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Relocate to Monaco, how money required?
- Thread starter diro
- Start date
From 9 to 5 Grind to Freedom: What OCT Taught Me!
First off, a big shoutout to the founder of OffshoreCorpTalk and all the super friendly users who spend loads of time helping someone like me who knew nothing about the world you're all so familiar with. In just a few months on OCT, I've learned a ton. The biggest takeaway for me is that you...
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Fully legit money with SoF by official papers.
If OP can't go to the property portal and check the prices on rent in Monaco and then check Numbeo and living costs there - what is the point of elaborating? ChatGPT or Google basic stuff.
If you mean that you have one million in actual physical cash, it's going to be harder than if the "cash" is in the form of available balance on a bank account. However, in either case, you have enough capital to qualify for residence in Monaco. A good local lawyer/fixer can help introduce you to banks that fit your profile, or you can do it all yourself.From 9 to 5 Grind to Freedom: What OCT Taught Me!
First off, a big shoutout to the founder of OffshoreCorpTalk and all the super friendly users who spend loads of time helping someone like me who knew nothing about the world you're all so familiar with. In just a few months on OCT, I've learned a ton. The biggest takeaway for me is that you...
Fully legit money with SoF by official papers.
If one million plus 20,000 EUR/month constitute to your entire wealth, I am not sure if you will enjoy Monaco. That whole million is probably going to be locked up in the bank in some usually rather unimpressive investment product, meaning you have to live on the monthly income. The people around you are generally worth tens of millions.
Replying to a thread is optional. No one went over to you house, pointed a gun at you, and told you to write a response to this thread. You could've just not.
no, not enough. Better go to Dubai. Its better there with these numbers.
about half good, half very hot.
Cold is like 15degrees at night or so (January).
1M€ in Monaco... even if you put everything in a flat there you will get a small studio (less than 20sqm), as currently average price in Monaco is 55K€ per sqm..
As suggested from @JackAlabama maybe you can consider Dubai (even if its not same vibes and lifestyle than Monaco/french riviera) or why not spending 3months+ a year in dubai, make all your residency/tax papers in order there, and spending time in Monaco/ riviera few months a year for the good season (and when it's anyway too hot in Dubai) Like may-june till september?
As suggested from @JackAlabama maybe you can consider Dubai (even if its not same vibes and lifestyle than Monaco/french riviera) or why not spending 3months+ a year in dubai, make all your residency/tax papers in order there, and spending time in Monaco/ riviera few months a year for the good season (and when it's anyway too hot in Dubai) Like may-june till september?
There seem to be many studios of 35sqm for 3k/month, that leaves 17k/month for food and expenses, how is it not enough ? who spends that much living normally? Even renting a larger flat he would still not be able to spend all the remaining monthly income unless partying like crazy?
Piece of cake!
Research here. All the info you need is on this forum.
If this is the case, there is a much easier way!
@saintjohnny just moved there.
Do you want to live the rat’s life in a millionaires’ place?
35sqm is the size of a comfortable bedroom. You can have it in a $500k villa in other parts of the world.
When there is a will, there is a way. If you really want to, you could. Although I'm hearing a lot of stories banks would prefer to have a couple million in investments nowadays so one million would be the bare minimum.
Like others said, it doesn't take you very far at this point, whereas it does in many other countries. If I were in your position I'd wait until you have a larger figure in your bank account, or just live like a king somewhere else. And if you do desire to live in a place which has a certain reputation and where the wealthy flock together there's always Switzerland, Andorra etc.
Like others said, it doesn't take you very far at this point, whereas it does in many other countries. If I were in your position I'd wait until you have a larger figure in your bank account, or just live like a king somewhere else. And if you do desire to live in a place which has a certain reputation and where the wealthy flock together there's always Switzerland, Andorra etc.
In 99% of the threads asking "Should I move to Monaco" "Can I manage in Monaco with just $500k/1M/3M" the answer is no.
Monaco is boring, expensive and not worth it if you are not very rich and very boring. Unless you really know what you're getting into and you are worth tens of millions of EUR and you love showing off. In which case you definitely don't care what a bunch of strangers of a forum think.
People need to realize that Monaco is all about PR, glitz, it's all a charade meant to attract people to a very small and boring place. Most people who post such a thread just want to say "Oh I live in Monaco". This only impresses people who haven't been to Monaco. Trust me, anybody who has been to Monaco and actually likes it there, is not a pleasant person.
Before you even think about moving there, take a trip and actually stay there for a week. The only good thing about Monaco is that it is near more interesting places (as far as Italy or France can be considered exciting).
Monaco is boring, expensive and not worth it if you are not very rich and very boring. Unless you really know what you're getting into and you are worth tens of millions of EUR and you love showing off. In which case you definitely don't care what a bunch of strangers of a forum think.
People need to realize that Monaco is all about PR, glitz, it's all a charade meant to attract people to a very small and boring place. Most people who post such a thread just want to say "Oh I live in Monaco". This only impresses people who haven't been to Monaco. Trust me, anybody who has been to Monaco and actually likes it there, is not a pleasant person.
Before you even think about moving there, take a trip and actually stay there for a week. The only good thing about Monaco is that it is near more interesting places (as far as Italy or France can be considered exciting).
I agree that Monaco is not for everyone but this:
I could write a poem about this, with examples, names of people that did like 10x or 20x their net worth in monaco starting almost from scratch, billionaires totally down to earth, but let just sum it up with...
the only issue is space. For everything else, there's a solution. As long as you don't violate the #1 rule: don't s**t where you eat...
I could write a poem about this, with examples, names of people that did like 10x or 20x their net worth in monaco starting almost from scratch, billionaires totally down to earth, but let just sum it up with...
the only issue is space. For everything else, there's a solution. As long as you don't violate the #1 rule: don't s**t where you eat...
I was today years old when I found out I am NOT a pleasant person!
But somehow, I'll manage to survive.
If someone doesn't see the benefits of moving to Monaco, what can others do, and should they care?
I've spent less than 8 months in Monaco in the past 4 years. It's the ONLY place in the world where I have a home in my own name (late 90s).
You know, "center of economic and personal interests & center of vital interests & personal ties & economic ties" and all that other sophistry & casuistry that unproductive & useless parasitic vermins use to justify the state monopoly on violence to rob us.
It's also the ONLY place in the world where I have a business in my own name with a few staff. Small "retail that grew into a large distribution"...nothing fancy, but in Monaco, it delivers over 8 figures a year, where about 30% goes to you-know-who: the Big Cheese! The business started as a JOKE in the late 90s...I had NO idea it was going to flourish (for those who ask, why not do it in a zero corporate tax jurisdiction). It was the Monégasques who made the business flourish. I had NOTHING to do with it. It's just my proprietary "formula," but without the worldwide top-level connections from some of the Monégasques residents, NOBODY would have given my proprietary formula a chance.
There are, of course, a few posers in Monaco, preying on the weak, good-hearted, and elderly. We have a "group" watching them!
EDIT: Monaco is NOT about zero-income tax...it was about going to a place where there are NO state weapons to question my "taxes" or force me to fill out some stupid tax form and have low IQ public servants disagreeing with me and charging me with fraud and then having me spending ALL my wealth paying lawyers, licensed by the SAME public servants who are accusing me of fraud, to defend me against these same public servants, while the public servants are getting a 50% commission on everything I pay the lawyers in their "gang" (taxable event). That's why I chose Monaco in the late 90s!
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I could write a poem about this, with examples, names of people that did like 10x or 20x their net worth in monaco starting almost from scratch, billionaires totally down to earth, but let just sum it up with...
Fanboying over jurisdictions is as dumb as fanboying over anything else.If someone doesn't see the benefits of moving to Monaco, what can others do, and should they care?
If you can afford Monaco and if you like Monaco and it works for you — go live in Monaco.
If you either can't afford, don't like, or Monaco just doesn't work for you — don't live in Monaco.
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