Deloitte: E-residency brought €14.4 million to Estonia in first three years
The e-residency program has brought Estonia an estimated €14.4 million in income, including €1.4 million in net income and €13 million in net indirect socio-economic benefits, Deloitte's auditors estimate.
According to an analysis of the economic effect of the e-residency program, carried out by Deloitte, the program may bring an estimated €31 million in net income and €194 million in net indirect socio-economic benefits by 2021.
The projection is based on the assumption that Estonia will have 150,200 e-residents by 2021 who set up 20,200 businesses by that time. According to the same estimate, the average business of an e-resident will bring €70,000 in direct income and indirect benefits by 2025.
"I'm delighted to note that our own estimates to date have been confirmed by the professionals at Deloitte," Kaspar Korjus, head of the Estonian e-residency program, said. Korjus added that the e-residency program is a profitable investment for the Estonian state both in terms of economic and socio-economic benefits, and that each euro invested in the e-residency program would bring back an estimated €100 euros to the Estonian state.
At the end of the third year of the program, Estonia has 27,000 e-residents from 143 countries who have set up 2,847 businesses here and so far paid €2.8 million in labor tax. Wage payouts have been made to 640 physical persons who are e-residents, and €5 million has been paid in taxes on such payouts.
As the program has turned out to be popular mostly with entrepreneurs, the focus of developing it now lies specifically on entrepreneurship and related services.
Editor: Dario Cavegn