More people, especially those from nations with gloomy weather, are looking for the ideal location that combines financial prosperity and fantastic sunny weather as the world continues to move towards globalisation.
There are various nations that offer the best opportunity for people to save money while also enjoying sunny days, from the Mediterranean coasts to Eastern Europe.
For those who are looking for a better future, here is a list of sunny tax havens.
Cyprus
This island is the ideal location to have a wonderful time and save money. Every third individual who relocated to Cyprus did so for the weather and taxes. Not to mention the divine beauty this coastal country has to offer.
The national tax rates begin to apply for any income over €19,500 at a rate of 20%, and are charged at a rate of 25% for all income over €28,001, according to HSBC Expat. For values between €36,301 and €60,000, this amount rises to 30%.
Bulgaria
The tax rate for Bulgarians is 10%, regardless of their income or whether they reside and work in Bulgaria or elsewhere. Self-employment earnings are subject to the same fees, however non-resident are only subject to tax on their Bulgarian-sourced income.
The people are really friendly, and the country offers excellent weather and fantastic beaches. An actual sanctuary for those looking to accumulate money and have anxious life.
Romania
Similar to Bulgaria, Romania, a bordering country, is a great place to spend sunny days and take care of your income because the tax rates are much lower than in other European countries.
While corporate income tax rates might reach 16%, the personal income tax rate is typically about 10%. Additionally, the standard rate of value-added tax is around 19%, and the reduced rates are around 5%.
Malta
The greatest time of year to visit this Mediterranean island is during the summer, in particular. However, Malta’s beauty is not just due to its climate; it also stems from its favourable tax rates, which are remarkably reasonable.
Tax rates range from 15% for sums up to €10,500 in chargeable income per year to 25% for amounts between €15,800 and €60,000.
Andorra
The small country shares Spain’s excellent weather, but its tax rates are not the same. There is no sales tax, however there is a 4.5 percent VAT that both residents and businesses must pay.
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