Although there are over 46.7 million online creators who describe the level at which they produce content as amateur, sponsored influencers are worth over US$8 billion as of recently, making the market extremely lucrative and only set to expand into the future. If you find yourself in either category, either making decent money already, or aspiring to a level in the future at which you will be able to sustain a living, it is important to understand where in the world will facilitate your ambitions the best. Maybe before the COVID-19 pandemic you had not considered a relocation, however, with many people across the globe finding themselves having spent more time at home than ever, the desire to explore new horizons and build a new working environment is higher than ever. In this article we will outline the top five countries worldwide that cater themselves to online creators under different criteria; living costs, taxes and personal benefits you will experience.
Andorra
Taking the United Kingdom as a benchmark, the cost of living in Andorra is comparatively relatively inexpensive, immediately presenting you with an affordable European option where the high quality of life is paired with a relatively cheap lifestyle, noted at 30% more affordable than major cities around the world.
In terms of taxation, there is no sales tax, people starting their own company only pay corporate income tax of 10%, and after the combined allowance of €40,000 untaxed income for married couples is exceeded, the maximum income tax is also 10%, presenting Andorra as a perfect place to experience a low cost of living in Europe while also saving more money.
In terms of personal benefits outside of the economic advantages already mentioned, Andorra is picturesque, providing you with a location in which you can feel relaxed, while also having an average internet speed of 285Mbps which is pretty impressive too.
Georgia
Another affordable yet beautiful country to consider is Georgia. It is said that for a family, the cost of living can be between €1000-€1300 per month, which, it has to be said, is very low when compared with other potential countries you could relocate to as a digital content creator. Not only this, but with internet costing around €13 per month, it is affordable for the amenities you will need the most!
No tax in Georgia is more than 20%, leaving you with the peace of mind that your income is not going to halve and with corporate tax capped at 15%, your business will not be suffering either. If you are one of the many digital content creators opt to work from their homes for convenience, there is no better place than Georgia as property tax is 1%, and there are also no capital gains or wealth taxes. However, it must be noted that if you spend more than 183 days a year in the country, you pay 20% in income tax, which, although it is the highest tax in the country, it is still comparatively low worldwide.
With the numbers out of the way, in terms of more general advantages to moving to Georgia, as a content creator you will enjoy access to landscapes beyond your imagination from rainforests to beaches and mountains, providing inspiration for new material, as well as food, wine and access to four bordering countries in Armenia, Turkey, Russia and Azerbaijan, keeping you permanently connected to new adventure.
Malaysia
If you are looking to relocate to Malaysia, the rent is extremely affordable, currently sitting at over 68% cheaper than the United Kingdom, presenting opportunity for more saving and the ability to spend more on your equipment and experiences without worrying about paying your bills. As well as this, if you have a family, the average cost per month to live is just over £1,100, making the overall cost of living relatively low compared to countries across the globe. It is important to factor in the cost of internet as well, which for 60Mbps and upwards is around about £22, showing that for digital content creators, Malaysia has its arms wide open, welcoming you into an environment catered towards your profession.
In terms of taxes, you are often not taxed on any foreign income, while if you have a business, the flat rate sits at 24% for non-resident companies. These figures are interesting as they too present an opportunity to see more of your money than you would in the Europe or the United States, making Malaysia stand out as not only being affordable, but also tax friendly. In terms of capital gains, the only tax found here is on the sale of real estate and land.
Malaysia is a fantastic place to settle as a content creator due to the sheer number of things to see and do to occupy your time and give you endless ideas from which you can formulate content. For instance, the presence of major sports, designer outlets, entertainment facilities as well as the natural locations to visit, all provide countless opportunities to experience a new culture while also having the kind of infrastructure you may find in Europe or the United States. Not only this, but Malaysia is very popular with people relocating, and there is a strong presence of the English language, making settling in easier, the healthcare is also world class and at a low cost providing you with peace of mind.
Montenegro
Rent is also over 60% cheaper in Montenegro when compared with the United Kingdom, reinforcing the attitude that it is a perfect place to consider when relocating as a content creator, especially with internet costing around €23 per month for decent speeds, allowing for an affordable lifestyle. The cost of living in terms of grocery shopping is also extremely affordable at around €25 per week for one person, demonstrating immense savings when compared with other countries in Europe.
For tax, Montenegro is relatively friendly, this is to say that personal income tax (PIT) is 9% and rises to 11% if you earn above average pay per month, much lower than other countries in Europe and also across the world. Capital gains tax and corporate income tax is also 9%. However, the country is catered towards new businesses, therefore, if you are a digital content creator and want to establish your own business but where you live now makes it unviable, setting up in the north of the country provides an 8-year tax holiday on the first €200,000 revenue each year of corporate income.
In terms of personal benefits to be gained by moving to Montenegro, you can enjoy better safety than many countries worldwide, with a crime rate of 2.23 per 100,000 people. As well as safety, there are low levels of traffic, landscapes from mountains to beaches, and also high levels of modern infrastructure, further adding to the socially pleasing pull factors to the country.
Portugal
Despite being found in Western Europe and potentially being overlooked due to high costs of living in some nearby countries, Portugal is actually extremely affordable, with rent levels over 30% cheaper than the United Kingdom and fast internet connection at a price of around €32 per month. It has to be said that as a digital content creator, Portugal lends itself kindly as it is said two people can have a food and drink budget of around one third of the monthly salary in Portugal, this is equal to about £115 per person on groceries maximum.
In terms of tax, Portugal is higher than other countries on this list, taxing worldwide income from between 14.5%-48% and corporation tax is 21%. However, Portugal is on this list due to incentives for high net-worth individuals, as there are 10-year exemptions on income tax for most non-Portuguese income. There is also no inheritance or wealth tax, presenting further advantages to making the move.
For your own wellbeing, Portugal is one of the best countries in the world for quality of life, which when coupled with the weather, the food and the drink, presents a very attractive landscape in which you can undertake your work and also enjoy your downtime. For anyone who classes themself as a digital content creator, the fast pace at which trends emerge and develop can be a stressful experience, so the balance of a relaxing environment such as the one to be found in Portugal is extremely attractive.
So, if you are a content creator and think you have found a potential candidate for your move abroad to one of the countries mentioned above, contact us today. At Creimerman, we are a global team here to accompany you on your ventures across borders to create new opportunities for yourself and your business.