I’ve been thinking about how Verdis could attract people, and I’d love your thoughts on one idea.
Athletes are a good example of people who relocate for tax reasons — that’s why so many live in Monaco. But Monaco has two catches: its 0% income tax doesn’t actually apply to French citizens (a 1963 treaty means France still taxes them), and residency there is very expensive — banks usually expect a deposit of €500,000 or more, plus costly housing.
So here’s the idea: what if Verdis offered an athlete-friendly residency with a low cost of entry and a minimal tax, somewhere around 0.1–0.5%? That could appeal to a lot of sportspeople — especially French athletes, who get no benefit from Monaco, and anyone priced out of the Monaco route.
Curious what others think — is this a niche Verdis could own?
Well, there are many countries in the world that are so-called tax havens, and some of those countries also offer citizenship by investment. Like some countries in the Caribbean, and Turkey now also has a tax holiday of 20 years.
It is absolutely a way to develop their country, when wealthy individuals invest their money into the country in exchange for citizenship or permanent residency. But I guess the most important catch is that in order to be a tax resident of a country, the country needs to be recognized by other countries, so that the birth country dont tax the resident while he is on “vacation”.
So in order for this to work in Verdis we would first of all need to be able to actually step foot in our own country. And secondly that Verdis will be recognized by the vast majority of countries in the world. Which we currently are not. At this point in time nobody can renounce their current citizenship and only hold citizenship of Verdis…
I would not support this. I personally think that people with money should pay their way. Some parties in the UK are speaking of a ‘Wealth Tax’, and I am in agreement.
Thanks, Louis — I understand where you’re coming from, but I see it differently. I don’t think a wealth tax is the right model here, and I’m not sure it’s fair to compare Verdis with the UK. Britain is a large, established economy; a small, new country is in a completely different position. Small nations need to attract capital wherever they can — often that’s the only way to get off the ground.
And to me, a minimal tax isn’t about letting wealthy people avoid paying their share — it’s about bringing in people and money that otherwise wouldn’t come at all. If Verdis is recognized one day and a well-known athlete actually chooses to base themselves here, that alone would be fantastic PR for the country.