Six places checked against their own law or tax authority charge a resident individual 0% on gains from private investments in 2026: the UAE, Monaco, Singapore, Hong Kong, Switzerland and Malaysia. Each attaches a condition, usually that the gain comes from investing rather than trading, and two of the six tax gains on property.
Which countries have no capital gains tax?
Six jurisdictions tax a resident individual's private investment gains at 0%, each on its own legal basis, checked at source on 6 November 2026.
- 🇦🇪 UAE · no tax on an individual's personal investment or real estate investment income · the activity must not need a licence · Cabinet Decision No. 49 of 2023
- 🇲🇨 Monaco · no income tax for residents · French nationals excluded under the 1963 convention · the person must be established in Monaco in fact
- 🇸🇬 Singapore · gains on property, shares, financial instruments and digital tokens generally not taxable · gains from trading in properties may be taxable
- 🇭🇰 Hong Kong · profits from the sale of capital assets excluded from profits tax · a profit-making scheme is taxed as a business
- 🇨🇭 Switzerland · gains on private movable assets exempt at federal and cantonal level · cantonal real estate gains tax on property
- 🇲🇾 Malaysia · 2024 capital gains tax applies to companies, LLPs, trust bodies and co-operatives · Real Property Gains Tax of 0% to 30% on property
The UAE and Monaco levy no personal income tax at all; the other four tax income and carve gains out. The wider list is on our page of countries with no income tax.
Where does investing end and trading begin?
Singapore, Hong Kong and Switzerland exempt investment gains and tax a gain that looks like a business. IRAS decides whether a seller is trading in properties on four criteria: frequency of transactions, reasons for buying and selling, financial means to hold for the long term, and holding period.
Hong Kong's Inland Revenue Department excludes profits from the sale of capital assets from profits tax, and treats a property sale within a profit-making scheme as a business, taxed at 7.5% on the first HK$2,000,000 and 15% above for unincorporated businesses.
Article 18(2) of the Swiss federal act counts every gain on business assets as self-employment income, so the exemption stops where the asset serves a business. Our Singapore guide carries the rates on the income that stays taxable.
Does the UAE tax capital gains for individuals?
No: Article 2 of Cabinet Decision No. 49 of 2023 keeps an individual's wages, personal investment income and real estate investment income outside corporate tax "regardless of the amount of Turnover", with no registration.
The decision defines personal investment as activity for a person's own account that needs no licence from a licensing authority. Licensed business turnover above AED 1,000,000 in a calendar year brings that business within corporate tax.
Which of the six tax property gains?
Switzerland and Malaysia both tax gains on property held privately. Article 12(1) of the Swiss harmonisation act charges the cantonal real estate gains tax where sale proceeds exceed acquisition cost plus outlays, at each canton's rate.
Malaysia's Real Property Gains Tax for a citizen selling from 1 January 2022 is 30% within 3 years, 20% in the 4th year, 15% in the 5th and 0% from the 6th. A seller who is neither citizen nor permanent resident pays 30% within 5 years and 10% after.
The 2024 capital gains tax names companies, LLPs, trust bodies and co-operative societies as chargeable persons (HASiL guideline, 21 July 2025). A company pays 10% on unlisted shares acquired from 1 January 2024.
An illustration, on the published rates: a foreign resident of Kuala Lumpur sells a flat for a gain of RM400,000.
- Sold in the 4th year · 30% of RM400,000 · RM120,000 of tax
- Sold in the 6th year · 10% of RM400,000 · RM40,000 of tax
- Same gain, Malaysian citizen, 6th year · 0% · nil
Heed's reading: in all six places the 0% rate depends on who holds the asset and how, so a company holding, a licensed activity or a pattern of frequent sales can bring the same gain back into tax.
Who still pays tax on gains after moving?
Three groups keep a tax bill after moving. French nationals in Monaco are the first: the Government's page, updated 27 August 2026, exempts residents "with the exception of French nationals" and adds that this "does not affect rules applied by other States".
US citizens are the second: the IRS taxes them on worldwide income wherever they live, so a gain realised in Singapore or Dubai stays on the US return.
The third is anyone leaving a country with an exit charge or a rule for short absences. Several European countries charge on departure, covered in our note on exit taxes in five European countries, and the UK rules for a return after a short absence are in our note on the UK exit tax. Our capital gains tax page tracks how these rules interact.
Heed monitors international tax law changes across every jurisdiction we track and sends personalised alerts before they affect your situation.