Moving to Monaco is synonymous with living a luxurious tax-free lifestyle. Situated on the glitzy French Riviera, this tiny Principality is renowned for its beaches, yachts, Formula 1 races, casinos and tax-efficient policies, all of which attract swathes of tourists and residents. As you can imagine, there are countless advantages of living in Monaco. In this post, we’re going to shine the light on just five of the benefits of obtaining residency in the Principality. Keep reading.
1. No income tax
One of the biggest draws of people moving to Monaco from the UK is the Principality’s no income tax policy. Having not imposed income tax since the 1860s, Monaco has long been an attractive destination for high-net-worth individuals. Gain residency in the Principality and you will be in good company among names like Lewis Hamilton, Novak Djokovic, Chris Froome, Dame Shirley Bassey, Sir Jim Ratcliffe, and countless others.
2. Incredible location
As the second smallest sovereign state in the world, Monaco boasts a privileged position on the Mediterranean coast where you can enjoy beautiful weather all year round. Bordered by France and sitting just west of Italy, the Principality is well connected thanks to its train station (operated by France’s SNCF) and Nice Côte d’Azur Airport (which is just 20km away) where you can board international flights. There is a heliport for anyone interested in helicopter travel, in addition to a port for yachts and other boats.
3. English is widely spoken
One of your most pressing concerns for your Monaco relocation is sure to be your ability to communicate. You will be pleased to hear that English is widely spoken across the Principality by Monaco’s multi-cultural community. If you’re moving to Monaco with children, you’ll find high-quality international schools with English-language education. While French is the official language, Monaco’s government touts its multicultural community of residents as one of the reasons why it makes a fantastic place to live.
4. Lower tax burden
As a Monaco resident, income tax isn’t the only tax you won’t have to pay. Monaco does not apply capital gains, council or annual property taxes, which combined translate to more money in your pocket.
5. Safety and high quality of life
If security is your top priority in a relocation destination, moving to Monaco is a fantastic option. Monaco has the reputation of being the safest square mile in Europe through its high per capita police presence. The Principality is also playing an active role to ensure high quality of life for citizens, providing opportunities to rent properties and meet the future housing challenges for years to come.
How to move to Monaco from the UK
If you’re interested in starting the application process for Monaco residency, you’re in the right place. The Europe Emirates Group Monaco relocation team is on hand to provide you with all the information you’ll need regarding your move – housing, schooling, general living options – and the requirements of your application. Contact us today to get the wheels in motion.
Written by
Adrian Oton- CEO, Europe Emirates Group
