"In fact, if you're a self-employed person living in Spain earning 60,000 per year and you chose to move to Andorra, you'd actually be paying 20,000 less in taxes. To take advantage of this, around 20,699 Spanish residents have moved to this pint-sized country, almost a third of its total population. This mainly includes many high-net worth individuals such as online content creators, cyclists, poker players, traders, and crypto investors."
"The tax burden in Andorra stands at around 27.5 percent of GDP, like that of Switzerland or Ireland. This is compared to Spain's 38 percent. Andorra also has several other tax advantages over Spain. Personal income tax rate is set at a maximum of 10 percent and exempts those earning less than 24,000 from paying it all. It also does not charge wealth tax, inheritance tax or gift tax."
Relocating from Spain to Andorra can produce significant tax savings for many residents. Andorra is a small Pyrenean country between Spain and France that attracts high-net-worth individuals including online creators, athletes, traders, and crypto investors. A self-employed person in Spain earning €60,000 could pay about €20,000 less in taxes by moving to Andorra. Andorra’s VAT is 4.5 percent and its overall tax burden is roughly 27.5 percent of GDP versus Spain’s 38 percent. Personal income tax is capped at 10 percent with exemption under €24,000, and there is no wealth, inheritance, or gift tax.
Read at www.thelocal.es
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