Long known as a destination for duty-free shopping, Andorra is an idyllic mountainous country that also happens to offer residence permits to investors and business owners.įortunately, Andorra has positioned itself to attract those of more average means than other low-tax countries like Monaco.Īndorra is perfect for those with capital gains or generational wealth it has no wealth tax, no gift tax, no inheritance tax, and the only capital gains tax is assessed on most sales of Andorra real estate. Pressure from the European Union caused Andorra to implement its first-ever income tax in 2015, but Andorra still remains a low tax haven conveniently nestled between high-tax Spain and France.
Andorra This medieval village nestled into the mountainside shows the beauty of the Andorran countryside. While some other countries like France will always be off-limits to those seeking excellent tax planning, I’ve made a list of nearly a dozen European countries with favorable tax rates to lessen your tax burden. The good news is that you don’t have to move to the Bahamas or Dubai to enjoy low tax countries rates so long as you’re able to invest some of your money in Europe. They want a (nearly) full-time home AND the benefits of minimal taxation. For many successful people, dragging a suitcase around the world just isn’t their thing. However, as I increasingly work with seven- and eight-figure business owners, one recurring theme I hear is the desire for a home. So long as you don’t establish tax ties in any one country, your only concern is making sure you aren’t on the hook for taxes in your home country. Sure, it’s possible to spend three months in the summer living in Europe, then spend another few months further south in a country like Serbia. I’m not talking about living like a digital nomad. Here’s the deal: while living in Europe and living in one of the countries with the lowest taxes is a rare feat, it is possible for almost anyone to live in Europe full-time and pay low taxes on their income… even if they’re not a millionaire. However, Europe’s stereotypically high tax rates have turned many successful entrepreneurs and investors away from the idea in search of zero-tax countries in the Caribbean, Middle East, or the Pacific Ocean.
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