$IMB (-2,01 %)

currently considering

include imb in the divi depot. I already have bat and pm, bat posi too big, pm too expensive.

unfortunately not so well represented in vapes etc.

what do you think?

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 (+1,44 %) Shell, $BP. (+2,12 %) BP and $HSBA (-0,03 %) 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 (-0,91 %) Diageo, $RKT (-2,26 %) Reckitt Benckiser, $RIO (-0,94 %) Rio Tinto, $IMB (-2,01 %) Imperial Brands, $SGE (-0,47 %) Sage Group and $ULVR (-0,97 %) 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. (+0,28 %) 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 (-0,44 %) 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 (+1,35 %) Phoenix Group, whose yield is an impressive 7.8 percent.

The mining group $RIO (-0,94 %) 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 (-0,81 %) 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 (+0,32 %) 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 (+0,63 %) 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 (-0,8 %) 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 (+0,09 %) 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 (-0,03 %) 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 (+1,05 %) 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

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

LVMH 2.0% $LVMH

Pernod Ricard 6.35% $RI (-1,21 %)

Imperial Brands 5.5% $IMB (-2,01 %)

BAT 6.2% $BATS (-2,12 %)

Sunrise Communications 8.00%

Nestle 4.05% $NESN (-2,01 %)

Roche 2.85% $ROG (-1,71 %)

Novartis 3.07% $NOVN (-0,93 %)

Shell 4.07% $SHEL (+1,44 %)

German Post 3.86% $DHL (-2,16 %)

Swisscom 3.75% $SCMN (-0,66 %)

German Telekom 3.52% $DTE (-2,16 %)

Strabag 2.72% $STR (-2,97 %)

Vonovia 4.82% $VNA (-1,78 %)

BASF 5.01% $BAS (+0,38 %)

Puma 2.8% $PUMA

Hannover Re 3.62% $HNR1 (-0,47 %)

Munich Re 3.8% $MUV2 (-0,39 %)

Allianz 4.00% $ALV (+0,71 %)

BP 5.76% $BP. (+2,12 %)

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

A little later, but not too late, I'll also have my say at the end of the year, together with an insight into the goings-on of the Opi before @Tenbagger2024 , @SAUgut777 and some others get impatient, as you know, old people are a bit slower. I would also like to take this opportunity to thank and appreciate all those who contribute here on GQ with great analyses and strong contributions, critical comments and a wonderful exchange. I'm deliberately not naming any individuals now, otherwise I won't be able to finish. All of you together are great, whether you're a veteran or a newcomer. The community is alive and I am happy to be a part of it. Thanks also to @christian and the Getquin team, who make this possible by maintaining the platform, even if things sometimes don't run smoothly. The Bavarian says: Basst scho

The year 2025 was exciting and, from my point of view, successful in terms of my expectations. If you don't feel like evaluating a boring dividend strategy, don't want to read about overnight and fixed-term deposits, aren't interested in certificates and don't like the Sparkasse, you are welcome to leave here after Rewind 2025. Many thanks to everyone else for reading and, if necessary, commenting.

At least as far as the majority of shares are concerned, I am known to be invested in dividend stocks in order to generate the highest possible cash flow. I am now almost 62 years old and do not value excessive performance but would like to make a living from the income from my assets and decided to stop working at the beginning of the year when the company where I was employed was dissolved. I see myself as a buy and hold a while. Nothing lasts forever, especially with high-dividend shares. There are regular reallocations without getting into an operational frenzy. In 2025, for example $TRMD A (-1,34 %) and a large position $HAUTO (+0,12 %) had to leave the portfolio, the high dividend expectations were significantly reduced. The $QYLE (+0,45 %) has not recovered from April, $EQNR (+1,55 %) and $VICI (+0 %) led to the brink of capital loss despite respectable dividends and had to give way, as did $MUX (+0,6 %) with its inconsistencies. New additions were $NN (-0,08 %) , $PFE (-0,19 %) , $DTE (-2,16 %) and a first position at the end of the year $ARCC (-0,37 %) You can see the composition in my profile. I generally try to limit myself to +/- 20 positions and weight them according to purchase. A maximum of 20k per position is invested. This results in the calculation of my dividends and expected income. In its current composition, the portfolio shown here has a value of just over € 340,000 as at 31.12.2025 and has generated gross dividends of just under € 23,000 this year. This corresponds to a dividend yield of 6.73%

The time-weighted yield was 18.63% and therefore well above average, at least better than 67% of the getquin community. I wasn't able to beat the DAX, but at least I outperformed the S&P500 and beat the relevant MSCI World index by some distance. Even on a 5-year view I am on a par. Tobacco stocks did very well $BATS (-2,12 %) , $IMB (-2,01 %) and $MO (+0,82 %) , $HSBA (-0,03 %) , and $RIO (-0,94 %) and of course $965515 (-1,71 %) that I physically hold and the $EWG2 (-1,92 %) .

That's all there is to the part of my investments shown here in GQ. What follows is a piece of my life story and the first part inside Dividendenopi.

As I said, I now live off my assets. This amounts to just under € 1.2 million in all the forms of investment I hold. Is that enough for a carefree life? For me in any case. Because on top of that, I have a debt-free, owner-occupied property (a single-family home with a large garden in a quiet rural location near a city of 600,000 inhabitants) and a rented two-family home, appropriately enough, as a neighboring property. Partly financed, rent surplus after installment to the bank a good € 700 per month, flows completely into the maintenance reserve. Claims from BAV, life insurance, building society savings contracts will be added on top in the next few years, but are not taken into account here. There's even a savings account with €18,000..... half of which belongs to my wife and she doesn't want to close it.

My wife (still) works and has a decent income despite working part-time and has other liquid assets in the lower six-figure range. She does it herself, the stock market is the devil's work. Her story is not included here either.

So I / we are doing pretty well after all. It wasn't always like that, anyone who is or was self-employed knows that. But consistent financial planning is important, no matter what the situation, as is sticking to your savings rate. I started investing in real estate at the beginning of the 1990s and have been liquidating it over the last few years. In conjunction with my own wealth accumulation and an inheritance, I am now in a comfortable situation for me.

What do I do with the rest of the money outside the getquin portfolio? A good € 500,000 is (still) in call money and fixed-term deposit accounts. Interest rate hopping on call money and fixed-term deposits from 2 years ago yields around 3% on call money and over 4% on fixed-term deposits. The remaining capital is invested in certificates. Mainly in fixed-coupon express certificates with quarterly payout and partly in bonus certificates with CAP and barrier.

My investments currently generate a net monthly cash flow of € 4000, which is enough for me to live on. Plus € 800 ALG on top until the beginning of 2027.... But before the company closed, I only worked 16.5 hours a week. With my wife's income, that's a good €6500, which is bearable. You can certainly do more with your assets, depending on your needs. We live rather modestly, don't have any children and aren't the consumer type.

How am I invested outside of dividends, why certificates and which broker, where and how overnight and fixed-term deposits? I thought that would go beyond the scope of this article, so I'll come back to it in a second part. Thanks for your participation so far and see you soon

The fifth month is now over. Somehow just as volatile as the other months, but this time at least in positive territory. The S&P500 has made up some ground, although it is still down YTD.

In May, I recorded a gain of 2.12%. This corresponds to a value of almost 2500€.

The Dax (+5.06%) has beaten me again. This is already becoming the norm. In May, the HSBC MSCI World (+3.26%) also beat me. However, I am still ahead for the year.

Over the year as a whole (YTD), I have again lost ground to the DAX, which has risen sharply again. This time the MSCI World was also able to catch up strongly. Nevertheless, as you can see above, I am still ahead of the MSCI World this year.

My high and low performers in May were (top 3):

Tesla ($TSLA (-0,7 %) ) +22,79%

Microsoft ($MSFT (+2,15 %) ) +17,31%

Texas Instruments ($TXN (+0,45 %) ) +16,57%

Imperial Brands ($IMB (-2,01 %) ) -7,06%

Eli Lilly ($LLY (-0,58 %) ) -17,69%

UnitedHealth ($UNH (+6,9 %) ) -28,08%

United Health is again among the worst performers. Eli Lilly is now also among them. The pharmaceutical stock has now also fallen quite a bit for me. Nevertheless, I am still well up. Imperial Brands also did very well this year and can therefore correct a little again. Tesla is doing Tesla things again and Microsoft is generally on the up anyway. It is pleasing that Texas Instruments has risen again. This stock is quite volatile due to all the customs issues.

Dividends:

In May, I received €413.70 net from a total of 15 distributions.

Compared to May 2024 (€358.98), this was an increase of 15.24%.

There are now some more dividends in June, before July is by far the worst dividend month.

Investments:

The build-up of the nest egg is still not complete. I haven't received the bill for the car repairs yet, so I still have to set aside some money for that. Apart from that, the nest egg is growing, but it will take some time before it is at a satisfactory level. I'm currently tending to keep it at least €10,000 (because 5 figures is cooler).

Purchases and sales:

There were no sales in May.

I bought or increased United Health (2x)

savings plans (€125 in total):

• Cintas ($CTAS (-0,99 %) )
• LVMH ($MC (-1,38 %) )
• Microsoft ($MSFT (+2,15 %) )

Goals 2025:

My goal is still to have €130,000 in my portfolio at the end of the year. The goal is to be achieved by reinvesting the dividend, making payments and, of course, increasing the share price. The share price increase is of course impossible to predict in any way, so the motto is: if the share price falls or does not rise enough, more cash is needed.

This comes from selling useless stuff on eBay, additional income from e.g. "neighborhood help" etc.

The worse the share price, the more additional cash has to be raised.

Target achievement at the end of May 2025: 38.88%

Thanks to the good May, I have come a good deal closer to the average. Nevertheless, the year could still go a little better for me. But the feel-good factor is still 100%.

How was your May? The Rewind for May is already available. It looks quite nice too.

If you liked the report and would like to read more, feel free to follow me,

If you're not interested, you can keep scrolling or use the block function.

$IMB (-2,01 %) combines defensive qualities (stable cash flows, high dividend) with tactical growth potential - especially in a huge market like India. Anyone who, like me, believes in the long-term demand for tobacco products (including new forms of consumption) and sees emerging markets as an opportunity will find Imperial Brands an exciting investment with substance and prospects.

Business highlights for Imperial Brands ($IMB (-2,01 %) )

Market share gains:

In the five prioritized markets, an aggregated market share increase of 6 basis points was achieved, which is above the strategic target.

Price mix:

A price mix of 5.9% in the tobacco segment compensated for volume declines.

Growth in Next Generation Products (NGP):

Net sales increased by 15.4%, with growth in all three categories. Reported NGP sales increased by 14.7%.

Logista:

Strong results in the tobacco segment, but impacted by performance in the long-distance transportation segment.

Earnings per share (EPS):

Both adjusted and reported EPS increased by 6.0% and 0.7% respectively, supported by a further reduction in the number of shares.

Free cash flow:

A 12-month free cash flow of £2.4bn with a cash conversion of 99%.

Capital returns:

A £1.25bn share buyback program was launched and the interim dividend was increased.

Outlook:

The company is on track to achieve its full-year targets in line with guidance.

Financial overview (for the six months to March 31, 2025)

Key figure 2025 2024 Change

Net sales (£m) 14,604 15,064 -3.1 %

Tobacco & NGP Net sales (£m) 3,664 3,637 +0.7 %

Operating profit (£m) 1,456 1,494 -2.5 %

Adjusted operating profit (£m) 1,652 1,669 -1.0 %

Earnings per share (EPS) (p) 96.7 96.0 +0.7 %

Adjusted EPS (p) 123.9 120.2 +3.1 %

Net debt (£m) (10,471) (10,585) -

Dividend per share (p) 80.16 44.90 +78.5 %

Note: The 78.5% dividend increase includes a 4.5% underlying increase and an additional payment of 33.24 pence due to the change in dividend payments announced in October 2024.

Strategic progress

Market share development:

Growth in the USA (+10 basis points), Germany (+65 basis points) and Australia (+5 basis points) compensated for declines in the UK (-70 basis points) and Spain (-90 basis points).

NGP growth:

The company recorded increases in market share and net sales in all three NGP categories. Particularly noteworthy is the strong growth in Europe and the USA, which more than compensated for temporary challenges in the AAACE region.

Modern Oral products:

The "Zone" product line was successfully launched in the USA and contributed to further market share gains.

Financial stability:

Operating performance leads to consistent financial results and strong cash flows, enabling both investment in growth initiatives and increased capital returns to shareholders.

Future prospects:

Despite an uncertain global economic environment, the company remains on track to achieve its full-year targets, supported by tobacco price increases already implemented in the first half of the year and continued momentum in the NGP segment.

Note on today's share price performance:

CEO Stephan Bomhard, who took the helm in 2020, is retiring. The share price is therefore currently falling.

$IMB (-2,01 %)

I stopped smoking almost two years ago - and shortly afterwards bought shares in Imperial Brands. For a few months now, I've also been running a savings plan $IMB (-2,01 %)which I use to get my "smoky" money back: I invest one symbolic euro per day.

While others continue to smoke, I benefit threefold - on the one hand through the cost savings and on the other through the increase in value/dividends from Imperial Brands.

In addition, my health thanks me.