Don't want to pay the man? Check out the top 10 tax havens from the Bahamas to Switzerland

The Bahamas topped the list of tax-free destinations in the world.

16:45 30 July 2014

Based on the top 10 list of tax-free destinations compiled by Bradley Hackford, a firm specialising in international expatriation, Bahamas is the premier location.

The country, which is very near the United States, offers an excellent standard of living as well as 0per cent tax on personal earnings.

Expats who are willing to make an investment of £1million in local real estate are given residency status.

The second and third on the list are tiny principalities of Andorra and Monaco, which are both very popular with Europeans looking for tax-efficient bolt-hole.

Residents of Monaco are not required to pay any income tax except for people of French nationality who are required to continue to pay their taxes in France. Monaco is highly attractive to residents from Switzerland, Russia, and Italy.

One of the world’s richest nations per capita, Monaco also has a population in which nearly 30% are millionaires.

In fourth place is Bulgaria, which features lowest tax rates in Europe, at ten per cent on personal income. It is followed by Panama in Central America.

The last five on the list are Mauritius, Dubai, Guernsey, the Cayman Islands, and Switzerland.

The world's top 10 destinations for low tax payments:

1. Bahamas
2. Andorra
3. Monaco
4. Bulgaria
5. Panama
6. Mauritius
7. United Arab Emirates - Dubai
8. Guernsey
9. The Caymen Islands
10. Switzerland