The Golden Years: European Style
Aug 25th 2007, 3:12 pm
#1
Guest
Posts: n/a
The Golden Years: European Style
One irony is that many countries have no problems granting the immigrating
rich visas. The US is not so welcoming in this way.
The problem in living in a "strange" country is one of cultural
adaptability.
*****
The Golden Years: European Style
Forbes.com
By Stephane Fitch
The phrase "tax haven" usually conjures up rum-soaked images of palm trees
and marlin fishing. But what if you hate hot weather and sand in your
shorts?
Suppose, instead, you long for the smoldering charm of cafe life,
cobblestone streets and high-speed trains: Europe. You may be surprised at
what tax havens you can find in the Old World.
To be sure, Europe can be a hornets' nest of outrageous taxes and high
overhead. There's no arguing with the high cost of living in London, for
example. The British pound costs $2, up from $1.75 just a year ago. So two
round-trip bus tickets cost $8 and two movie tickets $36. A reasonably nice
two-bedroom "flat," even in a second-tier neighborhood, will run you $4,300
a month or more. (Count on spending twice that if you want to live in a
luxury apartment in a premier neighborhood like Mayfair or Kensington.) And
worst of all, if you import income of $200,000 to the U.K., taxes may eat up
$90,000 of it. The high taxes and pricey cost of living are a killer
combination.
The good news: In many other spots around Europe, the environment is far
more welcoming. We've compiled a list of 12 European locations that really
are havens of low taxes and reasonable prices. Even the U.K. has its
advantages if you know how to play it.
Think about Vienna, Austria. Christiane Delessert, whose Boston financial
advisory firm helps wealthy clients deal with cross-border tax issues, has.
Delessert says Austria gives foreign retirees a tax status that's near zero.
And the cost of living is pretty low.
According to Global Property Guide, a real estate data firm that supplies
information about rents to property investors through its Web site, a luxury
1,200-square-foot apartment in Vienna's premier neighborhood can rent for
about $1,800 a month. That's less than the rent in many prime big-city
neighborhoods in the U.S.
The fine print: Austria reserves this low-tax deal for non-citizens only.
So if you decide to retire here, establish citizenship in the Bahamas or
another country that doesn't tax worldwide income. (More on this later). And
to get the most favorable tax treatment for income you import to Austria,
it's best to live there less than six months a year.
Switzerland, of course, is celebrated as a tax haven. Tax-weary Europhiles
frequently study a move to this Alpine nation, but it's not entirely
tax-free. The Swiss federal tax burden is a manageable 11.5%, regardless of
income, and there's no federal tax on capital gains on investments.
The problem with Switzerland is that it doesn't stop with the federal
taxes, warns London tax firm Chiltern. There are additional charges over and
above that federal tax. You have to negotiate a second income tax with
officials from your local Swiss canton. (A canton is a bit like county or
state in the U.S.) Chiltern's pros say in addition to taxing your income,
the canton and municipality can tax your property and your net wealth. You
may very well be able to negotiate a rate close to zero. But maybe not. Sort
it all out before you arrive.
If you succeed at negotiating a nice low tax rate, you'll be happy to hear
that despite Switzerland's reputation for being expensive, it's a lot
cheaper than London. Global Property reports that $2,500 a month should get
you a luxury 1,200-square-foot apartment in downtown Geneva. That's similar
to rent in big cities in the U.S.
OK, but how about a really, truly low-tax Euro-haven: Andorra. Haven't
heard of it? It's a 468-square-mile niblet of a country carved into a
mountainous section of the Spanish-French border. It's a bummer place to
work if you're not a shepherd. But it's a great place to retire to. There is
no income tax here. The retirees who've poured in have become Andorra's main
industry. Chiltern notes that there are some "modest annual registration
fees, municipal rates and property transaction taxes, [but] there are no
special regimes for 'offshore' entities or trusts."
Italy offers a couple of intriguing possibilities, says Delessert. First,
no matter where you live in Italy, there's a low 12.5% tax rate on
investment income. And there's no inheritance tax on dough you pass along to
your heirs. Second, if you care to live in Campione d'Italia, on Lake
Lugano, there's no personal income tax and no municipal tax.
Switzerland, Austria, Italy, Spain ... beautiful places, but maybe learning
a new language isn't your thing. Back to the United Kingdom. The Queen
offers a tax loophole that the U.S. doesn't, and it may make living under
the tyranny of the British pound less painful. Under U.K. tax rules, you pay
income taxes only on cash that you "remit" to Britain.
So suppose your assets are all in the Cayman Islands, churning out $500,000
a year in income. And suppose you can live on just $200,000 for most of the
year in London (the city's museums will let you peruse their collections for
free mid-week). The $300,000 difference that stays in that tropical bank
account is all yours. You could go on an all-out vacation to one of those
sunny, rum-soaked island retreats you didn't want to retire to.
All the above assumes you're willing to apply for citizenship in a country
outside the U.S. The reason is that the U.S. taxes worldwide income. The
sure way to avoid filing taxes in the U.S. is to become a foreigner. That
means, of course, giving up your right to vote back home. So if you're not
ready to renounce your U.S. citizenship and get a foreign passport, this may
not be the route for you.
rich visas. The US is not so welcoming in this way.
The problem in living in a "strange" country is one of cultural
adaptability.
*****
The Golden Years: European Style
Forbes.com
By Stephane Fitch
The phrase "tax haven" usually conjures up rum-soaked images of palm trees
and marlin fishing. But what if you hate hot weather and sand in your
shorts?
Suppose, instead, you long for the smoldering charm of cafe life,
cobblestone streets and high-speed trains: Europe. You may be surprised at
what tax havens you can find in the Old World.
To be sure, Europe can be a hornets' nest of outrageous taxes and high
overhead. There's no arguing with the high cost of living in London, for
example. The British pound costs $2, up from $1.75 just a year ago. So two
round-trip bus tickets cost $8 and two movie tickets $36. A reasonably nice
two-bedroom "flat," even in a second-tier neighborhood, will run you $4,300
a month or more. (Count on spending twice that if you want to live in a
luxury apartment in a premier neighborhood like Mayfair or Kensington.) And
worst of all, if you import income of $200,000 to the U.K., taxes may eat up
$90,000 of it. The high taxes and pricey cost of living are a killer
combination.
The good news: In many other spots around Europe, the environment is far
more welcoming. We've compiled a list of 12 European locations that really
are havens of low taxes and reasonable prices. Even the U.K. has its
advantages if you know how to play it.
Think about Vienna, Austria. Christiane Delessert, whose Boston financial
advisory firm helps wealthy clients deal with cross-border tax issues, has.
Delessert says Austria gives foreign retirees a tax status that's near zero.
And the cost of living is pretty low.
According to Global Property Guide, a real estate data firm that supplies
information about rents to property investors through its Web site, a luxury
1,200-square-foot apartment in Vienna's premier neighborhood can rent for
about $1,800 a month. That's less than the rent in many prime big-city
neighborhoods in the U.S.
The fine print: Austria reserves this low-tax deal for non-citizens only.
So if you decide to retire here, establish citizenship in the Bahamas or
another country that doesn't tax worldwide income. (More on this later). And
to get the most favorable tax treatment for income you import to Austria,
it's best to live there less than six months a year.
Switzerland, of course, is celebrated as a tax haven. Tax-weary Europhiles
frequently study a move to this Alpine nation, but it's not entirely
tax-free. The Swiss federal tax burden is a manageable 11.5%, regardless of
income, and there's no federal tax on capital gains on investments.
The problem with Switzerland is that it doesn't stop with the federal
taxes, warns London tax firm Chiltern. There are additional charges over and
above that federal tax. You have to negotiate a second income tax with
officials from your local Swiss canton. (A canton is a bit like county or
state in the U.S.) Chiltern's pros say in addition to taxing your income,
the canton and municipality can tax your property and your net wealth. You
may very well be able to negotiate a rate close to zero. But maybe not. Sort
it all out before you arrive.
If you succeed at negotiating a nice low tax rate, you'll be happy to hear
that despite Switzerland's reputation for being expensive, it's a lot
cheaper than London. Global Property reports that $2,500 a month should get
you a luxury 1,200-square-foot apartment in downtown Geneva. That's similar
to rent in big cities in the U.S.
OK, but how about a really, truly low-tax Euro-haven: Andorra. Haven't
heard of it? It's a 468-square-mile niblet of a country carved into a
mountainous section of the Spanish-French border. It's a bummer place to
work if you're not a shepherd. But it's a great place to retire to. There is
no income tax here. The retirees who've poured in have become Andorra's main
industry. Chiltern notes that there are some "modest annual registration
fees, municipal rates and property transaction taxes, [but] there are no
special regimes for 'offshore' entities or trusts."
Italy offers a couple of intriguing possibilities, says Delessert. First,
no matter where you live in Italy, there's a low 12.5% tax rate on
investment income. And there's no inheritance tax on dough you pass along to
your heirs. Second, if you care to live in Campione d'Italia, on Lake
Lugano, there's no personal income tax and no municipal tax.
Switzerland, Austria, Italy, Spain ... beautiful places, but maybe learning
a new language isn't your thing. Back to the United Kingdom. The Queen
offers a tax loophole that the U.S. doesn't, and it may make living under
the tyranny of the British pound less painful. Under U.K. tax rules, you pay
income taxes only on cash that you "remit" to Britain.
So suppose your assets are all in the Cayman Islands, churning out $500,000
a year in income. And suppose you can live on just $200,000 for most of the
year in London (the city's museums will let you peruse their collections for
free mid-week). The $300,000 difference that stays in that tropical bank
account is all yours. You could go on an all-out vacation to one of those
sunny, rum-soaked island retreats you didn't want to retire to.
All the above assumes you're willing to apply for citizenship in a country
outside the U.S. The reason is that the U.S. taxes worldwide income. The
sure way to avoid filing taxes in the U.S. is to become a foreigner. That
means, of course, giving up your right to vote back home. So if you're not
ready to renounce your U.S. citizenship and get a foreign passport, this may
not be the route for you.
Aug 25th 2007, 8:56 pm
#2
Guest
Posts: n/a
Re: evleth is back with his spam
Sale vieux machin
"Earl Evleth" <[email protected]> a �crit dans le message de
news:C2F61381.EC784%[email protected]...
> One irony is that many countries have no problems granting the immigrating
> rich visas. The US is not so welcoming in this way.
>
> The problem in living in a "strange" country is one of cultural
> adaptability.
>
> *****
>
>
>
>
>
> The Golden Years: European Style
> Forbes.com
> By Stephane Fitch
>
> The phrase "tax haven" usually conjures up rum-soaked images of palm trees
> and marlin fishing. But what if you hate hot weather and sand in your
> shorts?
>
> Suppose, instead, you long for the smoldering charm of cafe life,
> cobblestone streets and high-speed trains: Europe. You may be surprised at
> what tax havens you can find in the Old World.
>
> To be sure, Europe can be a hornets' nest of outrageous taxes and high
> overhead. There's no arguing with the high cost of living in London, for
> example. The British pound costs $2, up from $1.75 just a year ago. So two
> round-trip bus tickets cost $8 and two movie tickets $36. A reasonably
> nice
> two-bedroom "flat," even in a second-tier neighborhood, will run you
> $4,300
> a month or more. (Count on spending twice that if you want to live in a
> luxury apartment in a premier neighborhood like Mayfair or Kensington.)
> And
> worst of all, if you import income of $200,000 to the U.K., taxes may eat
> up
> $90,000 of it. The high taxes and pricey cost of living are a killer
> combination.
>
> The good news: In many other spots around Europe, the environment is far
> more welcoming. We've compiled a list of 12 European locations that really
> are havens of low taxes and reasonable prices. Even the U.K. has its
> advantages if you know how to play it.
>
> Think about Vienna, Austria. Christiane Delessert, whose Boston financial
> advisory firm helps wealthy clients deal with cross-border tax issues,
> has.
> Delessert says Austria gives foreign retirees a tax status that's near
> zero.
> And the cost of living is pretty low.
>
> According to Global Property Guide, a real estate data firm that supplies
> information about rents to property investors through its Web site, a
> luxury
> 1,200-square-foot apartment in Vienna's premier neighborhood can rent for
> about $1,800 a month. That's less than the rent in many prime big-city
> neighborhoods in the U.S.
>
> The fine print: Austria reserves this low-tax deal for non-citizens only.
> So if you decide to retire here, establish citizenship in the Bahamas or
> another country that doesn't tax worldwide income. (More on this later).
> And
> to get the most favorable tax treatment for income you import to Austria,
> it's best to live there less than six months a year.
>
> Switzerland, of course, is celebrated as a tax haven. Tax-weary Europhiles
> frequently study a move to this Alpine nation, but it's not entirely
> tax-free. The Swiss federal tax burden is a manageable 11.5%, regardless
> of
> income, and there's no federal tax on capital gains on investments.
>
>
> The problem with Switzerland is that it doesn't stop with the federal
> taxes, warns London tax firm Chiltern. There are additional charges over
> and
> above that federal tax. You have to negotiate a second income tax with
> officials from your local Swiss canton. (A canton is a bit like county or
> state in the U.S.) Chiltern's pros say in addition to taxing your income,
> the canton and municipality can tax your property and your net wealth. You
> may very well be able to negotiate a rate close to zero. But maybe not.
> Sort
> it all out before you arrive.
>
> If you succeed at negotiating a nice low tax rate, you'll be happy to hear
> that despite Switzerland's reputation for being expensive, it's a lot
> cheaper than London. Global Property reports that $2,500 a month should
> get
> you a luxury 1,200-square-foot apartment in downtown Geneva. That's
> similar
> to rent in big cities in the U.S.
>
> OK, but how about a really, truly low-tax Euro-haven: Andorra. Haven't
> heard of it? It's a 468-square-mile niblet of a country carved into a
> mountainous section of the Spanish-French border. It's a bummer place to
> work if you're not a shepherd. But it's a great place to retire to. There
> is
> no income tax here. The retirees who've poured in have become Andorra's
> main
> industry. Chiltern notes that there are some "modest annual registration
> fees, municipal rates and property transaction taxes, [but] there are no
> special regimes for 'offshore' entities or trusts."
>
> Italy offers a couple of intriguing possibilities, says Delessert. First,
> no matter where you live in Italy, there's a low 12.5% tax rate on
> investment income. And there's no inheritance tax on dough you pass along
> to
> your heirs. Second, if you care to live in Campione d'Italia, on Lake
> Lugano, there's no personal income tax and no municipal tax.
>
> Switzerland, Austria, Italy, Spain ... beautiful places, but maybe
> learning
> a new language isn't your thing. Back to the United Kingdom. The Queen
> offers a tax loophole that the U.S. doesn't, and it may make living under
> the tyranny of the British pound less painful. Under U.K. tax rules, you
> pay
> income taxes only on cash that you "remit" to Britain.
>
> So suppose your assets are all in the Cayman Islands, churning out
> $500,000
> a year in income. And suppose you can live on just $200,000 for most of
> the
> year in London (the city's museums will let you peruse their collections
> for
> free mid-week). The $300,000 difference that stays in that tropical bank
> account is all yours. You could go on an all-out vacation to one of those
> sunny, rum-soaked island retreats you didn't want to retire to.
>
> All the above assumes you're willing to apply for citizenship in a country
> outside the U.S. The reason is that the U.S. taxes worldwide income. The
> sure way to avoid filing taxes in the U.S. is to become a foreigner. That
> means, of course, giving up your right to vote back home. So if you're not
> ready to renounce your U.S. citizenship and get a foreign passport, this
> may
> not be the route for you.
>
"Earl Evleth" <[email protected]> a �crit dans le message de
news:C2F61381.EC784%[email protected]...
> One irony is that many countries have no problems granting the immigrating
> rich visas. The US is not so welcoming in this way.
>
> The problem in living in a "strange" country is one of cultural
> adaptability.
>
> *****
>
>
>
>
>
> The Golden Years: European Style
> Forbes.com
> By Stephane Fitch
>
> The phrase "tax haven" usually conjures up rum-soaked images of palm trees
> and marlin fishing. But what if you hate hot weather and sand in your
> shorts?
>
> Suppose, instead, you long for the smoldering charm of cafe life,
> cobblestone streets and high-speed trains: Europe. You may be surprised at
> what tax havens you can find in the Old World.
>
> To be sure, Europe can be a hornets' nest of outrageous taxes and high
> overhead. There's no arguing with the high cost of living in London, for
> example. The British pound costs $2, up from $1.75 just a year ago. So two
> round-trip bus tickets cost $8 and two movie tickets $36. A reasonably
> nice
> two-bedroom "flat," even in a second-tier neighborhood, will run you
> $4,300
> a month or more. (Count on spending twice that if you want to live in a
> luxury apartment in a premier neighborhood like Mayfair or Kensington.)
> And
> worst of all, if you import income of $200,000 to the U.K., taxes may eat
> up
> $90,000 of it. The high taxes and pricey cost of living are a killer
> combination.
>
> The good news: In many other spots around Europe, the environment is far
> more welcoming. We've compiled a list of 12 European locations that really
> are havens of low taxes and reasonable prices. Even the U.K. has its
> advantages if you know how to play it.
>
> Think about Vienna, Austria. Christiane Delessert, whose Boston financial
> advisory firm helps wealthy clients deal with cross-border tax issues,
> has.
> Delessert says Austria gives foreign retirees a tax status that's near
> zero.
> And the cost of living is pretty low.
>
> According to Global Property Guide, a real estate data firm that supplies
> information about rents to property investors through its Web site, a
> luxury
> 1,200-square-foot apartment in Vienna's premier neighborhood can rent for
> about $1,800 a month. That's less than the rent in many prime big-city
> neighborhoods in the U.S.
>
> The fine print: Austria reserves this low-tax deal for non-citizens only.
> So if you decide to retire here, establish citizenship in the Bahamas or
> another country that doesn't tax worldwide income. (More on this later).
> And
> to get the most favorable tax treatment for income you import to Austria,
> it's best to live there less than six months a year.
>
> Switzerland, of course, is celebrated as a tax haven. Tax-weary Europhiles
> frequently study a move to this Alpine nation, but it's not entirely
> tax-free. The Swiss federal tax burden is a manageable 11.5%, regardless
> of
> income, and there's no federal tax on capital gains on investments.
>
>
> The problem with Switzerland is that it doesn't stop with the federal
> taxes, warns London tax firm Chiltern. There are additional charges over
> and
> above that federal tax. You have to negotiate a second income tax with
> officials from your local Swiss canton. (A canton is a bit like county or
> state in the U.S.) Chiltern's pros say in addition to taxing your income,
> the canton and municipality can tax your property and your net wealth. You
> may very well be able to negotiate a rate close to zero. But maybe not.
> Sort
> it all out before you arrive.
>
> If you succeed at negotiating a nice low tax rate, you'll be happy to hear
> that despite Switzerland's reputation for being expensive, it's a lot
> cheaper than London. Global Property reports that $2,500 a month should
> get
> you a luxury 1,200-square-foot apartment in downtown Geneva. That's
> similar
> to rent in big cities in the U.S.
>
> OK, but how about a really, truly low-tax Euro-haven: Andorra. Haven't
> heard of it? It's a 468-square-mile niblet of a country carved into a
> mountainous section of the Spanish-French border. It's a bummer place to
> work if you're not a shepherd. But it's a great place to retire to. There
> is
> no income tax here. The retirees who've poured in have become Andorra's
> main
> industry. Chiltern notes that there are some "modest annual registration
> fees, municipal rates and property transaction taxes, [but] there are no
> special regimes for 'offshore' entities or trusts."
>
> Italy offers a couple of intriguing possibilities, says Delessert. First,
> no matter where you live in Italy, there's a low 12.5% tax rate on
> investment income. And there's no inheritance tax on dough you pass along
> to
> your heirs. Second, if you care to live in Campione d'Italia, on Lake
> Lugano, there's no personal income tax and no municipal tax.
>
> Switzerland, Austria, Italy, Spain ... beautiful places, but maybe
> learning
> a new language isn't your thing. Back to the United Kingdom. The Queen
> offers a tax loophole that the U.S. doesn't, and it may make living under
> the tyranny of the British pound less painful. Under U.K. tax rules, you
> pay
> income taxes only on cash that you "remit" to Britain.
>
> So suppose your assets are all in the Cayman Islands, churning out
> $500,000
> a year in income. And suppose you can live on just $200,000 for most of
> the
> year in London (the city's museums will let you peruse their collections
> for
> free mid-week). The $300,000 difference that stays in that tropical bank
> account is all yours. You could go on an all-out vacation to one of those
> sunny, rum-soaked island retreats you didn't want to retire to.
>
> All the above assumes you're willing to apply for citizenship in a country
> outside the U.S. The reason is that the U.S. taxes worldwide income. The
> sure way to avoid filing taxes in the U.S. is to become a foreigner. That
> means, of course, giving up your right to vote back home. So if you're not
> ready to renounce your U.S. citizenship and get a foreign passport, this
> may
> not be the route for you.
>
