15 Countries with skyrocketing tax rates in 2022 and 2023
Paying high taxes is not anybody’s first choice. Do you know there is an escape route to save you from paying heavy taxes? The simple rule is to find a country whose tax policies you admire and plant your flag there following a global citizen approach.
Many people assume that the high tax rates exhibit a high standard of living and development. Well, you might be surprised but this is not the case, some many zero-tax countries offer exceptional living standard facilities, while some high-tax countries are so inflated that they fail to offer even a mediocre lifestyle to the masses. So, why would you want to pay these high taxes when you can choose a different route and secure your chance to live a tax-free or minimal-taxed life?
To understand how you can save yourself from paying high taxes, you need to understand the types of taxation policies and practices worldwide. Well, there are 4 taxation systems namely zero tax, citizenship-based taxation, residential taxation, and territorial taxation. As the name suggests, the zero taxation system following countries is a tax haven that offers you complete freedom from paying taxes. The citizenship-based taxation countries need you to pay tax on all your income if you are a citizen of that country. The residential taxation countries impose a tax if you live there for 6 months or 183 days or more. Whereas territorial taxation countries only impose a tax on the earnings that you have earned in their national territory.
You need to find a perfect fit for taxation laws as per your personal goals and needs. Only then you can plant your flags in a way to avoid heavy taxation and live an unmatched lifestyle with all the luxuries you have dreamed of. All you need to do is carefully plan your next move and develop a strategy to pay the least possible taxes.
Here are the 15 countries with the highest taxation rates for which you will need to consider a global citizen approach.
- Ivory Coast – imposes a whopping 60% tax
- France- imposes around 45% tax
- Spain – imposes a 47% tax and that too on your worldwide income
- Aruba – 59% tax which is subject to be reduced to 52% in 2023
- Ireland – you will have to pay 40.4% in taxes
- Portugal – imposes a 48% tax
- The Netherlands – imposes a 49% tax
- Slovenia – 50% tax
- Israel – pay half of what you earn in taxation, 50% tax
- Belgium – 53.7% taxation is imposed
- Austria – 55% tax
- Denmark – imposes a 55.9% tax
- Japan - 55.9% tax on income
- Sweden - imposes a 52.9% tax on earnings
- Finland – 56.95% taxation on earnings
Although some of these countries can offer a pleasant lifestyle, the cost of living in these countries is beyond imagination. The good news is that you can avoid this cost while enjoying the lifestyle and standard of living of these countries. You just need to find a tax-free zone. Or else, you just need to move your earnings to a country with low territorial or zero taxation. It will lower your tax in your home country as you’d have moved your investment to another country.
***
Contact us and speak with an international tax lawyer: https://yourinternationaltaxlawyers.net
Discover our courses
COURSE 1 TAX HAVENS COURSE - GLOBAL CITIZEN COURSE - BUSINESS INTERNATIONALIZATION COURSE
https://yourinternationaltaxlawyers.net/index.php/course-1
COURSE 2 Learn 10 hidden strategies used by elites and multimillionaires to reduce their taxes, and start saving taxes right NOW, even without moving abroad
https://yourinternationaltaxlawyers.net/index.php/course-2
***