Cayman in world’s ten most affordable tax-free countries to relocate in 2024
New research has revealed the world’s most affordable tax-free countries 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 affordable 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 10 most affordable tax-free countries in the world:
| Rank | Country | Cost of one-way economy flight from London | Cost of one-way economy flight from NYC | Cost to buy apartment (per sq/ m) | Cost to rent apartment per month | Average monthly net salary | Cost of utilities per month | Monthly costs (single person) |
| 1 | Oman | £187 | £405 | £94 | £380 | £1,775 | £83 | £604 |
| 2 | Kuwait | £131 | £544 | £327 | £624 | £2,209 | £39 | £623 |
| 3 | Bahrain | £146 | £427 | £139 | £624 | £1,668 | £100 | £682 |
| 4 | United Arab Emirates | £127 | £437 | £192 | £818 | £2,797 | £136 | £772 |
| 5 | Brunei | £776 | £1,018 | £169 | £396 | £1,381 | £39 | £640 |
| 6 | Maldives | £437 | £595 | £159 | £596 | £745 | £119 | £636 |
| 7 | Qatar | £293 | £454 | £324 | £2,149 | £3,484 | £90 | £756 |
| 8 | Bahamas | £794 | £108 | £259 | £904 | £1,496 | £229 | £1,119 |
| 8 | Monaco | £43 | £349 | £5,538 | £4,002 | £5,814 | £257 | £1,710 |
| 10 | Cayman Islands | £668 | £238 | £913 | £1,925 | £3,729 | £329 | £1,425 |
- Oman is the most affordable tax-free country to relocate to in 2024, with a relocation score of 7.92. Oman is the cheapest country to purchase or rent an apartment in, as it boasts the lowest monthly living costs. It is also the third cheapest country for monthly utility bills, costing around £83 ($103 or €96).
- Kuwait is the second most affordable tax-free country to move to this year, with a relocation score of 6.49. Single economy flights to the country range from £131 to £544 and Kuwait is also the second most affordable country for both monthly costs and utility bills
- Bahrain ranks in third place as the most affordable tax-free country to relocate to in 2024, earning a relocation score of 6.36. Bahrain is the second cheapest country to purchase an apartment in, costing £139 ($173 or €161) per square metre, on average. It is also the fifth most affordable country for both monthly costs and utility bills.
Further Study Insights:
- Vanuatu is the least affordable tax-free country for expats to live in 2024, with a relocation score of 2.08. 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).
- Popular relocation spot The United Arab Emirates ranked as the fourth most affordable tax-free country, with monthly costs of around £772 ($959 or €893), while the average monthly net salary in the UAE is around £2,797 ($3,474 or €3,232).
- Desired holiday destinations, the Maldives and the Bahamas are also among the most affordable tax-free countries. The Maldives ranked in 6th place, with the Bahamas following behind in 8th place.
You can view the full research here,
