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 achieve 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. In this article, we will cover why Monaco could be your future home. Contact Alpen Partners below to turn your dreams into a reality.
MOVING TO MONACO
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 low-cost jurisdiction as your offshore investment destination, by moving to 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, they 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 ex-pat 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 a 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 in Monaco, 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 ex-pat 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 a €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.
Is Monaco the place for you? Contact our team to find out more regarding moving to one of the wealthiest countries in the world. Alpen Partners is the advisory to make your big move successful. There are many steps to moving abroad, and we don’t believe you should make the leap alone. Whether you are trying to find the perfect place to live or need help with your financial planning, our skilled team is prepared to assist you and your family every step of the way. Contact Alpen Partners below!