Monaco has traditionally been the residence of choice of the wealthiest and most famous individuals. The Principality is an independent sovereign state established since 1297 and a full member of the United Nations. French is the official language, but Italian and English are widely spoken. Monaco has its own legal system but its law is to a large extent based on the French Civil Code. There is a customs and monetary union with France, and French Value Added Tax applies. There are no income taxes for Monegasque nationals and foreign residents, which is one of the main attraction of Monaco as a place of residence for high net worth individuals. The requirements to become resident in Monaco are not as strict as commonly thought, but it is nevertheless advisable to employ a consultant or lawyer to handle an application for residence on your behalf. To become resident, one must basically be able to show sufficient means to be able to afford the lifestyle, in particular the rents and prices for real estate which are comparable to big capital cities.
Monaco offers many advantages, including:
- No income or capital gains tax for non-French residents
- No double taxation agreements
- High confidentiality
- Attractive lifestyle and ideal location on the French Riviera
- Excellent access by road, sea and the international airport of Nice
- Very stable real estate market
We facilitate all aspects of moving your personal residence to another country. We specialize in the world's top locations for private residence in view of personal taxation, the business environment, and the overall quality of life.
We will analyse your situation, inform you of the options open to you, develop a plan of action to help you achieve your goal and then make it happen. We deal with government procedures quickly and efficiently on your behalf, based on professional expertise and years of experience.
To establish yourself or your business in a new country will require securing relationships with key partners such as government officials, bankers and corporate professionals. You need experienced consultants to build a network of contacts and help you to become established in your new environment.
The specialised services of Henley & Partners are a resource and complement to major law and consulting firms. We can help other firms and their clients with the unique and specific details required by the immigration and business relocation process and related tax planning.
To find out more about your possibilities to acquire resident status in the Principality of Monaco, contact Henley & Partners today.