The European Tax League, Week 2 Standings: 7 Countries In. 0 Upsets.

The European Tax League compares Portugal's IFICI expat tax regime against the best equivalent regime in one European country. Same rules every time: €500K salary, best available expat regime, no cherry-picking.

7 editions in. Portugal hasn't dropped a point.

We're two weeks into the European Tax League and the picture couldn't be clearer. Seven of Europe's biggest economies have stepped into the ring. Some came prepared. Some brought excuses. One brought nothing at all.

Portugal won every single round.

Here's the full breakdown.

The methodology

Simple rules. No exceptions.

• Salary: €500K gross

• Regime: Best available expat tax treatment in each country

• Metric: Illustrative take-home after income tax under that regime

• No cherry-picking: Same benchmark applied consistently across every country

All figures are stylised examples based on qualifying income under each regime's best available treatment. Individual outcomes depend on income structure, personal circumstances, and applicable rules.

1. Portugal — ~€400K+ take-home 🏆

• Regime: IFICI

• Rate: 20% flat on qualifying Portuguese source income

• Foreign income: Exemption on most categories of qualifying foreign-source income for 10 years (except pensions and blacklisted jurisdictions, subject to applicable treaties)

• Duration: 10 years

• Salary cap: None

The benchmark. The one every other country is measured against.

20% flat. 0% on qualifying foreign income. 10 years. No cap. No cliff. No panic.

Seven editions in and nothing has come close. Portugal isn't winning on a technicality. It's winning because it built a better regime — deliberately, structurally, and with high earners specifically in mind.

2. Switzerland (Zug) — ~€375K-€390K take-home

• Regime: Ordinary cantonal rates (no expat regime)

• Rate: ~22-25% effective in Zug. Up to 40-41% in Zurich.

• Foreign income: Taxed at standard cantonal rates

• Duration: No time limit — but no special regime either

• Wealth tax: 0.1-0.8% annually on net assets

The surprise of the series. Switzerland almost had us worried.

Zug's 22% rate is genuinely competitive with Portugal's 20% on salary. Almost. But Switzerland taxes foreign income at the same cantonal rate — meaning dividends, capital gains, holdco distributions all get hit. Portugal's IFICI holders pay 0% on qualifying foreign income categories.

Add wealth tax on top, the highest cost of living in Europe, and the fact that the legendary lump sum tax isn't available to working founders — and Switzerland slots into second, not first.

Close. Not close enough.

3. Netherlands — ~€330K take-home

• Regime: 30 Ruling (30%-regeling)

• Rate: 49.5% top rate — 30% of salary treated as tax-free allowance

• Salary cap: €233K (index-linked)

• Duration: 5 years

The Netherlands had a head start. For years, the 30 Ruling made Amsterdam the default landing pad for international talent. Smart policy. It worked.

Then they started dismantling it. Budget cycle by budget cycle. The salary base is now capped at €233K — meaning on a €500K salary, the 30 Ruling only covers the first €233K. Everything above is taxed at 49.5% from day one.

5 years. Capped. Shrinking. Amsterdam's advantage is real but fading fast.

4. France — ~€300K-€330K take-home

• Regime: Impatriate Regime (Article 155B)

• Rate: 45% top rate — up to 50% of compensation exempt depending on package structure

• Duration: 8 years

• Employer-tied: Yes

France put up the strongest fight of Week 1. The Impatriate Regime is a genuine, well-designed incentive — real exemptions, real duration, real political commitment to attracting talent.

But 8 years vs 10. Employer-tied vs generally portable. Capped 50% exemption vs 20% flat ceiling. And France taxes foreign passive income at standard rates, while Portugal exempts qualifying categories.

France tried harder than most. Portugal just built a better regime.

5. Belgium — ~€300K-€320K take-home

• Regime: STRIT (Special Tax Regime for Inbound Taxpayers)

• Rate: Low-50s% effective — up to 35% of remuneration treated as tax-free allowances

• Duration: 5 years + possible 3-year extension (up to 8 years)

• Minimum salary: €70,000 gross

• Catch: Must not have lived within 150km of the Belgian border in the last 5 years

Belgium came in hot. The 2025 enhancements to STRIT — increasing the allowance from 30% to 35%, removing the €90,000 cap — show genuine ambition.

But even with 35% exempt, you're still paying Belgian progressive rates on the remaining 65%. On a €500K salary that still hurts. And the 150km rule? If you're coming from the Netherlands, Germany, Luxembourg, or northern France — you might not even qualify. Antwerp is 48km from the Dutch border.

Belgium tried harder than most. Portugal still won by €80K-€100K per year.

6. Sweden — ~€285K-€305K take-home

• Regime: Expertskatt

• Rate: 52-55% top rate — 25% of salary tax-free

• Duration: 7 years

• Minimum salary: SEK 88,800/month (2026)

• Employer-tied: Yes — change jobs, reapply

Sweden tried. Expertskatt is a real regime — 25% of your salary tax-free for 7 years. But 25% exempt means 75% is still taxed at 52-55%. The maths don't lie.

And when Expertskatt expires after 7 years? Full Swedish rates. No transition. No extension. No mercy. Portugal still has 3 years of IFICI running at that point.

7. UK — ~€275K take-home

• Regime: FIG (Foreign Income and Gains)

• Rate: 45% on UK source income from day 1

• Foreign income: 0% for 4 years only

• Duration: 4 years then standard

The UK walked into this series having just abolished the Non-Dom regime — one of the most powerful expat tax tools in the world — and replaced it with the FIG. 4 years. Foreign income only. UK salary taxed at 45% from day one.

They replaced a Rolls-Royce with a bicycle and called it progress.

4 years vs Portugal's 10. 45% on domestic income vs 20%. The FIG barely qualifies as competition.

8. Germany — ~€262K take-home

• Regime: None

• Rate: 47.5% top effective rate (income tax + solidarity surcharge)

• Expat regime: Standard progressive PIT. That's it.

Germany didn't show up with a plan. Europe's largest economy has no structured personal tax incentive for relocating international talent whatsoever. No flat rate. No expat carve-out. No relief.

The biggest gap of the series: €138K per year vs Portugal. And Germany is still adding countries to the table below it.

The full standings table

# · Country · Take-home on €500K · Regime · Duration · Notes

1 · Portugal · ~€400K+ · IFICI · 10 yrs · 0% on qualifying foreign income

2 · Switzerland (Zug) · ~€375K-€390K · Ordinary cantonal rates · No expat regime · Wealth tax applies

3 · Netherlands · ~€330K · 30 Ruling · 5 yrs · €233K salary base cap

4 · France · ~€300K-€330K · Impatriate Regime · 8 yrs · 50% exemption cap, employer-tied

5 · Belgium · ~€300K-€320K · STRIT · 5+3 yrs max · Min €70K salary, 150km rule

6 · Sweden · ~€285K-€305K · Expertskatt · 7 yrs · SEK 88,800/mo eligibility floor

7 · UK · ~€275K · FIG regime · 4 yrs foreign income only · 45% on UK source from day 1

8 · Germany · ~€262K · Standard progressive PIT · No expat regime · 47.5% top rate

What's coming next

16 countries still to compare. Denmark is next — the highest income tax rate in Europe at 60.5%. They built a fix called Forskerordningen. It's actually pretty good. It's still not enough.

After that: Israel, Finland, Austria, Italy, Spain, Ireland, Luxembourg, Malta, Estonia, Czech Republic, Greece, Romania, Hungary. Some will surprise you. Spain especially — the Beckham Law at 24% flat is going to be the closest match of the series.

Follow the series to see the full ranking build.