Tax-haven salaries revealed: With Monaco, Bermuda and Cayman Islands topping the list!
New research has revealed the tax-free countries offering the highest monthly salaries in 2024.
The team at William Russell have ranked popular tax-free destinations based on relocation cost factors such as the average monthly salary to reveal the tax-free countries offering the highest monthly salaries.
You can view the full research here: https://www.william-russell.com/blog/tax-free-countries-cheapest-for-expats/
The top 10 tax-free countries with the highest monthly salary:
| Rank | Country | Average monthly net salary |
| 1 | Monaco | £5,814 |
| 2 | Bermuda | £5,435 |
| 3 | Cayman Islands | £3,729 |
| 4 | Qatar | £3,484 |
| 5 | United Arab Emirates | £2,797 |
| 6 | Kuwait | £2,209 |
| 7 | Oman | £1,775 |
| 8 | Bahrain | £1,668 |
| 9 | Bahamas | £1,496 |
| 10 | Brunei | £1,381 |
- 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. Additionally, monthly bills amount to approximately £1,710 ($2,125 or €1,977) and utilities cost around £257 ($319 or €297) per month.
- Bermuda has the second highest monthly salary of any tax-free country, at £5,435 per month. On average, it costs around £2,178 ($2,705 or €2,517) per month to rent an apartment in Bermuda. Residents 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).
- Cayman Islands offers the third highest monthly salary for a tax-free country, at £3,729 per month. On average, it costs around £913 ($1,134 or €1,054) per square metre to purchase an apartment in the Cayman Islands. 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 Study Insights:
- Vanuatu is the least affordable tax-free country for expats to live in 2024. 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).
- Oman is the most affordable tax-free country to relocate to in 2024. 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).
You can view the full research here.
