This is largely how the Cayman Islands operate. There's no income or capital gains tax, but everything brought to the island for consumption is subject to 20%+

This is largely how the Cayman Islands operate. There's no income or capital gains tax, but everything brought to the island for consumption is subject to 20%+ import duties. Non-citizen professionals working there must pay $10-25k annually for a work permit. It's a very expensive place to live, on par with some of the most expensive cities in the US, but there's no direct tax on wealth. If you're a US citizen, however, you have to pay taxes to the US (beyond roughly the first $100k, anyway).