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$981
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About a handful of countries have no withholding tax at all or levy one so low that it is almost unnoticeable.

"These countries in which private investors in Germany are not subject to withholding tax include Ireland, Liechtenstein, Hong Kong and Singapore," says Stefanie Dyballa, Portfolio Manager at KSW Vermögensverwaltung in Nuremberg.

However, the Irish withholding tax is only low if the company is based in the country. Other countries with investor-friendly regulations are Bermuda, Brazil, Canada and Thailand.

However, the most important economy that leaves German shareholders untouched is the United Kingdom. "The UK has many attractive dividend payers to offer, especially in the energy and financial sectors," says the asset manager, naming the likes of $SHEL (+1,71 %) Shell, $BP. (-0,12 %) BP and $HSBA (+0,73 %) HSBC.

Hermann Ecker, authorized signatory and portfolio manager at Bayerische Vermögen in Bad Reichenhall, also immediately thinks of reliable dividend payers from the island, including $DGE (-0,98 %) Diageo, $RKT (-1,74 %) Reckitt Benckiser, $RIO (+2,35 %) Rio Tinto, $IMB (-1,37 %) Imperial Brands, $SGE (-1,26 %) Sage Group and $ULVR (-1,75 %) Unilever. The selection shows just how diverse the withholding tax-friendly UK capital market is.

However, it is worthwhile for investors to consider other companies in addition to the well-known names: Sometimes they offer even higher dividend yields. WELT has compiled a list of 19 shares that are listed in countries with zero or low taxes and have also shown a stable performance over the past twelve months.

The last criterion is intended to protect investors from falling into a value trap, i.e. investing in a company with an eroding business model. The British drinks group Diageo, for example, is regarded as a solid dividend payer, but its share price has fallen by a third over the past year. The Diageo dividend yield of just under five percent is little consolation.

By contrast, the British insurance giant $AV. (-2,62 %) Aviva. The London-based company has roots dating back to 1696 and is one of the leading providers of pensions and insurance in its core markets of the UK, Ireland and Canada. Thanks to a focus on cash generation, Aviva is considered a solid basic investment that currently offers its shareholders a dividend yield of around 5.5%, which is only reduced by the German capital gains tax plus solidarity surcharge.

The financial services provider Legal & General, founded in 1836, can also look back on a long tradition. $LGEN (-1,59 %) Legal & General can also look back on a long tradition. As a heavyweight in the areas of asset management and pension insurance, the London-based group has a comparatively cyclically resistant business model that benefits from long-term demographic trends. Shareholders receive a current yield of 8.5 percent, making Legal & General one of the highest-yielding stocks in the UK index. The same can be said of the $PHNX (-2,38 %) Phoenix Group, whose yield is an impressive 7.8 percent.

The mining group $RIO (+2,35 %) Rio Tinto. However, the company is benefiting from the global appetite for raw materials. Rio Tinto is one of the world's largest producers of iron ore, aluminum and copper. Investors are betting on the indispensable role of metals in the global energy transition. The dividend payout is four percent.

The yield is more than twice as high for the Brazilian competitor $VALE3 (+0,76 %) Vale. Founded in 1942, the Rio de Janeiro-based mining group is the largest nickel and iron ore producer in the world. Experience shows that the size of the dividend depends on the ups and downs of commodity prices. As these are currently pointing upwards, shareholders have a good chance of achieving a dividend yield of almost ten percent on their capital investment this year. There is no withholding tax.

More speculative are investments in Greek financial institutions such as $TELL (+0,61 %) National Bank of Greece. The bank was on the brink of collapse during the euro debt crisis and had to be rescued with state aid. However, business is now flourishing again. Thanks to this economic comeback and the adjusted balance sheet, shareholders of National Bank of Greece should be hoping for a dividend yield in the region of four to five percent.

Financial institutions are also among the most interesting investments in Asia. The city state of Singapore, which does not levy withholding tax and is considered one of the most stable financial centers in the world, is home to the $D05 (-3,46 %) DBS Group. Founded in 1968, the institution is considered one of the best banks in the world and has already been described as the "Fort Knox" of the Asian banking world. Investors appreciate the quarterly distribution, which amounts to four percent per year, and the conservative balance sheet management of the DBS Group.

The Oversea-Chinese Banking Corporation, founded in 1932, also offers a return of around four percent. $OVCHY Oversea-Chinese Banking Corporation, founded in 1932. It is the longest established bank in Singapore and offers a mix of banking, asset management and insurance, which speaks for diversified earnings. However, the Oversea-Chinese Banking Corporation is not quite as dynamic as the DBS Group.

The conglomerate $J36 (+0,78 %) Jardine Matheson has its roots in Hong Kong, but the shares are now listed in Bermuda. Founded in 1832, the company is a legend in Asian economic history with a broadly diversified portfolio ranging from real estate to retail. Little known: The financial services provider $IVZ (+0,35 %) Invesco, which stands for the most popular Nasdaq ETF QQQ. The investment company's shares have risen by almost half over the past twelve months and also offer a dividend yield of three percent.

If you want to invest specifically in Hong Kong, you can stick with the infrastructure group $1038 (-2,54 %) CK Infrastructure. Founded in 1996, the company belongs to the empire of tycoon Li Ka-shing. It invests globally in energy suppliers, waterworks and transportation infrastructure, which ensures stability. Investors receive a return of around four percent.

As far as the former British crown colony is concerned, Dyballa has other ideas: "Financial and telecommunications stocks listed in Hong Kong, such as the $3988 (-0,2 %) Bank of China and $941 China Mobile often offer stable and attractive dividends." And she also has a tip for Singapore: "Real estate stocks or REITs that are less well-known in this country also offer stable cash flows and high dividend yields," says the portfolio manager.

Source: Text (excerpt) WELT, 24.01.26

This morning I said goodbye to $BP. (-0,12 %) after 3 years and a loss of over 5%, I was able to close the position at +-0 thanks to dividends. At the same time I increased the share $TDIV (-0,09 %) and as a dividend replacement $WINC (+0,37 %) to the portfolio.

Novo Nordisk 3.0% $NOVO B (+2,15 %) NVO

LVMH 2.0% $LVMH

Pernod Ricard 6.35% $RI (-1,34 %)

Imperial Brands 5.5% $IMB (-1,37 %)

BAT 6.2% $BATS (-3,86 %)

Sunrise Communications 8.00%

Nestle 4.05% $NESN (-0,46 %)

Roche 2.85% $ROG (-1,84 %)

Novartis 3.07% $NOVN (-0,61 %)

Shell 4.07% $SHEL (+1,71 %)

German Post 3.86% $DHL (+1,6 %)

Swisscom 3.75% $SCMN (-0,62 %)

German Telekom 3.52% $DTE (+0,43 %)

Strabag 2.72% $STR (+1,98 %)

Vonovia 4.82% $VNA (-0,62 %)

BASF 5.01% $BAS (+1,23 %)

Puma 2.8% $PUMA

Hannover Re 3.62% $HNR1 (-1,72 %)

Munich Re 3.8% $MUV2 (-0,17 %)

Allianz 4.00% $ALV (-0,08 %)

BP 5.76% $BP. (-0,12 %)

Spotify

https://open.spotify.com/episode/1zt05UZlehInr81iaZMdY5?si=e676f0a812014943

YouTube

https://youtu.be/BpCIIJYfxHA

Appple Podcast

https://podcasts.apple.com/de/podcast/125-20-europ%C3%A4ische-dividenden-aktien/id1695869891?i=1000744769342

The sensible use of saved capital in retirement requires good planning. Especially if you want money to flow out of it regularly to secure or sweeten the third stage of your life.

Financial brokers then like to offer pension insurance based on a single payment, often called an immediate annuity.

With a normal life expectancy, the return is usually not generous because insurers usually invest very conservatively. In addition, the costs and profit margins of the insurance company further reduce the return. Consumer advocates point out that you usually have to live to be 94 years or older before you receive the investment sum back via guaranteed pensions.

It is often more profitable to park the money in a call money account.

Investments with regular distributions are an alternative. Investors are spoiled for choice between several thousand dividend-paying equity funds.

What are the relevant selection criteria? Quality and cost structure.

For some, the level of distributions may also be an important criterion in the selection process. But caution is advised here: For example, the payout ratio of the Global X Super Dividend ETF $SDIP (-0,95 %) is currently over nine percent. With an investment sum of 100,000 euros, this results in a monthly inflow of around 750 euros before tax.

This is possible because the ETF invests stubbornly in the 100 companies with the highest dividends worldwide, but without any consideration of the sustainability of these distributions and the quality of the companies.

This in turn means that, without the dividends, the ETF generated a return of zero over one year and even minus 14% over three years. Investors therefore received high regular payouts, but the investment capital decreased significantly at the same time.

Savers should therefore always pay attention to how the ETF invests. There are various positive counter-examples, such as the Invesco Euro Stoxx High Dividend Low Volatility ETF $EUHD (+0,38 %). Although this also focuses on high-dividend companies, it also selects according to qualitative criteria. Result: Although the payout ratio is currently "only" 5.1% per year, this amounts to around EUR 425 per month before tax for an investment sum of EUR 100,000.

However, the ETF has also achieved growth of almost 36% over the past three years, and including distributions, the gain was even over 60%. There are similarly good ETFs for various other investment regions or sectors.

Bond ETFs, on the other hand, are rarely a real alternative for private investors. Although distribution rates of four or five percent can be achieved, this is ultimately only possible with high-risk bonds or US securities with a corresponding currency risk. In addition, a positive return can rarely be achieved over and above the distribution.

A (possibly riskier) alternative is to invest in individual shares with high dividends. However, quality is even more important here. "We value companies with a strong balance sheet that are characterized by a high equity ratio and above-average returns on capital and sales," says Franz Kaim from Kidron Vermögensverwaltung in Stuttgart.

Continuity is also important. "The so-called dividend aristocrats are the gold standard for income-oriented investors," says Rainer Laborenz, Managing Partner of Azemos Vermögensverwaltung in Offenburg. "Companies that have increased their dividends for at least 25 consecutive years are included in this select group."

There are currently around 150 dividend aristocrats worldwide, 117 of which are from the USA and 33 from the rest of the world. The best-known names include Coca-Cola $KO (-2,01 %)Procter & Gamble $PG (-2,21 %) and Johnson & Johnson $JNJ (-1,83 %) from the USA, Fresenius from Germany $FRE (+0,51 %) and Unilever $ULVR (-1,75 %) from Great Britain.

Other attractive dividend stocks recommended in a WELT survey of ten leading asset managers in Germany include Allianz $ALV (-0,08 %)BASF $BAS (+1,23 %)Beiersdorf $BEI (-0,6 %)Deutsche Post $DHL (+1,6 %) and Munich Re $MUV2 (-0,17 %).

In other European countries, they rely on BAT $BATS (-3,86 %), BP $BP. (-0,12 %), Nestlé $NESN (-0,46 %), NN Group $NN (+1,33 %)Shell $SHEL (+1,71 %) and Swiss Life $SLHN (+0,42 %).

In the USA, names such as Altria $MO (-2,65 %), Chevron $CVX (-0,11 %)Cisco $CSCO (+1,84 %), Coca-Cola, Kimberly-Clark $KMB (-1,17 %) , McDonald's $MCD (-1,68 %) or Pepsi $PEP (-3,05 %).

Source: Text (excerpt) & table: Welt, 05.12.25

Hello dear community,

I have been running a small savings plan on $BP. (-0,12 %) and have recently returned to the green zone with the share.

What is your assessment of BP in terms of the company's current and future (short-sighted) business model?

Should I get out of BP and switch to e.g. $SHEL (+1,71 %) or just let it run.

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$BP. (-0,12 %) has won its arbitration case against $VG (-1,19 %) after the US supplier failed to deliver liquefied natural gas (LNG) under a long-term contract that was due to start at the end of 2022. This was announced by Venture Global on Thursday.

According to Venture Global, the International Court of Arbitration of the International Chamber of Commerce found in an official notice that the company had breached its obligations to declare the start of commercial operation of the Calcasieu Pass facility on time and to act as a "reasonable and prudent operator".

The ruling in favor of BP contrasts with a decision in August in which Venture Global prevailed in a similar appeal by Shell. It was initially unclear why the two proceedings led to different outcomes. BP is seeking damages in excess of 1 billion US dollars plus interest, costs and legal fees.

The company is disappointed with the arbitral tribunal's decision in the BP case, which Venture Global believes contradicts the key findings in the previous arbitration with Shell," Venture Global said in the statement.

Venture Global's shares fell more than 10% in after-hours trading, reducing the company's market capitalization by nearly $3.3 billion.

HEARING ON THE AMOUNT OF DAMAGES NEXT YEAR

A separate hearing is planned for 2026 to determine the extent of the damages that the US operator must pay to BP. According to Venture Global, the sum could exceed the upper limit for claims from BP and other customers set out in the original sales agreement.

BP said it was satisfied with the outcome of this phase of the arbitration and looked forward to Venture Global determining the amount of compensation for breach of contract.

Venture Global said it is exploring all available options in response to the ruling and will continue to vigorously defend its position.

On Thursday, the company also reported that a settlement had been reached with another Calcasieu Pass customer that had also filed for arbitration, without naming the company.

This settlement has no material impact on Venture Global, the statement said.

Other companies, including Edison and Galp, have also filed claims against Venture Global. They accuse the company of profiting from spot sales of LNG following Russia's invasion of Ukraine in 2022 instead of delivering previously contracted LNG supplies from the Calcasieu Pass export facility in Louisiana at significantly lower prices.

Throughout the dispute, Venture Global argued that it was entitled to the spot sales after the official start of commercial operations was delayed due to a faulty power island.

The company commenced official commercial operations at Calcasieu Pass in April 2025 and has since realized significantly lower prices by selling LNG to BP and other customers under the terms of the contract.

Venture Global's average revenues fell by around 70% in the second quarter compared to the first quarter following the start of the long-term supply contracts and the halt to the controversial spot sales. In the same period, the relevant Dutch gas price index TTF, on which the prices for most LNG cargoes sold by Venture Global in Europe are based, fell by 24%.