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.

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