stable political environment.
In the Gallup report, the country made it within the top 20 countries that have high law and order index scores.
Cost of Living
The cost of living in New Zealand can vary depending on the city, with Auckland and Wellington being some of the most expensive. Housing can be a significant expense, but other expenses, such as food and transportation, can be relatively affordable.
Numbeo said one person and a four-person family in the country need about NZ$ 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.
Quality of Life
New Zealand offers a high standard of living, with beautiful natural scenery, a laid-back lifestyle, and a strong emphasis on work-life balance.
Pros of Living in New Zealand:
- High standard of living, with excellent healthcare and education systems
- Beautiful landscapes and outdoor activities, including skiing, hiking, and surfing
- Stable political and economic environment
- Relatively low cost of living compared to other developed countries
Cons:
- High tax rates for high earners
- Limited job opportunities, especially in certain industries
- Remote location and limited access to other parts of the world
Best Countries for Wealthy Expats: Bottom Line
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.
Pained by financial indecision? Want to invest with Adam?
Adam is an internationally recognised author on financial matters, with over 760.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.
