Considered one of the world's most affluent countries, Bermuda also has among the world's highest cost of living.
While there is no income tax, workers may be asked by employers to contribute up to 5.75 percent of a 16 percent payroll tax that the employer has to pay to the government on the first $750,000 of an employee's income. Workers also have to pay $30.40 per week toward social security insurance, which is matched by the employer. Other taxes include a property tax of up to 19 percent depending on the annual rental value of the land determined by the government. A stamp duty also applies to inheritance/estates from 5 percent to 20 percent depending on the property value.
Custom duties levied on imported goods are a major source of revenue for the government. Individuals relocating to Bermuda are charged 25 percent for goods they bring. Given its relatively low taxes, the country is a big draw for international firms, with more than 20 percent of its population being foreign-born. However, a 10-year work permit in the country costs a whopping $20,000.
Pictured: Front Street in Hamilton, Bermuda.