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 av...
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