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High Net-Worth Expats seeking tax-friendly European countries have several options that provide favorable tax environments.
Portugal has gained popularity among expats due to its Non-Habitual Resident (NHR) program. This program allows qualifying individuals to benefit from a 10-year tax exemption on certain foreign income. Additionally, Portugal offers a flat 20% tax rate for high-value-added activities through its “Golden Visa” program.
Ireland is known for its favorable corporate tax environment, with a low corporate tax rate of 12.5%. For high-net-worth individuals, Ireland’s Special Assignee Relief Programme (SARP) offers attractive tax benefits for qualifying employees assigned to work in Ireland.
Monaco is renowned for its tax advantages, as it imposes no income tax on individuals. There are no capital gains or wealth taxes either, making it an appealing destination for high-net-worth individuals. However, keep in mind that residency requirements and living costs in Monaco can be high.
Switzerland offers a favorable tax system, with various cantons offering competitive tax rates. Certain cantons, such as Zug and Schwyz, are particularly known for their low corporate and personal income tax rates. Switzerland’s political stability, excellent infrastructure, and high quality of life add to its appeal.
Cyprus provides an appealing tax regime, including a low corporate tax rate of 12.5% and tax exemptions on certain types of income. The country also offers citizenship and residency programs that provide additional tax advantages for high-net-worth individuals.
It’s crucial to note that while these countries offer tax benefits for high-net-worth expats, each has its own specific requirements and regulations. Consulting with tax advisors and professionals who specialize in international taxation is essential to ensure compliance and optimize tax planning strategies based on your individual circumstances.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations, or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, it is subject to change, and we are not responsible for any errors or omissions.
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