Does the table also apply if I remain resident in Germany?

No. Anyone who keeps a residence or habitual abode in Germany is subject to unlimited tax there on worldwide income under section 1 (1) EStG. The German row then applies, irrespective of where the company is registered.

What is the difference between the tax rate and the net inflow?

The tax rate stands in the statute and applies to one level. The net inflow is what reaches the natural person after both levels. Hungary shows the difference: 9 per cent corporate tax, but a total burden of 25.39 per cent as soon as profits are distributed.

Are the running costs contained in the figures?

No, the table states the tax alone. Running costs differ considerably: in Bulgaria they amount to between 1,200 and 2,500 euros a year, in Malta to between 6,000 and 15,200 euros for the customary two-tier structure.

When were the figures last checked?

On 3 September 2026 against the official sources of the respective states. Cyprus is an exception: the pages of the Ministry of Finance were unreachable when accessed, which is why the figure is stated as a verified estimate.

Guide

Where does most of 100,000 euros in profit remain?

By Svetlana Junge · updated September 25, 2026

Comparison tables published online almost always end with the provider winning. This one does not. After tax, the Emirates and Malta rank ahead of Bulgaria, and that stands in the very first row. Why we nevertheless recommend Burgas stands in the column beside it.

The answer in three sentences

Of 100,000 euros in company profit, after full distribution to a natural person resident in the country, the net amount remaining is: United Arab Emirates 98,937 euros, Malta 95,000 euros, Bulgaria 85,500 euros, Cyprus without domicile 82,750 euros, Georgia 80,750 euros, Hungary 74,615 euros, Germany 51,434 euros. Bulgaria does not lead after tax. It leads as soon as the double taxation agreement (DBA) with Germany, the euro, Schengen, SEPA, structuring costs and accessibility are counted: of the locations compared, Bulgaria alone meets all six conditions at once.

Seven locations, one reference figure

Every row answers the same question: how much reaches a natural person if the profit is distributed in full and the recipient is resident in the country named in that row? A rate that concerns the company level alone therefore stands in no burden column.

Net inflow from 100,000 euros of company profit after full distribution, seven locations compared
Location	Net amount remaining	Total burden	Running costs per year	Price level	What speaks against it
United Arab Emirates	98.937 €	1,06 %	2.940 to 4.704 €	100,0 (2024)	No DBA with Germany since 2022. The visa lapses after 180 days of absence. No euro, no Schengen, no SEPA. The dirham currency is pegged to the US dollar (exchange rate risk).
Malta	95.000 €	5,0 %	6.000 to 15.200 €	91,9	Island without a land connection, 93 kilometres to Sicily. The deferral under the EU minimum taxation rules ends in 2030. 35 per cent paid up front, six sevenths returned on application. Two companies, 6,000 to 15,200 euros a year.
Bulgaria, Burgas	85.500 €	14,5 %	1.200 to 2.500 €	62,5	After tax, the Emirates and Malta leave more.
Cyprus	82.750 €	17,25 %	3.000 to 5.000 €	89,2	Island without a land connection, no Schengen, a divided island. If residence is disputed, presence must be evidenced by the taxpayer himself.
Georgia	80.750 €	19,25 %	1.654 to 2.494 €	52,9	Outside the European Union, accession halted. No euro, no Schengen, no SEPA; the lari currency brings exchange rate risk. Two territories outside the control of the government, war over South Ossetia in 2008.
Hungary	74.615 €	25,39 %	1.500 to 3.000 €	77,5	The 9 per cent is the company level alone; on distribution it is 25.39 per cent. Forint instead of the euro, with no ECB backstop. Municipal business tax is added.
Germany as the benchmark	51.434 €	48,57 %	6.300 to 14.600 €	108,3	The highest burden in the selection. The trade tax multiplier is set by the municipality and ranges from 200 to over 900 per cent.

Reference figure 100.000 € in profit, company level and distribution taken together, excluding running costs. Every row assumes that the shareholder is resident in the state named and that the company is managed from there. For the Maltese figure the shareholder must be registered in Malta and apply for the refund; the Hungarian figure is calculated at the reference rate of 368.20 forint to the euro, the German one with the nationwide average trade tax multiplier of 409 per cent. Running costs are bookkeeping, annual accounts, the statutory audit where prescribed, register fees and the registered office, excluding the one-off formation; the German values are those of the German Tax Advisers' Remuneration Regulation (Steuerberatervergütungsverordnung), stated without VAT. The price level is the Eurostat index, European Union equal to 100, reference year 2025: a low value means that the same sum goes further locally. Eurostat carries no value for Georgia and the Emirates; both are converted from the World Bank series, and for the Emirates 2024 is the last year available. Evidence as at: 2026-09-03.

Why the table applies to residents only

Every figure assumes that the place of management lies in the state named (section 10 AO, the German Fiscal Code) and that the shareholder has a residence or habitual abode there (section 8 AO). Anyone who keeps a residence in Germany remains subject to unlimited tax there on worldwide income (section 1 (1) EStG, the German Income Tax Act). None of these rows then applies, only the German one.

United Arab Emirates: 98,937 euros, but no DBA with Germany

This is where most remains after tax. On the mainland, corporate tax is 9 per cent above an allowance of 375,000 dirham, which on 100,000 euros of profit amounts to 1,062.60 euros; in a Free Zone and under Small Business Relief the rate is 0 per cent. The Emirates levy no income tax, so the distribution remains untaxed. The price for this does not stand in the tax column.

The DBA with Germany expired on 31 December 2021. A successor agreement does not appear in the negotiation overview of the Federal Ministry of Finance, as at 1 January 2026.
Without a DBA, the extended limited tax liability under section 2 AStG (the German Foreign Tax Act) applies for ten years, and without the cap that a DBA sets. The emigrant then bears German tax on dividends at 25 per cent plus the solidarity surcharge instead of the 5 or 15 per cent of a DBA.
The ordinary residence permit lapses of its own accord if the holder stays outside the country for more than 180 days without interruption; the official government portal names nine exceptions to this, and the period does not apply to Golden Visa and Green Residency. No permanent right of residence such as exists in the European Union arises; every permit is time-limited and must be renewed.
No euro, no Schengen, no SEPA. The dirham is firmly pegged to the US dollar; anyone who calculates in euros thereby carries a dollar risk that he does not steer and that no European monetary backstop cushions. Frankfurt am Main lies 4,845 kilometres away, and a land connection does not exist.

Malta: 95,000 euros with an expiry date

Malta leaves more after tax than Bulgaria. The 5 per cent arises only through a refund, however, and its basis is running out. Anyone who builds a two-tier structure today builds it into a body of law that is in the course of changing.

The basis of the 5 per cent is limited in time. Malta's deferral under the EU minimum taxation rules ends in 2030. As of 2 September 2025 a final tax of 15 per cent without imputation was added, with a five-year commitment. The refund procedure itself rests on an agreement with the European Commission dating from 2007.
The 5 per cent arises only through a refund. The company first pays 35 per cent, and the shareholder recovers six sevenths on application, for which he must be registered in Malta. The application presupposes the tax returns of both levels and payment in full. Until payment is made, 35,000 euros lie with the Maltese treasury and not with the entrepreneur.
From a German perspective the refund does not remain without consequence: section 8 (5) sentence 2 AStG counts the refund claim towards the tax burden. For passive income the Maltese company thereby counts as low-taxed, and German CFC taxation applies.
A two-tier structure of a trading company and a holding company is customary. Running costs therefore amount to between 6,000 and 15,200 euros a year, and almost every company is subject to a statutory audit. If the legal position changes, it is not one company that has to be wound up, but two.
Malta is an island without a land connection. The land area amounts to 313 square kilometres with 588,254 inhabitants; at 1,817.4 inhabitants per square kilometre Malta is the most densely populated country in the European Union, against 236.4 in Germany. Sicily lies 93 kilometres away, and Frankfurt am Main 1,648 kilometres.
Energy supply depends on imports to the extent of 98.4 per cent, drinking water on seawater desalination to the extent of 70.7 per cent, and around 70 per cent of foodstuffs are imported. The price level stands at 91.9 points against 62.5 in Bulgaria.

Bulgaria: 85,500 euros in one step, without a refund application

10 per cent corporate tax, 5 per cent on the distribution, 14.5 per cent taken together. There is no second company, no refund application and no waiting period for one's own money.

Bulgaria is the only one of the locations compared that meets all six conditions at once: membership of the European Union, the euro since 1 January 2026, Schengen since 2025, SEPA, a double taxation agreement with Germany and a land connection.
Running costs amount to between 1,200 and 2,500 euros a year for bookkeeping and annual accounts. Small companies are not subject to a statutory audit.

Cyprus: 82,750 euros, but an island and no Schengen

Since 1 January 2026 corporate tax has been 15 per cent instead of the previous 12.5 per cent. Anyone who moves to Cyprus and is not domiciled there pays no defence contribution on the distribution, but does pay 2.65 per cent to the GESY health system. Together that is 17.25 per cent. This figure does not come from an official source: the pages of the Cypriot Ministry of Finance were unreachable when accessed. We therefore state it as a verified estimate and not as a confirmed rate.

Cyprus belongs to the European Union, but not to the Schengen area. The European Commission records that the Council has not yet lifted internal border controls, and its report of 18 May 2026 names no target date. On crossing the border between Cyprus and the Schengen area, checks on persons therefore take place in both directions.
Tax residence begins after 183 days or under the 60-day rule, which requires a dwelling and an office in Cyprus. If residence is later disputed, the burden of proof for his days of presence lies with the taxpayer. He cannot rest on an official record for this: the European Entry/Exit System is not operated in Cyprus and does not record Union citizens in any case.
The island has been divided since 1974. United Nations units control a buffer zone around 180 kilometres long across three per cent of the island's area, which is a military restricted zone and partly mined. Germany does not recognise the northern part and can provide only limited consular assistance there.
A land connection does not exist. The nearest territory of the European Union is the Greek island of Kastellorizo, around 271 kilometres away, and the Greek mainland lies around 834 kilometres away. Frankfurt am Main is 2,636 kilometres away.

Georgia: 80,750 euros, accession halted, currency the lari

Tax falls due only on distribution, which is the Estonian model. 15 per cent at company level, 5 per cent withholding tax on the dividend, 19.25 per cent taken together. The figure holds. The difference lies in the framework around it, and this framework is the least secure in the whole table.

The accession process to the European Union stands still. On 17 December 2024 the Council found that the course of the government led in effect to a halt of the accession process; the Georgian government had previously declared a suspension until 2028. In its report of 4 November 2025 the Commission describes Georgia as a candidate country in name only.
The Georgian government exercises no control over two territories. Georgia and the Russian Federation fought a war over South Ossetia in August 2008; the European Union thereupon dispatched the monitoring mission EUMM Georgia on 15 September 2008, which to this day is denied access to Abkhazia and South Ossetia. The Federal Foreign Office records that Russian troops are stationed in both territories and along their administrative boundaries, strongly advises against travel there, and notes that consular protection for German nationals is not possible there for lack of access.
For property buyers a further point applies: the Georgian Law on Occupied Territories prohibits travel there, economic activity and expressly the acquisition of land and property. A breach is punishable by a fine or a custodial sentence of up to five years.
Payment is made in lari, and the lari stands outside every European monetary arrangement. The European Central Bank does not even publish a reference rate for it; the official rate of the Georgian National Bank alone is authoritative. Between 10 September 2021 and 10 September 2026 that rate moved between 2.676 and 3.736 lari to the euro, a range of 39.6 per cent. There is no ECB backstop outside the Union, and every distribution carries this risk in full.
Georgia belongs neither to the European Union, nor to the euro area, nor to the Schengen area, nor to SEPA. There is no freedom of establishment, no Court of Justice of the European Union as a final instance and no enforcement of judgments under Regulation (EU) No 1215/2012.

Hungary: 74,615 euros, the advantage lies with retained profits

Hungary is advertised with 9 per cent corporate tax, the lowest rate in the European Union. The rate is correct, and it always applies. What the advertising leaves out is the second level. With it, Hungary ranks behind Bulgaria, Cyprus and Georgia.

The 9 per cent corporate tax is the lowest rate in the European Union, and it falls due whether profits are distributed or not. The calculation merely does not end there: on the distribution, 15 per cent income tax and 13 per cent social contribution tax are added at shareholder level, the latter capped at 24 times the minimum wage, which for 2026 is 7,747,200 forint. Anyone who leaves the profit in the company pays the 9 per cent alone. Anyone who withdraws it in full arrives at 25.39 per cent.
Municipal business tax of up to 2 per cent is added, in Budapest 2 per cent. Its assessment base is not the profit, but net turnover reduced by the cost of goods and intermediate inputs. How heavily it weighs therefore depends on turnover and cannot be derived from a profit figure.
Payment is made in forint. Hungary belongs to the European Union, but not to the euro area: the forint thereby stands outside the common monetary policy of the Eurosystem, and the European Central Bank holds no backstop over it. The euro amount in this row therefore depends on the exchange rate; the calculation uses 368.20 forint to the euro, the reference rate of 2 September 2026. Bulgaria has belonged to the Eurosystem since 2026; between a Bulgarian company and an account in the euro area this risk does not arise.

When Bulgaria is not the right choice

Anyone who leaves profits in the company permanently calculates more cheaply in Hungary; it then stays at the 9 per cent of the company level. Anyone who distributes very high profits and is prepared to carry a two-tier Maltese structure including the refund procedure comes below 14.5 per cent in Malta. Anyone who can do without a DBA with Germany and accepts that the visa remains tied to presence pays least in the Emirates. And anyone who does not truly wish to move the centre of life gains nothing from any location in this table: German tax liability then remains in place, and the last row applies.

Why we recommend Burgas

For a German entrepreneur who actually moves, Burgas is the right choice. That is a recommendation and not a calculation: it follows not from the tax column, but from what stands beside it.

Of the locations compared, Bulgaria alone meets all six conditions at once that a German needs in the course of a year: European Union, euro, Schengen, SEPA, a double taxation agreement with Germany and a land connection. Burgas further unites district administration, an airport, a port and two universities in one place, unlike the seasonal resorts of the coast, which largely close from November to April. The 85,500 euros are not the highest amount in this table. They are the highest to be had without a second company, without a refund application, without currency risk and without the loss of the DBA.

Burgas is a city that operates all year round: public authorities, banks, an airport, a port and a data centre in one place. The bathing resorts of the coast close in autumn, Burgas does not.
Two universities in the city train the skilled staff that a company on the ground needs. Anyone looking for personnel looks where it is trained.
Specialist physicians are in the city, further specialists in the country. That is the question which presents itself differently at fifty than at thirty, and it plays a part in deciding whether a move lasts.
2,200 hours of sunshine a year, a sea that reaches 27 degrees in August, and hot mineral water that has emerged at the same spot for two thousand years.
Istanbul is within reach, the mountains with almost three thousand metres and ski operations lie within the country, and from the coast the whole of Bulgaria is a weekend away.
Svetlana brokers the coast from Sveti Vlas to Rezovo and expressly not the interior. Anyone looking for a property gets it where it is habitable in January as well.

Frequently asked questions on the comparison of locations

Does the table also apply if I remain resident in Germany?: No. Anyone who keeps a residence or habitual abode in Germany is subject to unlimited tax there on worldwide income under section 1 (1) EStG. The German row then applies, irrespective of where the company is registered.
What is the difference between the tax rate and the net inflow?: The tax rate stands in the statute and applies to one level. The net inflow is what reaches the natural person after both levels. Hungary shows the difference: 9 per cent corporate tax, but a total burden of 25.39 per cent as soon as profits are distributed.
Are the running costs contained in the figures?: No, the table states the tax alone. Running costs differ considerably: in Bulgaria they amount to between 1,200 and 2,500 euros a year, in Malta to between 6,000 and 15,200 euros for the customary two-tier structure.
When were the figures last checked?: On 3 September 2026 against the official sources of the respective states. Cyprus is an exception: the pages of the Ministry of Finance were unreachable when accessed, which is why the figure is stated as a verified estimate.

What this page is not

This comparison is general information on the legal position in several states and relates to no individual case. It is not assistance in tax matters within the meaning of the German Tax Advisory Act (Steuerberatungsgesetz) and replaces no advice. JCP OOD brokers property and advises exclusively on Bulgaria; the details on the remaining locations serve to provide context and not to make a decision. Tax law changes, and special rules for new residents are regularly amended or closed. Every personal decision requires a tax adviser in Germany and one in the destination country. Information without warranty.

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