Besides the housing costs, it's not any different than anywhere else on the Riviera. The supermarket in town has reglar prices and some great wines that are dirt cheap. Remember, the services there have to also serve the population of Monégasques, many whom are not wealthy. I think to get the permanent residence card they want to see $300-400K.
Why Millionaries have residency on Monte Carlo?
- Thread starter Daal
- Start date
Having too big a yacht is a nightmare in Monaco. You'll have serious problems maneuvering inside the port.
spent some time there as a younger man, it's cheaper than you think. you can get a 1 bedroom apartment there for prices similar to London.
most people don't live there the 183 days a year. they employ cleaners to switch the lights on and off and put the occasional pair of socks in the tumble dryer to give the appearance of being home.
but you do have to prove you can afford to live there for the rest of your life before they let you in so you would have to be a millionaire. there are residents and citizens, the citizens are the real high rollers, to be a citizen you must have gold and gucci where mere mortals have bodily hair.
No, that is not true. There is a distinction between an individual and an entity such as a corporation or trust. As an individual you will have a hard time sheltering your income, but as a trust or corporation, you have many choices.
ok. but I had a question on my IRS 1040 that troubled me. It asked an open ended question about my foreign hoildings...I did not have any, so I did not lie, but how do stockholders or officers deal with this?
I can look up the question if anybody wants me to.
I can look up the question if anybody wants me to.