No property taxes: complete list of countries with details

Published:
June 26, 2024
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Chattel real levies are imposed by officials in many states around the globe either yearly or semi-annually, with the level of charges depending on the overall price of an investor’s asset. In contrast, in the world there exist some countries with no property tax.Here, we provide a comprehensive catalogue of places with no property tax for both citizens or  noncitizens, or where it is merely nominal.

It is crucial to highlight that before procuring a chattel real in countries without property tax, it should be considered about conveyance levy. Conveyance levy is an obligor form of levy that state authorities ordinarily charge upon the acquisition of assets. The positive aspect of lying in the toll is generally a particular charge.

Countries without property tax on citizens and noncitizens

Bahrain

Nestled in the Persian Gulf, Bahrain, often hailed as the “Pearl of the Gulf,” this realm is proud of their trading growth and cultural exchange between their neighbours, all this makes Bahrain a country with its wealthy past.. For this moment, this dynamic nation comprised a leading edge of headway in the region, supervised by a robust monetary sphere, growing  travel industry, and forward-thinking metropolitan growth.

Unlike many jurisdictions, Bahrain refrains from levying chattel real levies on the sale or tenancy of properties, whether householding or with business purpose . Moreover, there are no levy obligations imposed on innovative constructed buildings. Instead, transactions involving chattel real are issued to a conveyance levy, amounting to 2% of the property’s charge upon registration or selling process. This duty can be mitigated to 1.7% if settled about  60 days from the accomplishment with help of online transactions, reflecting Bahrain’s commitment to facilitating seamless  property asset transactions while bolstering its reputation as a hub for buying and selling and innovation in the Gulf.

Georgia

In Georgia there is a chattel real  levy applicable by people, who desire to invest money(both citizens and noncitizens)— is obligatory in this sovereign state a regulation, which is named Articles 201, 202 of the Tax Code .  The levy charge is 1% it depends on the  current price of the property for sale in Georgia. This levy is obligatory for charging yearly. In case of a situation when an investor’s profit in a year is below 40000 GEL (approximately 17,000 USD), they are exempted from charging levied residential of this state. Land is charged differently at a level of 0.24 GEL (approximately 0.08 USD)/square metre in a year as an asset assessment for non-rural areas . It’s necessary to mention that non-citizens are restricted to be landholders in rural areas in Georgia.

Commonwealth of Dominica

This state dazzles with its breathtaking landscapes, spanning from virgincreation to volcanoes  and vibrant reefs. This territory prides itself on its steadfast dedication to environmental conservation and tourism attractions, making it a sought-after land  for people who like adventures and flora and fauna aficionados alike.

Unlike many other places, this country does not impose traditional asset assessments. Contrast, citizens of two biggest agglomerations (Canefield and Rosea) are the main purpose of civic charge, which vary but in common amounts are approximately 1.27% of the assets’ actual market charges. Householding  stockholders who choose to lease out their assets are demanded to charge a 1% profit levy on leasing savings. Additionally, there are specific laws regarding assets while process of selling levies, particularly in cases involving gifts.

This country’s unique blend of natural wonders and conservation efforts sets it apart as a paradise for those seeking to explore pristine landscapes while embracing  living and tourism activities. Regularly, an levy of 1% of the buying process property for sale in Caribs charge vital for a monetary defence fund, it is  as well as issued to VAT at a charge of 15%.

Israel

In Israel,  asset people who obtain immovable capital are required to pay a local-arnona. The number of this levy generally relies on the size of the householding and its area within the region.In 30 days the levy is approximately 60 USD (200 ILS). Certain groups, new immigrants, are eligible for a reduction in charge.

Islands of Caymans

  • As a jurisdiction famous for a country with no property tax, profit levies for persons, company-related asset levies, asset earnings levies, VAT, or employment levy.
  • Furthermore, this idyllic route does not apply direct  charge on earnings, interests, compensations, or charge for technical assistance.
  • Solidifying its reputation as a charge-free sanctuary, this state  also waives gift assessment and asset earnings levies.

Cambodia

  • Asset assessment follows a modest way, with a yearly property charge set at a minimal level of 0.01% of the property’s assessed. Illustrating, if someone is a proprietor of a house at 200000 USD would incur a yearly property charge  of just 200 USD. Additionally, there is a 4% upon process of selling charge derived from the property’s charge upon purchase.
  • Regarding lease earnings, charge rates depending on the landlord’s citizenship status. Inhabitants are obligated to pay a 10% charge on gross leasing earnings, calculated yearly from the total leasing arrangement amount. For instance, leasing out a householding for 500 USD/month would result in a monthly levy of 50 USD, totaling 600 USD yearly. Non-citizens face a higher level of 14% under the same terms, leading to a monthly of 70 USD and an yearly charge of 840 USD for the same earnings.
  • It’s vital to mention that these charge levels apply to the entire leasing earnings. For instance, if a resident leases a residential complex with five units at 800 USD/ unit/ month, the yearly leasing charge is 4800 USD.

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Kuwait

  • Uniquely, this state stands apart with its policy of no property levies, setting it apart from global jurisdictions.
  • Income derived from inhabitants leases is aimed at a flat profit assessment level of 10%. For instance, leasing a horse holding at 1000 USD/month results in a yearly lease income of 12000 USD (1000 USD * 12 months), with a profit charge liability of 1200 USD calculated at 10% of the lease earnings.
  • This levy framework is dedicated to fostering a favourable situation for economic growth and investment, while ensuring fair and transparent charge policies for property owners and investors alike.

Qatar

It distinguishes itself for its householding market due to the bereft of asset assessments. This implies that investors owning householding or chattel real  which is used for trade aims are not obligatory to charge a yearly levy grounded on their asset’s charge. This levy framework varies with countries that don’t have property tax.

Principality of Liechtenstein

Direction of this tiny state is well known among no property tax countries. But, when immoveable is sold here, it could be issued to asset earnings levy, which applies to both members of arrangement and corporations, with levels that can go as high as 24%. This levy may also be applicable when a majority stake in a chattel real company is sold.

In terms of lease profit, this state imposes an advanced wages levy levelling from 3.24% to 17.01%. In addition, there is a society assessment, a supplementary charge on the state  wages levy, with local authorities making an additional charge that levelling from 150% to 180%.

 Republic of Malta

This country did not implement any levy charge for chattel real; in contrast, during the process of trading activities of householding, a direct assessment was applied, varying between 5% and 12%. Additionally, it imposes a conveyance levy of 5% for citizens and noncitizens upon selling of immovable property. In Gozo, the desirable level is 2%.

It’s necessary to note that owning assets in Malta does not have intention to levy, it makes this region one of the most desirable places without property tax. Nevertheless, if you lease out your householding, the tenancy profit is assessed at a rate of 15%.

Monaco

Here, immovably proprietors enjoy the benefit of no asset assessment.. For lease properties, the wages levy is typically 1% of the yearly lease, but this levy is ordinarily borne by the leaser. If you decide to bargain your assets, you could be liable for paying an earnings toll, with any profit from the deal levied at a rate of 33.3%.

Oman

In this region, inhabitants and individuals who make trading activities are exempt from householding assessment  and conveyance duties.But, a levy of 3% of the land or the Ministry of Housing are taking a charge upon selling process immovable property. Also, a civic charge of 3% is implemented when leasing out citizens.

Islands of Turks and Caicos

This route is  well-known for their levy-friendly environment.There are no tolls levied on assets, personal wages, company-related wages, asset earnings, or inheritance. This unique monetary policy makes this route a desirable option for stockholders and businesses seeking to enjoy the benefits of a free of charge jurisdiction amidst the breathtaking surroundings of Caribs.

Cook Islands

This atoll, a self-governing area, comprises 15 picturesque lands. What sets this tropical paradise apart is its exceptional assessment environment: there are no property assessments, wealth levies, or asset earnings levies. 

Nevertheless, acquiring property in this state may concern guiding distinct regulations and considerations, ensuring a streamlined yet thorough process for prospective buyers and people who desire to invest money.

UAE

In this region, real estates in UAE is not an issue to state tariffication .In contrast, leasers and proprietors could be reliable for special assessments. Dubai implemented  a civic property charge of 2.5% of the yearly lease charge for immovable trading purposes and 5% for householding. Normally, proprietors pay the assessment of properties concerning trading purpose, while leasers cover the levy on residential properties.

Dubai imposed a company-related levy of 9% on wages exceeding 375000 dirham. This charges applicable trading activity and stockholders with trade licences managing within Dubai’s market of this state..

Saudi Arabia

This country did not obtain assessments on immovable property. Nevertheless , there is a  land assessment requiring proprietors of city locations, which are vacant, designated for house holding or activity connected with trading use, to pay a yearly assessment of 2.5% on the land’s market charge.There is a chattel real deal levy of 5% on the total charge of the belongings being sold, applicable to all chattels real concerning its terms or purpose.

Archipelago of Seychelles

  • In this archipelago, citizens have a complete exemption from property charges on immovable property, fostering local investment and ownership.
  • Non-citizens,in contrast, face a modest 0.25% levy on the market charge base of their residential properties such as apartments,units, and houses.
  • In the process of selling, charge levels vary significantly: residents of this state and companies pay a minimal 5% on property acquisitions, while non-citizens are involved in a process of selling charges ranging from 11% to 17.5%, along with additional notary fees totaling approximately 2%.
  • Non-citizens leasing out immovable property incur a flat 15% charge on leasing earnings, making this archipelago an attractive destination for chattel real investments.

Thailand

Has presented a yearly property levy on residential ownership from 2020, marking a pivotal shift in its assessment environment. Notably, real estates in Thailand levy for people who are not citizens remains minimal, requiring owners to pay only 0.03% of the property’s contract charge yearly, applicable if the charge is 10 million baht (approximately 274000 USD) or higher.

To the yearly  property levy, there is a levy on the initial property acquired here. The process of selling  levy numbers to 2% of the property’s charge, typically borne by the seller or shared on mutual assignment.

For noncitizens generating lease wages in this state, a residential  assessment  charge of 15% applicable. This direct assessment structure underscores Thai’s commitment to balancing economic growth with assessment  policies, attracting international stockholders while providing clarity and fairness in householding transactions and lease profit  assessment.

Faroe Islands

For citizens:

  • Are obligated to declare and pay charges on any income earned from leasing out properties located outside the state.

For noncitizens:

  • There are no property charges levied on the state, noncitizens are required to pay levies on leasing earnings from their properties. Even if leasing earnings from properties is not levied directly, it must be disclosed in charge returns to qualify for charge levying

Fiji

What country has no property tax at all, it is Fiji. The South Pacific archipelago refrains from imposing national-level property assessment. On the other hand, local civic authorities have the government supervising to levy their own fees, making it essential for proprietors and people who invest their earnings to evaluate specific assessment demands based on the location of their immovable property.

This decentralised way allows civic authorities  in Fiji to tailor assessment  policies according to local needs and priorities, ensuring that any capable assessments are levied and understood on a case-by-case basis. This system aims to balance fiscality  with local development goals, thereby contributing to Fiji’s request  as a route for property stockholders amidst its tropical landscapes and cultural richness.

Croatia

In Croatia, the assessment of immovable and lease wage reflects a nuanced way tailored to different property types and purposes. Proprietors of resort residents bear a civic charge ranging 5-15 kuna (app. 0.7 to 2.0 EUR)/ square metre, contributing directly to local funds.

When it comes to acquiring chattel real, both citizens and international investors have to charge a chattel real process of selling levy of 3% based on the market price at the time of buying. This levy is  applicable uniformly across property transactions, alluring equity in property assessment..

Regarding lease wage, a 12% fee charge is levied on both citizens and noncitizens. For international investors, lease wages under  40000 EUR yearly effective fee charges vary  7%- 8.2%, reflecting advancing assessment principles that balance profit generation with fiscal responsibility.

Notably, inhabitants leasing immovable property for touristic purposes may gain profit from mitigating one-time charge, determined by local civic authorities. This way aims to stimulate tourism-related activities while ensuring revenue streams for local communities.

Croatia’s assessment policies on immovable and lease wage exemplify a strategic blend of economic incentives and fiscal liability, designed to foster revenue from investment, support local economies, and promote prosperity in the vibrant Adriatic nation.

Sri Lanka

Sri Lanka distinguishes itself by not imposing a property assessment, a rarity in many global jurisdictions. For noncitizens, the only levy obligation relates to lease wage, levied at a minor level at  20%.

When acquiring property in Sri Lanka, people who desire to invest their savings encounter a conveyance levy ranging from 3% to 4% of the property’s tariffs, on the transaction specifics. This assessment  is an essential component of property transactions, ensuring compliance and contributing to the administrative costs associated with the property process of selling.

These assessment policies underscore Sri Lanka’s commitment to fostering an attractive framework for property investment, balancing economic incentives with development goals. 

In order to answer the question “do all countries have property tax?” Let’s summarise this in the table.

CountryProperty assessmentPayment assessmentFee on lease wage
Bahrain2%
GeorgiaFor Investors, 1% of the market charge of chattel real. If wage/ year  is less than $17 000, there is no need to pay levy on any property. Not if household wage < $14k.
DominicaSometimes Applicable, to gifts of 1%1%
Israel60 USD/month (depending on the size and layout of the residential space)
Cayman Islands
Cambodia0,01%/ year4% upon payingFor Cambodian citizens, 10% of gross lease wage; for noncitizens, 14%. 
QatarThere is for foreigners
Kuwait10%
LiechtensteinFrom 3.24% to 17.01%
Malta5-12%15%
Monaco1%
Oman3% upon paying3% municipal
UAE2,5-5% in Dubai
Saudi Arabia5% upon sale
Seychelles0,25% for noncitizensFor citizens: 5%, for noncitizens: from 11% to 17.5%15%
Thailand0,03%/ year2% when you buy15%
Faroe IslandsThere is for noncitizens
Fiji
CroatiaNo, except for the resort3%12%
Sri Lanka3-4% upon payment20% for noncitizens

What countries don’t have property tax?

In order to understand which country has no property tax it will be created a short checklist of them, it includes Bahrain, Cambodia, the Cayman Islands, Croatia, the Cook Islands, Fiji, Georgia, Dominica, Israel, Kuwait, Liechtenstein, Malta, Monaco, Oman, Qatar, the Faroe Islands, Saudi Arabia, the Seychelles, Sri Lanka, Thailand, and the UAE.

What levies are applicable when acquiring chattel real in these locations?

While proprietors in these listed nations are free of charges, conveyance levy is commonly imposed on immovable property  transactions, usually levelling 1% –  5% of the property’s charge. Some states may also enforce assessments  on lease wage.

Which states suggest the lowest levies rates for noncitizens?

Regarding assessment considerations, the most enticing routes from this catalogue are the Cayman Islands, the Turks and Caicos Islands, and the UAE. These states impose minimal levies  across various categories for noncitizens.

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