• Tax efficient fiscal regime*
• Zero income taxes*
• Zero capital gains taxes*
• Zero wealth tax*
• Zero inheritance taxes for direct heirs*
• A very secure environment for residents and their families – a high police presence
• Good local and international schools in Monaco
• Excellent health care
• Proximity to UK and Northern Europe
• Nice Airport 30 minutes by car and seven minutes by helicopter (two helicopter companies operate in Monaco)
• Warm Mediterranean climate
• English is widely spoken
• Friendly business environment for Monaco residents
• Beautiful mountains with four ski resorts within two hours drive
• The Côte d’Azur, Provence and Italy on your doorstep.
• A cosmopolitan international lifestyle.
• Gastronomy – the cuisine of Monaco embraces the best of Europe
• Cultural activities, music and dance throughout the year
• Regular International Forums
• Major sporting events, including Formula One, Grand Prix Historique and the Monte Carlo Tennis Tournament
The Principality of Monaco is perfectly located next to the idyllic Riviera. The second smallest country in the world, second only to the Vatican, Monaco is proof that great things do indeed come in small packages.
Monaco’s frequently misunderstood economy is nowadays actually quite dynamic and very much future-orientated. As an independent state in the heart of Europe, Monaco offers an exceptional and secure infrastructure. Combine this with all the attractive advantages of the fiscal system and you’re left with an excellent opportunity for investors, entrepreneurs or those who decide to live in Monaco indefinitely.
The official language of Monaco is French but Italian and English are widely spoken too. Here, you’ll find a hub of foreigners and locals living together and enjoying almost 300 days of sunshine a year in mild climates. Here we explore some of the main benefits of living in Monaco, from its favourable tax system, to its luxury lifestyle, and world-class infrastructure.
Living in Monaco
Monaco’s tax system
*The main principal of Monaco’s fiscal system is the total absence of direct taxation, which is a significant appeal to living in Monaco. There are two exceptions to this principal:
• Companies earning more than 25% of their turnover outside of the principality and companies whose activities consist of earning revenues from patents and literary or artistic property rights are subject to a tax of 33.33 % on profits.
• French nationals who are unable to prove that they resided in the Principality of Monaco for 5 years before October 31, 1962.
Apart from France, the principality has signed no other bilateral fiscal agreements.
Not only does Monaco offer a mild tax regime, but it’s also one of the biggest attractions for business owners, entrepreneurs and wealthy individuals.
Schooling in Monaco
Monaco residents from all over the world can place their children in a wide variety of schools that are either a part of, or associated with, the Ministry of Education. The curriculum and the diplomas obtained in Monaco are the same as in France. Pupils, including those in elementary school, are taught not only English and French but also “Monegu”, the traditional local language of Monaco. The high school graduation rate (the passing of the French National Baccalauréat exam) is close to 90%.
Safety in Monaco
Monaco is one of the safest places in Europe. Among other things, there is one policeman for every 100 residents and 24-hour video surveillance of the entire principality. This along with the possibility of blocking all access in and out of the principality in several minutes makes Monaco’s security second to none.
The Monaco police department is managed by a highly placed member of the French police force and the police department is amongst the most modern and efficient in Europe. The streets of the principality are kept immaculately clean. In summer, mini-ashtrays are distributed on the beaches to keep them free of cigarette butts.
Monaco’s enviable geographical location and climate
Monaco stands proudly on a narrow ribbon of the Mediterranean coast and is bordered on three sides by France. Its vertical cityscape instantly distinguishes it from the French Alpes-Maritimes foothills behind it and the stunning stretches of French Riviera coastline on either side of its own. On one side of Monaco, Nice, Cannes and Saint Tropez are among the French hotspots close by. On the other, charming Italian towns such as Bordighera, Sanremo and Portofino beckon from beyond the Italian border.
Hiking opportunities are plentiful in the hinterlands and, in winter, residents head to the slopes of the many ski resorts within easy driving distance. The climate also ranks highly on the list of advantages of living in Monaco. In July and August, temperatures average highs of 27°C and even January and February, the coolest months, average highs of 12°C mean residents rarely need to wear a winter coat.
World class events
Monaco life is punctuated with high-level competitions, shows and exhibitions. May’s Formula One Grand Prix is the principality’s most famous sporting event but it also hosts a top-level showjumping event – the Longines Global Champions Tour – the Rolex Monte Carlo Tennis Open, the Herculis International Athletics Meeting, among many others.
Music-lovers living in Monaco have plenty of entertainment too. The Salle des Etoiles and Opera Garnier host some of the biggest names in rock, jazz, French variety and pop throughout the year. Notable events include the Monte Carlo Jazz Festival, which is staged every autumn, and the Monte Carlo Sporting Summer Festival.
An impressive array of shows, concerts, congresses and exhibitions are organised at the Grimaldi Forum, while the Princess Grace Theatre offers a programme of performing arts and hosts a cinema. From June to September, film enthusiasts head to Monaco’s open-air cinema, in its spectacular setting perched above the sea.
Of course, no mention of Monaco events would be complete without mentioning the Monaco Yacht Show. The show is one of the world’s most prestigious yachting events and is held annually at Port Hercules, home to some of the most spectacular superyachts on the planet.
A luxury lifestyle
In addition to world-class events, those living in Monaco enjoy access to the world’s finest restaurants, designer boutiques, lavish resorts and spas, and premier service providers with the ability to cater to the most refined tastes.
Living in a luxury home in an extraordinary location is another of the many advantages of living in Monaco. Many luxury apartment buildings have swimming pools, fitness areas and spas, as well as 24/7 concierge services. Numerous apartment buildings built in the ’70s or ’80s have been entirely renovated with top quality finishings and, in recent years, several new luxury developments have taken their place along Monaco’s skyline.
One of the latest developments is the new eco-district Mareterra Monaco, an ambitious land-reclamation project, that once complete, will offer super prime real estate, from luxury apartments to exceptionally rare waterfront villas.
If you would like to learn more about living in Monaco, including luxury properties for sale or rent, then contact our Monaco real estate agency today. As a leading real estate expert we boast an enviable portfolio of some of the finest luxury Monaco properties.