The Only Totally Tax-Free Place in Europe
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- เผยแพร่เมื่อ 31 พ.ค. 2024
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Is fear stopping you from achieving your dream of finding the best place in the world to live, do business and invest?
Well, if you’re considering Europe as a potential destination, chances are that fear of the EU’s multitude of tax inspectors could be causing you to hesitate.
Discover Sark, Europe's tax-free paradise! Join us as we explore this idyllic island between England and France, where taxes vanish and tranquility thrives. Learn about Sark's unique culture, tax benefits, and residency options.
00:00 Start
00:46 Overview of Sark and Its Culture
2:20 Tax Benefits of Living in Sark
4:32 Residency and Citizenship in Sark
7:49 How to Move In?
11:24 Comparison to Other Tax-Friendly Options
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Bro just single handedly overpopulated a whole island with one vid
Yes! My friends and I are already planing this 😂
lol
🤣
Funny...as much as taxation is abhorred, you'd think people would force the governments to get rid of taxes.
@@alexcameron2880 too many people buy into propaganda, sadly. And once people get into government, they enjoy other people's money too much to do anything about it
population before this video: 500. Population after this video: 500,000
The island can’t hold that many people and most people wouldn’t do out without their cars another conveniences. For me, I would like an island with bicycles and horses mostly
bro did em bad
🤣🤣🤣 Clearly you've never been to Sark, there's only housing for the 500. No room to build more.
@@enjoystraveling Who needs a car when everything is in walking distance?
Yes!
New goal unlocked 🔓: Lord of Sark
😂😂😂
500 people population everyone incest! lol
Sark is super small you will not get happy
I’m afraid Andrew actually oversimplified this one; in Sark, monarch’s actual title is “Chief Seneschal”. In countries that still have formal aristocracies, “Lord” is just a generic designation for a person who possesses a lordship over something (as well as being a mode of address); it doesn’t indicate what the lord’s actual title is.
You think the Seigneur of Sark is going to sell his castle?
500 alcoholics clinging to a rock :), that was how a local described Sark to me when I worked in Guernsey many years ago. Never did get around to visiting.
Sounds like an average Saturday night in alot of places I know.
Something tells me I would fit right in 😂
I bet some fine claret and brandy was imbibed to attain the alcohol levels though
hilarious description. very british.
😂
Are you being sark-astic?
Jes, jes he is
❤
I just went to Airbnb out of curiosity to see the rental rates for a room in someone's home, an apartment or a whole house. Prices began at $3,000 up to $10,000+ per month. Looks beautiful, but I'll stay here in Subotica, Serbia for $342 a month. Ha!!! Sark will be in my dreams though.
Tax on bicycles?
Get a TRICYCLE.
owning a property in any european country now is a disaster. Not only is it expensive and being targetted for the "own nothing and be happy", but they also use it to claim you're still resident.
no. houses in southern europe are still fairly cheap. And yes residents have to pay different taxes. If you are not a resident then it should be possible to prove that?
@@mradventurer8104 just the fact of owning a house is enough some places for them to say you are resident. Denmark, for example, requires you to sign a form saying you'll never stay overnight there again!
always buy homes using a company structure.
@@mradventurer8104 owing a house under personal name is primary tie factor to the country that they can claim you are a tax resident even if you stay that country 0 day a year.
what structrure in what jurisdiction works to be able to have a house and not be screwed over?@@user-to4iq4bq9g
I was there last month looking at property(with the only estate agent there) the property system there is like nothing elsewhere, very complicated. Only a few properties on the open market, which are available to people not born on the island. The tax system there is complicated. They do levy a wealth tax in which you voluntarily admit your global assets(you don't have to, but if they find out tou have more they will investigate) No serious medical facilities, they're ambulance is a tractor with a "medical box" attached. Maybe 3 restaurants worth visiting, so not all sunshine and roses. You also pay tax based on the value of your property in Sark.the likes of Abromovich have used it in the past as a tax haven.
One of the more realistic comments on here about Sark. I live in Sark. Most people coming here don't do their homework properly & have highly unrealistic expectations & are misinformed.
@@shunter8888 Greetings, I lived in Guernsey for several years and totally agree. This video omitted SOOO MUCH!!
Also worth mentioning: Sark has internet and you can use your smart phone normally.
Until a cruise ship pulls up in Guernsey, or a storm. Then it goes down. I lived there.
this is what taxes should be... virtually non-existent
Well, you get what you pay for and with absolutely 0 tax there's no hospitals, roads, schools or any public service. You can say you're fine with that but I don't think non-existent tax is good for most people. Ideally low tax in the teens would be preferable.
@@riptyurass302Most of these can be accomplished privately if people want them.
@@riptyurass302
So there would be none of the things that you claim without income taxes that were around before income taxes?
Schools, colleges, hospitals, etc. were around, as were roads.
You see, gubment crowds out private solutions all the time and then people start to think that gubment is where all those things come from.
Today there are private hospitals, and most hospitals for that matter are not funded by taxes. They are funded by patient visits, large donors, and other sources.
Same with some schools.
You literally argued by dropping a list of things that were done privately before gubment crowded some of it out and still, everything in your list still has some non-gubment options out there.
But of all the things that gubment does do, private industry would to better and cheaper. Government has, or at least think they have, and endless money supply. Of the private sector solution isn't profitable they fail. If they aren't giving people what they need they get taken out by competition.
People, not gubments, used to pay for schools, build hospitals, libraries, colleges, etc.
Tax revenues should all come from sales tax or tariffs AND gubment should be lean and mean and only need to tax maybe 15% sales tax and have low tariffs to keep imported goods priced affordably.
@@BbTennAmerican hospitals are private and are significantly more expensive than pretty much anywhere else. It's unaffordable
@@riptyurass302 Taxes no longer are used for building hospitals, roads, schools etc. This used to be the case before fiat currency and quantitative easing. Nowadays taxes are just burnt repaying government debt interest. To build roads, hospitals and schools the government just prints more money, kicking the inflation ball further down.
Sark has tax. It's not high, but it has tax. It doesn't have water mains, sewage, and all electricity comes from centrally owned diesel generators, it's illegal to have your own. It doesn't have cars. Shopping is limited to 2 small shops. There is no airport, you can only get there by boat.
It also takes so long to buy or rent anything you will probably give up after 3 months.
Also there is no way you can get enough land to support yourself as the place is tiny.
The English Royal Family keep their money there. That is why it's tax-free.
i thought the Isle of Man
Buried treasure or that famous billion pound note?
The British royal family can exempt themselves from paying any tax
@@user-vl6xt2rt7p I thought I read that the Queen Elizabeth II had decided last few years of her rain that the royal family would pay taxes and they started that
Reign I meant not rain
This channel is a hidden gem.
Nice to visit, not to live, trust me I lived there.
@@newforestpony9567 Please tell us what sucks there.
@@pierre-yveschauvet5136 No sewers (cess pit needs emptying twice a week), no street lights, no ambulance (and emergency helicopters can't run in frequent sea fog), a ferry every other weekend only in Summer and only in good weather, corruption permeating all facts of life, frequent shortages due to sea storms, extra fees on delivery only when they deliver which isn't often, limited shopping, getting off island to mainland UK or Europe costly ie no budget airlines but an extortionate monopoly, mobile signatl goes down when cruise ships come in, lots of rain and wind and storms, lots of sea fog, small town mentality where a problem shared is a problem shared with the whole island so you have to be very careful what you say especially since everyone is related to each other, UK Mayfair house prices and rental prices if you can find a house available due to limited supply, no high school so kids have to board in Guernsey,, high food prices, hefty stamp duty, hard to find employees, lots of beauroceracy associated with the right to live there which is abused to control you, unreliable postal service. To name a few off the top of my head. Cabin fever, boredom and home sickness sets in quickly once the novelty wears off.
Even as a geography buff, I’ve never heard of Sark. Great find.
Alderney is even smaller.
Sark! Who would have thought? Radical! Love it.
Thank you Andrew, really interesting
Thank you so much. This is gold!
You're very welcome!
@@nomadcapitalist Andrew, you didn’t mention the possible route to follow for Africans? Unless this doesn’t benefit citizens within the BRICS jurisdiction
you got me at 'introvert' LOL
I’ve been to guernsey and sark - great places, especially if you want to get away from it all.
Great video!!
Before he said Sark which I have never heard of I thought he was going to say Svalbard.
There are taxes if you buy a home on Sark. A property transfer tax of 7.5% was implemented on Sark from January 1, 2024. Since most homes for sale are around £750,000, the tax would be a whopping £56, 250 !!
Or 19% in Ukraine on your 2nd home
Nice to know this
Sark sounds lovely. Build a Hobbit house in the landscape and make some tax-free babies with the locals, all while enjoying some mead directly from the cask and local artisan cheeses & cuisines.
You are wet behind the ears... LOL
Tax free babies. Seriously. What does this have to do with anything. This isn't Brazil.
We went on holiday to Sark when I was a kid. Beautiful place.
Why you never talked about Andorra before? It's a nice place
Real state too expensive
It's not very nice at all, nothing to do.
@@SamiNami ski 🎿 and snowboard 🏂 during winter I guess some hiking during the rest of the year
Andorra practically still work under France thumb.
@@SamiNami it's convenient for retirees
Lived there for some time. Tax situation is good, island is beautiful, aside from the trash-burning nearby the harbor. You can see the social dichotomy (people with and without teeth) and it is sometimes hard to plan trips. Always book refundable tickets for planes etc., since you cannot be sure that the ferry goes because of (unforeseen) weather issues.
Would please also talk about any country that wouldn't do 2030 schedule plan?
Zero percent to do makes Jersey look like Mecca.
The only problem is there is no houses available
Anyone remember Cutty-Sark?
I never heard of Sark,interesting
Basic British geography.
We move to Sark!
I'lll probably be here in the US until the last, but I love your broadcasts.
I lived in Sark for a few years c.30 years ago. It was an interesting experience.
I would be more than happy to be invited to financially contribute to worth while government projects. That would be reasonable and fair..
Me my backpack, bicycle and 200,000 pounds.
I can confirm the weather in the UK is 89% dog Sh*t.
98%*
Thats a myth.
Specially the south-west of UK has "France" weather with palm trees everywhere.
Sark is only 30km from France.
@@reneket2295yeah right, where?
The channel islands are the most southerly point of the British Isles, and therefore the warmest climate with NO FROST, may be 3 days at worst. Locals visit the mainland and are surprised by the 'crunchy grass.' Sark is not part of the UK.
@@-pg6767google “English riviera beaches” and click on images
I am French and I have never heard of that island, Oh MY!
Qu'est-ce que vous avez entendu dire ?
@@MarinaLaroche rien du tout lol, Andrew m’apprend des chose
What’s the internet connectivity like? And what about parcels?
Andrew, did you see that a taco stand in Mexico City got a Michelin star (unprecedented)? Taqueria El Califa de Leon. Is that "your" taco place?
It’s about time, street tacos are some of the very best food on the planet!
Nice! I ate at the Michelin star chicken rice place in Singapore. Which was the cheapest Michelin star place at the time. Might have to finally go to Mexico City to try these tacos! 🌮
Michelin stars are just people who think too much of their own opinions. In Most countries the food carts will always have the best food. My opinion.
Sounds like an appealing place to sail to... Although I might risk getting high speed chased by mounted police because there is no way I'm paying a bicycle tax.
The currents around Alderney and Sark are only for the very experienced, very treacherous and lots of rocks.
There maybe one home available or none, given its size. Once has to keep travelling in all other places not to clock 183 days in any jurisdiction.
It is an impossible to migrate place.
I've never heard of Sark before. If the locals are known as Sarkastics then I'm on the next flight
Sarcuese, officially. But Sarkasm is well & live here. In fact, it's an Official Dialect. Along with Serqaise, a Sark version of French which only a handful of old people still know.
Must be hard to have a business there that requires any regular delivery of materials
He forgot to mention that the ferry only runs alternate weekends, only in the summer, is fully booked with tourists and is frequently cancelled due to rough currents and sea fog.
____Asm sounds like a tricky island. Kul concept though. Kind regards.
lol u can’t survive in sark people, I lived in guernsey and frequently went to sark just to walk around and enjoy the beach. Guernsey itself is boring at some point which is 66k plus inhabitants
My folks came from there, an old Norman property still a direct Ducal rule, they had real feudal homage there until the 70's, payed in kine, real life ! Has its own currency better than the pound .
Why not? I have family that lived on islands with fewer than 10 people, and no stores.
@@MarkRose1337 for people that are use to living in cities and have a certain lifestyle, like I worked and lived in guernsey, loved it there to some degree, but a lot other things was lacking. No good friendship connection, u can’t decide to just leave the island and go somewhere else to see close connections, so this factors contribute a lot
@@Godsmustbecrazi3 That's fair! I am somewhat used to extensive travel to see people, so taking a boat to get off Sark wouldn't bother me.
@@MarkRose1337 don’t get me wrong am getting to a place on my life where I really love that kind of quiet life but for that to happen I would need someone or a few people I can build a solid connection with on such island
Could you set up Sark as your tax residency without actually living there, as long as that is the only place where you have assets in your name?
Currently you do not have to spend a single day in Sark to be resident - as long as you rent/buy a property and it is available for your own use and you pay the property tax. They are talking about introducing a 90 day resident rule because they get annoyed by ghost residents that add nothing to the island community, but nothing has been done so far.
@@philip8448 I think it’s sort of strange to be considered a resident when you’re not really a resident. . If I was in that community, I would be annoyed too if there was all these empty houses, rental or owned and nobody living in them, especially since it’s a very small island.
I’d have to look it up again, but I believe you can get around the whole island and less than a day just by walking.
Your residency is usually where you reside, where your personal and working life takes place. It is not something formal, except if you are from the US.
How much do you need in the bank initially?
Henceforth I shall be known as Sark... Vader.
ACCA Of Sark Radio License is my requirement
How's the highspeed internet connection?
Think Starlink or Sat phone.
What about San-Marino as tax-friendly place?
Don't know, but they have been run by communists in recent memory.
Neptun also seems to be tax free. Bonus points, it's free from humans and cars. Great escape.
Is it a joke of some kind ? have you been to sark ? no cars no airport as you say
even by sailboat its not easy, around guernsey many rocks, tidal coefficient very high in guernsey and sark just in front
you can find the private island of a british tobacoo magnate in front of sark
You just get the boat from Guernsey to Sark. They do multiple crossing per day and takes 55 mins. Costs £19.
Annual sheep racing is a great day out!
Fark!
I'm going to Sark ...
Sark island on-it thanks
Which island in Europe has great tax benefits? Sark-has-em!
Sarcasm!
Hey Wes, thoughts on Gibraltar? I’ve seen it regarded as a tax haven.
Hi taxes; high property prices. But corps and trusts are different. It you don’t do business in Gibraltar! Non Dom excellence.
And surprise surprise, taxes could be introduced in a few years.
What is the minimum yearly stay to qualify as a resident? Do I even need to rent a house to be a taxpayer there?
So no deliveroo?
Sark will be Ibiza by the time I get there 🤦
Well if you like rain and humid weather go for it. Personally I prefer Arizona or Southern California 🌞 even if you have to pay taxes. Quality of life is key...
Would be interesting to know how complicated it is to get a building permit on Sark. My uneducated guess is it's not worth it. Across EU in general it's quite complicated. I don't think any millionaire would like to live in a shack
You can get this only if you qualify for "local market" properties, which you do after 15 years residence in Sark. Otherwise you can only rebuild an old property from before 1973
And the local builders don't like competition. You don't get work, even if you're good & qualified. Or are better than them. They seem to employ locals preferably.
You crashed the Sark estate agent website.
0 tax sounds great. But unless you are an ultra high net worth individual, don’t expect an improvement to your quality of life. By moving to these places just to avoid taxes 😂
You had me at "introverts".
Lord of Sark sounds so Monty Pythonesque.
Set up small ships;with the Sark flag, off the cost of Dubai, us , UK and so on .
Tax are a good thing. Not paying taxes means taking advantage of a market place and nor paying any bills.
nice
I don't get what you guys want. Do you want to ride on paved roads, and not pay for them? Sanitation service and not pay for it?
Do you think you're too good, countries will allow you to live there just because you're cute?
I think I must be stupid because I do NOT get it.
What do you do for healthcare or if you need police? Do these services exist without taxes?
No. But don't need police in a community where everyone knows each other.
@@stephenday4834 you would hope so but who knows what kinds of people will show up in the future after this video
Might as well go to a low security prison, it might have better wearher.
As a retired senior citizen the only tax that concerns me is property tax.
In contrast to Monaco, Malta, St. Kitts & Nevis, Vanuatu, etc. Sark has NO taxes whatsoever! Except, of course, the property tax! And, yeah, the bicycle tax!
And the yearly wealth tax.
No yearly property tax or wealth tax. Zero taxes
What? No taxes at all - wow - hidden spot, the little aisles off of the UK, thanks
If you pay tax on your property then you don't really own it. And it's also huge . There are still places in Eastern Europe where property tax is really really small, not for long probably.
This video is VERY misleading, I lived in the channel islands for several years, so here's some vital additional information for those considering moving to Sark. First, the 2 tier housing system: for LOCAL market housing, you have to fulfil strict key worker criteria who's permit is a maximum of 3 years with no renewal, no job = no right to live there; for OPEN market housing, good luck with finding one and the millionaire price tag. Second, the only transport is a ferry that runs alternate weekends, is frequently cancelled due to sea fog or storms and is booked with tourists. Third, there's limited services for example: there is one GP/family doctor so for hospital you have travel to Guernsey; there's no high school so Sark students board in Guernsey; there's poor internet, which goes down every time a cruise ship turns up in Guernsey; in prolonged inclement weather goods like pharmaceuticals end up in short supply and good luck with Amazon delivery. Fourth, living costs are high: food is 40% higher than the UK; off island travel is expensive; there's no sewers so you have to pay for your cess pit to be emptied; medical care is private; income tax is 10% and house purchase has a hefty stamp duty. And finally, if you're planning on employing local people in your business, there's a total population of 500 people, even less of working age, most of whom are seasonal workers or temporary key workers already employed with the right permits living in the VERY limited housing supply.
So much false information in this post.
@@philip8448 please elaborate
theres always some trade-off with these places, saying zero tax is how they get you in, but lets be honest its never really zero, you will pay something somewhere, always read the fine print 😂
Product taxes I imagine as they probably produce nothing
Wonder if the serve Oysters! Must be pretty good there :-) At least one thing to do there
Sark real estate market 📈
Have you looked? I did. You make a firm offer then after 3 months you give up out of frustration. The whole property market is maybe 5 or 6 places for sale, half under oppressive leaseholds. Everything moves slower than snail pace. Plus the place has no transport and lacks the infrastructure mainlanders take for granted, like water mains and sewage.
No real estate available , nothing ; only solution is to rent a place for your boat in the harbor
Holas amigos, franc comprehende espanol?
Used to be called THE SARK LARK.
What about Zug canton?
What makes you ask about Zug?
Is there a good internet connection? if so sounds like the heaven.
I would think (Tommy Hilfiger's) Victor Hugo would be bored in Sark. 😂
The Sark Estate Agent's website has already broken down 😮
That seems like a lot of trouble. Here in the U.S. we pay a little under $3,000 for property taxes, sales taxes and gasoline tax combined. Nothing for income tax, nothing for long term capital gains/qualified dividends and thanks to forward thinking tax planning, nothing in the future either. I have no need for business, other than whatever monkey business I feel like getting up to and since our need of spending is low, building wealth completely tax free is an easy affair.
You pay Federal taxes then.
@@liquid_metal Not a penny for federal nor state.
@@tomj528 how is that possible? I guess you have 0 taxable income?
@@liquid_metal My personal record is $88K of gross income with no taxes when I sold a residential lot. Otherwise how I do it is to maximize the form 8880 retirement saver's credit which bumps my tax free zone up from the standard deduction. Additionally I'm working a long term tax plan with a good sized Roth conversions each and every year. The thing to realize is that the type of income matters more than anything else. Social security is only partially taxed depending upon your provisional (other) income and only up to 85% is taxable. If you keep yourself in the 12% tax bracket long term capital gains/qualified dividends have a 0% tax rate.
No worries, they don’t want or need you there anyway 😏
People could also go to Guernsey or Andorra for Cheap or no taxes.... 👀🤷🏼♂️
As soon as I heard Sark I thought nah I'd rather pay my taxes .
Those 2 residents of Sark are going to become rich very soon working as paper employees for some offshore corporation
Google "Sark Lark" - they did that 20 to 30 years ago. Went OTT & got bust by USA. Some Sark people ended up in prison. All officials here in the government are now automatically labelled as "Politically Exposed People" PEP's by the banks & OECD etc. Because of the Sark Lark, Guernsey also monitors Sark closely. And Sark Residents not allowed to be an officer of more than 5(?) entities (anywhere in the world ? Have to check that technicality?)..... If you are, you're legally obliged to register with Guernsey as a financial officer/agent & are governed by their AML processes.
It's not as simple & laissez faire in Sark as some people like to suggest.
No tax means no police funding, means you go there, knock the Sark Lord out of his throne and do whatever you like and create your own rules.
Wow, island for introverts ❤
The channel Islands do not form part of the British Isles mate.
What is the cost of living?
Most of it is housing costs, look at the local estate agent. Electricity and medical services (in Guernsey) also pretty expensive