Excellent Reasons to Live in Monaco

Monaco is considered to be one of the best places to live in the world. This small city-state of only 2.02 square kilometers (or 0.78 square miles) is home to many high net worth individuals who have chosen to live or own a property here for a myriad of excellent reasons. 

Are you thinking of relocating to Monaco? These are just some of the reasons why you should make that move.

1. Favorable tax system

   Monaco is a tax haven, and this is the top reason many A-list celebrities, high earning athletes, and business luminaries have chosen to live here. The state does not levy personal income taxes for worldwide earnings, as long as you’re a Monaco resident. 

   In addition, the state’s residents don’t need to pay capital gains taxes and net wealth taxes. There are also no property taxes, although there is a 1% tax on annual rental income, and a 33.3% tax on profits made in a real estate sale.

   If you own a business in Monaco and make more than 75% of your profit locally, your business is not subject to a corporate income tax. However, if you’re engaged in manufacturing or generating revenue from the sale of patents, trademarks, copyrights, and other intellectual property rights, you may be subject to 33.33% corporate tax on profits.

2. Strategic location

   With a great location along the Mediterranean coast and bordered by France on all other sides, Monaco is easily accessible by plane, train, or boat. Residents can work or do business in other countries in Europe and still enjoy income tax-free benefits as Monaco residents. There are exceptions, however, such as France, which imposes income taxes on French nationals who have established residency in Monaco after 1957.

3. Luxury properties

   Monaco has some of the most luxurious and highest priced real estate in the world. If you’re looking to own a lavish property, you can choose from palatial homes, opulent villas, and luxury apartments with amazing amenities. While waterfront properties for sale are hard to find, many homes further inland offer fantastic ocean views and great access to the Mediterranean Sea.

4. Safety and security

   Monaco is one of the safest places to live on the planet. Crime rates are very low, so residents are assured their properties and assets are safe, and they can freely roam around even at night. With an average of one policeman for every 100 residents, the state has the largest police force in the world, both per square meter and per capita. Throughout the Principality, there’s a 24 hour video surveillance system in place.

5. Year round amazing weather

   Monaco enjoys sunny weather almost all year round, with temperatures rarely going below 3 degrees C (37 degrees F) and above 31 degrees C (87.8 degrees F). The summer is the best time to enjoy Monaco’s beaches and water activities, particularly in the months of June to August. In the winter, the Principality makes a great base for skiing and other winter sports in the ski resorts of the southern Alps, which are located just a little more than an hour away.

6. Exemplary healthcare

   Monaco has an excellent healthcare system, boasting the third highest doctor-to-population ratio in Europe. Through the state’s compulsory health insurance scheme, residents can get reimbursed for up to 80% to 100% of their medical and healthcare costs, including some hospitalization. There are three public hospitals, including the Princess Grace Hospital Centre (CHPG), a highly rated state-run hospital, and the only one in Monaco that offers emergency and general care. The other public hospitals are the Monaco Cardio-Thoracic Centre and the Elsan CHP Monaco, a dialysis center.

7. Entertainment and recreation

   Wherever your interests lie, you’ll never run out of things to do and see in Monaco. 

   • The beach
     Monaco’s beautiful beach resorts are among its most popular attractions. With the inviting deep blue waters of the Mediterranean, amazing amenities, and topnotch sailing and boating opportunities, Monaco’s beach resorts are the perfect getaway destinations. 
   • Parks and gardens
     In Monaco’s exquisite parks and gardens, you can enjoy being surrounded by nature amid the densely populated neighborhoods. The top places to go include Fontvieille Park and the Princess Grace Rose Garden, Le Jardin Japonais, Jardin Exotique de Monaco, and many more. 
   • Casinos
     Monaco’s world-famous casinos are among its top draws. The Principality is home to four casinos, including Casino de Monte Carlo, which has gained global fame as a frequent setting of James Bond movies. 
   • Culture and sports
     Monaco’s Grimaldi Forum cultural center hosts operas, ballets, and philharmonic orchestra performances, as well as West End musicals and a widely attended comedy festival. The city also hosts a number of world class sporting events, including the legendary Monaco Grand Prix. 

Are you planning on living in Monaco? Whether you’re looking to buy or rent a home, we are the local experts to call. Get in touch with us today at +377.97.777.000 or send us an email at hello@spark-estate.com. You can also drop us a note here.