A guide to relocating to one of the wealthiest countries in the world.
People all over the world are not just not happy with where they live. Fortunately, relocating or expatriating can make for a more exciting personal life but also lead to many financial benefits like saving on taxes, safer, more discreet banking and worry-free retirement. You can gain all of this and more with the expatriation services offered by Alpen Partners.
Relocating can be a tool to gain many different advantages in life. Many individuals lower their tax responsibility and are no longer subject to the tax laws of their home country and enjoy life without the hassle of being taxed on money that they may not even be making in your home country.
Everyone has the opportunity to achieve both personal and financial liberation overseas by tapping into new and developing sectors, and developed areas of investment, allowing and encouraging you to diversify your portfolio.
Having new cultural experiences and seeking expat communities are great ways to spend retirement or even your working years. When it comes to expatriation, no plan can be used for everyone, but with the help of a professional, a strategy can be made just for you.
In this article, we will cover why Monaco could be your future home. Contact Alpen Partners below to turn your dreams into a reality.
For years, Monaco has been attracting ultra-wealthy individuals from all over the world. Monaco is one of the wealthiest countries in the world. Almost one in three people in the country is a millionaire. These individuals are taking advantage of tax incentives and the ease of doing business and banking in the country.
Tax incentives, and an excellent climate for entrepreneurs, are leading some of the wealthiest investors to relocate and take advantage of the European residency. Those living in the country are a short two-hour flight to some popular European cities. These wealthy individuals are enjoying a beautiful, safe country. Monaco was rated as one of the most livable countries that doesn’t tax your income.
Choosing a tax haven as your offshore investment destination, such as Monaco, is ideal. The country ultimately did away with income tax way back in 1869. This makes Monaco Europe’s only sovereign zero-tax jurisdiction.
This does not come without exceptions. For example, for example, cannot claim the exemption, even if they live there permanently. It is simply too easy for French citizens to cross the border for vacation, business, and living.
Clearly, the Monaco investment climate is incredible, but why should investors gain citizenship? The quality of life is incredible, and with nearly no income tax, you really can’t go wrong. Let us continue reading why Monaco should be at the top of your expat destination list.
Banking in Monaco
Even those who do not choose to live in Monaco will often consider opening a bank account there. The country offers a robust and extensive banking infrastructure. Nearly 70% of the assets held in Monaco are from non-resident funds, proving how much wealthy investors trust the country’s banking system.
Monaco offers a unique political and economic environment that is great for banking and wealth management. Large, private banks provide typical cash counter, safety deposit box, direct deposit, and other standard banking services. Leading, more prestigious banks also offer investment services like multi-currency deposit accounts, equity and fixed income trading, precious metals, foreign exchange, and commodity trading platforms. Others even provide managed investment portfolio services.
A bank account will be a significant part of the relocation process as it is required for residency applicants.
We, at Alpen Partners, have a relationship with the most prestigious banks in Monaco.
Gaining Residency in Monaco
To apply for residency, applicants will need to open a bank account in a local Monaco bank and deposit a minimum of € 500,000. The residency application will take place in person, not remotely like some expat destinations. Required documentation includes the following:
- Valid Passport.
- Birth certificate.
- Marriage/Divorce certificates if appropriate.
- Proof of lack of criminal record of the last country of residence for at least five years.
- Documentation of the applicant’s educational and professional background and how assets have been acquired.
- Proof of health insurance that covers expenses in Monaco for applicants 70 years of age or older.
- A lease for a minimum of 12 months of acquisition of property in Monaco.
- A completed official residency application forms.
All documentation will also need to be translated into French. The process will take roughly three months for an EU passport holder and five to seven months for a non-EU passport holder.
Investors are often excited to hear that Monaco has a residency by investment program. With this program, individuals place €500,000 deposit into a bank account in Monaco.
Since the country is quite wealthy, it shouldn’t surprise you that real estate in the country is on the higher end of the price scale. To put this into perspective, a €1,000,000 property is roughly a 15 square-meter, around 160 square-feet property. The prices are only expected to go up.
Along with this €500,000 deposit, investors will need to prove to the government that they can afford to live in the country.
Once these financial requirements are met, applicants schedule an interview with immigration officials who will determine if they are a good fit for the country. If they pass, the investor and their family are granted permanent residency. Permanent residency grants you the freedom to live and work in the country freely.
Alpen Partners and Expatriation
Together with respected law firms in various regions of the world, Alpen Partners is advising its clients on expatriation issues. In a world of increasing tax pressure and professional mobility, expatriation has become one of the most efficient tools for asset protection and estate planning. Moving abroad can come along with an abundance of benefits that can affect your taxes, your investment portfolio, cost of living, and your lifestyle completely.
Taking the leap and leaving your home country can be a big decision with tons of personal and legal steps. The hassle of navigating the legal process of expatriation can be reduced with the guidance of Alpen Partners. Each step requires assistance, including getting the passport, making sure everything is completed correctly regarding taxes, acquiring work permits, making investments, and more. No matter what expatriation route is chosen, it can be a powerful tactic to allow clients to gain better control of their financial and personal lives.
However you plan on living your life, and how much money you want to be able to spend during your retirement, planning ahead will make sure you get to live the lifestyle you want. There is no such thing as planning and saving too early.