Moving to Monaco remains only a dream for many High Net Worth Individuals. Meanwhile, it is a simple and straightforward process, also for LGBT applicants or couples. The Principality of Monaco offers hassle-free and low-tax, luxury lifestyle at the beautiful seasides of the Mediterranean Sea.
The resident status of Monaco is a valuable tool. The Principality does not levy income, capital gains, wealth, and inheritance taxes.
The process of immigration is fast and simple. First of all, the candidates can submit their application to the closest French Embassy. The application must contain the proof os self-solvency, practically, the resident must prove that he/she can live in Monaco without any help from the local government and people. The next requisite is the lease contract of a decent real estate or the ownership certificate of a residential property. The applicant must have a bank account in Monaco and a clean police certificate. The confirmation or proof of foreign income can be a foreign bank statement of deposit as well.
Monaco does not allow same-sex marriage or the registration of same-sex couples in a civil union. However, the Principality accepts the certificates of marriage and civil union from another jurisdiction. Which can be for example France, where gay marriage is legal.
Read more about the immigration in Monaco here!
The daily costs are not cheap but still more affordable than the Swiss cities of Zurich, Geneva, Basel, Bern, Lausanne or Lugano.
The most known districts of Monaco are Monte-Carlo and Monaco-Ville (Monaco City in French). The cost of living differs in the two main "quartiers" but you can reach one from another with a three minutes car drive.
Rental costs are not cheap in Monte Carlo, a three bedroom apartment outside of the centre costs 5000 euros. Meanwhile, in the city centre, a three bedroom apartment will generally cost 17,500 euros for a month, according to Numbeo.
In Monaco-Ville`s centre lease fees are slightly cheaper, an apartment "only" 16,250 euros for a month and it`s enough to walk a couple of minutes to find more affordable flats for an average rental cost of 11,100 euros. Buying property in Monaco-Ville is relatively high compared with other trendy locations in the European Union. One square meter in the downtown costs 57,500 euros.
The process of buying an apartment for third-country nationals is also straightforward. The average price per square meter is 32,500 euros in the suburbs and 53,000 euros in the centre.
If you prefer the more adventurous and luxury life of a sailor, then the Yacht Club de Monaco marina has enough berth facilities for 26 superyachts (28-60m). However, in case of special occasions, for example, during the Grand Prix Automobile de Monaco, the berth cost may reach the 67,000 euros for a mighty superyacht.
It is important to mention that Monaco is proud of its cultural heritage and sports events. The season in 2018 starts with a Ringo Starr concert followed by Bryan Ferry`s show. The carnival`s theme will be Venice, and the very next event is the traditional, 21st Historic Monte Carlo Rally.
Are you interested in Moving to Monaco? Ask for detailed consultation here!