Monaco with NO income tax / what else country?

[jk90029]

As mentioned earlier above, it will take 50 years to make $900M after finding no CapGainTax place, with seed of 100K saving.
After 50 years later, I can buy a small island and declare for independence, possibly by expensive war.

I am curious that IB allows opening account, if you do NOT have nationality(living by yourself with owning your island)
Over there, you can print your own currency any time.

BTW, does the three countries have internet? I never been there before.

If we live before 90s' appearing TCP/IP, this kind of post was impossible with NO internet connection.

 

[d08]

If there is absolutely NO tax for trading profit, I would gladly pay huge rent. Please note that tax rate grows exponentially over the long run, however rent is almost fixed (proportional to inflation and its growth)

Have you ever been in Monaco, or just heard?

I've been there. It's a tiny place and the streets are plentiful with extravagant cars. I suppose you already have a large stash of cash tucked away, in which case Monaco might be great. But Monaco certainly isn't for anyone who is spendthrift.

There are also countries who don't tax foreign income for resident aliens.

Unless you're worth over $10mm, security and such isn't a big worry since you'd be living in the nice part of town - yes, even the 3rd world has very nice areas as they also have millionaires and billionaires of their own. Plenty of very wealthy investors live in Thailand for example, a country which by some standards is the 3rd world.

 

[jk90029]

There are also countries who don't tax foreign income for resident aliens.

Unless you're worth over $10mm, security and such isn't a big worry since you'd be living in the nice part of town - yes, even the 3rd world has very nice areas as they also have millionaires and billionaires of their own. Plenty of very wealthy investors live in Thailand for example, a country which by some standards is the 3rd world.

I will be thankful for your research in Thailand, for the tax rate, for next weeks.

BTW, what is $10mm? I aware $1K means $1000 and 1M means its 10^3 times.

Please note that, not "large stash of cash tucked away," I never steal any tax before.

 

[smallStops]

d08: isn'it in Thailand they had a military coup last year, and foreigners were fleeing like fleas?
I was in Malaysia just next door, and were hearing "stories".

 

[d08]

d08: isn'it in Thailand they had a military coup last year, and foreigners were fleeing like fleas?
I was in Malaysia just next door, and were hearing "stories".

From what I heard most foreigners didn't leave and those who left typically came back. It's still a very popular destination for expats.

I will be thankful for your research in Thailand, for the tax rate, for next weeks.

BTW, what is $10mm? I aware $1K means $1000 and 1M means its 10^3 times.

Please note that, not "large stash of cash tucked away," I never steal any tax before.

$10mm = 10 thousand thousand in roman numerals. The cash reference meant that you have a lot of money to carry you as you build your trading capital up, daily expenses there aren't exactly affordable.

Last I heard, if you don't spend your profits from current year, they are tax-free next year. Visas are a whole other topic though.

 

[smallStops]

d08: thanks for the info.
I will arrange for a 10 days dhaama there in next 3 months.

 

[i am nobody]

A while ago you were concerned about paying $10 per month for real-time quotes, now you're talking about Monaco where the tiniest apartment will cost you much much more than in US (with a few exceptions).

Most rich people are greedy, so he confirmed in this way his wealthy status.

 

[i am nobody]

I wonder if Monaco's requirement for residency. I heard some country asks any rent contract/WaterElectricityBill or deed for real estate.

If you want to be domiciliated in Monaco you have to show a contract for renting a flat or a proof you own real estate in Monaco where you will live. Deposit for rent is minimum 3 months rent. Renting starts from 5.000 euro a month for a very small flat.
You have to show a contract for water, gas and electricity.
You have to deposit money in a Monegask bank office. Amount starts from 300.000 till 1.000.000 euro minimum (depends of who is introducing you to the bank).
You should proof to have financial means to live in Monaco.
You should explain and proof how you made your fortune.
They will check consumption from water, gas and electricity.
You should REALLY live there at least 3 months a year. Be careful because they do checks and if they catch you it has big financial consequences. I know a man who paid millions because he was faking living in Monaco. He was not three months a year there, so he was rejected and his income was taxed and fined in the country he was really living in.

Procedure for Schengen inhabitants is normally from 3-6 months minimum. If you are accepted your (Schengen) family can come too (wife and chidren till certain age).

For Europeans Monaco is a good solution because they stay close to the country where there friends and family live. Visits are more easy then when you go to Thailand. Security is also very high. For Americans tropical islands are a better solution I think, because closer to the US.

 

[luisHK]

Monaco doesn't work for everyone, not for French, or at least not until they give up their french citizenship .
I actually checked a couple of agents websites about Monaco immigration conditions and they don't show the amount of money one has to bring, they ask one to contact them whereas for most other countries those amounts can be found in official government websites, but 300k to 1 million sounds very little, considering the place is indeed a very well located western tax haven (there is no border checkpoint so it doesn't feel like a prison like Gibraltar must feel sometimes), and attracting very wealthy expats ( I suspect single digit millionaires are considered paupers there) .
I must have misread the OP though, 100k capital and Monaco ?
lol, last time I went there small apartments without view were advertised at slightly over 50000 euro per sqm.
If one has 100k capital he shouldn't have to pay any income tax no matter where he lives, it's easy to erase the profits earned with professional expenses (this works with significantly higher capital as well btw )

 

[i am nobody]

Monaco doesn't work for everyone, not for French, or at least not until they give up their french citizenship .

You are right, I forgot that detail: French cannot profit from this situation. Even if they give up their French citizenship they cannot quickly go and live there. If you lived in France or had French citizenship there are additional conditions before you can live taxfree in Monaco.

You should not buy but rent. As a successful trader your money will make more profit in trading than in buying real estate in Monaco. Buy something in the South of France close to Monaco and spent most of your time there.