Principality of Monaco...

[challenge]

I would like to hear some experiences about the place, the tax system, rent market, if renting a studio in monaco but renting also a villa in La Turbie (France) to live there will cause troubles with france authorities, how do you handle the worldwide income/internatinal companies, do they check how many days you spend there etc

Is it really worth or there are better solutions? what international company setup is preferred with a tax residency in Monaco?

Is it all good as it seems?

I admit I love the French Riviera and the mediterranean climate.

 

[JohnLocke]

Most often they only check if the tax office take you out for a check! So you will need to have bills from gas stations, hotels etc. to proof that you have been outside of the country and you haven't stayed there for more than the 180 days!

 

[Chris Rogers]

There are also "tricks" how the authorities trying to check if you really live in Monaco. For example they're looking for utility bills like electric&water consumptions, cleaning services, garage for your apartman using etc..
You can also find a companies which "forget" to set lights off after cleaning your apartman, fill the bathtub twice a month etc..
Its not to easy to "live" in Monaco without living there...

 

[blizz]

Can't you produce the required documents somehow? I know most of them are rich people but there must be someone that is for sale

 

[marder]

I hate that place, cameras everywhere, checking everybody, if you're not a billionnaire don't waste your time overthere

 

[blizz]

I hate that place, cameras everywhere, checking everybody, if you're not a billionnaire don't waste your time overthere

never been there but sounds like most parts of Europe and not to forget the USA!

 

[challenge]

I'm still seriously thinking about it. But it would be for 2020 not before.
I don't care about the posh people, don't like casinos, don't like fake babes... not really into the "showing off" life.

When bored would take the car/motorcycle to the alps... when bored of alps, would go to cote d'azur beaches.
If bored of that and just want a pizza... 20 minutes trip to italy and get the real deal.
In a real rush to take a flight? take the 7 minutes helicopter trip to Nice airport...

Add that to the whole tax thing.
That's why it's tempting.

(there are "cheap" apartments just to have the residency there... not sure I would like to live in those overpriced "5m by 5m shitholes"...)

 

[TurnedToRobot]

so did you do it?

 

[challenge]

I wrote it would not be before 2020 one post above yours.

As things are moving now, I'm hating european union (not europe, just the "leadership") more and more every time I wake up.
Every year there are new tighter rules on everything. It's becoming harder to build a successful business that can scale to serious numbers. And also personal freedom is reducing way too much for my taste. I don't want to be told what to do and how to do it in my personal life anymore.

As today, the dream plan is trying to convert my whole team to remote employees and just relocate to antigua or thereabout, and enjoy life.

I'm pissed of EU bureaucracy and those EU puppets in Bruxelles.
I am pretty sure they are hammering medium-small businesses on purpose.
They are killing my joy to scale up my business.

Monaco is a good solution. But I'm starting to hate France too. Have a map with red crosses drawn over EU countries. Pretty much I crossed it all...
I'm open to changing my mind, but the clock is ticking. Business calls for growth, EU rules are seriously killing me.

I'm starting to need a more complex tax optimization that goes well over the scope of this thread.
As I said I'm now looking to just leave europe and call it a day, so my view is different than many interested in this thread.

 

[void]

same here :-|

 

[KJK]

(there are "cheap" apartments just to have the residency there... not sure I would like to live in those overpriced "5m by 5m shitholes"...)

That is what was done some time ago, not saying it is now completely impossible but it is getting more difficult.
The local authorities actually do care and they won't accept you claiming that you live in a broom closet together with 20 other people.

Who they are welcoming are those people that can actually afford the shitholes, people willing to spend 40€ for a cup of coffee and €50k for a square meter of an apartment with no windows.

It makes sense if you're a famous actor, elite tennis player, F1 driver or a Russian oligarch (and even the oligarch may be rejected if he's doing something too shady). If you're just a guy with an online business, there are better options.

Oh, and by the way, if you are a French and you want to escape to Monaco, you're out of luck because there is an exception - French citizens living in Monaco are still considered French residents.

 

[JohnLocke]

Who they are welcoming are those people that can actually afford the shitholes, people willing to spend 40€ for a cup of coffee and €50k for a square meter of an apartment with no windows.

Isn't it known for centuries that this is how it is in Monaco it is for the ultra rich and not for the average joe that want to setup a offshore company for 500 euro.

 

[andycash]

Never saw the appeal myself. If you want proximity to France and low tax, head to Andorra instead. Much cheaper and a lot less scrutiny!

 

[Julian Visser]

never been there but sounds like most parts of Europe and not to forget the USA!

Definitely not 'most' parts, there is a lot of places in Europe that are the opposite of that