Why Millionaries have residency on Monte Carlo?

Quote from hedgeyourbets:


- You need to spend at least 183 days in the principality to be considered an official resident.
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That's gotta be tough!!
 
Quote from forextrades:

After you give up your US citizenship, I believe you still have to pay US taxes for up to 5 years.
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no i think its 10 years?

as an aside, California is reportedly considering taxing people who worked here and then moved.... working in Cali and driving a couple hrs and retiring in Reno, NV is not uncommon and NV does not have state taxes.
 
as an aside, California is reportedly considering taxing people who worked here and then moved.... working in Cali and driving a couple hrs and retiring in Reno, NV is not uncommon and NV does not have state taxes.
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I'm curious how that would work? Do you have any details?
 
Quote from hedgeyourbets:

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!
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http://www.monaco-consulate.com/business_opening.htm
 
Quote from forextrades:

After you give up your US citizenship, I believe you still have to pay US taxes for up to 5 years.
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But you don't pay tax on illegal income... :D
 
I really don't think the garden variety millionaires can afford to live in Monaco. The cost of living is outrageously expensive. You are a nobody there unless you have at least a decent size yacht.
 
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