The Sultanate ranks fifth among the cheapest tax-free countries for expats to relocate to, according to a ranking published by expat insurance firm William Russell, following Gulf Cooperation Council (GCC) countries.
Oman, Kuwait, Bahrain and the United Arab Emirates (UAE) are listed as the top four cheapest tax-free countries for expats. This is followed by Brunei Darussalam, the Maldives, Qatar, Bahamas, Monaco, the Cayman Islands, Bermuda and Vanuatu.
The insurance firm derived its ranking by looking at US dollar costs of one-way economy flights from London and New York, the cost per square metre to buy an apartment, the cost to rent an apartment, the cost of utilities per month, the monthly average costs for a single person and the average monthly net salary.
The insurance company, in a blog post, goes on to breakdown each of the country’s individual relocation score rankings.
Oman is the most affordable tax-free country to relocate to in 2024, with a relocation score of 7.92. Oman is the cheapest country to purchase or rent an apartment, as it has the lowest monthly living costs. It is also the third cheapest country for monthly utility bills, costing around USD103.
A one-way economy ticket to Muscat will cost expats around USD227 from London and USD492 from New York.
Kuwait, another Gulf country, is the second most affordable tax-free country to move to this year, with a relocation score of 6.49. It is also the second most affordable country for both monthly costs and utility bills.
Bahrain ranks third as the most affordable tax-free country to relocate to in 2024, earning a relocation score of 6.36. Bahrain is the second cheapest country to purchase an apartment in, costing USD173 per square metre, on average. It is also the fifth most affordable country for both monthly living costs and utility bills.
Meanwhile the UAE was the fourth most affordable tax-free country, with monthly costs of around USD959, while the average monthly net salary is around USD3,474.
William Russell said in addition to insurance, expatriates also need to consider various other costs, such as flights, rent, and utility bills.
In fifth place is Brunei, earning a relocation score of 5.58/10. A one-way economy ticket to the country’s capital, Bandar Seri Begawan, will cost expats around USD942 from London and USD1,236 from New York.
The Sultanate is also the second cheapest country to rent an apartment, at around USD492 per month, on average. It is also the second most affordable country for both monthly living costs and utility bills, along with Kuwait.
