The freedom to live life as you want, where you want and look for a better overall future should never be taken for granted.
In a world where many struggle under various forms of oppression, those of us who are free to make our own choices must grab any opportunities presented to us with both hands.
While successful investors and entrepreneurs may have an entirely different and, perhaps, better set of options than others, this challenge comes with its own challenges. After all, wealthy or not, we all have to share the same planet, pay taxes and make decisions for the betterment of our families.
The late American politician William Jennings Bryan summarised it well when he advised, ‘Destiny is not a matter of chance; it is a matter of choice; it is not a thing to be waited for; it is a thing to be achieved’.
So, no matter who you are or how much you’re worth as the master of your own destiny, you still need to make smart choices. Chief among them is where to live so you can attain the best quality of life.
But there’s a lot to consider in pursuit of that particular goal. There are various indicators to analyse but, by focusing on factors like economic and political stability, safety, tax policies and life expectancy, you won’t go too far wrong.
That’s where we come in. Nomad Capitalist has helped over 1,500 clients move to multiple tax-friendly jurisdictions from Central America to Western Europe and further afield. Apply to become a client today and our team will assess your personal and corporate vision and portfolio to determine the best solutions to help you retain and grow wealth, pay fewer taxes legally and acquire greater individual freedom.
Best Quality-of-Life Countries in Europe
Europe, comprising 44 sovereign states and nations, is a dynamic, diverse and highly coveted destination for people from all around the world, and for good reason.
Simply taking a snapshot of the five most visited attractions; the Colosseum, Basílica de la Sagrada Familia, Eiffel Tower, Louvre Museum and Tower of London is enough to conjure up the wealth of the continent’s history and culture. However, there are other more practical factors that will impact anyone’s decision to move. So, taking into consideration all of your concerns, here is the Nomad Capitalist list of the best countries to live in Europe.
Switzerland
Switzerland is an excellent destination if you’re looking for a peaceful country. The country’s neutrality dictates that it is not involved in armed conflicts between other states and is, therefore, less likely to be the target of attacks. According to research by the Organisation for Economic Co-operation and Development (OECD), Swiss people enjoy a high level of life satisfaction and are happy about their quality of life, the health care system and the job market. This results in higher life expectancy.
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Switzerland has a three-tier tax system: federal, canton, and municipal. The country is divided into 26 separate administrative areas or cantons. Taxes are levied by the individual cantons as well as by the federal government and sometimes by municipalities in the form of a communal tax.
A progressive tax system is in place at the federal level, meaning that the more you earn, the higher your tax rate. Switzerland’s highest income tax rate is around 40%, but it’s possible to pay much less, depending on the location or canton.
Under a lump-sum tax regime, foreigners living but not working in Switzerland are taxed on the basis of their living expenses rather than their global income and assets.
The lump-sum tax you pay is calculated using the total annual cost-of-living expenses incurred by you and your dependents in Switzerland and abroad. You can learn more about how Switzerland’s lump-sum tax works for low taxes here.
On the whole, Swiss banks are very reputable and safe, and the corruption level in the country is low. Politically and economically, Switzerland is renowned for its stability. And, since Switzerland is one of the safest countries in the world, you can be sure that your welfare and that of your family are secure. There’s the added bonus that Switzerland is also one of the most crypto-friendly countries in the world.
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Securing Swiss citizenship can be challenging and may take as long as 12 years unless you qualify for citizenship by marriage.
Having Swiss citizenship, however, comes with the perk of obtaining a Swiss passport, which gives you visa-free, visa-on-arrival and eTA (electronic travel authorisation) access to 176 countries.
If you plan to make Switzerland your long-term residence, various residency permits are available, each with its own requirements and advantages. These include the Swiss Investor and Swiss Company formation visas.
Whether you intend to start a business, make investments, or bring family members to Switzerland, there are numerous pathways to establishing a permanent home there.
Sweden
According to the World Happiness Report, Sweden is one of the best European countries to live in. It’s a perfect destination for you if you’re keen on Nordic minimalism, sustainability and nature.
The country is politically stable, has one of the best health systems in Europe and is one of the world’s most equal countries with relatively low levels of income inequality. Also, its public education system has a superb international reputation.
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Sweden does have high taxes but considers those to be the country’s trade-off for quality services, safe streets and overall peace of mind. From a political standpoint, Sweden is transparent and one of the least corrupt countries in the world – a crucial factor for businesses.
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If you’re a wealthy individual, moving to Sweden will secure multiple opportunities for you in terms of family and business life.
Swedish citizenship would allow you to benefit from high-quality living, visa-free travel and personal freedom. According to the Nomad Passport Index, Sweden’s passport is ranked among among the top 15 passports in the world.
Germany
Germans are known for their pragmatic approach to life and for being a society that values hard work and punctuality. Though, Germans aren’t all work and no play.
Germans know how to let loose and enjoy life, as anyone who’s ever been to Oktoberfest will tell you. As a leading European power and one of the world’s biggest economies, Germany boasts one of the highest standards of living anywhere.
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This EU powerhouse’s economy has a reputation for being extremely bureaucratic. Despite all the paperwork, the country functions efficiently, giving its citizens complete confidence in its institutions. The German public health system is free, as is education.
Famous for its engineering, machinery and chemical industries, the German economy is currently the fourth strongest in the world.
Add to this the country’s art and culture, UNESCO World Heritage Sites, forests and more than a few stunning castles, and it’s easy to see its appeal.
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Germany is also an attractive prospect for foreign investors and entrepreneurs. The country’s bureaucracy can be a challenge, but a stable legal and fiscal environment compensates for that, as does its citizens’ meticulous and professional work ethic.
Despite personal and corporate tax rates that are well above the EU average, Germany has put considerable effort into creating a solid business-friendly environment for investors.
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If you are considering Germany as your next location, it’s possible to obtain German citizenship by descent, with the added benefit of allowing successful applicants to hold dual citizenship.
Before 2000, Germany did not generally allow dual citizenship, except in very limited circumstances. However, under current law, individuals born to at least one German parent or through descent are permitted to hold dual citizenship.
Additionally, individuals applying for German citizenship through naturalisation may be able to retain their original citizenship, depending on the laws of their home country. However, it’s important to note that some countries do not recognise dual citizenship.
Alternatively, you can apply for a freelance visa, a popular form of temporary residence permit which allows holders to travel freely within Europe’s Schengen Area.
Denmark
In Denmark, life is all about ‘hygge’, which translates as ‘cosiness,’ a communal spirit that encourages people to cherish the small things in life. The concept of hygge goes a long way in explaining why Danes are so relaxed and are some of the most satisfied people on earth.
Even though Danish citizens are obliged to pay high taxes, they benefit from a variety of efficient public services like free public education and free universal healthcare.
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Denmark has high taxes and can be expensive, but it also scores high for innovation with plenty of business opportunities arising from access to EU markets.
Additionally, Denmark is among the top English-speaking countries in the world, adopting it as a common language. As is the case with other Nordic countries, Denmark is also renowned for its low levels of corruption. In fact, according to the corruption index, it tops the chart.
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While securing citizenship in Denmark is not easy, if your heart is set on settling down there, there are options that include the chance for dual citizenship.
The Netherlands
The Netherlands is famed for its fields of vibrant-coloured tulips and scenery lifted straight from a Van Gough painting.
However, the Netherlands is about so much more than sightseeing. According to an OECD World Report, the Netherlands has a high quality of life and is a very tolerant country. In fact, the Netherlands actively promotes human rights, meaning people can freely express themselves. Unity and inclusion are something that Dutch people greatly value, and in this welcoming culture, you’ll never feel alone.
Dutch art and craftsmanship are recognised worldwide, with Dutch Masters ranking among the most respected in history.
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The Netherlands enjoys an exceptional business climate with a reputation for providing stability. Its excellent location and access to Western Europe are especially appealing to investors who are interested in expanding their business connections. While taxes are traditionally high, the Dutch tax system has many benefits for entrepreneurs.
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If the Netherlands appeals, you can apply for a residency permit to live and work there. There are several routes to becoming a Dutch citizen, including citizenship by birth, by descent or by marriage.
The Netherlands has strict laws on dual citizenship, permitting it only in very specific circumstances, such as if your country does not allow renunciation of citizenship.
¿Cómo puedo mudarme a Europa?
Becoming a European citizen opens the door to a world of life-enhancing opportunities.
With diverse regions, cultures and customs, the nations that make up this continent have something for everyone. From the laid-back, sun-soaked Mediterranean to fast-paced industrialised cities and cultural capitals, the lifestyle, business and travel opportunities are second to none.
If you’re interested in European residence, we can help you plan and execute the most advantageous strategy.
Moving to another country is never easy, especially if you want to minimise your taxes, protect your assets and grow your wealth. That is where Nomad Capitalist comes in. Apply to become a client, and we’ll find the best solution for you.
