Leo, let's discuss taxation, retirement, and social rights for long-term immigrants in Egypt and Libya.
A complex topic, Mira. Let's start with Egypt. Long-term residents are generally taxed on worldwide income.
So, a global tax net. What are the rates?
Egypt uses a progressive income tax system. Higher income means higher taxes. However, it contributes to the local economy.
What about retirement and social security?
Egypt's social security agreements are limited. Most immigrants rely on personal savings or private pensions.
And healthcare and other social rights?
Egypt has a public healthcare system, but its quality varies. Many expats opt for private insurance.
Now, Libya. What's the tax landscape like?
Libya's tax system is currently unstable due to the political situation. Residents are typically taxed on income earned within the country.
Rates?
Generally lower than many Western countries, but enforcement and stability are questionable.
Retirement and social security in Libya?
Very challenging. Social security agreements are limited, and the political climate adds significant risk. A substantial private nest egg is essential.
Healthcare in Libya?
Public healthcare exists, but quality is a concern due to instability. Private insurance is strongly recommended, if accessible.
In summary, Egypt offers more established systems, while Libya presents greater uncertainty. Thorough planning is crucial for both.
Precisely. Careful consideration of risk tolerance is key.
So, research, planning, and perhaps a good financial advisor are essential for anyone considering long-term immigration to either country.