Muscat – A study has revealed that Oman is the most affordable tax-free country to move to in 2024.

William Russell, provider of international health, life and income protection insurance with presence in over 160 countries, has ranked popular tax-free destinations based on relocation cost factors such as flights, rent, utility bills and average monthly net salary to reveal the world’s most affordable tax-free countries to relocate to this year.

In its ‘Tax-Free Relocation Report: Which tax-free countries are the cheapest for expats to move to?’, Oman finds the number one spot, becoming the most affordable tax-free country to relocate to in 2024, with a relocation score of 7.92/10.

Oman is the cheapest country to purchase or rent an apartment and has the lowest monthly living costs. It is also the third cheapest country for monthly utility bills, costing around US$103, the report stated.

A one-way economy ticket to Muscat will cost expats around US$227 from London and US$492 from New York.

Kuwait is the second most affordable tax-free country to move to this year, with a relocation score of 6.49/10. Single economy flights to the country range from US$159 to US$660 and Kuwait is also the second most affordable country for both monthly costs and utility bills.

Bahrain ranks third most affordable tax-free country to relocate to in 2024, earning a relocation score of 6.36/10. Bahrain is the second cheapest country to purchase an apartment in, costing US$173/sqm on average. It is also the fifth most affordable country for both monthly costs and utility bills.

Popular relocation spot – the United Arab Emirates – ranked the fourth most affordable tax-free country (relocation score 5.84/10), with monthly costs of around US$959, while the average monthly net salary in the UAE is around US$3,474.

In fifth place is Brunei, earning a relocation score of 5.58/10. It is the second cheapest country to rent an apartment, costing around US$492/month on average. It is also the second most affordable country for both monthly costs and utility bills, joint with Kuwait. The average monthly net salary in Brunei is US$1,715.

Brunei is followed by Maldives, Qatar, Bahamas, Monaco, Cayman Islands, Bermuda and Vanuatu making the top 12.