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Countries with the worst taxes
Here on this channel we often talk about taxes, and the best places in the world to go if you want to save on tax. But what about the worst countries for taxes?
Today we are covering those!
We are not necessarily talking about the countries with the highest tax rates, but countries that have highly aggressive tax departments which will go over and beyond to collect your tax money.
Most of the countries on our today’s list have both high taxes, and extremely aggressive tax policies.
So in order to make it to our list country needs to have:
-high taxes
-tough tax rules
-diligent tax departments that get the job done
-hyper-aggressive and not the friendly tax man
Here is our list of the worst tax countries:
1. Australia – we said this many times and we’ll repeat it, the Australian tax department is just horrible! If you’re in Australia you need to make sure you’re doing everything 100% by the book, and the book is not quite easy on to follow. ATO is extremely aggressive and effective. They’re also quite difficult to deal with
2. Germany – no friendly tax departments at all, very efficient tax collectors, and a very high tax environment.
3. France – is an absolutely horrific country when it comes to tax! Rules are difficult and taxes are high. Taxes are even higher than they look on paper, so you’ll end up paying a big chunk of your income to the government.
4. Denmark – are you even surprised? Danish taxes are competing to be the highest taxes in the world. Rules are extremely difficult to work around, and if you live in Denmark it is very difficult to do tax planning.
5. This one is a tie between Sweden and Netherlands. The Dutch taxes are quite high and they’re good at collecting taxes, but they still offer some favorable rules for you to work with.
There are some countries that many believe should be on this list, but I didn’t include them. These would be Spain, Italy, Finland, and of course the US. However, in my experience working in the field of international tax for so long, these countries don’t come close to the ones listed above.
Australian ATO is way worse to deal with than the IRS, even though the IRS has quite a bad reputation and a longer reach.
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Author: Michael Rosmer
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Where do you recommend to open a sole trader company?
Great video, like always, really appreciate it, thank you Mike
Great video as usual!
I would be curious what your thoughts are on US adding 87,000 new IRS employees over next 10 years.
You always have an excuse that stops you from starting a business, Then you are the one to demolish the excuses and get started ! a fellow creator'''';
France can be ok for investors. Lots of tax legal shelters, for example real estate, PEA. You need a good tax expert.
USA is not the highest for taxes, but it is hands down the most complicated tax system if you're doing overseas business
5:41. I think you said it between the lines.
Denmark Tax system have for many years been based on trust. You completely forgot two aspect in you analysis.. what do you get in return for your taxes and why do you think the control gets worsen over years.
Denmark is the top 10 in less corrupt countries in the world – but use your analysis to put one and one together to figure out why we have increased control! The influx of foreign cultures who take any opportunity to cheat on taxes.
There is a reason why UN nominated Denmark as the happiest nation in the world, either 1 or 2 for 10 years in a row.
Did not know about Australia, but the rest don't surprise me.
EU billions in debt like most western countries so someone has to pay to keep the shit show going.
Taxes pay for services such as Hospitals, Police etc. If your wealthy why should you not pay taxes.
Australia: 1. Income tax is only collected by the Commonwealth and the GST is shared amongst the states and territories. 2. The taxes are the same for every taxpayer from state to state/territory. 3. There is a tax free threshold of $18,200 each FY which is July to June. 4. Yes, the ATO is tough but its employees don't have badges and don't wear guns.
Australia up to 50%? No, 47% is the top marginal rate and the different rates are applied step-by-step as "work" your way up. So to say the tax rate is 50% is bullshit. At least the GST is included in the price unlike the "Oh yeah tax too" in the USA. Would appreciate the truth.
You are missing one important criteria which is value. Paying high taxes in Scandinavia is not the same as paying high taxes in the US or other areas of the EU. The former provides value back which is why Scandinavians have a high QoL and ranks high in many metrics. I cannot say the same for Americans who pay high taxes and not getting much in return.
Countries like Chile or Argentina for example under their current socialist/communist governments are also becoming tax hells because you pay a lot and get basically nothing in return, which is something that must be factoring in when analyzing if a country pays too much in taxes. Many rich people there are now moving abroad to other regional tax havens like Uruguay or Paraguay.
is it good to invest in the real estate market on both saudi arabia and egypt? this two countries are building their new mega city specially egypt they are building a themepark 4 times bigger than disneyland, a big hectares of golfcourse, a 38 kilometer park bigger than new york…etc. they will build the tallest building in the world bigger than uae tallest building.
Being Swedish, but had my first job in the Netherlands I concur. All things considered Netherlands is a little bit better, but it is close. In Sweden taxes are high, the tax authorities are competent, remarkably so actually. Every time Im in contact with with them, Im like yeah, not a big fan of paying all this, but I got to give it to them, they are super helpful, clear and provide expert advice with no waiting time.
Seems if you are an employee they are nice, but if you run your own small business they treat you with more suspicion (I never tried running a business in Sweden).
Upsides in Sweden is no wealth/inheritance/gift tax, and quite low capital gains tax if you keep stuff in an "investeringssparkkonto". Also quite easy to get out of the tax net by moving abroad. But not the same legal tax advantaged structures and stuff the Netherlands has.
good video, very much agreed so! suprised Spain isn't on this list tough!
Very useful video. Thanks!
Why do you never talk about your credentials? "Who are you and why should we listen to you?" How/why are you an expert? How/why are you qualified to do what you do?
I've been watching your channel for a long time and I still have NO IDEA what makes you qualified to teach/do this.
So you/your website helps businesses/people do X..okay, but how did you get here? What makes you an expert?
(Not berating you, just have no idea how/why you are qualified. As someone who helps businesses grow and market themselves better, just giving some constructive feedback)
You really should do a better job of intro'ing yourself in your vids. Andrew Henderson does a great job at this. He explains in every single intro why/how he is an expert, why/how he is qualified to do what he does, and his personal journey of how he got to where he is..
Talk about yourself mate, people want to hear about you!! Also tell us in each vid what location you're at, we're curious to know:) Also you really gotta stop speeding through and MUMBLING/SLURRING your website in every video. Be clear and confident when you pitch your calendar…nobody can understand what you're saying when give your web address! All I ever hear is "forward slash" and I can never comprehend what you're saying before or after. SLOW DOWN, speak CLEARLY, and ANNUNCIATE your words when giving your contact info…. and for godsakes …WHY should we listen to you? What makes you an EXPERT? How did you get to where you are?
You never once talk about these. You need to close these open loops in people's minds, because I guarantee 70-80% of your viewers are wondering exactly that. Tell us who you are, not just that you can help. WHY can you help? WHY/HOW are you the go-to expert?
Hope that makes sense. You gotta close these open loops in your prospect's minds. 👍
I thought they'd be:
1. USA
2. USA
3. USA
4. USA
5. Australia, Canada, Germany, Denmark
I add Belgium to the list 🇧🇪
California has a cap gains rate around 38% – is there any large country with a higher CGT rate than that?
Typo in your title Michael, just FYI. Great video as always 🙂
I lived in SE Asia for 8 years. When I came back to Oz the ATO audited me and sent me a bill for 250k in tax due to disputed residency status. My accountant said I was screwed. However I managed to get together enough documentation to demonstrate non-residency during that period and they dropped the charge. Huge relief!
I was sure Norway would be on that list. Have you looked at levies in conjunction with income tax in different countries? In Norway, there has been a definitive shift in taxation from income taxation towards increased use of levies. And an increased greenwashing of the levies, at least the last decade.
In 2 of these "worst" countries we find the some of the Worlds happiest people… Why? I live in Norway with similar taxes to Denmark and Sweden and also with high prices on almost everything – and still – Norway has also may be the happiest people in the World..
What is the basis for your assessment?
put Canada on the list
There's a typo in your title *World
I hear you !
Nice video and informative as always.
An off topic thing my wife thinks that your voice is similar to Elon Musk 😂 multiple times she asked me
"Are you watching a video for Elon Musk " ?
Opinion on CRA?
Curious why you say its hard to become a non-resident of germany, I thought it just coincided with spending less than 6 months in germany and deregistering in your local town/district
Michael, is your voice ok ? Sounding a bit coarse in the video.
Denmark capital gain tax is 42% no matter if its long term or short term investments
ETFs are taxed on unrealized gains
Denmark is crazy on the list with income tax going up to 61%
Why did you leave out Canada. It's amongst the worst for taxes. By the way, if anyone desiring to come to Canada, don't. It's extremely difficult to get ahead here, the cult system makes sure of that. You'll work like a slave for years paying taxes, just to retire with a pathetic pension that can't buy you anything. Go to the states instead. At least you'll have a fighting chance.
All feminist countries. Aggressive taxation to support their wealth redistribution and social spending for women.
You and nomad capitalist both make the atypical assumption that we have location independent businesses. Most do not. Many of you youngsters got lucky with the crypto scam the last decade. Maybe that's your client mindset. That certainly isn't going to last. Nomad capitalist had a silly episode where he went over brick and mortar and other businesses you could buy overseas. The idea that you can just buy a successful business is pretty absurd. If it's successful it's very rarely going to be for sale. When a business changes hands they're going to be countless unknowns and differences in management and business success hinges on this. Overall all this talk of moving overseas for lower taxes is pretty absurd for people with the vast majority of businesses. I mean how many Amazon dropshippers are watching your channel?
The IRS is so under-funded they simply don’t have the personnel to be effective. There are also (intentional) loopholes galore in the States.
I heard that in Sweden they might stop you when you drive an expensive car to be sure you paid your tax. They don't like people who stands out 😆
First comment!
Thanks!