Which countries have no capital gains tax?

No capital gains tax

Jurisdictions with a 0% (or no) capital gains tax on investment assets:

• Singapore — 0%; gains can be taxed as income only if trading is a business.
• Hong Kong — no capital gains tax.
• United Arab Emirates — no capital gains tax.
• New Zealand — no comprehensive capital gains tax (specific rules apply to certain property and trading activity).
• Switzerland — private capital gains are exempt for non-professional investors.
• Cayman Islands, Bermuda, The Bahamas — no capital gains tax.

Where gains are taxed heavily

By contrast, several major economies tax capital gains significantly:

• Ireland — 33%
• Spain and Portugal — 28%
• Germany — 25%
• United Kingdom — 24%
• United States — up to 20% (long-term)

A 0% headline rate does not always mean every disposal is tax-free — anti-avoidance and trading rules can recharacterise frequent dealing as taxable income. Check the specific source and asset rules before relying on an exemption.

Data basis: Government tax authority data via taxesmap.app, as of 2026