There’s a lot more to Monaco than mere tax-free living.
The weird year of 2020 has made wealthy families the world over reconsider their priorities. All the money in the world doesn’t matter if you lose your health or your freedom. While many European countries like Italy, France, Spain and the United Kingdom have been deeply scarred by the Covid19 pandemic, the tiny principality of Monaco has remained virtually untouched.
The United States is now experiencing perhaps the biggest impact of any developed nation from the virus, with the southern states now going through the same level of pain that hit New York earlier in the summer. What makes American families even more vulnerable is that each individual state has the power to apply its own laws on its citizens. And some of those restrictions challenge America’s reputation as the ‘land of the free’.
Wealthy Americans thought they could jump into their private jets or superyachts and go where they please to escape the worst of the health risk. Only to see their overbearing state legislatures enact travel restrictions that forced them to stay where they were. From the increasing number of enquiries we are receiving from ‘across the pond’ it’s clear that, in the words of that famous song by The Who, ‘we won’t be fooled again…’
So what can this smallest of states on the southern tip of France offer to overseas investors including disillusioned Americans looking for genuine freedom? You’re almost certainly aware of the tax advantages – no income tax, no wealth tax, no capital gains tax and no inheritance tax on assets left to your immediate family. But did you know that Monaco is such a healthy place to live that its citizens enjoy the longest life expectancy of any country on earth?
With over 300 days of sunshine a year you will have plenty of opportunities to keep your tan looking its best, and you won’t be short on things to see and do. The Monaco Grand Prix ranks alongside the Indy 500 and the Le Mans 24 hour race as part of motor racing’s Triple Crown, so far only achieved by the late Graham Hill. You can learn about marine life at the Oceanographic Museum, experience the beautiful plants and flowers of the Jardin Exotique or visit the Prince’s Palace where the Grimaldis have reigned for over 400 years.
There are designer boutiques and Michelin-starred restaurants within easy walking distance of pretty much any part of the Principality so you might decide you can do without owning a car if you decide to take up residence in Monaco. If you do decide that your own wheels are essential, most buildings have secure underground parking available.
The airport of Nice is a short helicopter ride away and has plenty of storage for private planes, while you can either moor your yacht in Monaco itself or keep Roman Abramovich company by using the facilities at nearby Antibes.
The main difference you will have to get used to if you want to enjoy the benefits of Monaco is the size of your home and the investment needed to acquire it. Pretty much everyone lives in apartments and a condition of gaining residency is that you own a property appropriate to the number of people in your household. So if your family unit is made up of husband, wife and three teenage children it’s no good looking at the cheapest studio apartments! The good news is that, once you own a property here, values have tended to increase by around 10% a year for more than a decade. Compound that across the years and owning real estate in Monaco could be the best investment decision you’ll ever make…
Before you can enjoy the freedom, health and financial benefits of Monaco living there are some formalities that you need to go through. Our team is here to guide you through the paperwork while finding you the best possible fit to your requirements for your Monegasque home.