Major challenges in Monaco: 6 Months in a Year

 December 9, 2019

The Principality of Monaco
The Principality of Monaco


SHARE IT:


     

Subscribe to our newsletter:


If you are considering Monaco residency for taxation reasons, you will need to prove without doubt that you live at least 6 months in a year inside the borders of the Principality; otherwise, you will lose your tax benefits.

As with any relocation to a new country, there are always challenges to overcome, whether it be cultural or in-country processes, etc. With all relocations, there are support services available to help guide you through this process, via government support or support from private companies.

Obtaining the right information from the right people and places, are be one of the most important things to consider, otherwise the process of transitioning your life to the Principality of Monaco can be full of obstacles.

Of course, you can obtain an address in Monaco immediately when you sign your apartment rental lease, however it will only authorize you to stay a maximum period of 3 months in a year, and many people underestimate the serious implications of the resident permit application if it is not approved.

This is the reason why you should always work with trusted advisors, because there are many people targeting potential residents with ‘more economical offers’ however, an uneducated advisor will be not entitled nor be able to get the job done.

Our trusted Real-Estate partner

Monaco Wealth Management is working with the some of the most experienced advisors in the Principality of Monaco.

CM Monaco Real Estate is a family owned Monégasque real estate agency with its core focus being on real estate in Monaco, including a large selection of on and off-market properties.

Also CM Monaco Real Estate is the Premium partner of Monaco Wealth Management, providing high-quality real-estate offers and excellent property choices paired with the highest quality real estate services in the Principality of Monaco.

Created in 2017 by Jocelyne Beraudo and her son Christian Miceli, the agency offers incomparable knowledge on renovations and UHNWI services, alongside with purchase, sell, rent and property management.

The Principality of Monaco has a highly regulated relocation process, and truth to be told, Monaco is one of the most regulated countries in the world, which can be good or bad dependent on your view. A common challenge can be how to fit into the system.

The Principality of Monaco is not part of the European Union, however due to its close relationship with France; the Principality is part of the Schengen zone. For this reason, there is no border between France and Monaco and people can freely move between the two countries.

However, if you are considering Monaco residency for taxation reasons, you will need to prove without doubt that you live at least 6 months in a year inside the borders of the Principality; otherwise, you will lose your tax benefits.

Since the Principality of Monaco offers zero personal income tax for its residents, the government does not really check this during the first ten years, however, in most residential cases, the countries of origin will come after you. If you are leaving your country of origin for taxation reasons, you can expect regular checks on the days you spend in the Principality.

It is important to know that due to the Schengen zone, in most cases the authorities request a proof of your electricity and water usage to ensure you are living daily in your home.

Do you have a question?

Monaco Wealth Management is working with the some of the most experienced advisors in the Principality of Monaco.

Since 2010 we gained a member base of 9,000 Monaco residents, and our trusted partner, VK*P business advisors have over 3,000 people informed and guided on business and residency matters. If you have any questions about Monaco residency, business formation or business development we are happy to assist you in English, French, Italian and Spanish. Please feel free to contact us.

E-mail: hello@vkp.mc

Website: http://vkp.mc

Interested to learn more about the Principality of Monaco?

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.

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.

Living in Monaco

Living in Monaco book is a professional relocation itinerary written by Zsolt Szemerszky.

A comprehensive, objective and brutally honest book about the Principality of Monaco and its living environment. The author intended to hunt down the myth around Monaco and to go beyond gossips.

It is not a travel book, it is an ultimate guideline to those who are aiming to get a glimpse about the real Monaco and who have the desire to relocate their personal or business life to the Principality.

Never miss a thing. Subscribe to our Monaco newsletter!

Tags: , , , , ,

Latest articles
%d bloggers like this: