Monaco is the second smallest country in the world and accounts for 2% of all luxury property sales in the world. Considering its size, this is a lot! So why do so many wealthy and famous people choose to live in Monaco?
Of course there’s the glorious weather, the rather extravagant lifestyle and the chance for a healthy lifestyle, but once you’ve moved, what does Monaco really offer you?
Well in order to move you have to open an account in one of the many banks in Monaco. You will need to place a deposit of £300,000 to £1,000,000, then the immigration professionals will inform officials that you do have enough money to move into the country. If you have a job offer in Monaco, you will have to hand over a copy of the job request and contract that will state the salary you will be earning.
You must have found a place to live in Monaco for at least 12 months, these documents must also be handed over to immigrant officials. You will also need to pay for three months rent and deposit upfront on any property you choose.
So once you have declared your passport, all personal documentation including qualifications and criminal records, you’ll be able to get sign off in around two weeks before you’re able to move.
Once you’ve done the boring part, it’s time to consider your new life in Monaco. What are the great benefits of moving to such an affluent place?
The main reason why many rich people, including celebrities, sports stars and business royalty move to Monaco is to reduce the income tax they must pay to other countries. Monaco residents do not have to pay tax on their worldwide income. Some countries will insist that Monaco residents pay tax if the majority of their earnings were earned in that country. But overall, those residents that work sporadically or all over the world can avoid paying it altogether.
Luxury Real Estate
Another reason many people choose to live in Monaco is to purchase a luxury home or mansion. Monaco’s properties are magnificent and attract investors from around the world. There is such a variety of homes, whether you want a mansion, a large penthouse suite, a simple one bedroom apartment, all fetch at extremely high prices.
Safest Place to Live
Despite all the luxury on show, Monaco is one of the safest places to live in the world. Crime rates have reached a record lower thanks to the efficiency of the police force and the calm residents that live there. If you’re looking for a place to store your wealth, Monaco will ensure it is kept safely.
Perfectly Situated for Business
Monaco is a great place to live as it is perfectly situated for easy travel between major European cities and stunning destinations. If you’re a busy business man or women, you will only be 30 minutes from Nice airport and very close to Italy and France. This is perfect for those that need to travel regularly to industry hotspots.