Tired of paying income tax? There's no need to pay taxes in these 10 countries

1. The United Arab Emirates

The United Arab Emirates has one of the world's highest per-capita income. It has no personal income or capital gains taxes. About 30 percent of the country's gross domestic product (GDP) is directly based on oil and gas output, according to the Organization of the Petroleum Exporting Countries (OPEC).

2. Oman

Like neighboring Middle Eastern countries, Oman derives the majority of its revenue from crude oil. Although there are no individual income or capital gains taxes in Oman, citizens in the oil-rich country must contribute towards social security benefits.

3. Qatar

Qatar is the world's richest country by GDP per capita thanks to income from gas and oil. It levies no taxes on personal incomes. Qatar nationals, however, have to pay towards social security benefits.

4. Saudi Arabia

Saudi Arabia, the world's number one oil exporter, has no personal income tax but there are social security payments and capital gains taxes to be paid.

5. Bahamas

Among the wealthiest Caribbean countries, the Bahamas features an economy that's heavily dependent on tourism and offshore banking. Although there is no income tax, there are import duties, national insurance and property taxes. About 70 percent of government revenue comes from duties on imported goods.

6. Cayman Islands

Well known as an offshore financial center, the Cayman Islands are a big draw for the wealthy with their zero personal income and capital gains taxes. There are no mandatory social security contributions either. However, import duties are levied and these can range up to 25 per cent.

7. Kuwait

 Kuwait is another country with zero income tax, but again, there is a contribution required for social security. With the world's sixth-largest oil reserves, Kuwait's petroleum accounts for nearly half its GDP, over 90 percent of export revenues and 80 percent of government income.

8. Brunei

Brunei is the only Asian country to make the list of the nations with zero income taxes. However, citizens must contribute towards social security trust fund. Like most countries with zero income taxes, oil and gas account for a bulk of the Brunei government's revenues.

9. Bahrain

Bahrain has no personal income tax. However, citizens must pay 7 per cent of their income in social security while expats pay 1 per cent. There are also taxes on renting homes and stamp duties on real estate transfers.

10.Bermuda

An offshore finance hub and popular tourist destination, Bermuda has no personal income tax. However, it is one of the most expensive places in the world to live in and residents must pay payroll tax, social security, property taxes and customs duties at 25 per cent.