> > If you pay a dividend at the end of the year, it’s taxed as capital gains
> Really ?
Yeah, really. At least this is the way it is in Germany. One should note, though, that taxes on capital gains are just another form of income tax and the boundaries are somewhat blurry. In particular, it doesn't necessarily mean you're paying more in taxes only because it's capital gains. (See also: https://de.m.wikipedia.org/wiki/Abgeltungsteuer)
> Really ?
Yeah, really. At least this is the way it is in Germany. One should note, though, that taxes on capital gains are just another form of income tax and the boundaries are somewhat blurry. In particular, it doesn't necessarily mean you're paying more in taxes only because it's capital gains. (See also: https://de.m.wikipedia.org/wiki/Abgeltungsteuer)