Ever wondered why Monaco is regarded as one of the most attractive places to live on planet earth? I could bore you for days with all the detail but let me summarise the Top Ten reasons for you in a couple of minutes.
- A Hugely Attractive Tax Regime
If you let us guide you through the process of becoming resident in Monaco, the Principality’s tax system is one of the kindest in the world. It dates back to the establishment of the casino at Monte Carlo in the late nineteenth century – the ruling Grimaldi family decided that they were making so much money from the out-of-town gamblers that they could afford to abolish income tax for their citizens.
That same approach has been adopted to most other taxes in Monaco so today residents enjoy:
- Zero income taxes
- Zero capital gains taxes
- Zero wealth tax
- Zero inheritance taxes for direct heirs
- World Leading Security
The tax regime tends to attract wealthy people to Monaco, but no financial benefit would be valuable enough to put your family’s safety and wellbeing at risk. The world has lots of tax havens but many of them leave a lot to be desired from a security perspective.
Monaco has one of the lowest crime rates in the world and, reassuringly, the highest ratio of police per head of population. They are also exceeding well dressed and frankly look too stylish to ever get caught up in anything as vulgar as crime. Even Prince Albert feels comfortable walking the streets of his Principality with minimal security presence.
- Mediterranean Climate
If you hail from northern Europe you will appreciate the 300 days of sunshine that Monaco offers, with glorious summers and mild winters that will make you think twice about jetting off to one of your other homes.
- Top Class Schools
If you have school age children you’ll be pleased to know that there are a great mix of local and international schools here. Our own Marquess of Bristol was educated in Monaco as was multi-lingual Formula 1 world champion Nico Rosberg.
- Central Location
If you’re thinking of settling in Monaco I’m guessing that you have other homes around the world. With Nice airport just 7 minutes away by helicopter and 30 minutes by car you can get here from just about anywhere in Europe in a couple of hours.
Equally, once you’re here you’ve got the Cote D’Azur, Provence and Italy right on your doorstep.
- Excellent Healthcare
Healthcare facilities in Monaco are world class, though if you are over 70 you will need to show evidence of private health insurance before you will be granted residence.
- A Unique Lifestyle
You’ll be joining an elite, cosmopolitan population who have decided to make Monaco their home. They contribute to the Monegasque culture and lifestyle and each has their own story to tell. With a raft of cultural activities, art, music and dance there is always something fascinating to do in this tiny Principality.
Part of the lifestyle is the cuisine – the restaurants and speciality food shops will tempt your palate with delicacies from every part of Europe.
- Major Events
Perhaps most famous for the Monaco Grand Prix and the Monte Carlo rally, these are just the headlines in a crowded annual calendar of global sporting events. The two become self-reinforcing as major sports want to benefit from the Monaco brand while each event helps to spread the message about Monaco’s attractions.
The motor sport calendar now includes the bi-annual Grand Prix Historique and the electric excitement of the Formula E series. There’s also the Monte Carlo Open Tennis championship, the Monaco Yacht Show and a host of business conferences held in the Grimaldi Forum.
- Business Friendly
If you want to relocate your business here or start a new one, the Monaco authorities are more than willing to help. They’ve even set up an official Welcome Office to guide you through the process. Many international businesses have a presence in the Principality so you will find a ready source of the legal and financial support services essential to business success.
- Return on Property Investment
Last and by no means least, you need to understand the Monaco real estate market. Your first response will almost certainly be shock at the price levels – €1 million for the smallest studio apartment, €5 million for a reasonable sized two bedroom apartment that may not have a sea view. All the way up to €30 million plus for the most sought after penthouses (even more on the soon to be reclaimed Portier Cove) in the best parts of the two square kilometre territory.
It is the most expensive real estate in the world. So why would thousands of the smartest, richest people in the world pay so much for so little? For all the reasons I’ve already stated, plus one more. Monaco real estate has a powerful track record of 10% per annum year on year capital gains. Watch my district by district videos elsewhere on this platform to see what I mean.
Chances are, that €5 million apartment you buy today will be worth €10 million by the end of the decade. A 100% tax free gain just for living in one of the most desirable places on earth.
Ready to take a serious look? Just contact us here to start a conversation.