How to move to one of the richest countries in the world.
Are you looking for a country that matches your lifestyle? Our highest earning clients often look for a new place to live. They want a home that is elevated, beautiful, and can even be advantageous financially. Fortunately, relocating or expatriating can make for a more exciting personal life and 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 earn so much in life. Many of our clients can lower their tax responsibility and may no longer be 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. This article will cover why high-earning clients are moving to Monaco and how you can make the move yourself. Contact Alpen Partners to find your new home and earn the lifestyle you want.
Should I move to Monaco?
There so a lot of reasons our high-earning investors love Monaco. Geographically, the sovereign city-state is located on the Mediterranean Sea south of France and just kilometers from Italy. Residents are just a short two-hour flight to some popular European cities. This area of the world is beautiful and features hills and headlands that look over the sea. Due to economic success, wealthy people are attracted to the region for physical beauty and luxury. Monaco is home to a unique political and economic environment that can be great for living, working, banking, wealth management, and more. Monaco is one of the wealthiest countries in the world, where nearly one in three people in the country is a millionaire. Residents benefit from tax incentives and the ease of doing business and banking in the country. Monaco has very little crime, making it very safe to raise a family and live free without worry. Monaco was rated as one of the most livable countries that don’t tax your income.
One of the most prominent reasons our clients are drawn to Monaco is because it is considered a tax-friendly jurisdiction. The principality nearly got rid of income tax in 1869, which makes Monaco Europe’s only sovereign zero-tax jurisdiction. Because it’s so friendly to ex-pats, nearly 70% of the assets in Monaco are from non-resident funds. High amounts of wealth mean top-tier financial institutions. Large, private banks offer the usual cash counter, safety deposit box, direct deposit, and other usual banking services. Leading banks also offer investment services like multi-currency deposit accounts, equity and fixed income trading, precious metals, foreign exchange, and commodity trading platforms. Many also provide managed investment portfolio services.
How much does it cost to move to Monaco?
Luckily investors can easily benefit from all of the beauty of Monaco if they are willing to pay the price. Monaco has a program that allows those looking to escape income tax to invest in Monaco and gain citizenship. Investors will have to put at least €500,000 into a property and place an additional €500,000 deposit into a bank account in Monaco to qualify for the program. Since the country is quite wealthy, it shouldn’t surprise you that real estate in Monaco is on the higher end of the price scale. To put this into perspective, €1,000,000 can buy you 15 square meters of luxury property in Monaco (Statistica.com, 2020), around 160 square feet of 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. In addition, the residency application will take place in person, not remotely like some ex-pat destinations. Once these financial requirements are met, applicants schedule an interview with immigration officials to determine if they are a good fit for the country.
How to move to Monaco
On top of the financial requirements, there is paperwork that applicants will need to apply. These documents include the following. Note that all documentation will have to be translated into French prior to application.
- 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 form
After the paperwork is filed, the process will take roughly three months for an EU passport holder and five to seven months for a non-EU passport holder. Once the applicants earn their resident status, they are granted the freedom to freely live and work in the country.
Relocating with Alpen Partners
If you’re looking to upgrade to luxury, begin your move to Monaco with Alpen Partners. Our relocation experts can help you every step of the way. 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 you need help with your financial planning, our skilled team is prepared to assist you and your family every step of the way. Our experts can help you with not only this but all relocation services. Connect with Alpen Partners today if you want to explore all of your global investing and residence options.
Have any question?
We are your partner for private banking services.
Contact us to enhance your financial plan today.