Unexpected New Tax Haven?

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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He is widely regarded as the foremost international tax expert for legal cross-border tax planning, with extensive experience in immigration, residency, and second citizenship for those seeking a plan B, asset protection, global offshore banking, and payment processing.

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[voi]

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.

[littlenest]

Poland: Where the pierogi are delicious, and the taxes are... well, slightly less taxing

[NBKiRS]

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.

[TheHarvestGold]

Very informative overall but Polish culture is nowhere near russian culture. It's insulting to Poles and Eastern Europeans.

[crinsb]

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."

[StevenFisher-gmox]

Does it have a physical presence requirement in addition to the flat tax?

[maldeeb]

It is nice to see your interesting videos again!

[matt_]

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?

[quadro]

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).

[lina]

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

[kevinmusko]

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.

[iirekm]

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.

[ivar]

Low cost of living as well. Nice country

[illyaswan]

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.

[thegeniusfool]

Didn’t the UK just removed their non-dom program?

[jessesambro]

Still have CFC laws, so if your running your company there it’s little help

[LocHoang-ux]

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?

[marcin]

"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.

[patrick]

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?

[mr.bleblon]

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.