Why buy a property in Monaco?

20th September 2017

Think of Monaco, the independent micro state on the French Riviera, and you are probably quickly reminded of gambling, sunshine and yachting. However, mentioning these only begins touching upon the array of Monaco life’s merits. Through buying a property here rather than just visiting the area for holidays, you can enjoy having all of Monaco’s attractions on the doorstep. What are those attractions? Here are just a few examples…

A warm and pleasant outdoor life

Due to its Mediterranean Sea location, Monaco has an extremely mild climate all year round, says Expat Intelligence. With a home there, you could find that you are often much more eager to get outside than stay indoors! The skies are consistently sunny, while the temperatures reach the 80s during the summers – and never fall below 50 degrees when winter has arrived. You can enjoy it all on Monaco’s man-made beach, at the botanical garden, or in one of the other nice green spaces.

Monaco is easy to get around

The country’s small size can rarely be overestimated; the land area measures only roughly 1.95 square kilometers overall, says Expat Focus. This is 0.75 square miles – and it means that, even despite Monaco having succeeded in reclaiming a degree of land from the sea, it is still easy for you to walk from one of the country’s ends to the other. Therefore, if you both live and work in Monaco, you could find that routine travel to and from your workplace takes conveniently little time.

Not a taxing decision

Monaco has a favourable tax system allowing residents to keep more of their money. For example, personal income tax and capital gains tax are not levelled for any Monaco residents except French Nationals. Meanwhile, inheritance tax is not payable for anyone except direct heirs or spouses. You might also be attracted to running your own business in Monaco, as the corporate tax rates are, initially, relatively low – and the tax can be avoided when profits are transferred to the individual.

Access to very good medical care

In quality, medical care available in Monaco is comparable to that which UK and US residents can receive. Healthcare of a high standard is also available from the nearby French cities Cannes and Nice. Expats working in Monaco should have the option of healthcare insurance via their employer, while expats with tourist status could buy an international traveller insurance plan to give themselves a safety net should they have to be hospitalised.

Attractive retail opportunities

It wouldn’t be an understatement to call Monaco’s shopping opportunities some of the world’s best. The state has plenty of luxurious outlets that are close to each other, making a quick spot of retail therapy a breeze. Furthermore, it is not difficult to occasionally leave Monaco to enjoy even more shopping at Nice or Cannes.

Securing your relocation to Monaco does not have to be as arduous a process as you might expect. Here at Monaco Relocation Services, we can assist you with your application for Monaco residency.