Premium relocation jurisdictions in 2023
Table of comparison of Healy Consultants’ preferred premium relocation jurisdictions for business owners planning to relocate their businesses to grow their services and improve quality of their personal lives.
| Premium relocation jurisdictions | Italy | Monaco | Andorra | Singapore | Dubai | Malta | St. Lucia |
|---|---|---|---|---|---|---|---|
| Our ranking in order of preference | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| Summary at a glance | |||||||
| Total year 1 engagement set up costs in €? | 14,150 | 22,700 | 24,850 | US$12,253 | US$21,980 | 11,675 | US$22,950 |
| Total year 2 costs (incl. audit and tax) in €? | 6,250 | 2,600 | 5,600 | US$8,444 | US$9,850 | 9,400 | US$8,500 |
| How long to secure residence visa for you? | 2 months | 4 months | 5 months | 2 months | 3 months | 4 months | 3 months |
| Investment required to secure a visa? | €500,000-€2,000,000 | €500,000 | US$400,000 | US$50,000 | EAD 1m | €350,000 | US$300,000 |
| Corporate tax rate on global income? | 24% | 0% | 10% | 0% | 0% | 35% | 0% |
| Personal tax on global income? (min/max) | 23%-43% | 0% | 0% | 0% | 0% | 0-35% | 15-30% |
| Monthly rent of a 3-bedroom apartment? | €820 | €4,500 | €470 | S$3,200 | EAD7.6k | €600 | US$1,300 |
| Monthly rent of a 1000 sq foot office? | €6,500 | €30,000 | €7,000 | S$12,000 | US$6,000 | €10,000 | US$2,000 |
| Monthly rental of a Bentley car? | €30,600 | €62,000 | N/A | S$21,000 | US$33,600 | 15,000 | US$5,000 |
| Cost of living index | 76.45 | unrated | unrated | 83.7 | 70.1 | 65.5 | Unrated |
| Exciting annual events in the city? | Read more | Read more | Read more | Read more | Read more | Read more | Read more |
| How secure a residence visa? | |||||||
| Register a local company? | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Place funds in the corporate bank account? | Yes | Yes | Yes | Yes | Yes | Yes | No |
| Letter of intent to rent an apartment & office | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Submit a residence visa application to? | Here | Here | Here | Here | Here | Here | Here |
| Cost to buy a 2000 sq foot house? | €2m | €5m | €2m | S$2m | US$1-1.5m | €1m | £300,000 |
| Investment program to get visas? | Investor Visa | Carte de sejour | Active Residency | Entrepass | Residence Visa | Permanent Residency | Yes |
| Minimum investment for investor program? | €500,000-€2,000,000 | €500,000 | €400,000 | US$50,000 | EAD1m | €350,000 | US$300,000 |
| Types of investment allowed? | Capital+bonds | Capital | Public debt + real estate | Capital | Real Estate | Real Estate | Real estate and bond |
| Can apply for work permit? | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Minimum paid-up capital for work permit? | €500,000 | €500,000 | €400,000 | US$50,000 | Sponsor | €1,160 | No |
| Part of Schengen? | Yes | Yes | No | No | No | Yes | No |
| Dependent visas for the family allowed? | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Expat living costs rating? | Moderate to High | Very high | Moderate | Very high | Very high | Moderate | Unrated |
| Residence visas for how many years? | 2 years | 1 year | 1 year | 2 years | 1 year | 1 year | 2 years |
| Schengen travel country? | Yes | Yes | No | No | No | Yes | No |
| Can bring your own car? | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Company incorporation requirements | |||||||
| How long to set the company up? | 1 month | 1 month | 1 month | 1 week | 2 months | 2.5 months | 3 weeks |
| Minimum number of shareholders? | 1 | 2 | 2 | 1 | 1 | 2 | 1 |
| National shareholder required? | No | No | No | No | No | No | No |
| Individual shareholders allowed? | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Minimum number of directors? | 1 | 1 | 1 | 1 | 2 | 1 | 1 |
| Resident director required? | No | No | No | Yes | No | No | No |
| Minimum paid up share capital | €1 | €15,000 | €3,000 | US$1 | US$1 | €1,160 | None |
| Fast turnkey solution available | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Public register of shareholders & directors? | Yes | Yes | No | Yes | Yes | Yes | No |
| Tax and accounting considerations | |||||||
| Corporate tax payable on global income? | 24% | 0% | 10% | 0% | 0% | 35% | 0% |
| Corporate tax payable on local income? | 24% | 25% | 10% | 17% | 0% | 35% | 30% |
| Withholding tax on dividends paid overseas? | 26% | None | None | None | None | None | None |
| Annual financial statements required? | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Independent annual audit required? | No | No | No | No | Yes | No | No |
| Local GST or VAT? | 22% | 20% | 4.5% | 8% | 5% | 18% | 12.5% |
| Access to how many double tax treaties? | 100 | 32 | 8 | 76 | 66 | 70 | None |
| Personal tax payable on a local salary? | 23-43% | 0% | 10% | 2-22% | 0% | 15% | Up to 30% |
| Personal tax payable on overseas income? | Flat €100,000 | 0% | 10% | 0% | 0% | 0-35% | 0% |
| EU VAT member? | Yes | Yes | No | No | No | Yes | Multicurrency |
| Corporate bank account considerations | |||||||
| Healy Consultants’ preferred bank? | Unicredit | Societe Generale | Andbank | OCBC | Emirates NBD | HSBC Malta | Bank of Saint Lucia |
| How long to open bank account? | 4 weeks | 4 weeks | 4 weeks | 6 weeks | 4 weeks | 4 weeks | 6 weeks |
| Do I travel to open the bank account? | No | Yes | No | No | Yes | No | Yes |
| Minimum bank deposit (USD)? | 5,000 | €50,000 | €100,000 | US$500 | US$50,000 | €50,000 | US$20,000 |
| Multi-currency corporate bank account? | Yes | Yes | No | Yes | Yes | Yes | Yes |
| Multi-currency corporate visa debit cards? | Yes | Yes | No | Yes | Yes | Yes | Yes |
| Corporate ATM card available? | Yes | No | No | Yes | No | Yes | Yes |
| Bank rating by World Economic Forum? | 93 | 47 | None | 4 | 2 | 35 | Unrated |
| Ease of getting credit by WEF? | 139 | 17 | None | 4 | 23 | 16 | Unrated |
| Euro currency used by this country? | Yes | Yes | Yes | No | No | Yes | No |
| Quality of life | |||||||
| Size of city square miles | Florence (39.54) | 0.78 | 180 | 278 | 1,588 | 122 | 238 |
| Population per square mile | 520 | 48,460 | 465 | 19,910 | 1,500 | 4,077 | 780 |
| Can own a house there? | Yes | No | Yes | Yes | Yes | Yes | Yes |
| Quality schools for kids? | High | Yes | Yes | Yes | Yes | Yes | Yes |
| How many restaurants? | >500 | >50 | >200 | >500 | >500 | >500 | >70 |
| How many bars? | >300 | >40 | >40 | >380 | >270 | >150 | >100 |
| Casinos? | >300 | 5 | N/A | 1 | 1 | 4 | >30 |
| How long to drive to airport? | 10km | 30.5 km | 27 km | 28 km | 14 km | 19 km | 15 min |
| How long to fly to Paris? | 1h 50 | 1h 30m | 0h 38m | 14 h | 7h 25m | 2h 25m | +10 hours |
| Average cost of a restaurant meal for 2 people? | €50 | €110 | €30 | S$60 | €50 | €50 | US$45 |
| Cost of a pint of Guinness? | €4 | €26 | €2.5 | S$9 | €10 | €2 | US$4 |
| How many city gardens? | >4 | 7 | 30 | 50 | 13 | 10 | 3 |
| What time do shops close? | 7 pm | 7 pm | 9 pm | 10 pm | 11 pm | 7:30 pm | 8 pm |
| How many big shopping centres? | 7 | 1 | 7 | 112 | 72 | >20 | 3 |
| Quality of beaches? | High | Medium | N/A | Low | High | High | High |
| Nearest city? | Florence | Nice | Perpignan | Johor Bahru | Sharjah | Modica | Castries |
| How far to drive for skiing? | 1h48 | 99 km | 6 km | 16 km (indoor) | 14 km (indoor) | 288 km | Long |
| Exciting annual events in the city? | Read more | Read more | Read more | Read more | Read more | Read more | Yes |
| Nearest hospital to drive to? | Read more | 2 km | 1 km | 3 km | 10 km | 14 km | St. Jude |
| Helicopter transport available? | Yes | Yes | No | Yes | Yes | Yes | Yes |
| Sea sports available? | Yes | Yes | No | Yes | Yes | Yes | Yes |
| Country draft sales invoice | View invoice PDF | View invoice PDF | View invoice PDF | View invoice PDF | View invoice PDF | View invoice PDF | Request a proposal |
