Moving to Monaco is sometimes not all about Taxation

 August 19, 2018

Monaco from bird's eyes view
© Courtesy of Monaco Press Centre


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Monaco has been in the limelight as of late with the news that UK Billionaire Sir Jim Ratcliffe is looking at relocating to Monaco.

Many wealthy individuals and families around the world look to relocate to Monaco for various reasons, and what we often read in the press is the negativity and focus placed on the “taxation” reasons as an why an individual chooses to relocate to the Principality of Monaco.

So let us get ‘the elephant out of the room’ so we can concentrate on what really makes Monaco a very special place for people who choose to relocate to this wonderful country.

Fact: Tax evasion is a crime in many countries; however, tax avoidance is not. Tax avoidance means it is within your rights to pay only the amounts required by law, and nothing more.

In the case of Sir Jim Ratcliffe, if he is choosing Monaco for taxation reasons, maybe he is focusing on tax avoidance, only Sir Jim can answer that question. The main attributor of Monaco’s fiscal policies is the absence of direct taxation for Monégasque residents, as there is no income tax, capital gains tax or wealth tax (except for French nationals). However, despite all the common beliefs, the Principality of Monaco is not an offshore jurisdiction. It may offer zero percent personal tax for its residents, but many other taxes may apply.

Perhaps Sir Jim Ratcliffe and other billionaires and millionaires are choosing Monaco for completely different reasons? Maybe it is the 300 days of sunshine per year with an average yearly temperature of 16.6 degrees that’s enticing? Then again, it could be the extraordinary way in which Monaco protects its residents. Did you know that Monaco has more police and cameras per square kilometre that anywhere else in the world? Security in this modern world is increasingly becoming more of a focus for the ultra-high net-worth individual, with himself or herself placing a high priority on security for their families. Next month we interview Bob Sait, former No.2 at the London Metropolitan Police and Security Advisor to many UHNWI around the world, who has a specific focus on the United Kingdom and Europe. In this article, Bob focuses on the reasons why Monaco is becoming more and more attractive to foreign residents.

“The Principality of Monaco is the undisputed home of the rich and famous, however, anyone who spends a significant amount of time in the Principality will understand that Monaco has much deeper values, and its commitments to safeguard the Monégasque heritage and family values is paramount” – Monaco: The Essential Relocation Guide.

What about the family values of Monaco? What most outsiders do not know is that Monaco is built on exceptional family values. In the Principality of Monaco, the Princely family maintains a strong personal bond with the residents. Thanks to the country’s small, almost village-like feeling, all of the residents know they are part of a special community, and that being part of that community is a very special privilege.

There are many more reasons we can discuss about why an individual or family choose to relocate to Monaco. As well as many myths and legends that can blur the lines between truth and imagination.

“The average age in this sun-filled luxurious environment is 46 years and The Principality has a life expectancy of 89.5 years, higher than any other country in the world” – Monaco: The Essential Relocation Guide.

The launch of the new book Monaco: The Essential Relocation Guide serves to educate both the newly arrived and future residents on the Principality of Monaco. This factual guide challenges the myths and really goes into depth on what makes Monaco what it is today, illustrating the multitude of benefits it can afford to future residents.

Maybe Sir Jim Ratcliffe and other billionaires are choosing Monaco for its tax advantages; however, I have a suspicion that it is not all about money, and once you understand what really drives people to Monaco, you may just change the way you think about Monaco for the future.

“Relocating your family to Monaco could prove to be one of the most satisfying decisions you could make for you and your family’s future.” – Andre C Perry UHNW Management London

Andre C Perry is the foremost authority of the Principality of Monaco, Managing Director of UHNW Management London and Co-Author of Monaco: The Essential Relocation Guide.


“Monaco: The Essential Relocation Guide”

This comprehensive book is dedicated to all current and future residents of the Principality of Monaco.

Suggested order links:

Monaco is the undisputed home of the rich and famous and attracts residents from all around the world due to the exceptional lifestyle, safety and multiple benefits available for the entire family.

Monaco: The Essential Relocation Guide

In this book, contributing authors André C Perry, Charlotte Easterbrook and Zsolt Szemerszky have compiled the most important and vital information required to help guide you through the process of relocating to the Principality of Monaco. Being independent experts, they also spiced up the chapters with their personal knowledge on the relocation process to create this in-depth and essential relocation guide.

The book is available in English and consists of 248 pages.

Suggested order links:


 

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