Monaco, Why Is It Becoming A Haven For The Rich?

If you ever thought about being a villain in a James Bond movie, than the Monte Carlo Casino in the heart of Monaco wouldn’t be the start.  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?

The small country is home to glorious beautiful weather, the luxury and healthy lifestyle and a system well placed to give its residents peaceful living. But not everyone can make their way down into this paradise, there is a checklist before you are granted residency in Monaco.

One of the first things you will need to do is open up a bank account in one of the many wealthy banks in Monaco. You will have to place a small deposit of $520,000 to $1.700,000 (sounds do-able right?) upon placing the deposit, the immigration officials will then liaise with the government officials to notify them that you do have enough funds to move in the country. However if you have been offered a job in the country (lucky you), you will have to hand over a copy of the job request and contract that will state the salary you will be earning.

This is just the start, now lets just say you have placed the funds in the banks, the next step is finding a place to live. Due to their laws, before you are legally allowed into the country, you must first find a property that you will be living in for the next 12 months and must be handed to the immigration officials. Immigration and property law also states that you will have to 3 months rent upfront and a deposit on any property you choose. This is to protect the seller of the property and the wealth of the country.

Now the final thing you will need to hand in to the immigration department and government officials is your passport, all personal documentation including qualifications and criminal records, and any supporting documents to help the officials approve your residency. The standard in Monaco is very high so if you have obtained a criminal record in the past, you better have a damn good supporting documents about the crime and why you believe you will not commit it again whilst staying in the country. They also like to hire people with some form of qualification when it comes to jobs. With normal jobs requiring you to have a university degree minimum or extensive experience in that field.

monaco port

Now you are finally in! let’s have a look at the benefits of living in this paradise.

The country is TAX FREE! Yes you heard it right. 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.

Monaco is home to LUXURY REAL ESTATE. With breathtaking views throughout the whole country, it is quiet obvious why the rich all flock to purchase a piece serenity by the harbor. Penthouse suits and mansions are usually the basic way of living in this country and investors are pouring in throughout the world to get their hands on Monaco’s way of life. With luxury homes close to every turn, expect to see some hot fast sexy cars while you are they. It is only fair to also have the Grand Prix on the streets of this magnificent country.

If you mention the world crime to the residents of Monaco, they might answer you with, “What?” Crime is rarely ever seen in this country and it is one of the safest places to live in the world. Security for this tiny constitutional monarchy is provided by an armed national police force consisting of 515 men and women, giving it the reputation of being the “safest square mile” in Europe.  If you’re looking for a place to store your wealth, Monaco will ensure it is kept safely.

If you are a business man or woman, Monaco is a great place to live as it is perfectly situated for easy travel between major European cities and stunning destinations. Because the country is so small it will take you only 30 minutes to Nice airport and very close to Italy and France. This is very ideal if you are looking to do business or currently doing business across this European countries with access to many different ports across the coast.

Overall Monaco is rated as one of the best places in the world to live (if you have the funds). Its extravagant lifestyle lures more and more wealthy people from all corners of the globe to nestle among the paradise. If one day you are looking to buy into this kinda of wealth, you better start a business that will bring in the dollar signs or just simply win the lotto.



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