Europe’s Crazy New Wealth Tax

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''Spain is doubling down on taxing the rich with a so-called 'solidarity tax' on 23,000 super-wealthy people'' ( www.businessinsider.com/spain... )
In this video, Andrew shares an article about New Europe's crazy wealth tax.
00:00 Start
0:29 News
2:13 Taxes in Spain
5:00 Why It Matters in Paying Taxes
6:16 Inflation in Spain
8:00 Unfair Taxes in Spain
Andrew Henderson and the Nomad Capitalist team are the world's most sought-after experts on legal offshore tax strategies, investment immigration, and global citizenship. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best".
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Andrew has started offshore companies, opened dozens of offshore bank accounts, obtained multiple second passports, and purchased real estate on four continents. He has spent the last 12 years studying and personally implementing the Nomad Capitalist lifestyle.
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DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.

[@steverosshomes]

I have a more affective tax idea. If the economy is weak or inflation is too high, there should be a new "politician's tax" to pay for the damage THEY created.

[@LanaALaBonte]

I’ve said over the years that for the amount of irresponsible spending but meanwhile hoard millions of payoffs & unacceptable loans they don’t have to pay off, they should have to contribute to the deficit they were a part of! If they’re never held accountable for their actions they will continue to do whatever they feel benefits them… because we see they don’t act in our interest or why they’re supposed to even be there.

[@jonkisby4871]

I was living in Spain and working there, not in a very high paying job, but I was exceeding 50k euros a year. Turned out after covid they wanted me to pay even higher taxes which would equate to me losing nearly 40% of my salary. I politely declined and now live in Serbia working remotely and paying 10% tax rate. Go where you are treated best :)

[@Steamerbeen]

Spain is a proper con job! I bounced after a decade too.

[@Ematuresco]

Dobro došao. Any Tipps for others on how to move over ?

[@YAM14]

You are working hard in spain to help Ukraine for war.... If war will go more 3 years then what you will do? Better you shift to Dubai there is no taxes at all and life is very standard.....

[@jonkisby4871]

@@YAM14 I left Spain well before the war began so I sleep well in the knowledge that I do not contribute towards that war.

[@jonkisby4871]

@@Ematuresco Well if you work remotely, set up a company here in your name. You can then get residency through that. I paid a lawyers in Belgrade to help me out with all this.

[@brainspiller07]

The biggest miscalculation that Governments make (from the many that they already make) is assuming that the revenue generation projections for taxing the wealthy (1.5 bn Eurs in this case) will last in perpetuity. The wealthy are the most flexible in moving their base/residence to other parts of the world in order to avoid overboard taxation. The 23,000 rich folks will shrink to 13-15k within 2-3 years. Andrew's clientele is a good case in point of the wealthy moving where they're treated best.

[@Ziegfried82]

Add to that the fact that a lot of western Europe is in decline economically. A shrinking market is not a good environment to build wealth.

[@antoniodesousa9723]

politicians always skip the lesson on 2nd order affects and feedback loops. they just expect us to take it like automatons and ask for more thankyou.

[@RicardoTellez_journey]

You described it pretty well. I’m a Spaniard with a company. It is crazy. The worst problem is the culture of the country as a whole that demonizes entrepreneurs and business people. They see us as the cow they have the right to exploit. There is no culture of effort but the opposite: whoever that predicates effort culture is catalogued as a bad person. Competition is seen as a devil. The result is what you explained: a country where people only care about how they get money from the state to keep having a beer on the terrace of a shity bar. Anyway, making my plan to get out (that is why I watch your channel and bought your book)

[@neverlookback7039]

me too, where are you moving ?

[@RicardoTellez_journey]

@@neverlookback7039 Still don't know. I'm now on a trip through Asia to see what is there. For staying in Europe, I'm considering Malta or Cyprus. Georgia is also a possibility...

[@mgilgar]

I am spaniard living abroad and I love Spain but I have serious doubts about retiring to Spain due to taxes, if you have no or low savings that can be taxed, it is ok, you will have some services that are very good like medical. There are other things they are doing for many years like if you have income in Spain but you live abroad, like a rental, you pay more tax than a resident, even though you don't use any service in the country, and even though you have to pay tax for that in the country where you live. Just because you are foreigner or no resident, they think you are wealthy or a cash cow that you deserve to be exploited. Another interesting thing is if you get a pension from Spain and you want to retire abroad, you again pay more tax, much more, to Spain whereas you should not pay any because you don't use any service in Spain and probably you have to pay for that in the country where you retire. In this country, when politicians are bored, they created another convoluted tax that make you pay tax again for the same thing. The last occurrence is to make us pay for motorways because we don't pay and we should. At the same time we pay tax every year to the council if you have a car, you pay an extra tax to buy a car on top of vat and you pay about 60-75% of tax when you buy petrol, but they say there is no money to maintain roads.

[@alfonso87ful]

Same here.. planning my exit in a year or 2.. sorry for my employees.. but its just not worth it anymore

[@katalinahernandez9084]

🎉 same here

[@OneGlass]

There‘s a reason why Hungary opposed the suggestion from Germany to impose a minimum 16% tax on corporations throughout the EU.

[@SlimTortoise]

German money running dry in Spain, Spain has never made a profit for over 200 years.

[@romankacin8365]

Absolutely correct. Spain is a country where special interests and the fight against competition trumps everything else. Uber is illegal. Notary and lawyer fees are set by the government. The list goes on and on.

[@briceking669]

I’ll take “how to convince rich people to move out of my country for 100 please”.

[@goratron1]

Yeah exactly, all this will result in is the majority of them either moving to another country or simply moving their wealth overseas.

[@AMarbel213]

In 1810 Germany introduced the income tax of course temporarily to fight the frenchmen - it is still in place In 1905 Wilhelm II introduced the Champagne tax for his imperial fleed - it is still in place

[@emanuelriquelme1133]

Germany will cease once again and in the ruins those taxes will still be imposed

[@fumble_brewski5410]

In 1942, the U.S. Congress passed the (temporary) Victory Tax Act, which imposed a 5% tax on individuals with incomes over $624. The tax was eliminated in the Individual Income Tax Act of 1944, which is still in place.

[@Phil_br]

Same in Switzerland, the war tax is still in place and it’s called now income tax.

[@fumble_brewski5410]

@@Phil_br “War Is the Health of the State” - (title of an essay by Randolph Bourne). “It automatically sets in motion throughout society those irresistible forces for uniformity, for passionate co-operation with the Government in coercing into obedience the minority groups and individuals which lack the larger herd sense.” Bourne (1886 - 1918) was an American progressive writer, intellectual and radical anti-war activist. Meilleurs vœux.

[@fumble_brewski5410]

@@CM-zl2jw Who said that taxes were temporary? Taxes may be temporary in the sense that once you’re in the grave they cease, but then your heirs might have to deal with them. I’m reminded of the story of one poor man in a mental institution who, when asked why he kept beating his head against the wall, answered, “Because it feels so good when I stop.” Cheers.

[@fishheadbreakroom]

easily avoided. move to estonia. 0% corp and then a flat tax after that.

[@khoirulanam9141]

What I don't like about European countries is when there is a low tax rating only temporarily after the country is developed they raise taxes to follow their neighbors. some kind of trap.

[@ceciliawinter3249]

In spain at least 50% of the population work for and expect a government pension. It is all very parasitical and lacks a spirit of entrepreneur.

[@ceciliawinter3249]

@@CM-zl2jw I met a spaniard who had a daughter 17 years old and studied violin. She was just a mediocre player withoit talent. The father's prime objective was to get his daughter a place in the 3rd row of violins in the town/provincial orchestra. With this position the daughter would be set up for life as an unsackable government employee and also entitled to a pension. That is the level of mediocrity in the country😷

[@utente1489]

This sound exactly like italy

[@Livstarling]

I moved to Spain from South Africa with my son at the end of 2019. I had no idea taxes were so horrendous here, and it’s incredibly challenging to find work in this country that pays more than €2000 per month. I don’t know how people make ends meet. Then I found out that so many people earn black money (cash cash) so they can avoid taxes. Or they take advantage of the unemployment fund, and spend 6 months or more not working every year. But that being said, the taxes do cover a lot here. Medical is amazing, education is free. The country is safe and mostly clean. Coming from south africa you appreciate and are prepared to pay those taxes in exchange for things like medical and most importantly physical safety. And tbh SA has pretty high taxes too, and you get absolutely nothing for the taxes you pay, it just goes into the corrupt politicians pockets. Most low tax countries have higher crime rates bar a few exceptions. As a parent safety and physical freedom without fear is a good trade off for higher taxes. If anyone can suggest an EU country with low taxes and high safety and good quality of life like we have in Spain, I’d be interested to look into those places.

[@Phil_br]

I think Spain has is a good place comparing with price/quality. Lots of other Europeans move to Spain for this.

[@Livstarling]

@@Phil_br It really is a great place to live. We feel lucky to be able to call Spain home. Only negative is the taxes, truly. No country is perfect, I guess we just choose the one that has a negative we can accept and live with based on our own set of ideals. I do hope that the government will become more realistic with the taxes one day though. 🤞

[@cheery-hex]

yeah but the ppl who pay the most for that stuff don't even use it. plus it only costs a fraction of what taxpayers pay b/c govmts are so incompetent writing blank checks. plus they have control over populations etc etc

[@suzanaolivier1108]

EU is 🤬 for the next 5-10 years, due to taxes, energy and food crisis rearing its ugly head now and soon medical will be unaffordable. Look East, either Middle East of Far East. Malaysia speaks english and they have some programs for you to choose how to best settle in the country. As a fellow SA expat living in UAE for the last 10 years, cant say I regret my decision.

[@blockawocka4026]

Look at Switzerland 🇨🇭, the cost of living is really high, buy you are safe, and salaries are higher too. As the country isn’t a member of EU, there are some advantages to live there.

[@sprezzatura8755]

Italy is showing signs of improvement. The new prime minister and the new flat tax and other incentives seem to be steps in the right direction. But the elephant in the room in Italy and the West in general is the plummeting birth rate. This will force massive immigration to keep these countries functioning. And Italians know how to live well, but not work well.

[@agnisapaksa]

It does seem to improve here, but honestly, not nearly enough, given the overall Italian fiscal system, that is still pretty crazy.

[@User-sl4kg]

The flat tax for self employed from 65k to 100k when compared to the amount of taxes paid by the rest of the workforce makes it one of the largest pieces of inequality in European taxation. Unless they extend a form of flat tax to normal employees, it will be another favour to their friends.

[@agnisapaksa]

@@User-sl4kg Honestly, if you are making just under 100K it's not much help. You will be taxed at 40% anyway. Plus you don't get your business to that level without investing in it. And that is not recognized. So not much of a favour!

[@User-sl4kg]

@@agnisapaksa if you have significant costs you wouldn't use this regime but I am sure you know. Of course it is not the same for everyone but imagine people like lawyers or tax advisors making well over 100k, they now they can declare 100k with no stress with a negligible overall taxation after the fixed cost allowance deduction. An employee will always pay over 40% of taxes on the same amount of money vs less than 15% for a self employed, who also we all know likely evades some taxes. I have lived in many countries in Europe and there is nothing like this. Let's see how they structure it but I thought Italy had other priorities before addressing this flat tax

[@Houthiandtheblowfish]

and its for foreigners

[@newsnowadirondacksredux360]

3 million….. that’s the minimum to retire comfortably today.

[@robertowhyte2836]

Very true

[@Ziegfried82]

@@huwhitecavebeast1972 it's plenty for most of the world. Maybe it wouldn't get you by in NYC or the West Coast.

[@maplemutt158]

It's truly unfortunate. I've spent a few months aggregate in Spain over the years and love the country and culture. Demonizing and pillaging those who've risked their time and money while creating businesses which provide products, services and jobs is an odd way to improve the financial situation. It will only drive away the risk takers and creative business types.

[@miguelgonzalez6213]

A few years ago, when Greece crumbled, wasn't Spain teetering on the edge of going in the same direction?

[@chafundiforni0]

yes it was. And so did Italy, and Portugal

[@spaRTan3246]

That‘s why they‘re called PIGS… 😉

[@fumble_brewski5410]

Alas, the blatant avarice of taxing authorities, along with their own tendencies toward self-aggrandizement, would seem to know no limits. It would almost be better to be under the rule of robber barons, or even outright gangsters, than to be at the mercy of these omnipotent moral busybodies. The cupidity of the robber baron or gangster might, at some point, be satiated. But these taxing authorities will give us no rest day or night, for they practice their cruel despotism with the full approval of their own consciences. May God save us from these malefactors.

[@xyyx1091]

That's interesting. I think some people will definitely move to Spain to get cheaper condoms..

[@NewCastleIndiana]

I knew it! Andrew is in his 80s. I mean, who ELSE uses the phrase “23 skidoo?” 😂 amiright?

[@GrumpyOldGuy777]

love your personality and fire content!!

[@erikjanse3994]

The Andalusian Government announced on 19th September 2022 the end of the Wealth Tax in Andalucia (a community with a couple of provinces in southern Spain, including cities like Malaga, Marbella and Estepona). Very attractive!

[@IvanGrande]

Very insightful.

[@gabrielcapparelli]

Andrew, you want the latest update on this tax? They want to implement it for 2022. Yes! They want to pass the law this year so you have to declare and pay for 2022!!! Kind of retroactively, something that has never happened before, so you can plan your tax year just to have the rules of the game changed in December. It happens in Spain.

[@sebas8225]

Ofc they would, that way you have to pay in 2022 before you have time to move, it´s the same strategy the USA did with Boris Johnson by the time he stopped being a US citizen he already had to pay bigly

[@benjamind3448]

I saw that the government of Portugal is considering scrapping the Golden Visa Program as they say that it is no longer needed.

[@robertowhyte2836]

Yeah to many people want to move there now

[@benjamind3448]

@@robertowhyte2836 Well, at 500,00.00 Euros per application, isn't that what the government wanted in the first place? I had planned to apply for this programme in the past but such potential abolishment now negates it all.

[@robertowhyte2836]

@@benjamind3448 Yeah I hear you. I was considering it also

[@kryptoprawnkrow3084]

They also said income tax would be temporary...

[@mikemilton4370]

Yes they did. To pay for the war. 😒 🤔 hmmm.

[@lesbyler1183]

Love your videos. I feel stuck because of businesses that I have here.

[@mklrodzpad4629]

Spain is out! Definitely not taking my money there

[@IgnacioAguilarToledo]

Thanks for the video

[@nomadcapitalist]

Our pleasure.

[@safiahnd488]

Such a Shame, Spain is such beautiful place, amazing weather, great people! Such a shame it doesn't wanna attract high net worth people rather repel them

[@alfonso87ful]

@@huwhitecavebeast1972 north Spain is not hot. Santander , Asturias etc

[@gc12gladiator]

Spot on!! 👍🏼👍🏼

[@Molloy1951]

Meanwhile, the King of Spain and the royal family, who have exploited the Spanish people for hundreds of years and have tax exemptions not available foe peasants: "Hold my beer!" 🍻

[@lavidawithjoey]

I love seeing Andrew speak on camera about issues relating to his business. This is a great way of explaining how governments are incentivizing entrepreneurs to move to other locations!

[@Peterogen]

Thank you

[@patrickverlinden71]

Maybe it's time to contact Shakira, she knows all about tax evasion in Spain.

[@glo8778]

read more about Austrian economics. As a libertarian Anarcocapitalist no taxes, no government

[@nigelc3358]

FACTS and OPTIONS. Key to life right now.

[@dianeulicsni1556]

Andrew.. you are so great!

[@nomadcapitalist]

Thank you, Diane.

[@mgilgar]

To be honest the tax already existed but it was applied differently depending on the region but central government did not like that and decided to create another law to collect that money those regions are not collecting.

[@mjs28s]

So sad that the solution is to always take more from the people rather than spending less as a government and then using lower tax rates to try to bring in people with businesses, investment, etc. and locals to start businesses.

[@glo8778]

because European countries except Estonia, Sweden, (libertarian economic policies) I don't know the other Scandinavian countries, Lichenstein (Anarcocapitalism libertarian type economy) are government driving economic policies. the bigger the state the better

[@glo8778]

because also the loves Keynes economic (socialists polices) including USA FEDERAL RESERVE. the last libertarian economist guy in USA was Friedmann (advice president Reagan)

[@geozantrox666]

I find this very fair to be honest. Spain, and italy, despite high taxes, are some of the best places to live in europe. Also portugal, with lower taxes. Most jobs pay less than 2k but we still have decent services, and some black money has never been a scandal

[@MG-jz4eb]

Investors leave Europe nobody pay extra

[@glo8778]

Andrew misses that Spain had been run for Socialists with support of the communists (Podemos) and the Separatist communists' parties from Barcelona and Basque State therefore there are Appling KEYNES ECONOMICS which are applied here at the USA for long time

[@AECH_CH]

You can also do wealth taxes right - moderate rates and no capital gains tax in exchange and there you go - Switzerland does this, keeps low income taxes, low wealth taxes (between 0.2 and 0.6% depending on the Canton) and people like it and support it, as it's much easier to plan for both parties than it CG taxes are.

[@bcsaaa]

Which is the cheapest second passport at this time? And easier to get it in a short period? Thank you

[@shmoko1989]

The program is you'll own nothing and be happy.

[@Garcia-elf]

Good, putting Thomas Pickety’s suggestion to work.

[@Rittlesleo]

Unfortunately, as a US citizen, I can't escape it's taxes. We have permanent residency in Mexico but haven't been there in a year so we would have to start the naturalization clock over. We can't afford to buy a citizenship as yet.

[@mikemilton4370]

As inflation goes through the roof anyone with a property will fall into the 3M net.

[@moltderenou]

You are assuming that property prices will increase even if the economy collapses

[@SunKing968]

Occasionally I sense a subtle aversion to taxes within Andrew

[@handle_the_handle]

In s-pain there's a saying that says africa starts in the Pyrenees

[@mattanderson6672]

Thank you Andrew, I will be avoiding Spain

[@johntheaccountant5594]

Some countries have capital tax. Switzerland is an example. It is basically 0.3% of your net capital (assets less debt). One should keep one's capital outside of the EU zone because I can see that many countries will be introducing a capital tax and capital controls in the future.

[@sebas8225]

Depends on the levels of dynamism of said countries in taxing you, if you can keep moving the money and assets around without being taxed the moment a new law is announced you are good.

[@spaRTan3246]

Let me correct you: One should make sure to keep his money outside of the EU to keep it safe… 😎

[@sevdev9844]

In the past the poor workers from poor countries left Spain in every economic crisis. Now they're staying and still coming in, even during a crisis, thanks to that "social spending". This also helps keeping the real estate and rents prices high, and the taxes.

[@beyondgalaxies3960]

In Zimbabwe bank interest rate is 90%, is that true?

[@bumpy818]

Perfecto.

[@User-sl4kg]

Sadly they will have to pay the pensions that will be increased in line with inflation (+10%). Many places in Europe are fucked by the pensioners who have been retired for 30+ years and contributed very little to those pensions during their work life. Then of course if you have a left government, they listen to the pensioners first. Hopefully Italy now reverses course.

[@glo8778]

Australia, Chile (private pension system), Colombia (private, and government run) , no like here in the USA and Europe where are government run, therefore broke

[@Ziegfried82]

I consider pensioners to be no different than welfare leeches. Maybe an unpopular opinion but it is as you say: they are pulling far more out than they put in. Add to that the statistical fact that the elderly are growing as a demographic (rock bottom birth rate in the West) and have the highest participation in elections and you have a recipe for disaster.

[@User-sl4kg]

@@Ziegfried82 and then they go to places like Portugal (at least on paper) to enjoy their fat pension tax free

[@lockitdownduck4033]

Very well done

[@FindTheTRUTH337]

Yes! The governments need to stop wasting their money! Exactly! Amen!

[@talkcommonsense]

It's NOT their money... it's the money they collect from YOU...

[@midnightsky2933]

You are great, Andrew. What do you think about the UK? Do you think they'll go the way of Spain, Canada, etc in terms of taking away people's money and freedoms?

[@IslamicRageBoy]

They already do, and quality of life is lower in the uk

[@YAM14]

POLITICIANS ARE VERY RICH SO GOVERNMENT SHOULD TAKE 50% WEALTH FROM THEM BECAUSE MOSTLY THEY ARE CORRUPT..... ☝

[@jklmnoqr]

In Spain, even the nationals would agree that there is so much jealousy and envy (pride and arrogance,too) that OF COURSE, some regions would complain about others getting a better deal!!!!

[@alonezlciel]

Sound like Spain going to move 'S' behind their name.

[@lahabitaciondelatrapado4621]

Rhe funniest thing is this fight back against decentralisation of fiscal rules and in favour of a federal wealth tax is supported by the catalonian separatists. They want to give up authonomy to fish out more of people's money. Politicians are always the same

[@antoniodesousa9723]

interesting that a country facing a demographic crises due to birth rates below replacement level they are halving the tax on condoms and contraceptives. i guess they expect the germans and french to provide tax revenues and moroccans to keep the country maintained

[@cduance83]

Ahh yes, lets take money from those that work to give it to those that do not......

[@kivashtull1266]

From the country that brought you the Holy Inquisition, and hasn't recovered since.

[@dimitrivancamp1013]

Nuts !!

[@kling8460]

Definitely true there is no service in Spain.

[@cineffect]

Wasn't there a rumor that Elon Musk will soon begin offering Golden Mars Visa? Where does one sign up?

[@inigosanjose4487]

I was planning to save around 3M and retire in Spain (as I am Spanish), now Portugal seems the right call. The fact that me (someone who is in general pretty OK with income tax) and loves Spain as much as I do is already saying not to retiring there, says a lot of the potential losses they are gonna have

[@camiller4916]

Portugal has gotten rid of their tax incentives and is now charging a wealth tax on property along with high income tax: Residents are subject to progressive tax rates on their worldwide income. I am unsure if SS or cap gains are taxed but it seems likely that they would be taxed.

[@johnnash7350]

I love Spain.. I am thinking about the non-lucrative visa.. but I don't want to become their tax slave also..

[@ivanyaroslavskiy]

Sri Lanka now has lots of milllionaires too )))

[@jamesm.9285]

Out of curiosity: What's the consensus here on quality of life and financial freedom in France and Germany? I feel like learning one of the languages but not sure if it would ever be worth it for emigration purposes tbh... That said, I live in the UK, and things are plummeting down the gutter here.

[@spaRTan3246]

Germany 2022 in short: Those with money emigrate, those without immigrate… 🤗

[@spaRTan3246]

BTW: Both languages are beautiful. 😉

[@josuam5502]

As a German, let me warn you straight away: Germany regularly ranks in the top 3 of European countries with the highest tax burden. Bureaucracy in Germany is nothing but paper terror. There are some companies that need more money for office workers - just to fill out that stupid paperwork, even though the money would have been urgently needed to hire more skilled workers who can produce the actual goods. What's more concerning - because we live in a digital age - is the lack of digital modernization and infrastructure: In terms of Internet infrastructure, Germany ranks a distant 34th in a global comparison - waaaay behind countries such as Romania, the Czech Republic, Slovenia, Hungary and Slovakia. So if you need fast internet, you usually have to live in big cities (population with at least 100,000 people). But if you want to live in the countryside there are only 2 options: Either you live in Bavaria - Bavaria is the richest federal state in Germany (out of a total of 16) and the local communities can usually afford the expansion of fiber optic connections. Or you live in North Rhine-Westphalia, where the largest part of the population lives. If you want to live in the countryside there, there is a high probability of getting good internet, as it is generally not far to the nearest major city and many international companies have their headquarters there. Elsewhere in other federal states, the situation in rural regions looks rather bad (meaning, you definitely can get "good" internet access but it will be only good enough for casual web surfing, gaming and watching videos with lower resolution) OR it's just effing expensive^^. Germany (just like France) will slip into economic poverty. We have a significant shortage of skilled workers. The government sees everything with rose-tinted glasses because it thought that the refugee crisis (in 2015) would bring many well-trained refugees who could fill the shortage of skilled workers (unfortunately they were wrong). In addition, German MPs earn on average almost double what British MPs get every month. Taxes are wasted like there's no tomorrow. And Germany is super woke! It is also not unknown that many companies in Germany have filed for bankruptcy in recent months (including some traditional companies that have survived the First and Second World Wars and several global financial crises - imagine that!!!!). And as if the government hasn't done enough damage. German politicians have recently announced that they not only want to introduce a wealth tax, but also a one-off wealth levy (it is rumored that anything between 5% and 30% is possible). Like the spanish politicians, they claim "that they only want to do this once and then see if they want to introduce this tax policy in the long term". This of course prompted many millionaires and entrepreneurs to flee the country. In response to this, the German government introduced an exit tax for companies that has been in effect since January 2022. Honestly, I don't know of a more stupid way to drive a country against the wall. One economic nonsense after the other. It just won't stop and it makes you wanna cry! However, In my opinion, the absolute (economic) deathblow for Germany is the misguided energy policy. The left-green government has no short-term solution for the energy problem - in the next few months we will have to prepare for the fact that there will be very likely power cuts and blackouts several times in Germany. The dominance of Western Europe and North America is history in my opinion! The new global power will be the BRICS countries. If you're a British citizen, I'll tell you: Brexit was a smart move by the UK. Yes, of course the UK became poorer after leaving the EU - but even then, it was to be expected that the first two decades after Brexit would be economically tough. You'll have to wait a few more years, but at least the UK will be spared from the upcoming economic damage the EU will face, as soon as the BRICS countries have established their global dominance. Simply put: What the UK had to go through after Brexit, the EU will also have to go through (even worse). Believe me, what you citizens of the UK have to do is just make it clear to your politicians that they have to put pressure on Western Europe and, if necessary, threaten to intensify business with the BRICS countries (the BRICS countries have already announced to create and introduce their own reserve currency, which in turn means that the dollar will lose its dominance over the world). Also important: Make sure, to defend yourself against the woke ideology by all means! Left-wing politics is responsible for the fact that we have a perversely degenerated generation of young people who can do nothing and have nothing else on their minds than gender and racism debates! It doesn't matter which country you live in, but the fact is that left-wing politics means that hard work and entrepreneurship will not be valued anymore. In fact, most western politicians are already going so far to say that people with work are "privileged". Kudos if you've read my novel this far. I just had to let off some steam^^

[@s.c.9878]

@@josuam5502 Very interesting. The problem we have now in the UK is that Boris Johnson basically wrecked the economy, the Conservative party keeps shooting itself in the foot and we have Trotskyist Keir Starmer waiting in the wings and the polls are in his favour! I love living in the UK but I can see wealth taxes coming soon under Keir Starmer. I'm thinking about Switzerland as an option, but other options could be Serbia, Montenegro or even Bulgaria which has a 10% flat tax.

[@Puppynutter123]

@@josuam5502 well done!

[@TheThreatenedSwan]

That tax money would largely be invested, or at least people would buy what they want. When it goes to the government, it's wasted immediately

[@matthewbrown4575]

I'm at odds with Spain because the type of property I want(20 hectare + with stone house) is only available in Spain ,italy France and to a lesser degree Portugal ) . Also have to consider the that there may be other countries in Europe with this type of property but the pathway to citizenship is limited. And ideas or opinions are welcome

[@jolly7728]

They are going in that direction because of automation technology on steroids. Fewer and fewer people are needed in the workplace and aren't able to earn a living. So, governments have to "pay people" who aren't working for them to survive. And many of the jobs that are left just aren't very interesting, hence high turnover and quiet quitting on the rise. We now come full circle: that's why we have so much automation taking people's jobs.

[@privateconfidential7490]

They just intice you then whacking it out guessing after the fish is in the net

[@geozantrox666]

At the end of the day, do you really decide where to live just based on taxation?!?! What about the rest of your family, food, weather, environment, social life....

[@sccanj]

Trust me, making 3 million a year living in Spain is indeed súper rich. Average wage is like 20k a year in Spain

[@alfonso87ful]

Its not taxed on making 3 mil a year. Its a tax on all your assets accumulated in a lifetime. You got it wrong

[@VictorPakhomov]

What can you say about Portugal? Is it millioner-friendly country with its NHR? Is it worth getting Portugal Passport after 5 Years of Residence there?

[@camiller4916]

No, they just got rid of all their tax incentives.

[@ApolloLeRoux]

Yeah it's over.

[@davebnly]

I wonder when these governments will figure out that raising taxes so harshly will just cause those citizens with the ability to leave and #GoWhereTheyreTreatedBest ? Probably when it's all too late and their own solvency is coming into question. Expect no less from those trained by the system with no real business experience themselves. It's a 🤡🌎

[@mgilgar]

I think they do this particular tax for political reasons, to please the people. If they wanted to remove it, it will be seen as a gift as if rich people did not pay any tax and this redesign is seen by many as a deserved pubishment for rich people. For many spaniards rich people are rich because they did something wrong like exploiting workers or paying bribes to politicians. We said that one of our biggest problem is people in Spain tend to be very envious, so being a sucessful in life is always looked with suspicion.

[@cloudburst1215]

Important info on overreaching governments, thank you. Please slow down your speaking pace, it's a bit too fast.

[@coding7196]

People just dodge these high taxes. Oh boy.

[@stuartpaul9211]

always filters down to the masses.

[@westleywest7259]

🙋🏻‍♂️ Oh oh! Now do Italy! (I report crypto spammers)

[@JeannettaJoy]

Dubai is better now, they have changed some rules.

[@johnnash7350]

I used to love Spain, they pull this stuff, forget it!

[@dellwright1407]

This was a bit of a rant... would have been more helpful to talk in a little more detail about the taxes in question.

[@jamesm.9285]

But isn't taxing the wealthy a much less impact on their quality of life and security than it is to tax the poorer people? (And I'm not suggesting the taxes and poor money management are justified, but that one way is arguably more moral than the other).

[@kling8460]

Business owners will just leave.

[@jichaelmorgan3796]

@@kling8460 or take away insentive of creating business that would have added to economic output which would have naturally increased tax revenue.

[@Ziegfried82]

Think about it for a minute: when you tax the rich they are the only segment of society that has the ability to pick up and leave. They can literally live anywhere in the world, it's what Andrew has built his business on with Nomad Capitalist. You will get away with raising taxes on the middle class because they usually don't have enough money to get out..and they too can bear the burden of high taxation. That's why the middle class always ends up footing the bill and the "evil rich" skate on by. Wouldn't it be wiser for governments to just spend less?

[@jamesm.9285]

All fair points in the comments. Those who should be taxed most are the companies contributing to crony capitalism and political-industrial conflicts of interest that allow for idiotic management of national funds in the first place. Still, from both a moral and even philanthropic viewpoint, it makes less sense to rob the poorer majority than take from the richer minority who, arguably (even IF they leave, which is a massive undertaking for many), can bear the brunt more.

[@jichaelmorgan3796]

If you want to increase tax revenue the natural way, don't increase taxes in a way that makes other lands more attractive to business owners and rich people! Have a reasonable point of taxation that still allows businesses to grow and flourish while becoming attractive to businesses and rich people who are being strangled and unappreciated in other areas! Find any place on Earth that is exploding economically and this is how it is happening. Your goal should be to create an amazon rainforest for businesses to grow if you want to maximize job growth and tax revenue. This is what describes why capital is flowing from the NE to Florida so freely. Money flows to areas of least resistance. This is a reality that must be accepted.

[@cheery-hex]

Europe and UK are both going to suffer massively in 2023/2024. Anyone there should get out!

[@DarthRaver-og7qq]

Lol they keep trying these "wealth taxes" over and over and it never works. 🤣 maybe it will work this time! What a joke.

[@arvinjosephignacio930]

If the rich gets taxes 3.5% they are still rich. They will not starve. They will not die because they cannot afford homes or medical treatment. Honest work is honest work. It is not measured on wealth. Everyone have the same number of hours in a day rich or not.

[@hughjass1044]

Surprised they didn't just say - "Think of the children!"

[@immortaljanus]

It's a leftist government, they don't care about children. Spain's demography is ruined either way.

[@handle_the_handle]

S-pain

[@spencerroyal4109]

How is that equal treatment ;-)

[@kg3718]

Oh no how awful

[@jimmyl7511]

Wow, thank God I live in the land of freedom and opportunity, Tbilisi, Georgia. Thank God I don't live in Communist countries or continents.... such as Europe.

[@agnisapaksa]

Aren't you worried about the Russian influence there?

[@jimmyl7511]

​@@agnisapaksa Russian Influence? Why would anyone here be worried about that?

[@jimmyl7511]

@@patricksweeney5308 Yeah that's one thing that bothers me, you see EU Flags everywhere, there is this belief that the west is like what you see in the movies, this land of milk and honey that is a bastion of riches and democracy, that somehow Georgia will become like the Netherlands overnight if they join, little is spoken about regarding the utter decadents of western society, now is a time to get out not get in.

[@doodlegassum6959]

It is literally rejection of a slave mindset

[@mathisnotforthefaintofheart]

So are you saying that socialism for the rich is coming to an end?

[@Zelielz1]

The gov is socialist what do you expect.