United Arab Emirates (UAE) No personal income tax. Businesses may be subject to corporate taxes in certain industries (e.g., oil and gas), but other sectors enjoy tax-free operations. VAT introduced at 5% in 2018 but still no income or capital gains tax
Bahrain No personal income tax Corporate taxes are applied only to companies in the oil and gas sector VAT introduced in recent years, but low-tax regime remains for individuals
Monaco No income tax for residents (except for French nationals who must pay French taxes) No wealth, capital gains, or inheritance tax High cost of living but very favorable for high-net-worth individual
Cayman Island No personal income tax or corporate tax. No capital gains or inheritance taxes Offshore financial hub, especially for banking and investment fund