Thinking of Residency in Monaco?

March 13, 2018 - 4 minutes read

When you think of Monaco do you conjure an image of suave James Bond types cruising by in their open-topped sports cars, on a mission to break the casino bank at Monte Carlo? Is it a place you imagine to be reserved purely for super rich?

Then perhaps it would surprise you that Monaco has attracted not only ultra high net worth individuals but also a new generation of residents that are entrepreneurs owning and managing businesses in other countries that have simply chosen to base themselves and their families there.

Monaco (or to give its official title – the Principality of Monaco) is a sovereign city state on the Côte d’Azur (French Riviera). It is bordered on three sides by its neighbour, France, and its centre is about 16 km (9.9 mi) from Italy. It is the 183rd member of the United Nations. With a population of 35,986 (as of 2011) it is the most densely
populated country in the World.

Monaco also has the world’s highest life expectancy at almost 90 years, and the lowest unemployment rate. The Principality is not a member of the European Union. It is consequently not subject to European directives and regulations. Therefore, the
Principality legislates internally in respect of all matters of direct taxation.

Monaco has chosen not to adopt, for individuals that are resident, any income tax, capital gains tax or withholding tax, and its estate duty legislation is negligible. Accordingly, no annual worldwide income declarations or personal tax filings are required. Certain businesses are subject to tax on their net profits and duty is payable
on the transfer of ownership of real estate located in Monaco. As a result of a
Customs Treaty with neighbouring France, customs tariffs and VAT apply in
Monaco.

Many business people now see no reason why living a Mediterranean lifestyle should prevent them from increasing their wealth, without the burden of taxes and remaining successful and active in business, have been attracted to Monaco as an excellent place from which to manage their assets and bring up their families.

And for those who want to work at or near home in a safe environment with their family
and with necessities and luxuries close by, Monaco provides a perfect location.
With its Mediterranean climate Monaco boasts warm, dry summers and mild, winters.

Also, for those inclined, there are some fantastic sporting events held in and around the Principality, not least the Monaco Grand Prix which is widely considered to be
one of the most prestigious automobile races in the world.

The number of individuals applying to become resident has increased following the continued uncertainty in the financial markets and the prospects of an ever increasing tax burden elsewhere in the World. And no wonder when the Principality has become attractive to those keen to benefit from the geographical, cultural, fiscal and security
advantages which prevail in Monaco for entrepreneurs, their families and
retirees who wish to live in the heart of Europe in an extremely pleasant
climate.

For more information about residency in Monaco and how EBC can help you achieve your goal, please contact us on (+377) 92 16 59 99