How to Live in Europe and Pay Almost Zero Taxes

Hey Nomad, do not insult our PM Justin Trudeau. He does not do stupid things once in a while. He does stupid things everyday.

Maybe you could make a video about why it's important for people to pay taxes if they expect to live in a society that offers them services like roads, security, education, healthcare,.... It's OK to make money, lots of money if you can. It's OK to be tax efficient. It's OK to hate paying tax. It's not OK to be a parasite.

Can you make a video on how problematic it is to stay invested in the US ETFs after you renounce?

You mentioned the Canary Islands. Don't they have quite a punitive wealth tax?

Great content, subbed.

Thank you to you and your colleagues for always sharing content like this. I remember a couple of years ago when I used to work 14-hour shifts as a waiter. During that time, I would watch different finance news and videos like this non-stop. They kept me informed and also gave me confidence and hope that making money was actually possible. Now, I am in a better financial position with a 6-figure portfolio and have partnered with various foundations aimed at helping the deaf community. Honestly, videos like these were a major reason I am where I am today.

I hope u have no friends, network, family, and hopefully no one likes u so then u can move anywhere just to avoid tax.

Bulgaria levies a 10% income tax, but the social security taxes are substantial, resulting in a total tax burden of approximately 40% of an individual’s income.

Not working is one way 👍

In Croatia, capital gains are taxed at a rate of 11% plus “prirez” (a local surtax that varies depending on the city). Generally, the total tax rate is around 12%. However, if you hold stocks and sell them after two years (using the FIFO method), the capital gains tax drops to 0%. Companies can reinvest profits and benefit from a 0% tax rate on those reinvested amounts. All you need to do is provide a statement declaring that a specified amount (e.g., XYZ) will be reinvested back into the company. This allows you to avoid paying tax on that portion of the profits. It’s a very useful strategy if you’re aggressive about compounding.

On top of that, we enjoy wonderful nature, good infrastructure, perfect weather, and excellent airport connections. 🔴⚪🔵

In Ukraine you have about 8% of tax as entrepreneur plus almost no burocracy and instant banking

Hi, thank you for very informative video. Could you please make video for investors only. Some people do not run business only live from Dividends and in Europe taxes vary multiple times per country on dividends and income on % you get.

Trust me - you don't want to live or run business in Montenegro. Georgia is a Russian farm club - you don't want to mess with it either.

I just want to point out that in Bulgaria the state mafia will immediately notice you and start extorting various fines and mysterious lawsuits from you. Bulgaria is a quagmire for foreign investments. But you can try.

I started following @nomadcapitalist back in like 2019-2020 when we both were getting our Irish Foreign Birth Certificates. It was such a weird time and obscure form full of people stressed about Brexit and the long wait times to get the irish citizenship.

This guy had ALL the info and basically held that form down while we all slowly got it over the course of a year. We had like little ceremonies and good byes to the people who finally got them. Such a funny memory. Nice to see you're doing well!

What about Scotland?

This will be relevant to me in 5-10 years, good to be prepared.

This guy speaks in a very similar way to Sheldon Cooper from the Big Bang Theory

Doesn't Bulgaria also have a double taxation treaty with the US? So essentially, if you are paying 12-20% in taxes to the US, you would not owe anything to Bulgaria, since Bulgaria has the lower 10% rate? In contrast with a place like Italy, where if you pay 12% to the US, and are in a 28% bracket in Italy, for example, you still have to pay the difference to Italy (16%)

Thanks I am going to commit tax fraud (ingame)

Portugal here, just cried watching this video... For me, the best is Luxembourg all in all.

Forget to mention that in Hungary after u get your net cash you will always pay 27%😢 vat to live. Or as we do, just have fun in Austria ;)

Living in Hungary can say that being entrepreneur is not the best idea, products and some services will cost you more as high dependency on neighboring EUR countries and we depend on import having nothing produced here

Im surprised you mention only lump sum tax in Switzerland but still me took other countries with higher marginal tax rates than some Swiss cantons such as Zug.

By not mentioning Latvia it means there is not enough information out there about Latvian tax system for those who want to save some tax money.

Why didn't you mentioned the 30% ruling of Netherlands? is not worth ? or is a too weak tax discount ? Thanks and Regards.

The difference between the European Union, the USA, and other Western countries is that the European Union has multiple options. The European Union is made up of over 25 different countries. The Balkin countries and other European countries that have just joined the European Union or haven't been members of the European Union will have a more favorable tax system. I believe the best European Union countries are the ones most overlooked, and most people may have never heard of them. I just remembered one of No Mad Capitalist's videos not too long ago when he mentioned Adorra. I have never heard of Adorra before.

The Malta system looks like the best?

Bulgaria WAS cheap country to live. The expected introduction of the Euro currency rushed the prices and consequently the salaries up to EU levels. It is still relatively cheap to eat outside but like 20-30% cheaper than Helsinki for example.

On terms of income taxes. Some areas of Italy is 0 or 7 like Molise

Nice video, thanks. But please some more text or number during the speaking. Appreciate

Macedonia is In Greece, its ALWAYS been that way. History says so.... not just some political mickymouse brainwashed jokers. They speak bulgarian dialect and all balkan countries can roughly understand eachother since they are all slavs. Period.

So you like Autobahn, free University and cheap good healthcare, but leave the locals to pay for it instead of yourself? Great.

You take nothing to the grave

Romania has 3% tax until 350k euro/year

Bulgaria, Ireland, Hungary, Macedonia, Jersey, Estonia, Guernsey, San Marino, Liberland, Andorra, Luxembourg, Canary Islands low tax countries

Welcome to Lithuania where you pay 40% tax (income + social security). Want to pay even more? We'll take 52% over 100k!

Makedonia is the best for taxes

As a European, I find it slightly funny. Most of the places recommended are some of the worst places to live in Europe. Generally speaking, financially the best life is in Scandinavia, Germany, France. That is also the countries with some of the highest taxes. Another thing is, Bulgaria, Balkans and others have also a higher rate of crime and are generally poorer. Why would anyone want to be rich in an otherwise poor country with higher crime rates. I just find it more uncomfortable.
And last but not least. Are many people actually moving somewhere because of taxes? And if so, why? (Genuinely curious)

I live in Poland is there taxes good?

There is another way...

What about Montenegro?

Europe has way too many medieval era taxes that slow down innovation. I'd be curious what people think about a very random transaction tax 5% on top of VAT on any bank accounts transactions and debit card purchases. Apparently that transaction tax might be against some EU regulations. Does it make countries like Hungary and Slovakia (who pursued this nonsense in their legislation) go back to medieval times? Why would any young people want to stay there (even though these are low tax economies)?

Kosovo has

- 10% tax
- No-limit dvidident
- Zero percent export tax

Moldova gets you flat 7% tax if you're working in tech and open a company in the virtual IT park which is super simple

Georgia, if you get IE status (Individual Entrepreneur), and you don't earn over $200kUSD a year, you can get 1% tax rate.

Hungary: I hear all the time that the corporate tax is the lowest in Europe but that's about it.

I've already asked a bunch of accountants for a full break down but can't really get it.

Being a freelancer though, it's highly taxed. There are multiple schemes, such as "flat rate" if you can stay under a certain level of income. That level is quite low. (I mean, it's relative, but if you watch this channel, it's probably because you are trying to save more than 100$ a month) In the end, you end up with 30 - 40% out. The government does not like people who work remote. It's 2024 and laws are still as if Internet didn't exist. They "allow" you to make more money as a hairdresser than as an IT guy. (different tax brakets)

Strangely you haven't mentioned isle of man :)