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
₴ 55000
per

Your estimated
City
free-cash

Reykjavik , Iceland
₴12656
₴12295
₴11149
₴11580
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
-
-
-
55 000
municipal
-
-
-
5 882
pensions
-
-
-
6 600
national
-
-
-
9 114
social contributions
-
-
-
591
total
-
-
-
22 187
Employee
33 583
-
47 547
-
municipal
4 148
-
6 095
-
pensions
1 343
-
1 902
-
national
6 428
-
9 444
-
total
11 919
-
17 441
-
Employer
33 583
-
47 547
-
social contributions
361
-
511
-
pensions
2 687
-
3 804
-
total
3 048
-
4 315
-
Corporate
16 153
55 000
-
-
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%.

3 231
11 000
-
-
total
3 231
11 000
-
-
Dividends
12 922
44 000
-
-
withholding
2 843
9 680
-
-
total
2 843
9 680
-
-
Income
55 000
55 000
55 000
55 000
Total tax
21 041
20 680
21 756
22 187
After tax
33 959
34 320
33 244
32 813
Living cost
21 664
21 664
21 664
21 664
Free-cash
12 295
12 656
11 580
11 149

Estimated living cost  is ₴21664 per week

₴14725
Rent. One bedroom at downtown or an upmarket area with basic utilities which include internet connection and a mobile phone.
₴2014
Public transport and taxi. Monthly travel card, and a few taxi rides per week.
₴324
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.
₴4601
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.
 Adjust living cost Show details Source

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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