Why Millionaries have residency on Monte Carlo?

D

Daal

I always hear about that on tennis or F1 broadcasts that this or that person has residency there because he is 'smart' and wants to avoid tax, I wonder how they do it(I guess its all legal).Double citizenship?
 
Quote from Daal:

I always hear about that on tennis or F1 broadcasts that this or that person has residency there because he is 'smart' and wants to avoid tax, I wonder how they do it(I guess its all legal).Double citizenship?
More...

Before this "new" thread gets out of control, here are your bullet points:

- Monaco does not have income tax or capital gains for INDIVIDUALS residing there
- You need to spend at least 183 days in the principality to be considered an official resident. Of course you have to own or rent property.
- To be approved, you have to be relatively wealthy with high income or high net worth (probably at least a mil)
- If you are a US citizen or a green card holder, you will be taxed by the IRS on worldwide income regardless of where you reside.
- Most other western countries (such as UK, France, Germany, Italy, Canada, etc) will not tax you on worldwide income if you don't reside in the country of citizenship.
- It helps to actually become wealthy first before start worrying about taxes. But dreaming is what keeps some of us going, including me :)

Enjoy!
 
here is an Idea...give up your US citizenship so you wont be taxed. If you want to come back to the US after a while, Monaco is on the Visa waiver program with the US so you dont need a visa to get back home.
 
Quote from MakingBank:

here is an Idea...give up your US citizenship so you wont be taxed. If you want to come back to the US after a while, Monaco is on the Visa waiver program with the US so you dont need a visa to get back home.
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Your residence in Monaco would not entitle you to a citizenship/passport of that country. It takes over 10 years of residence to earn that... I think there is a general confusion out there on the difference between residence and citizenship.
By the way, if you give up your US citizenship before acquiring a new one, you are in effect becoming a stateless person (kind of like the Palestinians). So no visa-free travel there...
Also, if the US government decides that you gave up your citizenship for tax reasons, you maybe banned from the country for a few years (even to visit for vacation)...
 
Quote from MakingBank:

here is an Idea...give up your US citizenship so you wont be taxed. If you want to come back to the US after a while, Monaco is on the Visa waiver program with the US so you dont need a visa to get back home.
More...
After you give up your US citizenship, I believe you still have to pay US taxes for up to 5 years.
 
Quote from joeyata1:

you're coorect they screwed boris becker as he was residing in germany more than monoco
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Yeah,
and don't forget how they screwed Steffi Graf and her dad for wanting to reside in Germany!
:D
 
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