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Benefits Of Becoming A Wealthy Resident Of Monaco

Monaco is one of the wealthiest countries in the world, and a well-known vacation spot for affluent people packed with opulent hotels, resorts, casinos, and its distinctive way of life. Monaco is a perfect location for a romantic vacation or a lifetime residence, thanks to its Riviera setting, parks, high society, and unique events.

Monaco's economy is highly vibrant and future-oriented, despite being occasionally undervalued or misunderstood. The Principality of Monaco, as a sovereign state in the centre of Western Europe, provides investors and entrepreneurs with a world-class, safe infrastructure and the benefits of an alluring tax system.

Many expats there also benefit from the fantastic medical care Monaco provides its residents.

 

FontVieille, Monaco

Fontvieille, Monaco

MONACO OVERVIEW

After the Vatican, Monaco is the smallest country in the world and is located on the French Riviera. It is renowned as one of the world's wealthiest countries and has the world's second-highest nominal GDP per capita at around $150,000 USD. The country boasts the largest per-capita concentration of millionaires and billionaires in the world; in fact, millionaires make up 30% of the total population. Monaco's reputation as a wealthy tourist destination and recreational hub is partly due to its temperate climate and beautiful surroundings.

Monaco ranks among the safest locations in the world. The security is unmatched, with one police officer for every 100 residents. Monaco's police force is among the most advanced and effective in Europe and is overseen by a senior member of the French police force, making the country one of the lowest crime rates in the world.

 

Related content: Becoming A Resident Of Gibraltar

 

Monte Carlo Casino, Monaco

Monte Carlo Casino, Monaco

TAXATION IN MONACO

Taxation in Monaco is perhaps the most attractive benefit for residents. After six months (183 days) of living in Monaco, you are considered a tax resident. The Principality of Monaco is well recognized for being a tax haven because it does not impose an income tax and no corporate income tax for companies operating within the Principality. 

Monaco participates in several EU regulations, such as border and customs restrictions, while not being an official member of the EU. This can simplify things for EU citizens to use Monaco as a "tax haven" from their own country's taxes since it does not impose an individual income tax as a sovereign nation. 

Although not a member of the EU, Monaco receives benefits from France despite EU rules and laws not being applied there.

 

Related content: Guide To Setting Up A Trust In Monaco

 

Saint Nicholas Cathedral, Monaco

Saint Nicholas Cathedral, Monaco

MONACO RESIDENCY PROGRAM

Monaco's residency by investment program provides successful candidates and their families with permanent residency, granting them legal rights to live, work, travel, and operate a company in Monaco. You can petition for citizenship after ten years of residence in the nation and must physically live there for at least six months each year.

The minimum investment is €1 million (about $1 million USD), of which €500,000 (about $500,000 USD)  must be placed in a Monaco bank and the acquisition of sale deeds for real estate worth €500,000 (about $500,000 USD). And as I mentioned, you must commit to spending at least six months annually. The process to acquire the Monaco residency permit takes around six months but can vary depending on the investor's specific circumstances, including their nationalities. 

 

For everything you need to know about residencies and second passports, read this amazing article: The Basics of How To Get a Second Passport Or a Second Residency.

 

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Many people who live in Monaco are millionaires and multi-millionaires.

REQUIREMENTS FOR THE MONACO RESIDENCY PROGRAM

Contrary to popular belief, there are fewer prerequisites to moving to Monaco and becoming a resident. You must demonstrate that you have the financial resources to support the lifestyle, including the rent and real estate costs, which are equivalent to those in major capital cities.

Other requirements include the following:

  • A clean criminal record
  • Obtain a long-stay visa from France for non-EU/EEA citizens
  • Pass a personal interview
  • A bank reference and evidence of a sufficient bank balance
  • Evidence of accommodation (rental lease contract or sale deed)
  • Documents for incorporating a business or a job


ADVANTAGES OF THE MONACO RESIDENCY PROGRAM

Monaco does not limit you from owning property in the Principality and has amazing, safe investment opportunities in the real estate market with no property taxes. So you can enjoy more of your money instead of giving it to the government. Also, you will not be required to make donations or non-refundable payments for the Monaco residency.

You can also apply for residency for your family members if the prerequisites are completed. As a resident of Monaco, you can obtain a 90-day visa-free permit to travel inside the Schengen area every six months. 

 

Monaco

Not only does Monaco have many benefits, but it is also a beautiful place to live.

CONCLUSION

Monaco's high level of discretion, diversified community, stable government, first-rate medical and educational facilities, elite sports programs, and eloquent culture all contribute to the country's attractive lifestyle and high standard of living. You may live well without worrying about paying hefty taxes, as it is renowned as a tax haven. In addition to its good access by land, sea, and air at the international airports and stable real estate market that provides substantial potential, Monaco is an ideal location for high net-worth investors worldwide.

 

BEST OF THE EXPAT WORLD

If you want the best intel from the expat world, including profitable offshore opportunities, little-known tax-saving strategies, and hard-won insights on immigration, passports, and plan-b residencies, all delivered to your inbox every single week, then join our daily correspondence, EMS Pulse. It's currently enjoyed by over 37,000 expats and expat-hopefuls worldwide. And as a special bonus, you will also get our report on the 19 International Strategies To Grow And Protect Your Wealth Abroad, all completely FREE. Click on the link above for more information.

 

WORK WITH ME

I help my clients to move offshore for freedom, privacy and autonomy by focusing on the immigration, legal, and tax issues that you will face when becoming an expat. If you would like to work one-on-one with me on getting out of Canada or the USA (or setting up a Plan-B location), then read this important letter and fill in an application form to become a Private Client. My fees are not cheap; however, I can assure you that when you work with a professional firm like ours, the results will be worth it.

Mikkel Thorup

Written by Mikkel Thorup

Mikkel Thorup is the world’s most sought-after expat consultant. He focuses on helping high-net-worth private clients to legally mitigate tax liabilities, obtain a second residency and citizenship, and assemble a portfolio of foreign investments including international real estate, timber plantations, agricultural land and other hard-money tangible assets. Mikkel is the Founder and CEO at Expat Money™, a private consulting firm started in 2017. He hosts the popular weekly podcast, the Expat Money Show, and wrote the definitive #1-Best Selling book Expat Secrets - How To Pay Zero Taxes, Live Overseas And Make Giant Piles Of Money.

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