Are you wondering if there are countries without capital gains tax? Below we briefly discuss and compare 8 countries that offer attractive tax conditions with a high quality of life. See how you can avoid the burden of capital gains tax and save up to hundreds of thousands of zlotys.
Table of Contents
- Switzerland – A Classic Choice With Good Financial Reputation
- Singapore – An Asian Hub with a Reasonable Approach to Profits
- Cayman Islands – A Classic Haven With No Tax And … No Snow
- Monaco – Prestige, Luxury, And No Tax
- Belgium – A European Exception With Certain Restrictions
- New Zealand – Economic Freedom With No Capital Gains Tax
- Belize – A Tropical Alternative With Low Taxes
- Hong Kong – Asia’s Doorway to the Free Economy
- Countries Without Capital Gains Tax – Comparison
- Countries Without Capital Gains Tax – Summary
- FAQ – Countries Without Capital Gains Tax
Switzerland – A Classic Choice With Good Financial Reputation
Switzerland has been attracting investors from around the world for years. And it is not just because of its high-quality watches or chocolate. While its tax system may be complex, individuals are not required to pay capital gains tax on private investments in securities. Individuals pay no tax on selling shares unless the activity resembles professional trading.
It is important to know that the sale of real estate can be taxed at the cantonal or municipal level. Rates can reach up to 50%, but they are progressive: the longer you hold the property, the lower the tax. For many investors, Switzerland remains attractive, especially if they do not have a large-scale trading activity.
Singapore – An Asian Hub with a Reasonable Approach to Profits
Singapore is one of the most business-friendly places in the world. For many years, it was completely neutral on capital gains tax. Profits from trading shares, financial instruments or the sale of real estate by private individuals are still not taxed. They are considered capital investments.
However, since 2024, Singapore has begun taxing some foreign-sourced gains. This also concerns capital gains, if there is no “economic substance” in the country. This means that entities without real economic presence may be subject to the new rules. In most cases, Singapore remains very attractive for individual investors. Yet, it’s important to consult a tax advisor for specific cases.
Cayman Islands – A Classic Haven With No Tax And … No Snow
The Cayman Islands are one of the most famous places in the world when it comes to countries with no capital gains tax. Here, you don’t pay tax on investment gains or income. This British territory attracts expats with its legal stability, a developed banking sector, and, of course, dream weather.
For investors, this means full freedom. There is neither a capital gains tax nor an income tax. The downside may be the high cost of living and restrictions resulting from regulations in other countries – e.g. taxation of companies registered in the Caymans.
Monaco – Prestige, Luxury, And No Tax
Monaco is a favourite haven for the wealthy. It doesn’t charge capital gains tax for individuals, except for French citizens (due to special bilateral agreements). Monaco’s thoughtful fiscal policies make it one of the world’s most tax-friendly places.
Though the cost of living and entry requirements (e.g. a significant bank deposit for residency) are high, many investors believe it’s worth it. Such an approach results from Monaco’s legal stability, safety, and prestige.
Belgium – A European Exception With Certain Restrictions
Although Belgium is not usually associated with tax havens, it doesn’t tax capital gains from “standard management of private assets.” Sounds good? In practice, the term is vague and often interpreted individually.
Basically, if your investment activity doesn’t resemble professional trading (e.g., quickly selling shares after buying), you don’t need to pay tax on the profits. But if the tax authorities consider you a trader, you can pay up to 33% tax.
New Zealand – Economic Freedom With No Capital Gains Tax
New Zealand offers not just stunning landscapes, but also no capital gains tax. Especially on securities. There is a rule allowing for taxation of profits from real estate bought with resale intent. Yet, in practice, it is rarely used and mainly applies to developers.
High quality of life and a transparent legal system make New Zealand increasingly popular among investors.
Belize – A Tropical Alternative With Low Taxes
Belize is a small country in Central America. It is becoming increasingly popular among expats. Capital gains tax does not apply here for both residents and non-residents.
In addition, Belize offers the possibility to run a company with minimal taxation. There is relatively easy access to a second residency, too. English is the official language. This makes relocating easier than to neighbouring Spanish-speaking countries.
Hong Kong – Asia’s Doorway to the Free Economy
Hong Kong, despite a complex political situation, still remains one of the most important financial centers in the world. It does not impose capital gains tax, except for certain employee benefits (e.g., stock options).
The downside may be the lack of double tax treaties and political risk. Yet, for many investors, low taxes and access to the global financial market still make Hong Kong an attractive place.
Countries Without Capital Gains Tax – Comparison
| Country | CGT for Individual | Residency Availability | Key Benefits | Potential limitations |
| Switzerland | None (for private investors) | Yes (Various procedures) | Stability, prestige, banking sector | Property taxation at the cantonal level |
| Singapore | None (with exceptions from 2024) | Yes (e.g. through work or investment) | Safety, infrastructure, English as the official language | Possible taxation of foreign gains in certain cases |
| Cayman Islands | None | Yes (for investors) | 100% tax-free, dream-like living conditions | High cost of living, lack of double taxation agreements |
| Monaco | None (except for French citizens) | Yes (provided that the financial conditions are met) | Prestige, safety, zero CGT | Very high cost of living, limited space |
| Belgium | Usually none | Tak (UE, OECD) | No CGT for private asset management | Unclear regulations, risk of classification as a business activity |
| New Zealand | None (except for flipping real estate) | Yes (for investors and temporary residents) | Stable economy, economic freedom | Distant location |
| Belize | None | Yes (QRP residency program and others) | English as the official language, tropical conditions, no CGT | Less developed infrastructure, banking restrictions |
| Hong Kong | None (except for employee benefits) | Yes (e.g. through work) | Economic freedom, a strong financial market | Political risk, lack of many double taxation treaties |
Countries Without Capital Gains Tax – Summary
If you invest in securities, cryptocurrencies, real estate, or other assets, changing your tax residency to a country with no capital gains tax could be one of the best financial decisions of your life. The countries listed above differ in cost of living, infrastructure quality, and approach to expats. Yet, they all have one thing in common: no capital gains tax for individuals.
Are you considering relocating to one of these countries? Do you want to optimise your taxes legally and safely? Contact a firm specialising in international tax residency. Start building your strategy today!
FAQ – Countries Without Capital Gains Tax
1. What is a capital gains tax?
It is a tax on income obtained from the sale of assets such as stocks, real estate or cryptocurrencies.
2. Do all countries have such a tax?
No – Many countries, such as the Cayman Islands, Monaco and Singapore, do not have capital gains tax.
3. Can I legally avoid this tax by changing residency?
Yes, but this requires an actual change of residence and meeting local conditions.
4. Does Poland have a capital gains tax?
Yes, the rate is 19%.
5. Does Belgium really not charge this tax?
In many cases, no, but the tax authority can treat some transactions as speculative.
6. Will I pay tax on selling shares in Switzerland?
No – unless you have a professional trading activity.
7. Is New Zealand a safe option for investors?
Yes, it is a stable economy with a transparent tax system.
8. Which country offers the easiest residency path?
Belize and the Cayman Islands offer a relatively simple path for expats with capital.
9. Is changing residency a big risk?
It requires planning, but with a good strategy, it can bring huge savings.
10. Do these countries have different taxes?
Yes – such as VAT, local or income taxes – but they are usually lower than in Poland.