Retirees have made great efforts searching for a tax haven to live like a king or queen. Well, stop looking now, because here are the top 10 places (both in the US and abroad) with lowest taxes and best scenery for you to live comfortably. Please click through to find out.
Florida has no state income tax, which means Social Security benefits and pensions are all untaxed. There is no estate or inheritance tax, and the state sales tax is 6%. Here in Florida you can enjoy pleasant sunshine and beautiful beaches too.
Alaska has no income or sales tax, so pensions, Social Security benefits and capital gains from investments aren't taxed at all by the state. Additionally, there is no estate or inheritance tax. You can even explore the wide-open wilderness if you have a yearning for it.
Mississippi exempts all forms of retirement income from taxation, including Social Security benefits and pension income. The state has low property tax and moderate sales tax. Other tax friendly states in the US include Illinois, Nevada, Pennsylvania, and South Dakota.
In Costa Rica, all your retirement money is tax exempt, and you'll only pay taxes on income earned within Costa Rica. Sales tax stands at 13% and property transfer tax is 1.5%. There you can live comfortably on a budget of only about $1,500 a month.
Panama has no taxes on retirement income, but you may pay up to 30% on other income earned there. It's sales tax is 7% and property tax is 2.1%. Foreign retirees can also get 10%-50% discounts on travel, healthcare, hotels and restaurants in this modern and tolerant country.
Malaysia has no taxes on retirement income, but their income taxes can be as high as 26%. The property tax is 5% and national sales tax is a low 5%. In addition, you can enjoy world class food and excellent health care at very low cost.
Uruguay is a politically and economically stable paradise for a hassle-free life without any taxation on retirement income. Also, it is very easy for you to retire and relax in Uruguay as you only need a pension of $500 per month to enjoy permanent residency there.
Ecuador has taxes from 5% to 35% on worldwide income but doesn't collect taxes on retirement income. In Ecuador, you can live a luxurious life on a budget of about $1,000 per month and experience any climate you like simply by moving up or down in altitude.
The Philippines doesn't levy taxes on retirement income; its highest sales tax is 12% and property tax is a low 1%-2%. There you can live like a king with the luxury of an apartment and a service maid on a budget of $800 to $1,200 per month.
One great thing about Thailand is that you can pay nothing in tax on your millions, as long as the money is kept in banks outside Thailand. Thailand has no tax for retirement income and it's sales tax is only 7%, so shop all you want.