Famed American thinker Benjamin Franklin once noted that ‘nothing is certain except death and taxes.’ However, there are a few locations around the globe where avoiding income tax is possible.

While the ultra-wealthy have traditionally taken advantage of this, the recent hikes in UK taxes have others considering lower-tax environments for sustained wealth management.

In the UK, recent financial changes include the conclusion of the non-dom program, reduced inheritance tax benefits on foreign trust assets, and a stagnant income tax threshold which has resulted in more people entering higher tax brackets, at least until 2028. Additionally, the proposal to apply inheritance tax to pensions starting April 2027 is on the table.

The result? The UK has lost more billionaires in the past year than at any other time in history.

Yet off-shore relocation is no longer the preserve of the ultra-wealthy.

‘Remote work, dual citizenship, global hiring trends — they’ve all lowered the barriers,’ says Nigel Green, CEO of deVere Group, a financial advisory and asset management firm. ‘If [ambitious people] are not being rewarded at home, they’re increasingly comfortable exploring options abroad.’

Some will look to countries such as Italy, Greece or Switzerland offering flat-tax regimes, while others will consider low-tax jurisdictions such as Barbados or Cyprus.

But where will you pay no personal income tax at all? Here are six of the best places to consider:

UNITED ARAB EMIRATES

Job opportunities, great climate and more skyscraper-lined vistas you can shake a selfie-stick at, the UAE is very much in demand for its lifestyle and tax benefits.

There is no personal income tax on salaries, investments, or rental income earned within the country, there is no capital gains tax (CGT), inheritance tax, wealth tax or annual tax on worldwide assets.

If you don’t want glitzy Dubai there’s the calmer Emirati capital Abu Dhabi with its fast-developing cultural island, Saadiyat, but they both offer beaches, high-class infrastructure, healthcare and education.

The UAE can give entrepreneurs what they are failing to find in the UK: safety, economic growth, a pro-business environment and regulatory certainty.

Setting up a company is an easy route to residency, including in one of Free Zones, where expats can have 100 per cent ownership without the need for a local partner or investor.

There are also plentiful visa options including the 10-year golden visa that requires you to invest or purchase a property for at least AED 2million (£439,000), digital nomad and freelance visas.

Banks, international schools, construction, hospitality, healthcare and engineering are all attracting a wave of British expats – an estimated 240,000 live there now.

Major deterrents include the high cost of housing – rents can be more than in the UK, although the UAE average cost of living is 15 per cent less than the UK – plus extreme summer temperatures, traffic jams and UAE’s strict laws and cultural customs won’t suit everyone.

BAHAMAS

Much closer to Florida than South America, the Bahamas offers a much more dynamic environment than the quintessential Caribbean islands – and no income, capital gains or inheritance taxes.

This Atlantic Ocean archipelago, with an American twist, offers a stable economy combined with secluded pink-sand beaches, coral reefs and superb sailing.

Privacy, security and lifestyle make it a favourite destination for many North American billionaires. But start-ups, crypto and fintech investors are also being drawn to its capital, Nassau.

Along with the global jet set, multinational brands and conveniences have arrived: Nobu, Starbucks, Amazon deliveries, Michelin-starred restaurants – and it’s only a half-hour flight to many more in Miami.

But Britons like it too – around 4,100 live there (there’s a direct eight-hour flight to the UK), many have set up in Nassau on the island of New Providence – the expat hub with most of the international schools and cultural institutions. Or Freeport on Grand Bahama is more laid-back.

Those who spend at least $1million (£741,000) on a home, economic contribution or investment in a critical sector can secure permanent residency – it’s hard to get a work permit otherwise. Perhaps the easiest option? The one-year Bahamas digital nomad visa (BEATS), which, unusually for such schemes, comes with no minimum income requirement.

Aside from the risk of hurricanes – 2019’s Dorian devastated the Abaco islands and Grand Bahama – the biggest downside is the high cost of living, which is 27 per cent more than in the UK according to numbeo.com, with rent prices that are 30 per cent higher than the UK.

You’ll pay $3,200 (£2,371) a month for a modest two-bedroom house on one of New Providence’s gated communities.

MONACO

A favoured base for dozens of sports stars, international businessmen and F1 drivers, Monaco is the tiny tax haven that’s just a seven-minute helicopter ride from Nice Airport on the French Riviera.

The summer playgrounds of Cap-Ferrat, Cannes and Saint-Tropez are all within easy reach by supercar or one’s yacht moored in Port Hercule, below the Monegasque cityscape of high-rises.

From high-end shopping to Michelin-starred restaurants, casinos and beach clubs, the principality has more millionaires per square metre than anywhere else (and high-profile individuals love its high security and strict privacy laws). More than 2,800 Britons call it home.

Of course they all love it’s the lack of income tax, wealth tax and capital gains tax, and the fact that when passing on assets, spouses and children do not pay inheritance or gift tax.

To get permanent residency in Monaco you’ll need to deposit at least €500,000 (£421,000) into one of its banks and purchase or rent property in Monaco. Non-EU nationals need to get a French long-stay visa before applying for a Monaco residency permit.

These benefits do not come cheap. The cost of living is 127 per cent higher than in the UK, groceries are 70 per cent more, restaurants 50 per cent pricier and rent is an eye-watering 705 per cent more, according to numbeo.com.

You can find a small apartment to buy for around €1million (£842,000), but that’s all you need for your tax-base – many deep-pocketed new arrivals are also buying a bigger property over the border with France, according to Cote d’Azur Sotheby’s International Realty.

SAUDI ARABIA

In the run-up to Saudi hosting the FIFA World Cup in 2034, and as part of its Vision 2030 to transform its economy, Saudi Arabia is opening up to foreign investment.

If you are comfortable about its human rights record, strict laws (alcohol is banned) and social conservatism, not to mention the searing heat, then a tax-free high salary for a couple of years might be a big enough pull.

Yes, there’s zero personal income tax, but you won’t find the beach clubs or bottomless-brunch culture that you would in Dubai.

Estate agents report that many expats are moving from Dubai to Saudi for salaries that are 25 per cent more than its GCC (Gulf Cooperation Council) neighbour – and there’s strong demand for engineering, construction, IT and healthcare workers.

A key aspect of this is that the Saudi government is making it easier for foreigners to purchase property – a new Freehold Law is being drafted that will open the door to purchase off-plan properties.

Last year, Saudi Arabia expanded its own version of a ‘golden visa’ – its Premium Residency scheme – that can offer residency if you are not sponsored by an employer. This is open to those with special talents, investors and entrepreneurs. You can also invest more than SAR 4million (£790,000) in a property, or make a one-off payment of SAR 800,000 (£158,000).

Around 26,000-30,000 Britons live in the Kingdom, mainly in compounds in Riyadh and Jeddah, but new holiday resort-style developments have been built, although rental rates can be high. In Sedra, a popular community in Riyadh by ROSHN Group, a five-bedroom villa is being advertised at SAR 160,000 per year (£31,600).

The cost of living is around 35 per cent lower than in the UK, according to numbeo.com, but many expats get generous housing and private healthcare packages. The international schools are expanding fast, with Sherborne School Jeddah (a branch of the UK independent school) opening this year.

BERMUDA

If you don’t want the searing heat of the Middle East and prefer the relaxed tempo of a Caribbean island, Bermuda – a long-time favourite with British expats – could be for you.

Britons are the biggest group of non-Bermudians in the British Overseas Territory, numbering 3,942, according to the last census. While families gravitate to Hamilton for the international schools, the central parish of Paget offers homes a short stroll from pink-sand beaches

Security, safety and a high standard of living are the pulls – plus the enticement of no income tax or capital gains tax. Life revolves around the beach, barbecues and weekend boat parties – and it’s only two hours to New York for a weekend culture fix.

Less appealing are the high customs duties that makes buying goods expensive, the limitations of small-island life (some find it boring) – and high cost of living.

You can visit Bermuda without a visa for up to 180 days in any 12-month period, but if you want to work in Bermuda, you must get a job offer and work permit before you enter the country. There are specific opportunities for entrepreneurs and fintech businesses. There’s also a one-year ‘Work from Bermuda’ digital nomad visa, but employment opportunities on the island are limited.

Foreigners can only buy properties valued above a minimum Annual Rental Value (ARV), so only higher-value properties. The current ARV is $126,000 (£93,453) for houses – but is due to be reviewed on July 1 this year. This amount equates to around $3million (£2.2million) for houses and $600,000 (£445,000) for condos, according to Sotheby’s International Realty. Foreigners must apply for a licence to purchase.

The high cost of living will absorb some of that tax benefit. A two-bed townhouse in Paget might cost $7,800 (£5,785) a month to rent – rents are 215 per cent higher than the UK, according to numbeo.com, although general cost of living is only 97 per cent more.

CAYMAN ISLANDS

Like Bermuda, the Cayman Islands is a British Overseas Territory offering a tax-free and beachside lifestyle just 90 minutes south of Miami.

A high standard of living coupled with low crime rate and Caribbean climate means an expat lifestyle revolving around brunches, boat parties and barbecues, with much of this centred around Seven-Mile Beach and west of George Town, the biggest town and business hub of the three Cayman Islands.

Why choose Cayman over Bermuda? Some say Cayman’s scenery is less impressive but the Cayman lifestyle is better, especially the foodie scene centred about Grand Cayman. Others say that while the cost of living is high in Cayman (it’s still 41 per cent more than in the UK) it’s lower than Bermuda.

It also has tax advantages: no corporation, income, capital gains or inheritance taxes.

Britons can stay up to 180 days without a visa then there are various routes to residency including a work permit from an employer or the digital nomad visa, the Global Citizen Concierge Program, which requires a minimum salary of $100,000 (£74,242) but lasts two years.

There are other routes via hefty forms of investment including a Certificate of Direct Investment (minimum KYD 1million/£906,000). Or spending at least KYD 2million (£1.8million) on a property gives you permanent residency (plus independent financial resources) but not the right to work.

Foreigners can purchase property but stamp duty at 7.5 per cent is high. You can buy a smart two-bedroom apartment for £350,000-£400,000 around George Town or rent a one-bedroom condo for around £2,300 a month.

Downsides include small-island mentality, few employment options and high electricity and home insurance bills – all that said, the hurricane risk is low.