Cayman Islands is one of the most expensive tax-free countries in the world
Experts reveal the most expensive tax-free countries for those looking to relocate in 2024
The team at William Russell have ranked popular tax-free destinations based on relocation cost factors such as flights, rent and utility bills to reveal the world’s most expensive tax-free countries to relocate to this year.
You can view the full research here: https://www.william-russell.com/blog/tax-free-countries-cheapest-for-expats/
The top 5 most expensive tax-free countries in the world:
| Rank | Country | Cost to rent apartment per month | Cost of utilities per month | Monthly costs (single person) |
| 1 | Vanuatu | £1,108 | £160 | £896 |
| 2 | Bermuda | £2,178 | £225 | £1,660 |
| 3 | Cayman Islands | £1,925 | £329 | £1,425 |
| 4 | Monaco | £4,002 | £257 | £1,710 |
| 5 | Bahamas | £904 | £229 | £1,119 |
The most expensive tax-free country in the world is Vanuatu. The country is located in Oceania and has a population of approximately 337,600 people. Monthly costs are around £896 ($1,113 or €1,035) and utility bills are approximately £160 ( $198 or €185) per month on average. However, the average monthly net salary in Vanuatu is just £496 ($616 or €573).
Bermuda is the second most expensive tax-free country, where it costs around £2,178 ($2,705 or €2,517) per month to rent an apartment in Bermuda. Expats can expect to pay approximately £225 ($280 or €261) per month for their utilities and have monthly costs of around £1,660 ($2,063 or €1,919).
The Cayman Islands are in third place, where the monthly costs are approximately £1,425 ($1,770 or €1,647) and the average utility bill is around £329 ($409 or €381) per month.
Further Findings:
- Oman is the most affordable tax-free country to relocate to in 2024, with a relocation score of 7.92. It is also the third cheapest country for monthly utility bills, costing around £83 ($103 or €96).
- Monaco has the highest monthly salary of any tax-free country, at £5,814 per month. Monaco offers high salaries, but living expenses tend to be costly. Renting an apartment in the country costs around £4,002 ($4,970 or €4,623) per month on average.
You can view the full research here
