If you’ve ever thought about traveling to a country without sales tax, you’re not alone. In fact, over half of OECD member countries have no sales tax at all. And if you travel to one of these countries, you’ll enjoy tax-free shopping as well! Here’s how. Unlike in the United States, where most states collect sales tax on all purchases, many European nations don’t.
States without sales taxes typically slap their residents with a range of other taxes. After all, money for schools and roads needs to come from somewhere. In fact, New Hampshire has some of the highest real estate taxes, and Oregon has income tax rates of 9.9%. In addition to sales tax, these states often charge income tax. However, sales tax exemptions don’t apply to the state’s use tax. For this reason, many states opt out of sales taxes.
If you’re looking for a new home, consider investing in a new country that doesn’t levy a sales tax. The Turks and Caicos Islands offer an economic residency program that offers quick residence permits to foreigners who make investments in a local company. The government pays no income tax, so you’ll have a lower tax bill! The government is also known to have a relatively low cost of living and a highly ranked immigration program.
