26th January 2018
Whether you’re tempted to move to Monaco for the luxury lifestyle, to start a business, to retire or to work in a luxury industry, Monaco really does have something for everyone. Monaco has long been an attractive destination for its temperate Mediterranean climate, luxurious lifestyle and favourable income tax laws. It is a hot spot for the super-rich and for businesses, but Monaco is so much more than this, and it temps in a whole range of people.
The economy of Monaco is based on tourism and luxury living, and as a result there is an abundance of golf courses, beaches, yachts, resorts, cultural events and sporting events, including the Formula One, the Grand Prix Historique and the Monte Carlo Tennis Tournament. However, while Monaco has a reputation for luxury, living costs aren’t as high as you might imagine. You can, of course, spend a lot of money on high-end fashion and restaurants, but day-to-day living is similar to places like Paris. In Monaco, you can live the cosmopolitan international lifestyle, without the price tags you might expect.
Monaco is almost entirely urban and covers less than two square kilometres. This means, everything is within walking distance, or you can utilise either the taxis or the extensive bus system. There is even a night bus and a boat bus available.
If you are thinking of moving to Monaco with your family and your children are still in school, then you’re looking in the right place. English is spoken widely in Monaco, and there is a selection of French-speaking state schools in Monaco as well as a private international school, The International School of Monaco, which is very popular with expats and offers a bi-lingual education in French and English to all its students.
There is also an excellent health care system, and Monaco is known for being very secure for residents and their families as there is a high police presence. In fact, Monaco is thought to have the largest police force in the world per capita and square metre.
With four ski resorts within 2 hour driving distance, it’s hard to say no to Monaco. If that’s not enough, it’s also close to Cote d’Azur, Provence and Italy, the perfect places to retreat to in the summer holidays.
Monaco is considered a tax haven by many and for a good reason. Residents in Monaco have not been charged income tax since 1870. You will also not be charged capital gains tax, wealth tax or inheritance tax in Monaco. You will also not be obliged to make a tax return or declare any assets.
If you have been tempted by all these benefits of living in Monaco to make the move in 2018, don’t hesitate to contact us here at Monaco Relocation Services.