Antigua and Barbuda income tax rate 2023! Personal income tax is highly essential when it comes to preserving your wealth, and the government of Antigua and Barbuda understands this well, which is why it does not levy any form of income tax on individuals, whether they earn money locally or internationally.
This article will cover a variety of topics, including the Antigua and Barbuda income tax rate, corporate tax, how to register as an Antigua and Barbuda tax resident, and much more.
Individuals, whether tax residents (those who spend 183 days per year in Antigua) or non-resident citizens, are exempt from any type of income tax, regardless of how much money they make, making Antigua and Barbuda an excellent place to live if you have a high income but are concerned about that bracketed tax that can reach colossal amounts. Those seeking financial independence might consider becoming citizens of the country.
What are income tax rates in Antigua?
Individual income in Antigua is not subject to tax, hence the rates would be 0%.
Antigua and Barbuda Corporate tax
Taxation is always a key worry in business. Taxation must be determined within the firm’s beginning capital, and a corporation should know what assets are taxable and what form of tax they are subject to.
Some taxes, such as corporate tax, are paid yearly, but others, such as stamp duty (or customs), transfer tax, and others, are paid annually but per activity, making projecting their amount more difficult.
Fortunately, Antigua & Barbuda has a favorable tax environment for businesses. Corporate tax on gross revenue is levied at a flat rate of 25% each year, whereas branches of firms are also subject to corporate tax under the country’s legislation, with a comparable tax rate of 25%.
Registered corporations are not required to pay capital gains tax since the government does not levy one on enterprises that generate capital gains in Antigua and Barbuda. This is one of the several tax breaks available in the country to businesses.
- Income Tax rate in Mozambique
- Income tax rate in Malaysia
- Income Tax rate in Hungary
- Income tax rate in Vatican city
Does Antigua have income tax?
Individual income is not taxed in this country.
Is Antigua tax-free?
No, certain taxes must be paid in Antigua, but there are no taxes on income, capital gains, inheritance, wealth, or withholding on people.
How do I become a tax resident in Antigua?
Even though income in Antigua and Barbuda is tax-free, being a tax resident in the usual sense holds significantly less weight. Anyone who lives in the twin-island nation for six months or longer is liable to taxation.
More intriguingly, the gorgeous island nation’s immigration statute does provide a permanent resident scheme for foreign nationals seeking life insurance. The policy is based on annual flat tax rates that foreign nationals must pay.
You must spend six months of the year in Antigua. There is also a tax-based scheme that allows for indefinite residency in Antigua. The following are the primary prerequisites to qualify for the program:
- Maintain a residence in Antigua and Barbuda.
- Spend at least 30 days each year in Antigua & Barbuda.
- Annual financial international or local revenue must be greater than $100,000 USD.
- Pay an annual flat tax of US$20,000 to the inland revenue services department.
If you found this information about the income tax rate in Antigua and Barbuda beneficial, please leave a comment and bookmark us for future updates.