More and more wealthy Belgians consider fiscal emigration
Belgium has not formed a government yet although the federal elections took place on the 26th of May 2019. The resulting political instability raises uncertainty about the future tax regime of the small West European country. Some taxpayers are concerned that the new government will follow the tax policies of the previous governments (Rupo and Michel) which led to an increase of property taxes. To avoid legal uncertainty and protect their financial assets until it is not too late, many Belgians choose to emigrate. Actually, 100 Belgians emigrate every single day.
Nowadays, relocation often is the only way to avoid the Belgian taxman. The world became transparent. Most countries concluded agreements for cooperation with regard to tax matters and are able to quickly or even automatically exchange tax-related information. Thus, future expats need to cut most connections with Belgium in order to make sure that they will not be regarded as Belgian tax residents. The removal from the register of Belgian residents is not enough. For example, future expats need to sell or let out their Belgian homes, terminate their Internet connection in Belgium, and cease most of their socio-cultural activities in Belgium.
Bulgaria is one of the preferred destinations for fiscal emigration. The Balkan country attracts expats with its stable fiscal policies. For more than 10 years, its corporate and personal income tax rates have been 10%. Furthermore, Bulgaria does not plan to change its tax regime in the near future. Offering low tax rates, affordable housing, and an attractive business environment, Bulgaria quickly became one of the best places for digital nomads and other expats willing to optimize their tax burden. No tax on pensions and no inheritance tax…
We would be glad to assist you with all aspects of your relocation to Bulgaria as well as with the registration of your company there.