Monaco residency

J

jackson1234

Has anyone looked into this from the point of view of an independent trader?

Assuming:
- non EU, non-USA citizen
- annual income in 7 figures

I'm wondering how hard it would be to get a residency permit, given that I would need permission to carry on as a self-employed trader.
 
My understanding is, to get residency there, you need to own property. Well, let's do some math. There is very little property there, demand is through the roof, so you should expect to pay over 7 figures for what will be the equivalent of a small one bedroom condo. You will probably pay substantially more per sq foot then the same place in London. So in other words, the benefits are great but the barrier cost is very high.
 
If you're truly a trader making seven figures then you can afford to live in Monaco. It takes a million for a studio in a nice hi-rise.
Condo's under 3/4 a million are dumps. A nice 2bd with view can be 3mil without a prob.

Andorra is the WAY cheaper option......
 
Dubai would be an option that ends up being a lot cheaper for the same tax benefit. Lifestyle however would differ greatly between Monaco and Dubai I assume.
 
You also can get a 1 year residence permit instead of a permanent one .
You will need to be able to prove with a bank statement from a bank in Monaco that you have deposited around 120000 €
 
Quote from jackson1234:

Has anyone looked into this from the point of view of an independent trader?

Assuming:
- non EU, non-USA citizen
- annual income in 7 figures

I'm wondering how hard it would be to get a residency permit, given that I would need permission to carry on as a self-employed trader.
More...

What is your citizenship? UK is a tax heaven providing you will eventually return to your domicile, if you can get residency here that is.
 
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