Sweden. 5% effective tax on passive investment. 30% capital gains tax on active trading. There is no distinction between capital gains and business. Trading as a person is taxed at a 30% capital gains rate - never as business income. Now, depending on how much you earn from passive investments compared to active trading, let's say the combined effective rate is 23%. In Sweden you do not pay for health care, primary school, university, child care is primarily publicly financed, pension and a host of other stuff like cultural recreation. Adjusted for that the real effective tax rate compared to other countries for a trader is rather 10-15%. I believe that makes Sweden quite attractive for traders. Swedish women are another asset. Two caveats: 1) Your trading has to be consistently profitable on an annual basis, because you cannot carry losses forward. 2) Significant problems with immigration.