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
$ 1000
per

Your estimated
City
free-cash

Reykjavik , Iceland
$79
$69
$61
$69
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
-
-
-
1 000
municipal
-
-
-
103
pensions
-
-
-
120
national
-
-
-
160
social contributions
-
-
-
11
total
-
-
-
394
Employee
844
-
864
-
municipal
104
-
107
-
pensions
34
-
35
-
national
162
-
166
-
total
300
-
308
-
Employer
844
-
864
-
social contributions
9
-
9
-
pensions
68
-
69
-
total
77
-
78
-
Corporate
23
1 000
-
-
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%.

5
200
-
-
total
5
200
-
-
Dividends
19
800
-
-
withholding
4
176
-
-
total
4
176
-
-
Income
1 000
1 000
1 000
1 000
Total tax
386
376
386
394
After tax
614
624
614
606
Living cost
545
545
545
545
Free-cash
69
79
69
61

Estimated living cost  is $545 per week

$370
Rent. One bedroom at downtown or an upmarket area with basic utilities which include internet connection and a mobile phone.
$51
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.
$116
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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