MUSCAT: The Sultanate of Oman has garnered significant attention as the most affordable tax-free country for individuals seeking to relocate, according to a report by expat insurance firm William Russell. With its thriving economy, attractive lifestyle, and tax advantages, Oman has become an appealing destination for many expatriates looking to establish a new home.
The study conducted by William Russell analysed several factors, including cost of one-way economy flight from London, cost of one-way flight from New York City, cost to buy apartment per square metre, cost to rent apartment per month, average monthly net salary (after tax), cost of utilities per month, and monthly costs (single person). Oman excelled in all these areas, making it an ideal choice for expatriates seeking financial stability and a high standard of living.
One of the primary attractions of relocating to Oman is its tax-free status. The country boasts a favourable tax regime, with no personal income tax on individuals and businesses. This advantage allows expatriates to keep a larger portion of their earnings, making Oman an enticing option for professionals seeking to maximise their financial resources.
According to the report, Oman earns a relocation score of 7.92 out of 10. A one-way economy ticket from London to Muscat will cost expats around $227. Meanwhile, a one way ticket from New York City to Muscat will cost around $492.
Furthermore, Oman's cost of living proves to be highly affordable, making it an attractive prospect for individuals looking to stretch their incomes. Accommodation, transportation, and consumer goods are comparatively less expensive than in other popular expat destinations. The availability of affordable housing options, coupled with a wide range of amenities and recreational activities, contributes to a comfortable and enjoyable lifestyle for residents.
The report said on average, the Sultanate of Oman is the cheapest country to purchase or rent an apartment in, as well as being the most affordable country in terms of monthly costs (excluding rent). It is also the third cheapest country for monthly utility bills, costing around $103.
In an email interview with William Cooper, Marketing Director at William Russell, London said, “The problem with many tax-free countries is that the cost of living is exceptionally high. Monaco and the Bahamas, for example, are simply not affordable for ordinary people who are looking to optimise their income.”
As for the Sultanate of Oman, Cooper said, “Oman stands out as a tax-free country, with good links to other major countries and a good quality of life on offer. Expats seem to agree. In the past few years, we’ve seen a 400% increase in quotes for our insurance products from expats relocating to Oman.”
The overall quality of life in Oman is exceptional, with a safe and welcoming environment for expatriates. The country's rich cultural heritage, stunning natural landscapes, and vibrant expat community contribute to a fulfilling and enjoyable expatriate experience.
GCC countries Kuwait came in 2nd with 6.49 points, followed by Bahrain with 6.36 points, UAE came in 4th with 5.84 and Brunei with 5.58 points. Completing the top ten include Maldives, Qatar, Bahamas, Monaco and Cayman Islands.
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