Hundreds of wealthy Finns moved abroad during 2019-2022 to avoid or lessen their capital gains tax burden, according to a report from NGO Finnwatch.
Finns who moved to Switzerland, Singapore, Luxembourg and the United Arab Emirates between 2019 and 2022 were more likely to be high earners compared to other Finns moving out of the country, the NGO's research found.
Finns who pulled in more than 50,000 euros in unearned income were drawn to those countries because that sort of income is not heavily taxed or even subject to any tax, according to Finnwatch.
The countries that were most popular among 367 people who made 50,000 euros or more a year in unearned income included Sweden (56), Switzerland (46), Spain (29) and the United States (23).
For many years Portugal was a favourite destination for Finns living abroad, but that changed in 2018 when Finland terminated a tax treaty.
A similar report Finnwatch published in 2020 found more than 50 wealthy Finns moved to Portugal between 2014-2018 but that just five moved there during 2019-2022.
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