Living
In Monaco - Real Estate In Monaco
By Roger Munns -
International Property Tribune
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| Monaco’s Millions
Monaco is well known as a tax haven,
and the luxury lifestyle associated with the princpality is as legendary
as her tempting zero income tax.
From her casino featuring in James
Bond films, the Grand Prix around the streets in early summer when anyone
who is anyone has their yacht in the marina, the Aston Martin showroom
at the top of Casino Square to the designer fashion labels with their boutiques
looking out on the Mediterranean nothing comes cheap in Monaco – or does
it?
Do you need to be a millionaire to
share in Monaco’s tax status and social life?
Not necessarily – but it helps!
It also depends upon which currency
you’re judging a millionaire by – you’re far more likely to need to be
a millionaire in Euros or US $’s than British Pounds for example.
To gain residency in Monaco you need
to be able to commit yourself to live there for six months a year (not
too difficult a task!) and as well as having a property deed to show the
residency officials a bank certificate from one of Monaco’s banks showing
a deposit has been made is also needed. Many of the banks ask for 400,000
Euros, but for those in the know some will accept 100,000. And the good
news is that you’re free to use that money how you want once residency
is granted, and can be taken out of Monaco without restriction.
The main cost is of course the property.
Closing costs are high in Monaco – expect anything between 10% and 14%
due largely to notary fees - and this needs to be factored in when deciding
if you have sufficent capital to move to Monaco.
A first floor studio in Boulevard
d’Italie for example is currently available for US $540,000. With the bank
deposit and closing costs it works out under a million dollars – but the
studio is only big enough for one person to get residency and has no views
to speak of. |
| One of the
world's greatest and most challenging motor-racing events, the Monaco Grand
Prix is the last 'street course' remaining in the Formula One calendar.
- Staged around the narrow, winding streets of Monte Carlo, the attraction
of the Monaco Grand Prix is the proximity of the speeding Formula One cars
to the race spectators. The twisting 78-lap circuit offers countless opportunities
over the 263-kilometre race to witness the thrill of screaming engines,
smoking tyres and the genius of the drivers on a course that allows no
margin for error. - Since the first Monaco Grand Prix was staged
on the 14 April 1929, the fastest average race speed has risen from 80
kilometres (50 miles) per hour to 142 kilometres (88 miles) per hour. |
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| With more than 300 days a year of
sunshine, residents in Monaco can take advantage of the Mediterranean,
and all of its seaside activities. Moreover, Monaco's close proximitiy
to the Southern Alps, which are only 1 hour away by car, allows for easy
access to the ski slopes. Residents in Monaco, representing 108 different
nationalities, can place their children in different schools which are
either a part of or affiliated with the Ministry of Education. The presence
of communication infrastructures puts the Principality only 2 hours away
from the main European capitals, This same infrastructure allows a dense
population of financial establishments to respond to the demands of an
exacting clientèle. These points combined with the complete absence
of taxation and the climate of total security are what make Monaco such
a haven. |
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What about a two bedroom apartment
with views of the Mediterranean, more perhaps what most people would want?
The cheapest two bedroom (again with no views to speak of) comes in around
the million dollar level while one which has 95m2 (about a thousand square
feet) living area and a 23m2 balcony with views of the Med and Grand Prix
circuit is double that, and by the time closing costs and bank deposits
are taken into consideration you wouldn’t get a lot of change out of two
and a half million dollars.
Once you’re into the three million
dollar bracket the choice and comfort level gets better – that will buy
you a penthouse with a roof garden with a residents only pool in the complex
and a couple of secure parking spaces.
So you do need to be a millionaire
to live in Monaco? No… but to have a good standard of life and to enjoy
Monaco to the full…yes!
If you are considering moving to
Monaco and would like details of currently available real estate and advice
on residency in Monaco from the author of this article visit http://www.monacoproperty.net
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"...the jewels of the most
well-known jewelers were made to be worn, even in the street,
and not to be left in the safety
deposit box. In Monaco you can wear your jewelry on the street."
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Security: A climate
of security reigns in Monaco Monte-Carlo making this prestigious setting
even more appreciable. Security specialists are unanimous, it would be
difficult to live in a place safer than Monaco. One policeman for every
100 residents, a system of 24-hour video surveillance spanning the entire
surface area of the Principality, including the majority of residence halls,
a transmitting system worthy of the best armies in the world, the possibility
of blocking all access in and out of the Principality in several minutes.
And we mustn't forget the surveillance teams inside of the Casino and in
all of the gambling establishments and hotels.
The Monaco police department is managed
by a highly placed member of the French police force and the police department
is amongst the most modern and efficient in Europe. The rule imposed by
the Prince Rainier is simple : "Monaco must have total security". As would
follow, the orders given to the 400 police officers, who must go through
a 2-year intensive training program, are extremely strict : anything detrimental
to the harmonious atmosphere in Monaco is forbidden, begging is non-existent,
indecent clothing is prohibited and traffic laws are rigorously enforced.
The court system in Monaco almost always pronounces maximum sentences.
The result is an incredibly low rate of delinquency, a dream for any Minister
of the Interior. |
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