It's only until December 31, 2028, and it only concerns CIT. The most important things are withholding tax on dividends, income tax rate and social contribution rates.
Most tax efficient residence in EU: Bulgaria, Romania, Cyprus?
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It's only until December 31, 2028, and it only concerns CIT. The most important things are withholding tax on dividends, income tax rate and social contribution rates.
100% agree. I often read tips which state ONE single aspect. But it matters all.
Thats why Bulgaria / Cyprus are interesting for many people as its quite straightforward.
Yes, I think its somewhere around 13.000€ per month where salary gets more attractive than paying out dividends.
Good morning Dandyline,
Seems you are well informed in terms of tax residency. I want to found a company. Can you give me some advice?
I am from Germany.
Have a good day.
Last edited: Apr 2, 2024
Seems you are well informed in terms of tax residency. I want to found a company. Can you give me some advice?
I am from Germany.
Have a good day.
Next try for reply.
Last edited: Apr 2, 2024
At a monthly salary of 13.000€ it should be around 14,6% total expenses. With rising salary it will get closer to 10,x % because social contributions are capped. For example at 30.000€ monthly you will be around 12% total.
@Dandyline If you allow me to ask: Do you have (permanent) residency in Bulgaria / running a company in Bulgaria? Or did you choose another location?
It certainly is. If you are a high earner and want to stay within EU, Bulgaria is a smart choice. And now since it's joined Schengen it is even more attractive.
Yes, correct. 9 out of 10 times I fly when I travel abroad (saves time and it's cheaper) so it's Schengen for me since 31 March 🙂
Don't you almost have to be a local to be able to live there peacefully?
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I think so. Same for countries like Bulgaria. And Hungary. Also for non tourist cities in Asia. Less expats. Less English. Some places it's better during high season. But it depends on your lifestyle. A peaceful life is for everyone different. I don't speak Thai and I don't want a Thai wife. For me it's a choice and doesn't mean that I doesn't like my life here. And is doesn't also mean that you never have to met with locals but don't have to integrate. In most countries they are already happy that you come bring money.
And as Schopenhauer said “A man can be himself only so long as he is alone; and if he does not love solitude, he will not love freedom; for it is only when he is alone that he is really free. Constraint is always present in society, like a companion of whom there is no riddance; and in proportion to the greatness of a man's individuality, it will be hard for him to bear the sacrifices which all intercourse with others demands”
Hard to blame him.
Last edited: Apr 16, 2024
How did you obtain the residence card? Did you actually rent/own property there or is there a service provider which could help with this?
Actually Slovakia is on my watch list. I've spent about 6 months there in the past 18 months and its pretty good. Low population, great roads, low cost of living, pretty landscape. More english spoken than Bulgaria (or France where I have residency, for that matter). The low dividend rate is certainly enticing and their desire to attracting foreign workers and investors is a new development. Its more central location in Europe makes is more travel friendly than the Balkans,
I believe that Slovakia also has some gems where one can live, but I must agree with the above, it is not a place I would immediately take my family to live. I would find other places and live with a higher tax.
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Actually I think its an ideal family destination. Unless the idea of bears walking down the street every so often freaks you out.
Its a small population, uncongested roads, lots of nature parks (incl Europes larges volcano), more castles per head of population than anywere in the world, good and cheap food & wine (somehow Tescos Slovakia is like half the price of Tesco UK), super family orientated population (highly christian) and very polite. (After 3 mnths renting a house at €450 a month we ended up with 5 farewell parties including people that didn't have a word of english to speak)
There's more english spoken than here in France.
I like the place and its easy to make friends.
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