The British Brain Drain towards Estonia
In reason to the numerous regulations and financial obstacles of doing business in Europe following Brexit, large numbers of British companies are deciding to relocate, namely to Estonia.
The former Soviet satellite state has already welcomed more than 4000 British companies, giving them free access to the European giant single market of more than 400 million people, something that Britain has lost.
Further benefits for British companies in Estonia include a more simple administrative environment, advantageous tax breaks and valuable technological resources. The Estonian State offers all its residents efficient yet simple, accessible and private digital services, making it the first dematerialised “platform state” in the world.
Consequently, Estonia has received large volumes of applications for e-Residency from British companies, with Britain ranking fourth in the list of non-European Union nations after Russia, Ukraine and China. Essentially, e-Residency does not grant you citizenship, tax residency or entry into Estonia or the rest of the European Union however, it does come with a 20 percent tax rate for both income tax and corporate tax.
To read more, including first hand accounts of this, and to find out more about e-Residency, please click here.