Monaco is famous for being the preferred residence for the rich and famous. It has one of the highest population of millionaires, with 30% of the population in Monaco having a wealth of over and above a million dollars. The principality seems to attract throngs of wealthy individuals. As such, Monaco has to have compelling pros to attract such as a large population of the world’s wealthy. Herein we will look at five of the top advantages you can expect to accrue by living in Monaco.
Top 5 Advantages Of Living In Monaco
#1. Favorable Tax Conditions
The real benefit of living in Monaco is the favorable tax conditions that residents enjoy. This is also the main reason the Principality of Monaco has attracted the rich and famous and why there are so many agencies helping you with the documentation and everything else you need to start living in Monaco. The tax efficient fiscal regime in Monaco is characterized by zero income taxes, zero wealth taxes, zero inheritance taxes (only with regards direct heirs), and zero capital gain taxes. Very few places on earth offer the same tax environments. As such, the wealthy can protect their vast wealth by being a resident of Monaco.
#2. High-Quality Living Standards
On the livability front, living in Monaco offers high-quality living standards. The Principality has built its reputation around luxury living, and as such, it has everything that you would fancy. There are a lot of social events taking place in and around Monaco to keep you busy. Among the most prominent of these events is the annual Formula 1, Monaco Grand Prix and the Monte Carlo Tennis Tournament. On the party scene, Monaco truly never sleeps. There are a plethora of parties taking place every night. As for family living, there are superb schools in and around the principality.
#3. High-Quality Business Opportunities
An undeniable characteristic of Monaco is the high purchasing power of its residents. With a high population of wealthy individuals, residents in Monaco are known to be big spenders. As such, another advantage of living in Monaco is that it gives you an opportunity to live with a population that is ready to spend. As such, your chances of being a success whilst running a business in Monaco is almost assured.
Additionally, living in Monaco gives a prime environment to mingle and network with world business leaders. In this environment, you have an opportunity to grow your business by attracting new customers, and or investors.
#4. Central Location Relative To Other European Cities
Another advantage of living in Monaco is its centrality to major cities around Europe. Major economic cities such as London, Zurich, and Paris are only a few hours away by plane. Therefore, you can live in Monaco and travel for business purposes on short notice without affecting the efficiency with which you conduct business.
Finally, Monaco is one of the most secure cities in the world. It has dense CCTV installations for surveillance purposes as well as a high police presence. Consequently, it has the lowest crime rates in the world. Additionally, the banking sector employed robust security systems to ensure that your assets are thoroughly protected.
There are numerous other benefits to living in Monaco. However, the above pros seem to resonate amongst the majority of residents.