Best Tax Haven Countries for Indians to save taxes (Legally But Smartly)

Around 4000 Indians are leaving for the UAE in 2022 (Source: Henley & Partners Report). 

Most High Net worth Individuals are pissed off at paying exorbitant Taxes. 

Are you an Indian looking to save yourself from the strenuous taxes imposed on running a business in India? Then you must consider these  “Best tax haven countries for Indians to save taxes” 

What is a tax haven?

Any country that offers  little to no liability on taxes for foreign individuals and businesses is called a tax haven. It’s possible due to the economically and politically stable environment in the said country. Therefore, a tax haven has a higher potential to help individuals save taxes.

Criteria to be a tax haven

Criteria to be a Tax Haven were established by OECD (Organisation for Economic Cooperation and Development) in 1998. Among these criteria, the most common ones are:

  • Tax on relevant income is- nil or nominal.
  • Lacking the effective information exchange
  • No transparency available
  • Lack of any substantial activities 

What is the legal status of the tax havens?

When one comes across terminology like “global black holes” for Tax Havens, it’s a bit difficult to trust them being legal, isn’t it? But, it’s not the truth. Although it cannot be denied that Tax Havens can help in saving tax. 

Every sovereign nation has all the freedom and power to decide the internal affairs of its nation. This is the principle of “Sovereignty” that PIL (Public International Law) fundamentally runs on.  Therefore, any country deciding the tax laws for themselves is not illegal. This also includes them not charging any taxes or little to no taxes. Herein we know that tax havens are legal as per international standards.  

Some topmost Companies benefiting from Tax Havens

Not only Indians but many companies, currently at the top, are also using tax havens to benefit from. Some Examples Include: : 

  • Nike –   Bermuda is the tax haven used by Nike. It holds around $10.7 billion (offshore) therefore, successfully saving $3.6 billion in tax payments. It also indicates a tax pay rate of barely 1.4%. 
  • Apple – Apple successfully uses Ireland as its tax haven which holds approximately $214.9 billion (offshore). Therefore, Apple saves $65.4 billion worth of tax otherwise owed to the US government. 
  • Goldman Sachs – Goldman Sachs is another company holding $28.6 billion offshore. Alongside that, it also uses tax havens such as Bermuda like Nike. 

Do you Know? 

$ 1.6 trillion offshore money belonging to 50 of the biggest US companies are in tax havens! Some bigger names involved are Exxon Mobil, Microsoft, Chevron, IBM, Walmart, Pfizer, etc. 

Comparing the taxes charged in different tax havens

Different tax havens charge different tax percentages. Therefore, being aware of them is important because it helps in choosing the best option among them. In light of that, below is a table showcasing the Corporate Tax Haven Index (CTHI) value as reported by Tax Justice Network (2021). CTHI is a system of ranking jurisdictions based on corporate income tax underpay they can facilitate to multinational corporations. 

Country CTHI value
Cayman Islands2,653
Luxembourg1,814
Switzerland2,261
Bahamas1,454
Hong Kong1,805
British Virgin Islands2,853
United States of America514
Singapore1,714

Best tax haven countries for Indians to save taxes

United Arab Emirates (UAE)

UAE (United Arab Emirates) is among the first locations for Indians to save taxes. It’s amongst the ten best tax havens around the world today. as per the Tax Justice Network. Accompanying this is the UAE’s share of 1.8% in financial secrecy globally.

The growing migration to UAE is making it the chosen financial Centre of multinational corporations for offshore business. And these corporations are mostly involved in Asia and Africa.

Business Set-up Fee: UAE 

Starting a business in the UAE is cost-effective. Therefore the fee for setting up a business is somewhere from AED 19,033 to AED 41,033. The cost differs as per the licensing and company type you choose. Various different fees at every step combine together to give the UAE company registration fee. These steps are:

  • Trade Name Submission
  • Initial Submission Approval
  • Tenancy and Virtual Office (1 year)
  • License Fee 

Business Set-Up Requirements: UAE  

The Business Set Up Requirements for UAE are:

  • A well-formulated list of 3 to 4 Trade names.
  • A listing of all the business activities
  • Every shareholder’s passport copy
  • Visa page or Entry stamp 
  • A photograph, most likely passport size. Additionally, keep it as per the asked standards i.e., the background color, size, etc. 
  • Account signatory details for opening an account. 

Benefits of setting up a business in UAE 

The benefits of setting up a business in UAE are: 

  1. Tax benefits
    • There are various tax benefits for any foreigner setting up a business in the UAE. No taxes are levied on the following incomes for foreigners:
      • Personal income
      • Capital Gains
      • Profits
      • Corporate income
    • A VAT of 5% is levied on the businesses. This is still a lot less than 24% to 30% tax on income.  
  2. Other Benefits
    • No compulsion to file an audit report 
    • Complete (100%) profit transfer 
    • Ownership is easily transferred 

UAE: Living Conditions

In 2018, a report by the US government mentioned the UAE as the country with the lowest threat level. Therefore, the UAE is the safest place to do business. Additionally, the UAE has seen a boom since 2017 in the offshore business field. As per a 2017 report, there are around 131,000 registered businesses in the UAE. Henceforth, proving the business-friendly nature of the country. Intriguingly enough, the UAE Ranks 18th in the countries giving opportunities to entrepreneurs. UAE is all you’ll not get in India that includes saving taxes! 

Note- Percentage of tax charged in UAE: 0%. 

Switzerland

Switzerland is ranked in the top 10 tax havens around the world. It’s because of the banking sector and the secrecy it’s willing to provide. Some secrecy laws being challenged are now removed, and still, Switzerland continues to be among the Best tax haven countries for Indians to save taxes. 

Switzerland is confirmed as a tax haven with around 1/3rd part of the World’s Wealth (Private) residing in the banks in Switzerland. Thus, a very important pillar of the Swiss economy is banking. It is confirmed by a 2006 survey of 11% Swiss GDP being banking alone. Alongside this, tax exemptions and reductions are also a reason for Indians to choose Switzerland as a tax haven.

Business Set-up Fee: Switzerland 

It’s not very expensive to start a business in Switzerland. The Business Set up Fee can start from anywhere near CHF 700 and reach up to CHF 1,000+. This is the cost of establishing an LLC (Limited Liability Company) in Switzerland or for sole proprietorships. If you wish to establish a Pvt Ltd (Private Limited) company, then it’ll reach about CHF 15,000+. 

Business Set-Up Requirements: Switzerland 

The Business Set Up Requirements for Switzerland are:

  • You will need the company’s name.
  • The information related to company registration. 
  • Account signatory details for opening an account. 
  • On starting the business, every share of capital will be deposited in the newly opened bank account. 

For more intrinsic details you can click here

Benefits of setting up a business in Switzerland 

The benefits of setting up a business in Switzerland are: 

  1. Tax benefits
    • Zero tax rates are available in Swiss companies for dividend income and capital gains. (Terms and conditions applied)
    • The income tax rate for federal corporate and effective cantonal lays in between 12% to 14%, in almost every canton. 
    • There’s a participation exemption for Swiss Holding Companies. Here participation exemption is for the company shareholders’ exemption from taxes on dividends and any capital gains as a result of sales. Therefore, any qualified participation rose, capital gains, or profits, are exempt from any tax payment. 
    • Investors have to pay less tax rates for investing their funds in Switzerland. And this helps avoid any taxes as per the tax laws in their homeland. As expected tax in India will approximately reach 34.94% by 2022 end while in Switzerland it’s 14.93% only. 
    • Very tight security on your financial details is implemented in Switzerland. Thus it is difficult to find any financial information regarding the customers.
  2. Other Benefits
    • Living in the finance and trade center. 
    • Politically and economically stable country. 

Switzerland: Living Conditions

Since 2015, Switzerland has proudly flaunted its 1st Rank in Asia from Mercer’s Quality of Living Survey. The high-quality living and reputation as the finance and trade center place Switzerland among the topmost countries to live in. Also, Switzerland, one of the wealthiest countries in the world, is known for being neutral and impartial. 

Note- Percentage of tax charged in Switzerland: 14.93 %

The Cayman Islands

The Cayman Islands is a group of three islands located in the west of the Caribbean Sea. It is among the best tax haven countries for Indians to save taxes because of the corporate tax laws there. According to a recent report, about 1/15th of the world’s assets-worth, banking assets, i.e., approximately $750 billion is in the banks in the Cayman Islands. 

Subsidiaries of Fortune 500 Companies like Wells Fargo, Pepsi and Marriott are registered in Cayman Islands.

Business Set-up Fee: Cayman Islands 

The business set-up fee is relatively lower and comprises a divided yearly incorporation cost. For any business, the Year 1 cost of incorporation is $5,500. It is followed by consecutive company costs yearly for the forthcoming years. This incorporation cost is $750 for the businesses. The overall fee for Business Set-up in the Cayman Islands can reach up to $19,432. This fee is a total of:

  • incorporation costs, 
  • the cost of opening a local bank account (corporate), and
  • Government fee

Business Set-Up Requirements: Cayman Islands

The Business Set-Up Requirements for the Cayman Islands are:

  • A minimum of one shareholder should be there in your company documents.
  • The company should have one director. The director need not be compulsory of Cayman Islands’ origin. 
  • No minimum limit on capitalization is required. 
  • Have a registered office in the Cayman Islands. (Compulsory for non-resident companies only). 
  • Compulsory reporting to the registrar’s office of members, directors, and paid capital is necessary. (Compulsory for non-resident companies only). 

For further details on the requirements, you can click here!

Benefits of setting up a business in the Cayman Islands 

The benefits of setting up a business in the Cayman Islands are: 

  1. Tax benefits
  • The zero corporate taxes by the Cayman Islands on their companies help a great deal for businesses to save tax and grow on the income generated.  
  • The taxes that the Cayman Islands helps exempt include – Corporate Taxes, Taxes on Capital Gains, and Inheritance or Estate taxes. These laws are equally imposed on the residents, citizens, and non-resident companies in the Cayman Islands. 
  • Another benefit of tax is an exemption on any sales tax. Although, stamp duty is levied upon the businesses.
  1. Other Benefits
  • Foreigners are free to exercise complete ownership of their company in the Cayman Islands. 
  • The liability of shareholders is limited till their share’s unpaid amounts. 
  • No disclosure of the names of directors and shareholders is permitted in public records. 
  • No compulsion for yearly tax returns filing, audits, and accounting. 

Cayman Islands: Living Conditions

The Cayman Islands is home to thriving companies. Especially in the finance, maritime, and technology industries. It makes a perfect hotspot for a business Setup. Also, it’s the country providing the highest standards of living in the Caribbean. Additionally, the Cayman Islands has a politically stable environment. It makes Cayman much easier to trust with your investments.

Note- Percentage of tax charged in Cayman Islands: 0%. 

Luxembourg

Luxembourg’s low inflation levels are a result of stability and a market economy with high income. It is why around 30% of Fortune 500 companies from the US have homed their subsidiaries in Luxembourg. One of the most common examples is Amazon.com funneling sales in Europe through its Luxembourg located, European headquarters. 

The most magnetic part of the saving tax in Luxembourg is the bank secrecy laws at the place. As a tax haven, Luxembourg has FSI (Financial Secrecy Index) value of 804 as per the reports of Tax Justice Network (2022). Indians with a business set up in Luxembourg will have all their account details secure and out of sight thus saving taxes.  

Business Set up Fee: Luxembourg 

The business set-up fee in Luxembourg is comparatively higher than in the Cayman Islands. It also consists of the incorporation cost of a business divided on an early basis. For the first year, the incorporation fee for a business set-up in Luxembourg is €10,600. It stays a one-time fee because, in subsequent years, the incorporation fee charged is €0. Along with the incorporation fee, the government fee, and the bank account (corporate) opening fee, are all together – €21,280.

Business Set-Up Requirements: Luxembourg 

The Business Set-Up Requirements for Luxembourg are:

  • Firstly get your company name registered at Luxembourg Commercial Register. 
  • You will need to open a corporate bank account in Luxembourg. The bank account can be with either a national or an international bank. 
  • Submit a document to the Ministry of Economy and Foreign trade. It should have the following:
    • Resumes and diplomas of your directors and shareholders
    • Non-bankruptcy certificate 
    • Document for respectability assessment of the application. (Preferably a police report)
    • Drafted articles of association
  • Get a business license from the Ministry of Middle Classes in Luxembourg. (If necessary).
  • Registering at Administration de l’Enregistrement et des Domaines for corporate tax ID and VAT. 

For more details on the same, click here!

Benefits of setting up a business in Luxembourg 

  1. Tax benefits
  • The highest taxes charged to the corporations in Luxembourg add up to around 24.94%. It is still less than 25-30% corporate taxes in India.
  • The corporate tax charged in Luxembourg is 17%. 
  • Another tax charged to corporations is a municipal business tax with a rate of 6.75%.
  • Also, a contribution of 1.19% is welcome to the employment fund.
  1. Other Benefits
  • Luxembourg is a parliamentary Monarchy. And it gives both social and political stability to set up a business. 
  • Luxembourg is home to a variety of local and foreign nationals. It increases the possibility of a workforce that’s multi-talented.
  • The government of Luxembourg readily provides financial aid to entrepreneurs with innovative ideas.
  • The secrecy laws are strict.  Therefore, your financial status is not prone to getting public.

Luxembourg: Living Conditions  

The standard of living in Luxembourg is higher when compared with Japan, the US, Switzerland, and the United Arab Emirates. It is placed at rank one for a ranking based on GDP (Gross Domestic Product) per habitant. Also, the unemployment rate in Luxembourg is as low as 4.8%, lower than 6.40% (India’s unemployment rate).

Note- Percentage of corporate tax charged in Luxembourg: 17%.

Hong Kong

Hong Kong is known for its free trade and low tax rates. It is just “the” tax haven for Indians looking to save taxes and invest their money to make some profit. Hong Kong’s tax haven status is proved by the Hong Kong dollar ranking ninth (April 2019) amongst the most traded currencies all over the world. 

Hong Kong’s no taxes on out-of-territory income also makes it a preferable place to run a business. Especially for Indians who are charged 25% to 30% taxes on their income in their homeland. Even on in-territory income, Hong Kong charges a tax rate between 8.25% and 16.5%. 

Business Set-up Fee: Hong Kong 

The business set-up fee in Hong Kong is not very extravagant. For an LLC set-up in Hong Kong, you’ll need to pay the following fee:

  • company incorporation fee
  • bank account opening fee
  • government fee
  • company secretary fee (all Hong Kong-based businesses need a secretary)

All the above fees together reach a total business set-up fee of $10,105 for Hong Kong. The business incorporation fee here costs every year. So, for the first year, it is $3,350 and starting Year 2, it reduces to $1,450.

Business Set-Up Requirements: Hong Kong 

The Business Set-Up Requirements for Hong Kong are:

  • You should have a compulsory company secretary. The secretary can be a person or a corporation. 
  • A Significant Controllers Register should be at hand. It is a file compiling important information on the shareholders in the business. 
  • The certificate of incorporation as a Hong Kong company should be available every time.  
  • Keep your article of association ready to set your business’s line of operation understandable.
  • The Inland Revenue Department granted – Business Registration Certificate is also necessary.
  • Register a representative office with HKCR (Hong Kong Companies Registry).

Benefits of setting up a business in Hong Kong

  1. Tax benefits
  • Any company conducting no operations in Hong Kong is tax-exempt, legally. 
  • The offshore companies in Hong Kong are free of many taxes:
    • Tax on Capital Gains
    • Withholding Tax
    • Sales Tax
    • Export-Import Tax
    • VAT
  • The companies operating in Hong Kong pay around 16.5% tax on incomes. These companies also benefit from Hong Kong’s double tax treaty with 37 countries. 
  • No tax charges on trades. It’s in light of Hong Kong being one of the founding members of WTO (World Trade Organization). 
  1. Other Benefits
  • A company set in Hong Kong only needs a director and a shareholder. Additionally, they can be non-residents too.
  • Company registration completes without any physical office space to show.
  • Running a business in the ever-growing financial centers in Asia. 

Hong Kong: Living Conditions  

Hong Kong is the 5th best jurisdiction to start a business in, as ranked by the World Bank. Hong Kong provides one of the best living situations. It is because the crime rates in the city are low. Alongside it, it’s an advanced economy that gives opportunities to grow your business.  

Note- Percentage of tax charged in Hong Kong: 0 to 16.6%. 

British Virgin Islands

The British Virgin Islands is not just another tax haven for Indians to save taxes. According to the Tax Justice Network, it is the 1st ranking Tax Haven among all others. The British Virgin Islands shares 6.4% responsibility for global tax havens. This country’s economy has 5,000 times more worth in foreign investments. 

The British Virgin Islands holds 8 billion in tax saved by businesses that they owe to their homeland. Also, BVI has 950,000 offshore companies that account for 51.4% of its income. The British Virgin Islands charges no tax on corporate, personal, capital gains, and sales incomes. Therefore, it stands right at its 1st Rank as a tax haven.

Business Set up Fee: British Virgin Islands 

The business set-up fee in BVI is low when compared to many other tax haven countries. It also comprises a divided yearly incorporation cost. For any business, the Year 1 cost of incorporation is $5,850. It is followed by consecutive company costs yearly for the forthcoming years. This incorporation cost is $750 for the businesses. The overall fee for Business Set-up in the Cayman Islands can reach up to $16,842. This fee is a total of:

  • Government fee, 
  • incorporation costs, and
  • cost for opening a local bank (corporate) account
  • 1st Director’s appointment
  • Registration of Shareholders and Directors, etc.

Business Set-Up Requirements: British Virgin Islands 

The Business Set-Up Requirements for the British Virgin Islands are:

  • Register the name of your company.
  • You should have one Director, Shareholder, and Company Secretary. All these roles assigned to a single entity are permitted. 
  • Every member of your business should have a certified passport. Also, an address proof that’s certified by the concerned authority. 
  • You should fill out a KYC1 form for confirming and verifying your identity. Here, KYC1 stands for Know Your Customer. 
  • Having any professionally sourced reference letters is an addition to your credibility. 
  • You need to have proof of the funds and their sources. 
  • A bank (corporate) account in any bank in the British Virgin Islands. 

Benefits of setting up a business in British Virgin Islands 

  1. Tax benefits
  • BVI follows a “Territorial Tax System”. Therefore, any business presence in the British Virgin Islands and doing business outside, owe no tax on its income. 
  • The incomes that these corporations are exempt from giving taxes on include:
    • Capital gains
    • Gifts
    • Profits
    • Custom duties
    • Inheritances
    • Sales 
    • Dividends
    • Interests
  • The taxes are imposed on companies that either do business in BVI or have BVI citizens as employees.  
  • Lastly, the Companies have to pay no withholding tax. This is why it has TIEA (Tax Information Exchange Agreement). This is a treaty between countries to share financial information if required legally. 
  1. Other Benefits
  • No disclosure of directors and shareholders is compulsory for public records. (Until required for a criminal act investigation). 
  • No residency requirement leads to easy business registration. 

British Virgin Islands: Living Conditions  

The British Virgin Islands is an ideal place to set up your business. Thus an entrepreneur can easily penetrate the South, North, and Central American markets. Along with this, the low crime rates in the British Virgin Islands, make it more liveable.  Although, please be aware of any armed crimes that are drug or robbery related.  

Note- Percentage of tax charged in British Virgin Islands: 0%. 

United States of America (USA)

The US is not one of the conventional and mainstream tax havens and yet it is a tax haven. It’s because of the extent to which the US acts as a tax haven. The US is a tax haven for Indians looking to save taxes because every US state freely sets its rates for income tax. 

Also, there are US states with no income tax at all. These include – Washington, South Dakota, Florida, Alaska, Wyoming, Texas, Nevada, and Tennessee. And these are the states that offer various benefits to businesses looking to save tax burdens on their income. The taxes these states exempt include taxes on: 

  • Gifts
  • Capital gains
  • Estate
  • Unitary
  • Personal income
  • Franchise
  • Inheritance
  • Corporate

Business Set up Fee: USA

The business setup fees for different states in the USA are different too. Thus the LLC Standard Package Incorporation in no tax states is addressed individually in the table below:

StateLLC Standard Package Incorporation
Alaska$780
Wyoming$605
Texas$860
South Dakota$725
Nevada$1010
Florida$560
Tennessee$765
Washington$765
New Hampshire$635

To learn more about US states and business Set-up fees, please click here

Business Set-Up Requirements: USA

The business Set-up requirements for the USA are:

  • A detailed market research
  • A plan of action for your business
  • Raising funds for the business
  • Selecting the business location
  • Deciding business structure
  • A name for the business
  • IDs for both state and federal tax
  • Applying for permits and licenses
  • A business account in the state of concern

Benefits of setting up a business in the USA 

  1. Tax benefits
  • The USA provides you with different tax laws in various states. It has a national average of 9.4% income tax rate for no tax states. It’s when the income exceeds $222,000/year. 
  • With a yearly income of $25,000 and below, you have no income tax to pay. Therefore, small businesses can be set up by Indians and their income tax will be saved. 
  1. Other Benefits
  • Confidentiality of your financial information is safer in the USA than in any other tax haven. 
  • The USA also permits the secrecy of shareholders.  

United States of America: Living Conditions  

Entrepreneurship is highly valued in the US, and that stands proved by businesses that grew during the Pandemic. Among the best countries to start a business survey by U.S. News, the USA ranks 10th. The most business-friendly state in the US is North Carolina. With all that, the country has established dominance over the military as well as an economic power. 

Singapore

The Lion City Singapore is another tax haven that Indians can choose for saving their taxes. With a tax rate of 17%, Singapore provides a scope of saving tax to Indians who pay 25 to 30% tax on their income. Additionally, Singapore ranks 2 in the Easiest Countries to do business with as reported by the World Bank Rankings. 

Singapore is a tax haven not only because of its business-friendly environment but also its FSI (Financial Secrecy Index) value. As per Tax Justice Network, the FSI value for Singapore is 1,167, followed by a worldwide secrecy share of 3.43%. These along with most safe offshore business and bank account opening facilities make Singapore one of the best tax haven countries for Indians to save taxes. 

Business Set-up Fee: Singapore

The business set-up fee includes a lot of different charges. For an LLC set-up in Singapore, you’ll need to pay the following fee:

  • Company incorporation fee
  • Corporate and Multi Currency Bank account: Opening fee
  • Government fee 
  • Resident director services fee

All the above fees together reach a total business set-up fee of $12,246 for Singapore. The business incorporation fee here costs every year. So, for the first year, it is $1,940, and starting Year 2, it reduces to $600.

Business Set-Up Requirements: Singapore

The business Set-Up Requirements for Singapore are: 

  • Appoint at least one director (should be either a permanent resident or a Singapore citizen)
  • Open a Corporate and Multi Currency Bank account
  • Get an address in Singapore that’s locally registered

Benefits of setting up a business in Singapore

  1. Tax benefits
  • The businesses get charged a corporate tax between 0 and 17%. 
  • Income tax rates on personal income lie somewhere between 0-17%. 
  • Dividends are exempted from any taxes.
  • No tax is charged on Capital Gains.
  • Any income sourced from out of the country has reduced withholding tax rates. 
  1. Other Benefits
  • Financial Secrecy with a global FSI value of 1,167. 
  • You can pool your tax credit
  • The tax credit is unilateral  

Singapore: Living Conditions  

Singapore has a  rational and pragmatic political culture. It relies on the rule of law. Singapore has by now been able to attract a lot of multinational companies (approximately 9000). It is a result of Singapore’s business environment. It is open, competitive, and free of any corruption. 

According to the World Economic Forum (WEF), Singapore is the most competitive among the Global Competitiveness Report ranking of different economies. Additionally, a low crime rate of 0.17 per 100k individuals makes Singapore all the more liveable. 

Note- Percentage of tax charged in Singapore: 0 to 17%.

Bahamas

According to CTHI, the Bahamas is a tax haven ranking 12th among all others. Bahamas’ reputation of stability is the reason foreign (like Indians) investors trust the Bahamas for their finances. Being a tax haven, the Bahamas lacks taxes in various instances. It is how Indians can get an exemption from a 25% to 30% tax on their corporate income. 

The Bahamas, standing true to its identity as a tax haven, levies no tax on capital gains, inheritance, gifts, and personal income. Also, the Panama Papers scandal proved that the Bahamas hosted the most offshore businesses. Therefore, 15% of the Bahamas’ GDP being international financial and banking services is also justifiable. 

Business Set up Fee: Bahamas 

The Bahamas is like any other tax haven country, inclusive of business set-up fees. The total cost to set up a business in the Bahamas is $11,450. This fee comprises many other charges sanctioned by the government in the Bahamas. These are mentioned in the points below:

  • Government fees
  • Company incorporation
  • Local Bank Account (Corporate) 

The Year 1 incorporation cost to set up a business in the Bahamas is $3,800. And the cost for Year 2 and any forthcoming years is $1,800. 

Business Set-Up Requirements: Bahamas 

The Business Set Up Requirements for the Bahamas are: 

  • A project proposal
  • A minimum investment of approximately BS$500,000
  • Passport copies
  • Proof of Financial capability
  • Bank references
  • Character reference
  • Police Records
  • Assessment for Environmental Impact

Benefits of setting up a business in the Bahamas 

  1. Tax benefits
  • No tax on corporations’ income is imposed till all their business is out of the Bahamas. 
  • IBCs from 20 years of their date of incorporation are exempt from any estate and stamp duties. Here IBC stands for International Business Company.
  • No taxes are levied on incomes like- capital gains, gifts, income, and inheritance. 
  • The companies subject to corporate taxes in the Bahamas only pay a maximum of 15% tax. 
  1. Other Benefits
  • Foreign investors can be sole proprietors. All they need is a business registration and license. 
  • No restrictions on foreigners buying properties in the Bahamas. 

Bahamas: Living Conditions  

The Bahamas has a strong political and social economy. As a result, it’s present in the topmost countries in the list of the richest. The Bahamas provides an unparalleled environment for offshore business. It makes the Bahamas more likable for clients and their advisors. Alongside this, the Bahamas is tax neutral. Thus became a magnet for Indians looking to save an income tax rate of 25%-30%. 

Note- Percentage of tax charged in Bahamas: 0 to 15%.

Conclusion

Finally, all the details related to the Best tax haven countries for Indians to save taxes, come to an end. You’ll learn about the tax benefits, requirements, and business set-up fees for eight tax haven countries. These countries are the Bahamas, Singapore, Switzerland, the British Virgin Islands, the USA, Hong Kong, the Cayman Islands, and Luxembourg. Have a read and you’ll have no trouble choosing the best-suited tax haven for your requirements! 

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