This topic is very releveant to me as I have a few warsaw flats that I planned to rent. They're all being finished this year and I'm only now discovering that the effective yield will be much lower than I'd thought because of not being able to deduct interest payments and run the flats at breakeven (thus paying no income tax on the rent). As I understand it the best option for a non-resident (of Poland) is a flat 19% income tax on the gross income with no deductions. I'd assumed that agency and other costs might knock my net income down to 80% of the gross but, now I have to pay a further 19% of the gross in tax, my net yield is down to only 61 % of the gross. I have a horrible feeling this is correct but, if so, find it odd that the PS site is full of talk about gross and net yields without ever mentioning this rather crucial factor. Can anyone tell me I've got this all wrong?