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Monaco realestate
- Thread starter sergeylim88
- Start date
I don’t know anyone who paid a Covid-related fine (including myself). So you can, as usual, do whatever you want and rest assured you will not suffer consequences. I’m talking of course of life as a tourist. If you attempt to do any kind of business it will be a nightmare.
I own Monaco real estate. Rental yields are extremely low unfortunately so I don’t make a lot of money renting it, but I plan to live in it when I retire. Another benefit in Monaco is the property register is confidential and not public like in most countries which is good for privacy. Lastly, Monaco will always exist and has been a country even before the sorounding region was part of France! France benefits a lot from Monaco, many thousands from the nearby French region work in Monaco providing employment and they pay French tax on it as one example. Monaco and France actually have a very mutually beneficial relationship And they won’t want to kill the golden gooose.
thank you for your participation in topic
do you know how many m2 are needed per family member to get residency permit?
is there any hint about buying the apartment? like which location to look for, which not?
do you know how many m2 are needed per family member to get residency permit?
is there any hint about buying the apartment? like which location to look for, which not?
No, under this scheme you only pay IT source income, so in other words CFC rules do not apply.
Plus, there has been a recent ruling that calls crypto foreign currency for the purpose of flat tax, so as long as you do not explicitly custody it in an Italian exchange you are fine.
****1)I noticed that nobody talked about the "tricky" inheritance taxes in addition to transfer taxes in Monaco when it comes to real estate it's very layered and you must look into it.....
2) Monaco also has gift taxes
3) Monaco has high corporate taxes not to be confused with zero personal tax and zero capital gains tax.
*****And the most important question regarding this post is if a Foreigner can " fully own the land" that his or her property is on and under which types of titles. Are there any types of restrictions????
but Monaco doesn't have CFC rules, is that correct?
if it is then you can just register corporation in any other 0% cit country and get profits tax free.
if it is then you can just register corporation in any other 0% cit country and get profits tax free.
I sold my business so my primary CFC/no-tax reason went away. I turned to investing so didn't have a guaranteed income anymore yearly that I could justify saving tax on. Secondary reason I got sick of pouring money down the rental toilet for a 25m2 "apartment" constantly being jerked around by the owners each year in a place with like zero tenant protection. It's normal for rent to double next year based on 'demand'. After 5y, I also felt I've done and seen everything in the area. Wanted my own place so moved to another low tax, non zero jurisdiction.
Monaco is a good transitory jurisdiction. I think nowadays the banks have significantly increased the deposit requirement to 500k or even 1M, so that's a hurdle. Was 100k when I lived there. The biggest expense there is rent (and possibly the going out party restaurant bling lifestyle if that's your thing) as other prices are normal Western EU prices. You can't really officially 'work', remote work or run your company from MC these days either so it's a bit of a special situation where it's highly lucrative for medium/larger company owners, investors and people doing gigs outside MC. It's also good for address although it's a hit and miss with banks with MC address. Some see it as prestigious, some see it as shady
Monaco in 2022 is a good place if you have a NW of at least 1M $/€, want to tax shelter a dividend of over €350k from a country that doesn't have withholding or move there to realize a large capital gains such as the sale of a company/asset.
Authorities look at around 1 room per child. Similar to France. Can't stuff a family of 4 in a studio.
Ironically, expect them to fine tooth comb the source of income for the purchase of the flat (forget crypto or "shady" jursidictions)
Lots of construction and noise everywhere, depends what you want... everything is walking distance. Rent for a year first to make sure you get your residency permit first then buy once you explore the area see if you like it.
Fontviellie = quiet, families. Old Town = touristic and old. Larvotto/Saint-Romain/Carre d'Or = $$$ and busy, Jardin Exotique = farther, up hill and cluttered, probably the least walkable.
unless rules changed recently due to global minimum tax and EU pressure, they have lax CFC rules, ie nobody will check as long as you aren't a one man show doing actual work in Monaco. Expect a *lot* of questions from banks if you want to bring in $ to Monaco from like a Mauritius corp with a Bahamas bank account. If you keep your money outside, it's fine. You will need a local bank account though for the initial deposit to get the residency permit and that has to be well justified documented source of funds, income, wealth etc.
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great post. thanks!
what happens if you are a one man show, director of a company in BVI/Nevis/Cayman...?
would you then be taxed, if yes on what grounds?
do you know what is the best way to buy real estate inheritance tax wise?
what happens if you are a one man show, director of a company in BVI/Nevis/Cayman...?
would you then be taxed, if yes on what grounds?
do you know what is the best way to buy real estate inheritance tax wise?
That is what I thought, but mctrader seems to have a different opinion.
How could we get 100% correct information about this?
How could we get 100% correct information about this?
and you should have clean criminal records... and police will interview you for hours etc, but but but... there's plenty of (tax related) criminals in monaco, how did they get in?
if you've got enough money and know the right people, then it's not an issue...
How serious is it taken to stay there 183 days per year to be resident?
Which jurisdiction is most popular for corporate structures?
Did you meet any interesting people there? Are people closed or open-minded?
Any interesting attractions? Except casinos, gold-diggers and yachts?
Which jurisdiction is most popular for corporate structures?
Did you meet any interesting people there? Are people closed or open-minded?
Any interesting attractions? Except casinos, gold-diggers and yachts?
It's just a normal, small city. You have everything there
Most importantly it's safe there
I would not buy any property in US/EU over the next years.
Monacos like most of the rest of the world real estate price were only going up because of cheap interest rates and cheap money which flooded all assets.
Basel 3 agreement is currently deleveraging which means basicly all assets will depump
Another issue is currently the excess mortality which will lower demand automaticly.
So if you buy a real estate in Monaco ,US/EU don't expect the price to go up over the next years.
Monacos like most of the rest of the world real estate price were only going up because of cheap interest rates and cheap money which flooded all assets.
Basel 3 agreement is currently deleveraging which means basicly all assets will depump
Another issue is currently the excess mortality which will lower demand automaticly.
So if you buy a real estate in Monaco ,US/EU don't expect the price to go up over the next years.
Director should be fine, but if you are doing actual work/services in MC and they somehow find out.. then yes, they could claim you are working in MC.
No inheritance tax in MC, but you should be resident there in the flat you buy when you pass and your heirs should also live in a country that doesn't tax worldwide inheritance.
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