Countries with no capital gains tax: where it applies and where it does not

Plenty of lists claim a country has “no capital gains tax”. Very few check it against the country’s own tax authority, and most skip the part that decides your bill: who is selling, what they are selling and whether the activity counts as a business. This guide keeps to one test: does the government or tax authority itself say it? Where we could not find that statement on an official page, the country is flagged as not confirmed.

The short answer: seven jurisdictions pass the test in some form (the Cayman Islands, the Bahamas, Brunei, Switzerland, the UAE, Hong Kong and Singapore), two popular “zero” assumptions fail it (Qatar and St Kitts and Nevis both have capital gains rules on the books), and a US citizen stays taxable by the IRS on worldwide gains wherever they live.

Where the authority itself says gains are not taxed

Sources: Cayman Islands Government; Government of The Bahamas; Ministry of Finance and Economy of Brunei; Swiss Tax Conference, The Swiss Tax System, 2025 edition; UAE Federal Tax Authority; Inland Revenue Department, Hong Kong; Inland Revenue Authority of Singapore. Links in the source list below, last verified 18 October 2026.

Countries that look like zero and are not

Qatar: a 10% capital gains tax, with exemptions

Qatar is often listed as a tax-free country. Its General Tax Authority publishes a capital gains tax FAQ under the Income Tax Law (Law No. 24 of 2018, amended by Law No. 11 of 2022). It states that the rate is 10% on the net gain, and that both resident and non-resident individuals and entities are subject to it when they dispose of assets within its scope. Those assets include shares in an entity resident or registered in Qatar and real estate in Qatar that is related to the seller’s taxable business activity.

The exemptions are specific, and “conditions apply” according to the authority:

• Sale of real estate or securities by an individual is exempt if the assets are not part of a taxable business the individual undertakes.
• Profits of non-Qatari investors from trading securities and fund units listed on the Qatar Stock Exchange are exempt.
• Disposal of shares owned by Qatari nationals, or by GCC nationals who are residents in Qatar, is exempt.

Even where nothing is payable, a declaration may still be required, filed by the seller through the authority’s Dhareeba portal.

St Kitts and Nevis: no tax on individuals, but not “no law”

Promotional pages for St Kitts and Nevis often say there is no capital gains tax. The Income Tax Act (Cap. 20.22, revision of 31 December 2017) describes itself as an Act that provides for the taxation of certain capital gains. Section 3(2) charges gains of a capital nature on assets disposed of within one year of acquisition, at half the normal rate and never above 20%. Section 3(3) then states that this section does not apply to income accruing on or after 1 May 1980 to any person other than a company.

Read together: individuals are outside that charge, and companies are inside it. The Inland Revenue Department separately states that income tax on individuals was abolished in 1980. It is the clearest example in this guide of why a country-level “zero” is the wrong question: the right one is “zero for whom?”

Bermuda: not confirmed

The Government of Bermuda states that individuals do not pay personal income tax, and its overview of taxes names payroll tax and land tax. It does not mention a capital gains tax, and we did not find an official page that states the position outright, so we list Bermuda as not confirmed.

Individuals versus companies

The same gain can be treated differently depending on who owns the asset:

• UAE. A natural person’s personal investment income and real estate investment income are outside Corporate Tax, regardless of amount. A company’s taxable income is taxed at 0% up to AED 375,000 and at 9% above, and a natural person with UAE business turnover above AED 1 million within a calendar year must register for and comply with Corporate Tax. We could not confirm on an official page how company capital gains and free zone rules work in detail, so they are not described here.
• St Kitts and Nevis. Individuals are excluded from the capital gains charge in section 3(2); companies are not.
• Qatar. Individuals selling real estate or securities outside a business are exempt, while the same sale inside a taxable business is not.

The practical lesson: holding assets through a company can bring a gain into a tax that would not apply if you held the same assets personally.

Investors versus traders

Where an exemption exists, it is almost always an exemption for capital, not for business income.

Singapore. IRAS states that gains from the sale of a property in Singapore are generally not taxable, then adds the condition that matters: when your main income is derived from trading in properties, the gains will be taxed.

Hong Kong. The Inland Revenue Department explains that “trade” includes every adventure and concern in the nature of trade, and that whether a property is a capital asset is a question of fact. Activity that amounts to trading can be taxed as trading profit rather than treated as an exempt capital gain.

Qatar. The exemption for individuals depends on the assets not being part of a taxable business.

Anyone planning frequent or leveraged dealing in a “no CGT” country should not assume the exemption applies. Get a professional view first.

Property is where “no CGT” breaks down

• Switzerland. The Swiss Tax Conference states that all cantons tax property gains on the sale of real estate. At federal level, gains on private real estate are explicitly tax-free, while gains on real estate held as business assets or from commercial trading in property are taxed. Securities are tax-free for private investors; a house is not.
• New Zealand. New Zealand Inland Revenue states that profit on residential property is taxable under the bright-line test if the property is sold within a set period, unless an exclusion or rollover relief applies. For sales on or after 1 July 2024 that period is 2 years. The rule also covers New Zealand tax residents who buy and sell overseas residential property.
• Cyprus. The Tax Department states a fixed 20% capital gains tax on profit from disposing of immovable property in Cyprus, and on disposals of shares in companies that own such property. It applies to companies and individuals regardless of tax residency, subject to double tax treaties. Some disposals are exempt under conditions, which we could not read in full and do not quantify.
• Transaction taxes. A country can have no tax on the gain and still charge on the transaction. We could not confirm stamp or transfer duties for the Cayman Islands, Hong Kong or Singapore, so we give no figures. Check them before you buy.

US citizens and residents: the 0% rarely helps

The IRS states that if you are a US citizen or resident alien living outside the United States, your worldwide income is generally subject to US income tax, regardless of where you are living. Publication 519 adds that resident aliens are generally taxed on worldwide income the same as US citizens. A US citizen who moves to Dubai or Singapore and sells shares or a property there still reports the gain to the IRS.

The US rates that continue to apply, per IRS Topic 409: long-term capital gains are taxed at 0%, 15% or 20%; net gains from collectibles such as coins or art are taxed at a maximum 28%; and the taxable part of a gain on section 1202 qualified small business stock is taxed at a maximum 28%. We did not capture the current-year income thresholds for each bracket, so they are not quoted here.

If you are weighing a second citizenship for mobility reasons, our guide to passport rankings and where Caribbean passports stand covers that side. A second passport does not change what a US citizen owes the IRS.

The catches in one place

• Who: companies, traders and US citizens are often outside the exemption.
• What: property is the usual exception (Switzerland, New Zealand, Cyprus).
• When: New Zealand’s 2-year period applies to sales on or after 1 July 2024. Rules change, so re-check close to any sale.
• Reporting: Qatar can require a declaration even when no tax is due.
• Residency: an exemption helps only if you are taxed where it applies and nowhere else. The residence tests for each country were not confirmed here.
• Crypto: no official treatment of crypto gains was confirmed for any jurisdiction above, so none is given.

Not confirmed in this guide. Monaco, Malta, Germany, Portugal and the other Caribbean citizenship programs are often named in lists like this. We did not confirm their capital gains treatment on an official page, so we make no claim about them. If one is on your shortlist, for example Switzerland’s lump-sum taxation residence, ask for the specific tax authority reference before relying on any figure.

How to check a “no CGT” claim before relying on it

1. Find the tax authority page. A blog, ranking or law-firm summary is not enough. If no official page states it, treat it as unverified.
2. Check who it covers: individuals, companies, residents and non-residents can each be treated differently.
3. Check what it covers: shares, property, crypto and business sales often have separate rules.
4. Apply the trading test honestly. If your activity looks like a business, assume it may be taxed as one.
5. Add transaction costs. Stamp and transfer taxes may apply even where the gain is untaxed.
6. Check your home country. For US citizens and residents, the IRS rules apply wherever you live.
7. Note the date you checked and re-check before a sale.

More source-checked guides are in our Insights section.

Want to know which option fits your situation? Request a free call and an advisor will give you a straight answer, including when moving country would not change what you owe on your gains.

Last verified against the sources below on 18 October 2026. This article is general information, not legal or tax advice.

Frequently asked questions

Official sources

Figures on this page come from the sources below and were last verified on 18 October 2026. Rules change; always confirm the current position. This is general information, not legal or tax advice.

1. Cayman Islands Government: Finance and economy
2. Government of The Bahamas: Frequently asked questions
3. Ministry of Finance and Economy of Brunei: Corporate tax FAQ
4. Swiss Tax Conference: The Swiss Tax System, 2025 edition
5. UAE Federal Tax Authority: Corporate Tax Guide, Taxation of natural persons
6. Inland Revenue Department, Hong Kong: FAQ on Chargeability to Profits Tax on Gain from Property Transactions
7. Inland Revenue Authority of Singapore: Selling my property
8. General Tax Authority of Qatar: Capital Gains Tax, Frequently Asked Questions
9. St Kitts and Nevis Law Commission: Income Tax Act, Cap. 20.22 (revision of 31 December 2017)
10. Inland Revenue Department of St Kitts and Nevis: Income tax
11. Government of Bermuda: Types of taxes in Bermuda
12. Inland Revenue Te Tari Taake (New Zealand): The bright-line test
13. Tax Department, Ministry of Finance, Cyprus: Immovable Property (Capital Gains Tax)
14. Internal Revenue Service: U.S. citizens and resident aliens abroad
15. Internal Revenue Service: Publication 519, U.S. Tax Guide for Aliens
16. Internal Revenue Service: Topic no. 409, Capital gains and losses