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No fed or state taxes ? No capital gains tax ?

Well, there are (last I heard) only two countries that tax based on citizenship rather than location of residence.
The US is one.
So, if you're American, there is [almost] no advantage moving to a low tax jurisdiction. You still have to file US income tax on worldwide income.
(other than, say, Taxes...umm, I mean Texas...I always get those two mixed up)
There are very few Americans living here.

But for the rest of us, yeah, no fed, state, local tax of any kind.
No capital gains tax, no dividend tax.
No property tax. No inheritance tax to close relatives.
But we still get free delivery from the local fresh food market and a gen-u-ine friendly cop on every corner.
From a happiness point of view, there is no tax return. No property tax form.
Other than the letter about the security for the state visit, I haven't had anything in the mail from the government in years.
I think my wife (an art photographer) gets a revenue survey form from the statistics department.

The government budget comes more than anything else from sales tax. Second biggest is a very simple corporate tax.
(corporate tax rate is 1/3 of profits for international businesses, zero for local businesses like restaurants and bakeries)
The casino's profits used to be a big factor, but last I heard it's only 4% of the budget now.
A bigger item is taxes on the real estate market: 1% on leases, and bigger amounts on land transfers and registering mortgages.
There are some reasonably serious payroll taxes, but they're substantially lower than most of Europe, so sort of a "mid Atlantic" level.

Personally, the biggest tax I pay is withholding tax on US equities which pay dividends.
Since there is no US-Monaco tax treaty, the US government withholds, and keeps, 30% of all coupons.
There is no offsetting tax credit here, as there is no tax return in which to claim it.
And some property tax on property I own in other countries.

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