Global wealth migration is accelerating. According to the Henley Private Wealth Migration Report 2025, more than 128,000 millionaires are expected to relocate this year, the highest figure on record. A driving factor is taxation. Countries such as Spain, Norway, and Switzerland continue to levy annual wealth taxes, while others like France maintain real estate wealth taxes. For high-net-worth families, these recurring charges can cost hundreds of thousands of dollars annually.
By contrast, jurisdictions with zero wealth tax and investor residency or citizenship programs provide a legal path to preserve wealth, enhance global mobility, and secure family futures. Our guide compares the leading programs worldwide in 2025.
Quick Answer: Countries with No Wealth Tax (2025)
As of 2025, jurisdictions with no recurring annual wealth tax include:
Europe: Monaco, Malta, Cyprus, Portugal, Italy (with flat-tax regime), Greece (with Non-Dom program)
Caribbean: St. Kitts and Nevis, Antigua and Barbuda, Dominica, Grenada, Saint Lucia, Cayman Islands, Bahamas
Middle East: United Arab Emirates, Saudi Arabia, Qatar, Bahrain
Asia: Singapore, Hong Kong, Malaysia, Mauritius
What Is Wealth Tax
A wealth tax is a recurring levy on an individual’s net worth, applied annually on assets above a government-defined threshold. The impact is significant:
- Spain: Up to 3.5% on assets above USD 822,000. A USD 23.5 million portfolio can incur USD 700,000+ annually.
- Norway: 0.85% flat tax on assets above USD 171,000. A USD 11.45 million portfolio costs USD 99,000 per year.
- Switzerland: Cantonal wealth tax of 0.1% to 1%, often USD 145,725–USD 1.25 million annually for UHNWIs.
- France: Real estate wealth tax of up to 1.5% on property holdings above USD 1.5 million.
By contrast, jurisdictions such as Monaco, the UAE, Malta, Cyprus, and the Caribbean CBI states impose no wealth tax at all, allowing capital to compound free of annual erosion. Many combine this with no inheritance tax, no capital gains tax, or territorial regimes exempting foreign income. This stark contrast is driving unprecedented relocation of wealthy individuals toward zero-wealth-tax destinations.
Europe: Residency Options with Tax Relief
Portugal: Golden Visa and NHR Legacy
Portugal abolished its Non-Habitual Resident regime in 2024 and closed Golden Visa real estate routes in 2023. Residency is still available via USD 590,000 fund investment, but the tax exemptions that once shielded foreign income no longer apply. Portugal remains attractive for lifestyle and EU residency, yet offers fewer tax incentives than in past years.
Key takeaway: Portugal is still wealth-tax free but no longer provides the NHR tax breaks that once made it a global hotspot.
Italy: Investor Visa and Flat Tax Regime
Italy allows investors to qualify through USD 295,000–USD 2.35 million in business, bonds, or donations. More importantly, new residents can opt for a flat USD 235,000 annual tax covering all foreign income and assets. Family members can be included for USD 30,000 each.
Key takeaway: Italy provides EU residency with a capped tax liability, shielding global wealth from traditional taxation.
Greece: Golden Visa and Non-Dom Program
The Greek Golden Visa requires USD 295,000–USD 590,000 in property. Investors taking tax residency can join the Non-Dom program by investing USD 590,000 and paying USD 118,000 annually, exempting all foreign income and assets for 15 years.
Key takeaway: Greece combines affordable residency with a flat-tax option that eliminates foreign wealth taxation.
Cyprus: Permanent Residency and Non-Dom Regime
Cyprus grants permanent residency with a USD 353,000 property purchase. Its Non-Dom regime exempts foreign dividends, interest, and rental income from tax for 17 years. There is no wealth or inheritance tax.
Key takeaway: Cyprus offers one of the EU’s most tax-efficient residencies, with just 12.5% corporate tax and no wealth tax.
Malta: Permanent Residency and Remittance Basis
Malta’s Global Residence Program requires property rental or purchase and a USD 17,700 minimum tax per year. Non-doms (non-domiciled) are taxed only on foreign income remitted to Malta, while foreign capital gains are always exempt.
Key takeaway: Malta provides EU residency with remittance-based taxation and no wealth tax.
Switzerland: Lump-Sum Taxation
Switzerland’s cantonal wealth tax can be minimized through lump-sum taxation, where wealthy foreigners negotiate a fixed annual payment instead of declaring assets.
Key takeaway: Switzerland does levy wealth tax, but lump-sum deals allow UHNWIs to cap exposure and maintain privacy.
Monaco: Residency in a Zero-Tax Microstate
Monaco imposes no income tax, no wealth tax, and no capital gains tax. Residency requires proof of accommodation and a €500,000 bank deposit.
Key takeaway: Monaco offers prestige, EU proximity, and total tax neutrality, though at very high living costs.
Caribbean: Citizenship by Investment with Tax Freedom
St. Kitts and Nevis
Citizenship requires a USD 250,000 donation or USD 400,000 real estate investment. Processing is around four to six months. The country levies no wealth, income, or inheritance taxes, and citizenship grants visa-free access to over 150 destinations.
Antigua and Barbuda
Citizenship from USD 100,000 donation or USD 200,000 real estate. Unique family option via the University of the West Indies Fund. No wealth, inheritance, or capital gains taxes. Requires just five days of residence in five years.
Dominica
Citizenship from USD 100,000 donation or USD 200,000 real estate. No wealth, inheritance, or capital gains taxes. Foreign income of residents is not taxed. Passport provides access to ~140 countries.
Grenada
Citizenship from USD 150,000 donation or USD 220,000 real estate. No wealth or inheritance tax. Distinct advantage: U.S. E-2 Investor Treaty Visa eligibility, enabling residence in the United States.
Saint Lucia
Citizenship from USD 100,000 donation, USD 300,000 government bonds, or USD 200,000 real estate. No wealth tax. Territorial system taxes only local income. Passport allows access to ~140 destinations.
Cayman Islands and Bahamas
Residency programs (not citizenship) requiring property investments of USD 750,000 in the Bahamas or USD 2.4 million in Cayman real estate. Both jurisdictions impose no wealth, inheritance, income, or capital gains taxes, making them popular with ultra-high-net-worth families.
Key takeaway: Caribbean citizenship offers a fast route to a passport in a tax-free jurisdiction, while Cayman and Bahamas provide permanent residency in established zero-tax havens.
Middle East: Real Residency with No Personal Taxes
United Arab Emirates
A 10-year Golden Visa requires USD 545,000 in real estate. Residents pay no income, inheritance, or wealth tax. Only a 9% corporate tax applies above USD 102,000 in business profits, with exemptions in free zones.
Saudi Arabia
The Premium Residency Program grants permanent residency for USD213,000. Residents pay no income or wealth tax. Corporate tax applies to foreign-owned businesses.
Qatar and Bahrain
Both now offer investor residency. Neither levies personal income or wealth taxes, making them viable Gulf alternatives.
Key takeaway: The Gulf remains the most straightforward region for complete personal tax neutrality, with the UAE leading global inflows of millionaires in 2025.
Asia: Financial Hubs with Territorial Taxation
Singapore
The Global Investor Programme requires USD 1.8 million investment. Singapore has no wealth, capital gains, or inheritance taxes. Only local income is taxed, up to 24%. Foreign income is exempt unless remitted.
Hong Kong
The Capital Investment Entrant Scheme (relaunched 2024) requires USD 3.8 million in financial assets. Hong Kong levies no wealth tax, no estate tax, and no tax on foreign income or capital gains. Only local employment and business profits are taxed.
Other Options
Malaysia, Thailand, and Mauritius offer long-term residency with no wealth tax and territorial tax regimes, making them affordable alternatives.
Key takeaway: Singapore and Hong Kong remain Asia’s premier choices, combining tax efficiency with global financial connectivity.
Comparison: High-Tax vs No-Wealth-Tax Countries
| Country | Wealth Tax | Notes on Burden | Alternative Jurisdictions |
|---|---|---|---|
| Spain | Up to 3.5% above USD 822,000 | USD 700K annually on USD 20.4 Million portfolio | Portugal, Malta, Cyprus |
| Norway | 0.85% above USD 170,000 | USD 99.9K annually on USD 11.7 Million portfolio | Monaco, UAE, St. Kitts |
| Switzerland | 0.1%–1% canton-level | USD 126K–1.25 Million annually for UHNWIs | Italy flat tax, Cyprus |
| France | Up to 1.5% on real estate | Targets assets above USD 1.5 Million | Malta, Antigua, Grenada |
Key Risks and Considerations
- Exit taxes: U.S. expatriation tax and Spain’s unrealized gains tax can trigger large one-off liabilities.
- Treaty limitations: Some no-tax jurisdictions lack strong treaty networks, reducing withholding tax relief.
- Legislative changes: Portugal’s NHR closure in 2024 and the UK’s move to abolish Non-Dom rules show how fast incentives can shift.
- Compliance: Breaking ties with a former tax residency and meeting presence rules in the new one is essential.
Protect Your Wealth
For wealthy investors, investment migration is not just about mobility but wealth protection. Jurisdictions without wealth tax, from the flat-tax regimes of Italy and Greece, to the remittance systems of Malta and Cyprus, to the zero-tax Caribbean and Gulf states, and the financial hubs of Singapore and Hong Kong, offer multiple legal routes to preserve capital.
Next Generation Equity advises clients through this complexity, ensuring every move balances tax efficiency, compliance, and lifestyle priorities. Reach out to us today for further information.
FAQs
Which residency programs have no wealth tax in Europe?
Italy, Greece, Cyprus, Malta, and Monaco all provide residency options without wealth tax. Switzerland offers lump-sum taxation that minimizes wealth tax exposure.
Do Caribbean citizenship programs include tax benefits?
Yes. St. Kitts, Antigua, Dominica, Grenada, and St. Lucia impose no wealth, inheritance, or capital gains taxes, making them fully tax-neutral domiciles.
Is the UAE completely tax-free?
For individuals, yes. Residents pay no income, inheritance, or wealth taxes. Only a 5% VAT applies on consumption, and corporate tax applies above certain thresholds.
How does Singapore compare to Hong Kong for tax planning?
Both have no wealth tax and territorial taxation. Singapore offers structured family office exemptions, while Hong Kong requires higher investment but also exempts foreign income and capital gains.
What risks should investors consider before relocating?
Exit taxes in the home country, treaty restrictions, and policy changes are the key risks. Professional advice is essential for compliance and maximization of benefits.
