Countries where individuals pay no tax on most investment gains, no-tax countries first
Countries where individuals pay no tax on most investment gains, no-tax countries first
Countries with no capital gains tax, one by one
1. United Arab Emirates
The UAE has no personal income tax, so resident individuals pay no tax on capital gains. Source: taxsummaries.pwc.com, checked September 29, 2026. PwC Worldwide Tax Summaries, last reviewed September 9, 2026
Under the United Arab Emirates' tax rules, foreign income is untaxed for new residents, and 90 days Source: tax.gov.ae, checked September 29, 2026. 90 days in 12 consecutive months with a residence permit plus a permanent home or UAE business (Federal Tax Authority's unofficial translation of Cabinet Decision No. 85 of 2022) in the country make you tax resident. The UAE has no personal income tax, and a self-employed person pays no corporate tax while business turnover stays at or below AED 1,000,000 (about $272,000) a year.
The cleanest case for an investor: no return to file on any gain, and the Federal Tax Authority issues the residence certificate a former home country asks to see.
2. Mauritius
Mauritius has no tax on capital gains. Source: taxsummaries.pwc.com, checked September 29, 2026. PwC Worldwide Tax Summaries, last reviewed June 15, 2026
Under Mauritius's tax rules, foreign income is taxed only when it is brought into the country, and 183 days Source: mra.mu, checked September 29, 2026. Income Tax Act section 73(1)(a)(ii); the 270-day, 3-year test allows about 90 days a year once established in the country make you tax resident. On the Premium Visa, pay for remote work done from Mauritius is taxed only when remitted to Mauritius, and spending with a foreign card does not count, so earnings kept abroad pay 0%.
Gains stay untaxed whether or not you bring the money in, but foreign dividends are taxed once remitted, so income-paying accounts are best kept outside Mauritius.
3. Cayman Islands
The Cayman Islands impose no income tax on individuals, so capital gains are untaxed. Source: taxsummaries.pwc.com, checked September 29, 2026. PwC Worldwide Tax Summaries, last reviewed May 29, 2026
Under the Cayman Islands' tax rules, foreign income is untaxed for new residents, and there is no income tax residence test to pass. The Cayman Islands tax no individual income at all, but the remote worker program closed to new applicants in 2022, so residence now takes a Cayman business, a local job or an investment of KYD 1,000,000 (about $1,200,000).
No gain is taxed, but the way in is capital or a local business, not a nomad permit, so it suits someone selling a large portfolio more than a freelancer.
4. The Bahamas
The Bahamas has no capital gains tax. Source: taxsummaries.pwc.com, checked September 29, 2026. PwC Worldwide Tax Summaries, last reviewed July 21, 2026
Under the Bahamas' tax rules, foreign income is untaxed for new residents, and there is no income tax residence test to pass. The Bahamas has no personal income tax, so a self-employed resident pays only National Insurance of 10.3% on profit up to BSD 43,160 (about $43,160) a year.
A resident sells shares and fund units without any Bahamian tax on the gain, and there is no inheritance tax when the portfolio passes on.
5. Monaco
Monaco residents who are not French nationals pay no income tax, so they pay no tax on capital gains; French nationals living in Monaco are taxed under the 1963 France-Monaco convention. Source: monservicepublic.gouv.mc, checked September 29, 2026
Under Monaco's tax rules, foreign income is untaxed for new residents, and 91 days Source: monservicepublic.gouv.mc, checked September 29, 2026. The residence permit is for people who reside in Monaco more than 3 months a year (page updated September 25, 2026). The tax residence certificate then needs more than 183 days, or a principal place of business in Monaco, or the majority of the year in Monaco (certificate page updated December 23, 2024). 91 days is the permit floor; the principal place of business test sets no day count in the country make you tax resident. Monaco has no personal income tax for residents who are not French, and a freelancer selling advisory or expert services abroad runs a civil activity outside the 25% profit tax, so the only charge is fixed social contributions of about €6,604 (about $7,510) a year, about 9% of profit at $100,000 of revenue.
Dividends and interest are untaxed on the same terms, so a portfolio pays no Monaco tax while it is held or when it is sold, provided you are not a French national.
6. Singapore
Gains from selling property, shares and other financial instruments in Singapore are generally not taxable for individuals. Source: iras.gov.sg, checked September 29, 2026. IRAS: profits from buying and selling shares or other financial instruments, including digital tokens, are generally viewed as personal investments. Trading as a business is taxed
Under Singapore's tax rules, foreign income is untaxed for new residents, and 183 days Source: iras.gov.sg, checked September 29, 2026 in the country make you tax resident. Singapore taxes a resident's trade income at 0% to 24% and leaves foreign income untaxed, but it has no visa for freelancers: the main route for a remote worker needs a salary of SGD 30,000 (about $23,500) a month.
The 0% covers investing, not dealing: buy and resell property often enough to look like a trade and the profit can become taxable income.
7. Hong Kong
Hong Kong does not tax capital gains received by individuals. Source: taxsummaries.pwc.com, checked September 28, 2026
Under Hong Kong's tax rules, foreign income is untaxed for new residents, and 181 days Source: ird.gov.hk, checked September 29, 2026. More than 180 days in the year of assessment (April 1 to March 31), or more than 300 days over 2 years in the country make you tax resident. A sole trader in Hong Kong pays 7.5% profits tax on the first HKD 2,000,000 (about $255,000) of profit from work done there, plus up to HKD 18,000 (about $2,290) a year of MPF, and nothing on profits arising abroad, dividends or capital gains.
Gains and dividends are both untaxed, which suits an investor living off a portfolio; only income from work done in Hong Kong is taxed there.
8. Armenia
An individual who is not a registered entrepreneur pays no income tax on gains from selling property they own or from selling shares and other investment securities. Source: arlis.am, checked September 29, 2026. English consolidated Tax Code on arlis.am. Exceptions include participations in construction projects sold within 3 tax years
Under Armenia's tax rules, foreign income is taxed, and 183 days Source: arlis.am, checked September 29, 2026. Tax Code Article 25(1) and (2); PwC places the count in the calendar tax year in the country make you tax resident. Armenia taxes residents on worldwide income; a freelancer registered as an individual entrepreneur on the turnover tax pays 10% of sales on services (less 6% of documented costs), about 11% of profit, while IT activities on the Government's high-tech list pay 1%.
The exemption covers private sales by someone not registered as an entrepreneur, and it stops at gains: foreign dividends are taxed at 5% for a resident.
9. Malaysia
Malaysia taxes an individual's capital gains only on real property and shares in real property companies, through real property gains tax. Source: taxsummaries.pwc.com, checked September 29, 2026. PwC Worldwide Tax Summaries, last reviewed June 16, 2026
Under Malaysia's tax rules, foreign income is untaxed for new residents, and 182 days Source: mdec.my, checked September 29, 2026. MDEC FAQ: after 182 days a DE Rantau holder is resident under section 7 of the Income Tax Act 1967. PwC (last reviewed June 16, 2026) gives the same 182 days in the country make you tax resident. A foreign freelancer working from Malaysia for foreign clients is taxed there at resident rates of 0% to 30% after 182 days, while foreign income a resident brings in is exempt until December 31, 2036.
Listed shares and funds sit outside the tax, so the planning question in Malaysia is property: selling real estate or a property-holding company is where the tax lands.
10. Cyprus
Cyprus taxes capital gains only on real estate located in Cyprus, and profits from selling shares, bonds and fund units are exempt. Source: taxsummaries.pwc.com, checked September 29, 2026. PwC Worldwide Tax Summaries, last reviewed August 4, 2026
Under Cyprus's tax rules, foreign income is partly exempt for new residents, and 60 days Source: gov.cy, checked September 29, 2026. Income Tax Law art. 2 as amended by Law 244(I)/2025. The 60-day rule needs all its conditions; otherwise more than 183 days in the country make you tax resident. A new resident who runs a Cyprus company and takes profit as dividends pays 15% corporate tax plus a 2.65% health contribution on dividends, about 17% of profit, because non-domiciled residents pay no defence contribution on dividends for up to 17 years.
The tax reaches only Cypriot real estate, so a new resident selling a foreign share portfolio pays nothing on the gain, and the 60-day rule makes residence possible with short stays.
11. Switzerland
Switzerland normally exempts private capital gains on movable assets such as shares, unless the person counts as a professional dealer; gains on Swiss real estate pay a cantonal tax. Source: taxsummaries.pwc.com, checked September 29, 2026. PwC Worldwide Tax Summaries, last reviewed July 1, 2026
Under Switzerland's tax rules, foreign income is taxed, and 30 days Source: fedlex.admin.ch, checked September 29, 2026. 30 days with gainful activity, 90 days without. A tax domicile starts on moving in, with no day count in the country make you tax resident. A self-employed person living in a low-tax commune such as Wollerau pays federal, cantonal and communal income tax plus 10% old-age and disability contributions, about 16% of profit at $100,000 of revenue, but non-EU freelancers rarely get a residence permit.
Private investors keep share gains tax-free in every canton, but an active trader can be reclassified as a professional dealer, and dividends are taxed as income.
12. Georgia
Georgia exempts gains without a Georgian source, gains on a home held more than 2 years, and gains on other assets held more than 2 years and not used in a business. Source: matsne.gov.ge, checked September 29, 2026. Consolidated English Tax Code, amendments to July 2, 2026
Under Georgia's tax rules, foreign income is untaxed for new residents, and 183 days Source: matsne.gov.ge, checked September 29, 2026. Tax Code Article 34(2) in the country make you tax resident. Georgia taxes work done in the country but not foreign income: an individual entrepreneur in an eligible activity pays 1% of turnover up to GEL 500,000 (about $192,000) a year, and foreign dividends and gains are tax-free.
With no CFC rules, gains building up inside a foreign holding company are not taxed to you either, though a company managed from Georgia can become Georgian-resident and owe profit tax itself.
13. Paraguay
Paraguay taxes only Paraguayan-source income, so gains on capital placed abroad are outside personal income tax. Source: dnit.gov.py, checked September 29, 2026
Under Paraguay's tax rules, foreign income is untaxed for new residents, and 120 days Source: dnit.gov.py, checked September 29, 2026. Law 125/1991, article 152: domicile is presumed at the place of habitual residence, presumed after more than 120 days. Law 6380 itself sets no day count for individuals, and Resolucion General 65/2020 sets none for the certificate; the certificate relies on the migration record in the country make you tax resident. Work done while living in Paraguay is taxed at 8% to 10% of net income even when every client is abroad, and foreign investment income is not taxed at all.
The DNIT issues a tax residence certificate valid for 1 year, the proof to show a former home country that still claims you as resident when you sell.
14. Malta
A resident who is not domiciled in Malta pays no tax on capital gains arising outside Malta, even when the money is brought in; gains on Maltese property and securities stay taxable. Source: taxsummaries.pwc.com, checked September 29, 2026. PwC Worldwide Tax Summaries, last reviewed August 26, 2026
Under Malta's tax rules, foreign income is taxed only when it is brought into the country, and 183 days Source: taxsummaries.pwc.com, checked September 29, 2026. The Nomad Residence Permit 10% rule does not depend on tax residence in the country make you tax resident. A freelancer on Malta's Nomad Residence Permit pays 0% on remote-work income for the first 12 months, then a flat 10% on net income for up to 4 years, plus Class 2 social security capped at €4,362 (about $4,960) a year: 15.8% of profit at $100,000 of revenue.
Keep Maltese property and securities out of the plan, since those gains stay taxable; a foreign portfolio sold by a non-domiciled resident leaves no tax, even on proceeds brought into Malta.
15. Panama
Panama taxes only income with a Panamanian source, so gains on assets held or invested abroad are untaxed. Source: dgi.mef.gob.pa, checked September 29, 2026
Under Panama's tax rules, foreign income is untaxed for new residents, and 183 days Source: impuestospanama.com, checked September 29, 2026 in the country make you tax resident. Panama leaves foreign dividends, interest and pensions untaxed, but the Index taxes remote work done in Panama as Panamanian-source: 29.3% of profit at $100,000 of revenue in income tax, educational insurance and social security.
Foreign investment gains are untaxed on every reading of Panama's rules; fees for work done while living there are not, since the Index treats that work as Panamanian-source.
The 3 rules on this list: no tax, local property only, local gains only
The countries here fall into 3 groups. A share portfolio held abroad can be sold without local tax in all of them; local property, local companies and trading are where they differ.
What each rule still taxes for a resident individual
| Rule | Still taxed | Countries |
|---|---|---|
| No capital gains tax | Nothing for a private investor; buying and selling as a trade can count as income | UAE, Mauritius, Cayman Islands, The Bahamas, Monaco (residents who are not French), Singapore, Hong Kong, Armenia |
| Local property only | Gains on local real estate, and in Malaysia on shares in a real property company | Malaysia, Cyprus, Switzerland |
| Local-source gains only | Gains on local assets such as local property and company shares; Georgia exempts these too after 2 years outside a business | Georgia, Paraguay, Panama, Malta (non-domiciled residents) |
The line that decides most cases is investor or trader. Singapore treats profits from buying and selling shares and other financial instruments, digital tokens included, as personal investments that are generally not taxable, while gains from trading in property may be taxed. Switzerland exempts private gains on movable assets only while you do not count as a professional securities dealer.
Investor or trader: the same gain, taxed 2 ways
Untaxed
You hold an index fund and a few shares for years, then sell them in 2026 to buy an apartment. In Singapore or Switzerland that is a private investment gain, and it stays untaxed.
Taxed as income
You buy apartments in Singapore to resell within months, or trade shares as your main activity in Switzerland. Singapore can treat the profit on the apartments as trading income, and Switzerland can class you as a professional dealer and tax the gains at income tax rates.
Crypto follows the same investor-or-trader logic in most of these countries. Portugal is not on this list because it taxes gains on shares, yet it excludes gains on crypto held 365 days or more from income tax.
Does moving abroad stop your home country taxing the gain?
Residence in a country on this list removes that country's tax on the gain. It does not remove your old country's claim, and 3 common rules keep that claim alive after the move:
- US citizens stay taxable on worldwide income from all sources wherever they live, so a gain realized in Dubai or Singapore is still reported and taxed in the US.
- UK leavers who had sole UK residence in at least 4 of the 7 tax years before leaving and return within 5 years pay UK tax on gains made while away in the year they come back, on assets they owned before leaving.
- Canadian leavers are treated as having sold most of their property at fair market value on the day they emigrate, so the gain up to that day is taxed in Canada; Canadian real estate and registered plans such as RRSPs and TFSAs are excluded.
Other countries run their own exit rules, so the order that works everywhere is the same: become resident in the new country, stop being resident in the old one, then sell.
A sale before the move is taxed where you live now
A gain realized in the weeks before you leave belongs to the country you are leaving. So does a gain realized after you arrive if your old country still counts you as resident that year, through its day count, the home you kept or the family still there. Sell once both countries agree you have moved.
Before you sell in a country with no capital gains tax
- Hold the permit and pass the day test shown in each entry above before the sale date.
- Get a tax residence certificate: the UAE, Hong Kong and Paraguay issue them to individuals who meet their tests.
- Read the exit rule of the country you are leaving: citizenship taxation in the US, the 5-year return rule in the UK, the deemed sale on departure in Canada.
- Check that the asset has no local source: local property, and in Malaysia shares in a real property company, stay taxable.
Capital gains, inheritance and income tax in the same countries
A move made around a large gain usually has an estate question behind it. The UAE, Mauritius, Singapore, Hong Kong, Cyprus and Malta also appear among the countries with no inheritance tax, and Georgia exempts close family.
For a remote worker, the larger number is usually the tax on the work itself. The UAE, Mauritius, Georgia and Paraguay tax a self-employed remote worker at 10% or less on $100,000 of revenue, while Malaysia and Cyprus land between 15% and 25%, the ceiling for the low tax countries ranking.
How this list is ranked
A country qualifies when a resident individual pays no capital gains tax, or pays it only on local real estate or local-source gains, and the rule is confirmed in the statute, at the tax authority or in a Big 4 tax summary. Countries that tax gains in full, such as Portugal, Spain and Italy, are left off.
No-tax countries come first, then local-property-only, then local-source-only. Within each group, countries follow their Nomad Tax Index score: the tax a self-employed remote worker pays at $100,000 of revenue, how foreign dividends, interest and gains are taxed, how easy the country is to get into, the days you must spend there and recent stability.
David's note
I would plan the exit before the destination. On a large gain, the country you leave and the date you sell decide most of the tax, and the new country's 0% only applies to what is left after that.
