Where would you live? UK Passport & €500K Income....

[FixieHartmann]

Been silently watching this thread but refrained from commenting until now.

My preference would be with Malta in terms of what has been suggested.

As a wild card ff you got 100k euro to burn in a flat tax non-dom system then both Greece and Italy offer known non-dom programs but language maybe issue. Both countries are tax hell holes and programs can be cancelled at any time so keep that in mind . Plus the EU clamp down on Golden Visa may hinder one route to Greek program so I would look at Malta again and maybe Northe Malta if you want peace.

https://gr.andersen.com/news-for-greece/greek-non-dom-tax-regime/
https://www.withersworldwide.com/en-gb/insight/italian-non-dom-regime-ready-to-go

You think Malta would fit better than the Bahamas (Paradise Island) or Lyford Cay? I spent some time in Malta and in the Bahamas and I see pros and cons for both I think. Beaches and weather are of course a lots nicer in the Bahamas but I found Nassau in general quite depressive.

The gated communities are beautiful inside but as soon as you venture outside it feels really 3rd world like. I visited the immigration office to extend my visa in Nassau and it could have been a 3rd world African country.

Something about the vibe on Paradise Island also felt off to me. The Exumas are indeed the beach paradise I've always dreamed about but Nassau, I don't know.

 

[JohnnyDoe]

You think Malta would fit better than the Bahamas (Paradise Island) or Lyford Cay?

Malta=EU. All said.

 

[Martin Everson]

You think Malta would fit better than the Bahamas (Paradise Island) or Lyford Cay? I

Yup.

The gated communities are beautiful inside but as soon as you venture outside it feels really 3rd world like.

Because it is a third world country.

I visited the immigration office to extend my visa in Nassau and it could have been a 3rd world African country.

Again it is a third world country

The Exumas are indeed the beach paradise I've always dreamed about but Nassau, I don't know.

Yup Bahamas is 2000 islands and islets and lifestyle can vary but does not compare to living in west as its still a third world country.

P.S Back to OP topic please.

 

[FixieHartmann]

Malta=EU. All said.

As in “It is EU, therefore great” or “Get out of the EU while you can”?

 

[JohnnyDoe]

As in “It is EU, therefore great” or “Get out of the EU while you can”?

The latter, with all the added disadvantages of being an island.

 

[Sols]

Any thoughts on Italy?

For some reason, it hasn't been the success they hoped for. That's all I know really.

Based on the above you can now probably see why we applied for the D7 Portugal visa, it's by no means perfect and I think Portuguese bureaucracy is going to be testing but it does seem like one of the better deals.

What is also becoming increasingly clear and I think is massively overlooked with NHR is how hard it is to set up a structure with real substance to take advantage of the scheme. Sure, Dubai, Cyprus, Malta and maybe even a US LLC might work but substance seems to be the No1 caveat in all this. A few tax experts in Portugal have 'hinted' the Portuguese government have overlooked the substance / CFC rules as they know how valuable NHR is to the country. But how long will that last...

That is exactly the case. The Portuguese system was designed for passive income. So far, the Portuguese haven't exactly exerted a lot of effort hunting down foreigners who use the NHR program with active income. Things can change. It's a risk you'd have to be comfortable taking.

 

[JohnnyDoe]

For some reason, it hasn't been the success they hoped for. That's all I know really.

They didn’t hope for anything. It was a measure introduced by Renzi when he was the PM, never promoted anywhere and passed almost unnoticed. They could have brought to Italy thousands of wealthy persons, if they advertised it properly.

 

[Mr Gus]

Too complicated and uncertain.

How is it too complicated?

 

[JohnnyDoe]

How is it too complicated?

You would have to declare all your income, which is a nightmare in Italy.

 

[Mr Gus]

You would have to declare all your income, which is a nightmare in Italy.

But he would have to do that in the UK as well..

I assume you are Italian because of your profile picture, but don't you think you are a little biased? I understand Italy is a bureaucratic hell hole but that goes for almost any country in the world.

 

[JohnnyDoe]

But he would have to do that in the UK as well..

I assume you are Italian because of your profile picture, but don't you think you are a little biased? I understand Italy is a bureaucratic hell hole but that goes for almost any country in the world.

You can’t explain it in words, you have to experience yourself. Suffice to say that even if I don’t live in Italy I have been forced to pay the €100k flat tax because it is less expensive than arguing with the tax authorities… I could litigate and win in some 10 years, but I would probably spend at least €1m in legal fees and waste countless hours in the process.

 

[04372]

But he would have to do that in the UK as well..

I assume you are Italian because of your profile picture, but don't you think you are a little biased? I understand Italy is a bureaucratic hell hole but that goes for almost any country in the world.

While dealing with HMRC is not a walk in the park, it's nowhere comparable to dealing with the Italian / Spanish IRS.
From personal experience, HMRC is way more straightforward.

 

[void]

London compatible timezone and good climate are pretty harsh requirements

from decent places to live with great weather all year round you have Canaries, Mauritius, Seychelles, Reunion, Mayotte, Namibia/Botswana perhaps, Cape Verde maybe

not commenting other stuff like tax implications, cost of life, etc. - since not much is left then sadly

 

[JimBeam]

Malta or Cyprus would be a good fit: both ex British colonies, both drive on the left side, both use English.
On the Malta side, it's kind of too small for me personally so I couldn't live there for extended period of time, but you should def. go and spend some time there...
It's beautiful and calm place to live, no rush... but there are other issues (trash on the streets, no greenery/nature, expensive housing and cars, poor food quality etc)

I would stay away from Italy!
You can go there for vacations and enjoy it - and that's it!

 

[GPT]

...however I have also been told it's way to hot in the summer and cold and damp in the winter with many properties not being built for the winter months.

If this is a consideration... Then also don't consider Cyprus. Similar problems. Also with new build houses. They just cant seem to get that right.

 

[chren]

I don't know much about tax for non-residents in Greece or other countries, but been living here a while and I have seen many foreigners enjoying their time here.

I think Athens is not a bad place because it is sunny all year-round, it has easy access to the airport, and some really nice suburbs away from the center (check out Glyfada and Marousi), plus, it is easy to take a boat/ plane to all the beautiful Agean islands. I know there are good private schools, I know people who work there. Plus, Greek people generally speak good English compared to Italy for example. A plus for me is that you have easy access to mountainous areas as well (eg. Karavrita) not too far from the city, without having to live in a rainy place that is.

I have been to Malta and I personally did not like it at all. No sandy beaches, much hotter than Greece with high humidity (I was there in September) and very overcrowded for my standards, with few green spaces and a lot of trash.

Italy is massive so I don't have a strong opinion on it. The language is easy to learn. North vs. South is probably going to be a huge difference.

I haven't been to Cyprus but from what I've heard (from Greek people) it is not as pretty.

At the end of the day I suppose you should decide on whatever place feels right to you. Feel free to drop a line if you are interested in more info about GR.

 

[name]

So far, the Portuguese haven't exactly exerted a lot of effort hunting down foreigners who use the NHR program with active income. Things can change. It's a risk you'd have to be comfortable taking.

If you're making €500K per year like OP, you gotta be crazy to take that risk, no?

 

[boomy]

I haven't been to Cyprus but from what I've heard (from Greek people) it is not as pretty.

depends on where you are in Cyprus, larnaca and nicosia are both beautiful places.

 

[JohnnyDoe]

depends on where you are in Cyprus, larnaca and nicosia are both beautiful places.

Dry, overcrowded and expensive. Just check the real estate market. And the Greek language doesn’t help.

 

[heliotrope]

Otherwise I would have suggested Bermuda (-3 GMT), Bahamas (-4 GMT) or Italy (no English). The 3 options are about equal in terms of taxes: what you save in Bermuda/Bahamas with zero taxes you spend in import duties and living expenses. In Italy, you only pay a €100k flat tax.

Be very paranoid about any solution involving Italy. They're great at luring the credulous in with compelling tax breaks. Then they find a small piece of fine print which says it only works for EU citizens or [insert other restriction here]. And as any Italian will tell you, you don't win against the Italian tax office.