This article is in partnership with Day Translations.

Taxes are one of life’s certainties but many freelancers tend to push this topic aside to focus on where the next money is coming from (understandably, I might ask, as I have been guilty of doing that myself).

Reports have found that personal tax rates on income have changed over the years with new tax schemes being introduced that have been tailored especially around the needs of self-employed and employed people who travel to other countries to work.

In fact, many countries have been proactively enticed foreign investors and foreign workers to choose to work there based on some tax incentives and simplified processes.

Low tax rates are one of the most attractive propositions to get new arrivals into these countries, but of course there may be strings attached such as having to invest sums or buying a property or residing in one place for a set amount of time.

​Do Tax Havens Exist in Europe?

Euronews stated that there may be some tax havens in Europe, however not all of them offer the same benefits.

Generally speaking, investors may find that they get better treatment in terms of taxation (such as 0% tax rate on capital gains) compared to individuals relying on income deriving from their work, which tends to attract varying levels of taxation.

Investopedia has ranked the top 10 tax havens in Europe, with Monaco being the main and most known individual location, but in terms of countries the lowest taxation can be found in the UK, Germany, Ireland, Switzerland and The Netherlands. Switzerland, in particular, has created specific tax treatments for wealthy foreign investors who do not work in the country by paying a set fee that is not linked to their income.

In terms of the lowest income tax rates, Bulgaria tops the bill.

Getting your tax affairs in order requires the help of professionals who have in-depth knowledge of both local legislation and current tax rules and requirements.

The European Parliament has published reports about tax havens in Europe, for example a 2018 report listed various resources on this topic. These lists have been compiled mainly for the purpose of monitoring countries, both inside and outside the European Union, that are either not compliant with EU tax regulations or lack transparency about tax affairs. The main objective of this information is to tackle tax avoidance, money laundering and tax evasion.