Best Countries for Tax 2024 – Small Biz / Freelancer / Remote Work
The world of international taxation is always changing. Remember that amazing tax scheme you read about 3 years ago? It’s gone by now. You gave up on moving to that country because their immigration procedures were too complicated? They just announced a new visa.
All of us moving countries require the newest, freshest information to make informed decisions. In 2023 we are (most likely) saying goodbye to Portugal’s NHR scheme, but also welcoming a new digital nomad visa option in South Korea. What will 2024 bring? Below we bring to you our list of 5 best countries to set up your new tax residency in 2024, with a particular focus on those catering to small businesses, freelancers and remote workers.
1. Georgia
No, not the state. The country of Georgia offers one of the best deals for people who are looking to go a bit off the beaten track and move to a new place. If you’re a citizen of one of the list of more than 90 countries, you can enter Georgia for one year visa-free. After 183 days, you will qualify as a tax resident for overall friendly taxes – 20% on your income. However, what’s even better is that you can register for the Individual Entrepreneur status, which means that up to around 170,000 EUR (500,000 GEL) of your business revenue will only be taxed at 1% – and, you can use that to register for a long-term Georgian residency if you choose to! A consideration for some is that Georgia is not part of the European Union – but may become one in the future. Also, it’s beautiful there.
2. Malta
For a true Mediterranean lifestyle where even the taxes don’t stress you out, Malta is your go to. The deal is very simple – 5,000 EUR flat tax if you’re an EU citizen, 15,000 EUR flat tax if you’re not, and nothing on your foreign income as long as it’s not held in Maltese bank accounts. You do have to rent a property, and have a gross yearly income of 32,400 EUR if you’re not an EU citizen and need to apply for the Nomad Residence permit. However, you get both an EU and Schengen residency, granting you hassle-free movement across Europe. And, of course, the beaches and the fascinating history.
3. UAE
Places like Abu Dhabi and Dubai have traditionally been associated only with those who can afford lofty incorporation fees, but the United Arab Emirates have become much friendlier in recent years to people from other walks of life. If you’re working remotely or run your own business and make at least 3,500 USD monthly, you can apply for a Remote Work visa. This will give you one year of UAE residency and 0% taxes, and can be renewed upon re-application.
4. Hungary
If you don’t mind paying some taxes, want to live in an interesting place with a European quality of living, and want to keep your costs low, you should consider Hungary, and particularly Budapest, as a place where you can meet many like-minded international individuals. Hungary imposes 15% tax on personal income, and 9% tax on corporate income, making it a much friendlier jurisdiction than many western and northern European countries. It also offers a straightforward immigration procedure for those who need it, in the shape of the White Card – so a digital nomad visa. To qualify, you must be working for a non-Hungarian entity and earn a minimum of 2,000 EUR monthly. In return, you get EU access, amazing thermal pools to relax and as much goulash as you desire.
5. Cyprus
There’s few things as delicious as eastern Mediterranean food. And few places more tax-friendly in the Eastern Mediterranean than Cyprus. And luckily enough, taking up residency in Cyprus is straightforward too. To start with, 19,500 EUR of your annual personal income is not taxed at all (the top rate is 35%, starting at 60,000 EUR). The corporate tax is 12.5%, and establishing a Cypriot company is one of the ways non-EU individuals can obtain a Cypriot residency – the other being proving a monthly income of 3,000 EUR. The downside is that Cyprus does not belong to the Schengen area, but, to qualify as a tax resident, you only need to spend 60 days on the island in a year – hardly a sacrifice!
6. Panama
If Central America is more your vibe, then Panama is the most straightforward option with the highest standard of living. For a total of 18 months (9 + 9) on short stay visa for remote workers, you can become a resident of this beautiful place, enjoy the beaches, the city skyline and absolutely no taxes on your foreign income.
7. Croatia
We’re ending this list with Croatia – yes, another EU choice, who knew there’s so many good tax opportunities in Europe! We couldn’t leave this one out, as it uniquely offers a better deal for non-EU citizens. What is commonly called the Croatian Digital Nomad visa is actually a one year residence permit for remote workers, which while granting you all the necessary docs to de-register from your previous tax residency, does not make you liable for Croatian taxes – and effectively means 0% taxes in Europe. For this one, you need approximately 2,400 EUR monthly income and can enjoy the truly magical nature and culture of Croatia in return, together with easy access to the rest of the Schengen zone.
Conclusions
Of course, it is easy to get lost in the world of the immigration procedures – application forms, fees, required documents, conflicting documents, and often, officials who don’t seem to know what they want. We at Untaxed are here for you to help you navigate your next steps – we will be happy to assist you should you choose any of the abovementioned options or are still looking for your own personal perfect fit. Don’t hesitate to get in touch and book a consultation!
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