Enter your average income below to estimate applicable free-cash in all major European cities. By free-cash we mean your disposable income, left in your pocket after paying tax, rent, insurance, public transport, food expenses and basic entertainment. How does it work?

average income is
€ 1850
per

Your estimated
City
free-cash

Reykjavik , Iceland
€644
€574
€584
€636
S + D Salary + Dividends

Salary + Dividends. A combination of a fixed monthly income with a bonus at the end of the year.

Dividends

Dividends. A single payment made annually out of accumulated profits.

Salary

Salary. A fixed monthly income you pay yourself to cover your living expenses.

Sole trader

Sole trader. You're running your business as an individual with an unlimited responsibility

Sole trader
-
-
-
1 850
municipal
-
-
-
203
social contributions
-
-
-
20
pensions
-
-
-
222
national
-
-
-
321
total
-
-
-
766
Employee
790
-
1 599
-
municipal
98
-
210
-
pensions
32
-
64
-
national
151
-
337
-
total
281
-
611
-
Employer
790
-
1 599
-
social contributions
8
-
17
-
pensions
63
-
128
-
total
71
-
145
-
Corporate
936
1 850
-
-
income

Corporate income tax will depend on a type of legal entity. For LLC and Limited Partnership it is set at 20%. All other entities pay 37.6%.

187
370
-
-
total
187
370
-
-
Dividends
748
1 480
-
-
withholding
165
326
-
-
total
165
326
-
-
Income
1 850
1 850
1 850
1 850
Total tax
704
696
756
766
After tax
1 146
1 154
1 094
1 084
Living cost
510
510
510
510
Free-cash
636
644
584
574

Estimated living cost  is €510 per week

€347
Rent. One bedroom at downtown or an upmarket area with basic utilities which include internet connection and a mobile phone.
€47
Public transport and taxi. Monthly travel card, and a few taxi rides per week.
€8
Clothing and shoes. We estimate one pair of shoes and trainers, and several items of clothing each year, or slightly more often if you choose cheaper mass market stores. Twice as often for kids.
€108
Food and entertainment. We estimate that you will have breakfast at a cafe once a week, evening meal at a restaurant once a week, and visit bars once a week for drinks.Other days you prepare meals at home.
€0
I'm drinking at home rarely or never.
€0
I do not smoke or smoke very rarely.
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Additional information

It is very difficult to get a residence permit on a basis of self-employment for a Third Country National (non-EU/EFTA/Swiss and without a long-term EU resident permit). EU/EFTA nationals and long-term EU resident permit holders can register self-employed and apply for a permanent residence.

Source of data for Reykjavik model

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Estimated living cost

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Estimated living cost

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