The article will list down top countries by GDP at nominal values per Citizen. Nominal values can be defined as the value of services or goods that is generated within a nation in one given given year. The list does not take into consideration the difference in cost of living in various countries. Also, the fluctuations in the currency rates can vary the results by huge numbers.
The data is as per the stats provided by World Bank and US Central Intelligence Agency (CIA). Figures may be from different years though most of the day collected is from the year 2010. Value in curved brackets is the GDP per citizen (which can also be called as per capita).
- Monaco ($ 215,163)
- Liechtenstein ($ 134,392)
- Luxembourg ($ 105,044)
- Bermuda ($ 88,747)
- Norway ($ 79,089)
- Qatar ($ 69,754)
- Switzerland ($ 63,629)
- Denmark ($ 55,992)
- Ireland ($ 51,049)
- United Arab Emirates ($ 50,070)
- Netherlands ($ 47,917)
- United States of America ($ 45,989)
- Austria ($ 45,562)
- Faroe Islands ($ 45,188)
- Finland ($ 44,581)
- Belgium ($ 43,671)
- Sweden ($ 43,654)
- Australia ($ 42,279)
- France ($ 41,051)
- Germany ($ 40,670)
Tax Haven Countries offer amazing governance and least corruption including the fact that tax levied on citizens is least. Though there are several definitions of Tax Haven but basic characteristics that indicate a Tax Haven Country will be:
- Least taxes
- Promoting self as offshore financial center
- Lack of transparency in legal process
- No sync with foreign tax authorities
- No requirement of local presence
A nation can become a Tax Haven Country for several reasons. It totally depends on the amount that the country wants to earn from businesses. If a country is trying to grow on the international market then it will decrease its tax rates for businesses so that companies come running. This will even help the local population with ample amount of jobs though end result could be tagged as second world with weak economy due to weaker currency rates.
Some of the Tax Haven Countries are:
- Aruba
- Belize
- Bermuda
- Bulgaria
- Cayman Islands
- Andorra
Though Income Tax Rates is different for individuals and businesses in different countries yet there are countries that offer same tax rates for both the parties and that number is fairly low when compared to the rest of the countries.
As per stats of May 2009 Montenegro offered the flat tax rate of 9 percent for businesses. Countries like Cyprus, Serbia, Bulgaria offered tax rates of 10 percent for businesses. The number increased in few countries yet it was comparatively very low when compared to countries like Australia, US and UK where tax rates for businesses could easily cross 30 percent. These countries with low income taxes for businesses were Romania (16 percent), Hungary (15 percent) and Latvia (12.5 percent).
In another attractive revelation the nation of Monaco took no tax from individuals as of May 2009. The country with lowest tax rate was Bulgaria with 10 percent tax rate for individuals. Next in line were Montenegro (12 percent), Russia (13 percent) and countries of Czech Republic (15 percent).
