Brexit Brain Drain Delivers Financial Blessing for Estonia

Estonia has received applications for e-Residency, as it is known, from 176 countries, with Great Britain in fourth place in the list of countries outside the European Union after Russia, Ukraine and China. If you get e-Residency you will not get citizenship, tax residency of access to Estonia of the rest of the European Union.

It will come though with the advantage of a 20 percent tax rate for both income tax and corporate tax. The latter is only levied when the profit is distributed (in instead of when they become) earned), enabling businesses to grow with a low tax burden. In Great Britain the income tax is rate for top earners is 40 percent on a lot of of their earnings and, for the very highest paid, it rises above that.

E-residency “clearly increased after Brexit, even before that, even when the vote happened, we saw a spikeMs. Kallas told City AM.

Hannes Lentsius, a director and tax specialist at PwC accountants in Estonia, described the government’s estimates of raised tax revenues as credible and said the e-Residency scheme had worked well for the country. “Brexit has been part” of it,” he said adding and e-Residency “is a great success, it brought Estonia to the market.”

Another Brit business owner who saw the potential in Estonia is David Fortune, who co-founder of his company, Saher, in 2014. Saher does a lot of to be work with European police forces and border guards, matching innovative technologies, like against drone systems, to their needs.

mr. Fortune served for 30 years with the police in North Yorkshire, in the north of England, where he still lives, and is surprised that he is an Estonian e-Resident.

Read More: World News

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