Monaco residency

[makloda]

Quote from 2006:

I'd rather shoot myself before living anywhere in the middle east.

You will also want to shoot yourself once you see the 750sqft garbage apartment 1.5 mln EUR buys you in Monaco.

 

[wee man]

Quote from Maverick74:

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.

My brother lives and works in Monaco and he rents an apartment.

It took him a couple of years to gain residency but he didnt need to show how much money he had..you dont need a mil + or need to own property at all, infact he has recently bought a house outside of Monaco and still retains his resident status.

 

[crazy_trader]

He works there. That might qualifies him for residency.

 

[Maverick74]

Quote from wee man:

My brother lives and works in Monaco and he rents an apartment.

It took him a couple of years to gain residency but he didnt need to show how much money he had..you dont need a mil + or need to own property at all, infact he has recently bought a house outside of Monaco and still retains his resident status.

I am almost 100% positive that is incorrect. There is no way he is getting the favorable tax benefit in Monaco by renting. No freaking way. Think about it. If you could rent there, why would you pay 5 million to live in a toilet? Common sense please...

 

[virgin]

Yes, you can live in Monaco just by renting in the context of a 1 year residence permit which requires to show a bank statement of a Monegask bank with +100K € on it.
I was inquiring a few years back, could have changed but I doubt it

 

[Maverick74]

Quote from virgin:

Yes, you can live in Monaco just by renting in the context of a 1 year residence permit which requires to show a bank statement of a Monegask bank with +100K € on it.
I was inquiring a few years back, could have changed but I doubt

Yes, anyone can rent there. But not to gain the tax benefits. There are a lot of poor French that work and rent in Monaco but they could not start a hedge fund and gain favorble tax treatment. Otherwise shell corps would be setup in the name of Pierre that were run by Steve Cohen.

 

[wee man]

Quote from Maverick74:

I am almost 100% positive that is incorrect. There is no way he is getting the favorable tax benefit in Monaco by renting. No freaking way. Think about it. If you could rent there, why would you pay 5 million to live in a toilet? Common sense please...

Dear oh dear!...I guess my brother must be making the whole thing up then!!!!

DUH!......ITS A FACT.

He went to work for a firm that has its base in Monaco and they arranged some temp accomodation untill he secured a longer term lease on a small appartment (yes, tiny by normal standards but not a toilet). He then applied for residency and he told me it took a while but he got it ok!

He isnt a liar.

 

[Maverick74]

Quote from wee man:

Dear oh dear!...I guess my brother must be making the whole thing up then!!!!

DUH!......ITS A FACT.

What does your brother do there?

 

[wee man]

Quote from Maverick74:

What does your brother do there?

He works for some firm that does work building oil rigs/structures.

He gets sent to various locations to check and oversee the construction of the firms various projects.

For example, he spent a few months in Holland and then was sent to Dubai for other project work then hes back now in Monaco.

 

[virgin]

Quote from Maverick74:

Yes, anyone can rent there. But not to gain the tax benefits. There are a lot of poor French that work and rent in Monaco but they could not start a hedge fund and gain favorble tax treatment. Otherwise shell corps would be setup in the name of Pierre that were run by Steve Cohen.

Anyone who is NOT a french citizen can rent with tax benefits if you get your 1 year residence permit approved