Unexpected New Tax Haven?
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- Опубликовано: 3 авг 2024
- Poland - a new unexpected tax haven in Europe!
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Poland is certainly not the country that comes to mind when one thinks about tax havens. And indeed this is not a low tax place.
However, the situation has changed recently - if you are a high net worth individual who wants to move to Poland, you can take advantage of their new tax scheme for foreigners.
The new tax scheme allows foreigners to relocate to Poland and pay lump sum tax of 50 000 euros per year, no matter how much they earn! This is only applicable to foreign income that is earned outside of Poland.
Poland has a big network of tax treaties, and it is not regarded as tax haven, therefore it is not blacklisted by other countries and banks.
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You didn't mention that:
1. You can cash out crypto to USDT without tax (19% tax applies only when you cash out crypto to fiat money). It's like in France.
2. Poland has introduced a new vehicle named "fundacja rodzinna" which allows you to invest in securities, real estate, and crypto without tax if you don't withdraw money from the vehicle (when you withdraw it's 15% tax only). There is no dividend or interest tax under this vehicle. It doesn't cost much to maintain this vehicle.
3. Lump sum tax is 200k PLN, which is more or less 46k euro per year (you can use this tax regime for 10 years)
4. Most of the young people speak fluent English in Poland.
5. There are 4-5 times fewer crimes in Poland than in Western European Countries.
Sounds pretty good. So you can just open the fundacja rodzinna and hold all your crypto/real estate with it? So it's like a holding company? Do you need a to be tax resident in Poland?
Can you share the source link please?
Poland: Where the pierogi are delicious, and the taxes are... well, slightly less taxing
32% + 2.5k usd is not very taxing? Okay...
Very informative overall but Polish culture is nowhere near russian culture. It's insulting to Poles and Eastern Europeans.
Came here to make that point too. It's not even true to say it's closer to Russia than the UK culturally.
Well, it all depends what lens you look through
if Ivan always gets the main role in this theater (Hero or Villain, it doesn't matter), and Przysztof always gets the role of "It's served!"... indeed, the question arises about the probability of your common origin. What do you think about the Indo-European theory of the origin of Poles?
ruclips.net/video/ZqcVxnf1RO8/видео.html
Of course polish are more like russians than even germans.
Oh wow another one showing how insecure he is. Just stop being insecure and embrace your uniqueness.
From what I can gather in practice it's more like $75K than $50K; 200K PLN tax and 100K PLN to give away:
"The Polish Deal introduced a new form of lump-sum taxation on foreign income for individuals who decide to transfer their tax residence to Poland. As a result of choosing this form of taxation, foreign income will be taxed with a fixed amount of tax (i.e. PLN 200,000 for each tax year) regardless of the level of foreign income and without the need to declare in their tax return the sources of such income, the exact amount of the income, and the country in which it was derived.
The solution is addressed to a special group of taxpayers who have such a level of assets that allow them to invest in socially beneficial undertakings in the territory of Poland, which fall within the notion of corporate social responsibility. The condition for applying the lump-sum taxation is that the taxpayer incurs social expenses provided for in the Polish Deal act (e.g. the development of science) in the amount of at least PLN 100,000."
"Probably doesn't matter that much" - yeah, you would know since your Polish right? Listen dude, we averaged anywhere between 1.6 to 1.8 wars per century with the Russians for about a thousand years straight. Tens of millions of people sacrificed themselves and often died in the most horrific of circumstances for us to make the cultural and geographic distinctions you rolled your eyes in contempt at a few times. If you're going to comment about Poland and Polish culture in an ignorant and clumsy way, then skip it altogether. This way at least you'll avoid making an utter fool of yourself.
Poland is a latin civilization, they got latin alphabet and a latin culture. Its closer to UK, France than to russia, literally. Of course they use slavic language but language family name is western slavic. They were always on the west even when they were forced to be on the east (Iron Curtain, Warsaw Pact).
It is nice to see your interesting videos again!
A pleasure! Anything you'd like to see next?
The fact that the countries of Central-Eastern Europe including Poland used to be under russian/soviet occupation for some time, it does not mean that they are culturally or geopolitically similar to russia. In fact they are opposite to russia: russia is historically an ideological enemy of these countries. Ukraine is still suffering russian aggression, Belarus is still under russian occupation, Poland and Baltic states managed to liberate themselves and retuned to the European civilization, but russia is still the main threat for them, so it's offensive to say that they are similar to their existential enemy - russia.
What he meant is that soviet/communist mentality and way of thinking and of doing things is still somewhat present in certain areas in those countries which is true. Poland has made huge progress since the fall of communism but it's going to take a couple of generations before Polish society and state truly embrace, learn and adopt liberal, capitalist and democratic values (unless we fall under some Russian domination again). You can still see there are groups of people that are afraid of immigrants and lgbt community for example and try to impose their own worldview onto them and on the rest of society, quite often in an aggressive and forceful way which looks really shocking and disgusting in the eyes of a regular westerner. Collectivism, lack of diversity and intolerance are still somewhat present in certain areas of society of the former soviet block countries which discourage and push some people away from moving, investing, doing business, working and living in Poland. There needs to be more work done to educate people on diversity, tolerance, liberalism, freedom of an individual, inclusion, acceptance and so on. I think church is also stopping this change from occurring because then, they think, they'll lose their source of income once people find out that society doesn't have to be designed the way church wants it. I think that the strong position of church in Poland has stopped Poland from becoming a truly liberal country for decades if not centuries, not only Russian communism. Church manipulates people and uses a blackmail that you'll go to hell if you behave or don't behave in a certain way which is fu**ing stupid but there are people who believe it to be true. I mean common let's grow up finally.
And you and many like you who are trying very hard to convince Western Europeans that you are not eastern European but central european is laughable and shows how childish and insecure you still guys really are 😂 Just stop it guys
@@Matt-rw9pyThis is your opinion.I do not agree with that.We in Poland don’t need lgbt doctrine to enter schools and teach terrible things to little children
@@Matt-rw9py Partially I can agree with you regarding the influence of church and lack of tolerance at some regards. But we shouldn't mix all in one and simplify the situation. For example, lack of tolerance to the immigrants from non-friendly non-European countries is inevitable if one wants to preserve national identity, independence and avoid new occupation. And this is the feature of not just Poland or Central-Eastern European countries but also more or less for all countries, including the UK. A significant part of the British society is also not tolerant to immigrants which became one of the main reasons to wote for Brexit. The influence of catholic church in Poland was also important for preservation of the national identity and avoidance of ethnocide during russian occupation. But when one speaks about the liberalism in economy, Poland is very liberal country, Poles always hated communism and collectivism, and appreciated private property.
Also in terms of mentality there are much more regions in Europe (not just the East and the West): in my opinion there is North-Western Europe, Southern Eurpe, Central-Eastern Europe (or Intermarium) and separately russia. All these regions have their own mentality, but all of them except russia are friendly to each other.
@@Matt-rw9pyThe fear of immigrants is present throughout Europe. Essentially, you are misdiagnosing a Soviet mentality, which, contrary to what you say, manifests as a fear of conducting business and a heavy dependence of individuals on the state support.
Your projections on religion etc. are even more hillarious . Dude just go cry about whatever problems you have elsewhere please
Happy to see you are covering the freelance angle in Poland!:)
I am having the 12% on revenue as a software developer, pretty happy with it.
Hopefully I get the lump sump stage in the future
For Poland, one thing to consider is the exit tax that kicks in after 5 years
What happen if you close your company after 4 years and move out of the country? No exit tax?
POLAND BEST COUNTRY IN THE WORLD!
that is quite a stretch.
Does it have a physical presence requirement in addition to the flat tax?
Is it possible also to change to the lump sum tax? Lets say I open a company now but dont have enough money now. Its possible to change it in teh future?
Hi from Poland 😉 Beware that Sundays don't exist here haha
Co to ma wspolnego z tematem osle?
@@roberttwardowski9711dobre pytanie xD
I recommend acquire any knowledge about Polish culture. Practically whole Polish literature and history is permeated with considerations about Russia being a totalitarian absolutist state and how it differs from the individualistic Polish mentality of freedom, where democracy existed already in the Middle Ages.
Still have CFC laws, so if your running your company there it’s little help
Low cost of living as well. Nice country
not low.
Not that low anymore.
In what year? I mean definitely way more expensive than Japan for example
Not anymore
I pay $100k per year in taxes but there’s no guarantee I will make that much every year in the future.
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I can confirm about the 8.5%-12.5% tax for many types of freelancers. The highest tax is around 15% if I'm not mistaken. Just keep in mind that the tax is charged on all revenue and not profit, so it's mainly useful for business with low operational costs (i.e., freelancers). On top of that, you pay for social insurance ZUS, but it tops out at around $300 USD/month.
Hey Michael. Once I access this program, how many years can I benefit from it? For example the Italian lump sum tax is only available for 15 years.
for PL it is 10 years
@kevinmusko668,
I cannot vouch for this but I came across a comment posted by a commenter under another video titiled "Top 3 lump sum tax countries to lower your tax rate" which seems to show that Italy's sweet-heart deal is not quite as sweet as you seem to think. Read that commenter's comment below and verify it yourself:
@Lucas-wv6wf 3 months ago
There’s a catch with Italy’s lump sum. During the first five years of residency, you pay a fixed 100k lump sum tax. After the initial five years, you can choose to renew the regime for another ten years. During this period, the tax is usually at a much higher fixed amount.
Have you been to La Reunion? Okay it is France unfortunately 😅 but it is nearby to Mauritius 45 minutes flight the infrastructure is better than Mauritius but it is more for hiking than beaches but you can live there and it is very safe much safer than Europe nowadays it is the most southern part of EU.
Is the IT professionals 12% tax video coming soon? Would it cover freelance web developers etc?
What about management and control / CFC rules for a UK company if you are in Poland? Won't Poland want to make the UK company a Polish resident for corporation tax etc? Or do you just pay the £50k and you can run the UK company from Poland with no management and control issues?
Russian culture?!
I live in Poland. Although it's great place to live overall, it also has one huge downside: nonnegligible risk of war with russia. In fact I'm thinking about leaving Poland if the current situation with russia goes wrong way.
Currently Poland is a good place for diversifying huge businesses, but because of risk of war, it's terrible idea to move here small business or with family, you can lose everything in result of war activities.
Poland is a NATO member and is spending 3.9% of its GDP annually on defence and has also ordered LOTS and LOTS of new military equipment which is to deter potential Russian aggression. Russia is struggling to conquer Ukraine and most likely not going to open a new front against a highly capable country like Poland, Finland and Sweden which are NATO members as well. The possibility of war is in my opinion low. Today's Russia is 10 times weaker than Soviet Russia so conquering and holding new land will be very difficult for them. I might be wrong (nobody knows what Putin might do) but all the talk about war against Russia is exaggerated IMO. My prediction is that Russia will fall apart into many countries within next 10 years. They're destroying their own country from within.
@@Matt-rw9py all that is good, but "P' is a crazy man. 1 bomb ... could be nuclear as well, and you will have to run.
Yes, I fear this as well, I live in Germany, the Simpsons predicted that the DDR will be reinstalled by Putin, and the producers are insiders of the Illu...
@@DS-vx3wf in reality, P is less crazy than B and T of the USA ...
In case of war they will close borders like in Ukraine
What happens to your passive crypto income if you relocate?
What is this program called?
Maldives slums are also hidden from tourists not so stunning to be fair.
What about self employed people. Can they pay $ 50k a year tax on their foreign investment returns and make normal tax for their self employed income ?
you mentioned the UK non dom program near 5 min - this will no longer exist within the next year
ruclips.net/video/U2grPN8Bsmk/видео.html
If I take up this Polish Deal of 50,000 Euros lump sum tax per year, do I have to reside in Poland for a certain amount of time per year to keep my Polish tax residency or am I free to travel and live in other Schengen zone countries such as Scandinavia, Austria, Germany and still qualify as a tax resident of Poland under this special Polish Deal?
Your main issue would be triggering residency in those other countries
@@OffshoreCitizen
My understanding of EU rules regarding a citizen of, say, Poland moving to live in Denmark for 5 and a half months which is less than the 6-month period required to be deemed as a tax resident of Denmark, and then move to Spain to live for 5 and a half months which is also less than the 6-month period required to be deemed a tax resident of Spain, and live only 1 month in Poland is that that particular Polish citizen is still a Polish tax resident of Poland and will have to report and pay tax to the Polish government, not to either the Danish or the Spanish government.
If the above position is legally correct, then if I take up the Polish Deal of 50,000 Euros lump sum tax per year, I can visit and stay in Denmark for 5.5 months, then visit Spain for 5.5 months before returning to Poland to stay for 1 month, I would still qualify as a tax resident of Poland and would still be liable for only 50,000 Euros in tax for that year. Am I correct?
Hi Michael , great to hear from You and Llive is fine ... have a great time in Malledives .. s.u. Leonardo. PS I am very interest work also in this Tax area butmostly in Europe (Bulgaria, Germany, Estonia, Poland, Switzerland, ...)
You will pay tons in Socials as they are % progressively based on your income. If you earn a lot, you might not care, but I do.
they are progressive relative to the minimum income, so it's capped at certain levels. All depends on your income, it can easier be a lot or not so much. Progressive tax scale is only relevant to salary income, not for business owners
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Didn’t the UK just removed their non-dom program?
ruclips.net/video/U2grPN8Bsmk/видео.html
Very difficult to live in Thailand
Why do you think that is?
I invite those willing to take up the vacant place in Poland that I left. Relax. I will never return to Poland! The place is yours!
In poland tax payer is percived as criminal by taxoffice ;-) They deal with you like ur guilty without any sentence.
Come to Germany it's even worst. You are guilty here until you prove your not especially if you own a companz
What are the odds of Poland going to war?
Good question
100%
200%. Don't come. Especially if you are muslim or black. Thank you from the mountain
0%
50/50
There are elements in common with Russian, but they are superficial in fact and people who completely do not understand Poland and its culture, literature and traditions can say that cultrally Poland is close russia .
What a pity Poland is in the EU.
As a Pole I can say that it's possible to establish company and stay taxfree for 5 years then extend for 5 years again in a taxfree zone.
👀
why poland and not gibraltar?
Suspicious
Hello Sir
U need a professional RUclips thumbnail designer?
Let me know please?
I was living there. Taxes are ok but quality of life not.
Bueorocracy is heavy. Public services, health care etc is terrible
I understood nothing
bad choice
What do you think makes Poland a bad choice?
@@OffshoreCitizen living there, glad I am out. Still lot of drinking and smoking. His or her perspective. You look for this, we have this to sell... And just many small things. Tax is not everything
@@dawidwolnik628 "Still lot of drinking and smoking." Dude this is your choice, why are you trying to blame it on the state. Wtf?
Have you been to Germany? It's way worst. Poland is clean and free. Germany so going to be a new dictator like GDR. I lived my whole life in Germany. Poland is heaven compared to Germany @@dawidwolnik628
You are not going to talk about how racist the people are there?
Poland is not a racist country. Here, that's all you need to know.
There is a way to pay no tax if you have big corporation you can get tax free deal for 5 years and extend.