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 jurisdictionsItalyMonacoAndorraSingaporeDubaiMaltaSt. Lucia
Our ranking in order of preference1234567
Summary at a glance
Total year 1 engagement set up costs in €?14,15022,70024,850US$12,253US$21,98011,675US$22,950
Total year 2 costs (incl. audit and tax) in €?6,2502,6005,600US$8,444US$9,8509,400US$8,500
How long to secure residence visa for you?2 months4 months5 months2 months3 months4 months3 months
Investment required to secure a visa?€500,000-€2,000,000€500,000US$400,000US$50,000EAD 1m€350,000US$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€470S$3,200EAD7.6k€600US$1,300
Monthly rent of a 1000 sq foot office?€6,500€30,000€7,000S$12,000US$6,000€10,000US$2,000
Monthly rental of a Bentley car?€30,600€62,000N/AS$21,000US$33,60015,000US$5,000
Cost of living index76.45unratedunrated83.770.165.5Unrated
Exciting annual events in the city?Read moreRead moreRead moreRead moreRead moreRead moreRead more
How secure a residence visa?
Register a local company?YesYesYesYesYesYesYes
Place funds in the corporate bank account?YesYesYesYesYesYesNo
Letter of intent to rent an apartment & officeYesYesYesYesYesYesYes
Submit a residence visa application to?HereHereHereHereHereHereHere
Cost to buy a 2000 sq foot house?€2m€5m€2mS$2mUS$1-1.5m€1m£300,000
Investment program to get visas?Investor VisaCarte de sejourActive ResidencyEntrepassResidence VisaPermanent ResidencyYes
Minimum investment for investor program?€500,000-€2,000,000€500,000€400,000US$50,000EAD1m€350,000US$300,000
Types of investment allowed?Capital+bondsCapitalPublic debt + real estateCapitalReal EstateReal EstateReal estate and bond
Can apply for work permit?YesYesYesYesYesYesYes
Minimum paid-up capital for work permit?€500,000€500,000€400,000US$50,000Sponsor€1,160No
Part of Schengen?YesYesNoNoNoYesNo
Dependent visas for the family allowed?YesYesYesYesYesYesYes
Expat living costs rating?Moderate to HighVery highModerateVery highVery highModerateUnrated
Residence visas for how many years?2 years1 year1 year2 years1 year1 year2 years
Schengen travel country?YesYesNoNoNoYesNo
Can bring your own car?YesYesYesYesYesYesYes
Company incorporation requirements
How long to set the company up?1 month1 month1 month1 week2 months2.5 months3 weeks
Minimum number of shareholders?1221121
National shareholder required?NoNoNoNoNoNoNo
Individual shareholders allowed?YesYesYesYesYesYesYes
Minimum number of directors?1111211
Resident director required?NoNoNoYesNoNoNo
Minimum paid up share capital€1€15,000€3,000US$1US$1€1,160None
Fast turnkey solution availableYesYesYesYesYesYesYes
Public register of shareholders & directors?YesYesNoYesYesYesNo
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%NoneNoneNoneNoneNoneNone
Annual financial statements required?YesYesYesYesYesYesYes
Independent annual audit required?NoNoNoNoYesNoNo
Local GST or VAT?22%20%4.5%8%5%18%12.5%
Access to how many double tax treaties?100328766670None
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 €100,0000%10%0%0%0-35%0%
EU VAT member?YesYesNoNoNoYesMulticurrency
Corporate bank account considerations
Healy Consultants’ preferred bank?UnicreditSociete GeneraleAndbankOCBCEmirates NBDHSBC MaltaBank of Saint Lucia
How long to open bank account?4 weeks4 weeks4 weeks6 weeks4 weeks4 weeks6 weeks
Do I travel to open the bank account?NoYesNoNoYesNoYes
Minimum bank deposit (USD)?5,000€50,000€100,000US$500US$50,000€50,000US$20,000
Multi-currency corporate bank account?YesYesNoYesYesYesYes
Multi-currency corporate visa debit cards?YesYesNoYesYesYesYes
Corporate ATM card available?YesNoNoYesNoYesYes
Bank rating by World Economic Forum?9347None4235Unrated
Ease of getting credit by WEF?13917None42316Unrated
Euro currency used by this country?YesYesYesNoNoYesNo
Quality of life
Size of city square milesFlorence (39.54)0.781802781,588122238
Population per square mile52048,46046519,9101,5004,077780
Can own a house there?YesNoYesYesYesYesYes
Quality schools for kids?HighYesYesYesYesYesYes
How many restaurants?>500>50>200>500>500>500>70
How many bars?>300>40>40>380>270>150>100
How long to drive to airport?10km30.5 km27 km28 km14 km19 km15 min
How long to fly to Paris?1h 501h 30m0h 38m14 h7h 25m2h 25m+10 hours
Average cost of a restaurant meal for 2 people?€50€110€30S$60€50€50US$45
Cost of a pint of Guinness?€4€26€2.5S$9€10€2US$4
How many city gardens?>47305013103
What time do shops close?7 pm7 pm9 pm10 pm11 pm7:30 pm8 pm
How many big shopping centres?71711272>203
Quality of beaches?HighMediumN/ALowHighHighHigh
Nearest city?FlorenceNicePerpignanJohor BahruSharjahModicaCastries
How far to drive for skiing?1h4899 km6 km16 km
14 km
288 kmLong
Exciting annual events in the city?Read moreRead moreRead moreRead moreRead moreRead moreYes
Nearest hospital to drive to?Read more2 km1 km3 km10 km14 kmSt. Jude
Helicopter transport available?YesYesNoYesYesYesYes
Sea sports available?YesYesNoYesYesYesYes
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