On the Patrician.ch 2026 model, 12 of the 100 addresses on the board take nothing from a $1M salary: Monaco, Dubai, Abu Dhabi, Punta del Este, Panama City, Virgin Gorda, Anguilla, Christophe Harbour, Providenciales, Nassau, George Town and St John's. Everywhere else the bill starts somewhere and climbs.
The club is less uniform than its membership card suggests. Most of its members simply have no personal income tax. A few reach zero because of where the money comes from.
No income tax at all
10 of them levy no personal income tax of any kind: Monaco, Dubai, Abu Dhabi, Virgin Gorda, Anguilla, Christophe Harbour, Providenciales, Nassau, George Town and St John's. Monaco puts it most plainly. No personal income tax since 1869, and no capital gains, wealth, or annual property tax. One exception decides the answer for a French passport: under Article 7-1 of the 1963 Franco-Monegasque convention, French nationals who cannot show 5 years of habitual residence in Monaco as of 13.10.1962 remain taxable in France on worldwide income.
The Caribbean members say the same thing in fewer words. Anguilla: No income tax, no capital gains tax, no wealth tax, no inheritance tax and no corporate tax. A British Overseas Territory with no direct taxation at all. Christophe Harbour: No income tax, no capital gains tax, no wealth tax, no inheritance tax. The oldest citizenship by investment program in the world, running since 1984.
Zero by geography
The other 2 are territorial. They tax what is earned inside the country and leave what is earned abroad alone, so the model, which treats the salary as earned outside, finds nothing to tax. Panama City: Territorial tax: foreign source income is not taxed at all. Local income runs to 25%.
Punta del Este sets conditions on the same idea. Territorial tax: foreign income is not taxed for 11 years by election, the year of arrival and the 10 after it, for an arrival not resident in the 2 years before who spends more than 183 days a year in Uruguay or invests more than UI 12.5 million in real estate or UI 625,000 a year in qualifying funds. After that, foreign dividends and interest pay 12%, and since Law 20.446 so do foreign capital gains. The rate is halved for 5 more years for a resident who puts UI 625,000 a year into qualifying funds or holds more than UI 6.25 million in real estate, and a fixed yearly tax of UI 1,875,000 can be chosen instead, year by year, for up to 20 years. The flat 7% alternative closed to new elections on 31.12.2025. Local income is taxed at up to 36%.
Where the bill lands
Effective income tax on $1M a year, non-US single filer, %
Note: Indicative 2026 headline brackets for a single filer. Territorial systems are modeled on income earned outside the country.
Source: Patrician.ch 2026 tax model, built on official tax authority rates
What zero leaves out
Income tax is 1 line of a move. The model counts it and nothing else: rent, school fees, a residence permit and the charge some countries levy on the way out are all separate, and each has its own page, from the exit tax pages to every city page.
Over 10 years a $1M salary keeps $10M in any of the 12. In London it keeps $5.7M, and in New York $5.7M.
Figures come from the Patrician.ch 2026 model: indicative headline brackets for a non-US single filer, current to October 2026. Research, not tax, legal or immigration advice.