With the highest per capita income in the world, there is no doubt that Monaco, with its hot property jems, superyachts, and financial benefits is the ultimate luxurious destination. Certainly, in terms of millionaire density, Monaco tops the polls with nearly one in three residents classed in this elite group according to WealthInsight. World Bank statistics also reveal that Monaco’s residents earn more per capita than anywhere else in the world.
A Rich Lifestyle
With wealthy inhabitants, Monaco has grown into a glamorously sophisticated destination and as a result, boasts some incredible real estate from penthouse pads to luxury homes with magnificent vistas. Business leaders rub shoulders with the principality’s many famous faces from the worlds of sport and show business. The effect is to create a truly international French Riviera spot with some 80% of the residents originating outside of Monaco.
With disposable income comes the promise of an exciting lifestyle to match. Gourmet restaurants, an impressive yachting community, and world-renowned events and cultural activities, Monaco’s fabulous lifestyle for high earners continue to attract the wealthy to its impressive harbor shore.
Magnificent Properties
Monaco’s real estate market is aimed at discerning clients, and while price tags may be high, the value concerning location, design, and architecture is undoubtedly great. Monaco boasts some of the most beautiful properties for sale anywhere in the world, whether as a primary property or a holiday home.
The quality of new builds is incredible, and existing properties for sale often come with the ‘wow’ factor of extraordinary interior design and top-of-the-range fixtures and fittings. However, with Monaco being so small, finding the property that suits your budget and your tastes may require the help of property experts who understand and can access the local market more easily.
Tax Haven
One of the attractions to buying a property and living in Monaco is the tax benefit. Monaco is a tax haven with no income, wealth or capital gains tax levied on residents, although there are different rules for French nationals with many of the tax laws.
The principality is renowned for being a safe and secure place to live without any particular political unrest either. To be classed as a resident it is required that you are registered as living at a property within the principality and that you stay for at least six months of the year. The enjoyable Monaco lifestyle adds an added advantage that many offshore tax havens are by their very nature unable to.
Related: 10 Reasons To Live In Monaco
Geographically well-placed, residents can spend a lot of time in other locations outside of Monaco too without forfeiting these attractive tax advantages. While some business activity profits are taxed, there is no general corporate income tax, and in the main, there are no taxes on dividends and local companies. This attracts foreign investment which adds to the wealth of Monaco as a whole.
In terms of property, Monaco does levy taxes on real estate sale profits and also a percentage of rental property profits too. Inheritance and gift tax do not apply to assets outside of Monaco, and when the property is passed down to direct heirs, an exemption applies to Monaco property too if the bequeather is a Monaco resident. The same is true about gift tax whereby beneficiaries who are direct heirs enjoy tax exemption rule too.
The rich and famous, retired business owners, as well as those who want to grow their business or set up a strategic office in Monaco where executives can benefit from no income taxes; Monaco’s environment, financially and socially, welcomes a wide variety of individuals and families looking for the good life.
Natural Beauty
Of course, what first drew attention to Monaco was the achingly beautiful stretch of the French Riviera with its year-round sunny climate and relaxed way of life; the stunning scenery and perfect location close to sandy beaches and mountain slopes for skiing. Nowhere on Earth is quite like the French Riviera and in this part of the Mediterranean, Monaco’s unique identity shines out spectacularly.
