Moving to Monaco is sometimes not all about Taxation

 August 19, 2018

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


SHARE IT:


     

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...


MWM Exclusive articles are reserved for our members

In order to read the full articles we kindly ask you to login to the members area.

Discover more about our Membership offers. (Monaco enthusiast membership starts from 19 Euro/month)

If you live in Monaco you can also request a FREE account.

Tags: , , , , , , , , , ,

Subscribe to our weekly Monaco newsletter

* indicates required

Monaco Wealth Management will use the information you provide on this form to be in touch with you and to provide updates and marketing. Please let us know all the ways you would like to hear from us:

You can change your mind at any time by clicking the unsubscribe link in the footer of any email you receive from us, or by contacting us at newsletter@monacowealthmanagement.com. We will treat your information with respect. For more information about our privacy practices please visit our website. By clicking below, you agree that we may process your information in accordance with these terms.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.

Latest News
%d bloggers like this: