New Delhi, April 25 -- Benjamin Franklin's quoted in 1789, "In this world, nothing can be said to be certain, except death and taxes". While he was largely right, especially about death, the same cannot be said entirely for personal income tax. Even today, there are few countries where you legally reside without paying a personal income tax.

Dubai does not levy personal income tax and corporate tax for most businesses and hence considered a tax-friendly destination. Apart from that, you do not need to pay capital gains taxes or withholding taxes on dividends and interests. However, oil companies are subject to a high tax rate of 55%. Also, there are some taxes and fees in place, such as a value-added tax (VAT), excise taxes, and customs ...