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What country would you choose to relocate to avoid taxes?
- Thread starter Spinat
- Start date
British Virgin Islands Could be an option for you with some benefits below as the reference
- Fast, simple incorporation process and easy annual maintenance requirement
- Modern corporate legislation with flexible company structure
- Full tax exemption for income derived outside of BVI
- No public records of company directors, shareholders or beneficial owners
But the DD they do on you is awful and almost the same as if they had a public register. I would not trust that island all the documents and information they require.
There are better places with less hassle as you may see inside mentor group.
Monaco is great, but it's not cheap. 1 of the requirements for residency is to have a local bank account. In order to get a local bank, the minimum required deposit is 500 000€ and goes up to 1 mEur.
But then you do enjoy 0% tax on worldwide income. It just depends on how much money you have at your disposal.
But then you do enjoy 0% tax on worldwide income. It just depends on how much money you have at your disposal.
I'll tell you a secret about Monaco, the "500k/1M bank deposit" in monaco that everyone keeps parroting is not always required... that's for self sufficient HNWI people.
there are other ways to get the residency... but remember police will check every single application manually.
e.g. as a business owner/CEO you're not asked about that sum if you want to start a business there... provided you have a proven entrepreneurial record, solid business plan and the business will somehow be valued as useful to the country.
Of course you'll be asked proof of a year long rent, office lease etc.
Same if you are a well known VIP from surrounding countries and know friends of friends.
Also another way is if you get accepted into a startup accelerator, the road is much easier.
The issue is that most of those accelerators are all "sustainably chic", if you get my drift.
So they will prefer if your startup is into either:
- animal friendly stuff: making toothbrushes for dolphins, you know it's a big world issue this one;
- orrenting slaves and maids job board for high-skilled people for their yachts & flats;
- or environmental chic: our butt plug will save the Earth from those grams of CO2 you emit from your a*s.
If you don't fit in these criteria your idea will not get validated. Meanwhile the ones judging you are dumping fuel from their private jets flying alone and burning thousands of fuel into their yachts...
If you are into that glam chic fake BS then you're welcome. The moment you're fight the system, you're out. Nobody can go against the Prince.
Monaco is very bureaucratic no matter what people says. Some jobs are well regulated, you need a specific degree, permits, experience etc
No joking, when you get the residency police will come at your address and even if they won't enter, they'll count how many windows there are at the address you put in the form... you can't apply for 3 people in a 10m2 studio (many did this in past).
But if you don't have at least close to that amount saved you should really ask yourself why you want to move to such an expensive posh jail.
there are other ways to get the residency... but remember police will check every single application manually.
e.g. as a business owner/CEO you're not asked about that sum if you want to start a business there... provided you have a proven entrepreneurial record, solid business plan and the business will somehow be valued as useful to the country.
Of course you'll be asked proof of a year long rent, office lease etc.
Same if you are a well known VIP from surrounding countries and know friends of friends.
Also another way is if you get accepted into a startup accelerator, the road is much easier.
The issue is that most of those accelerators are all "sustainably chic", if you get my drift.
So they will prefer if your startup is into either:
- animal friendly stuff: making toothbrushes for dolphins, you know it's a big world issue this one;
- or
- or environmental chic: our butt plug will save the Earth from those grams of CO2 you emit from your a*s.
If you don't fit in these criteria your idea will not get validated. Meanwhile the ones judging you are dumping fuel from their private jets flying alone and burning thousands of fuel into their yachts...
If you are into that glam chic fake BS then you're welcome. The moment you're fight the system, you're out. Nobody can go against the Prince.
Monaco is very bureaucratic no matter what people says. Some jobs are well regulated, you need a specific degree, permits, experience etc
No joking, when you get the residency police will come at your address and even if they won't enter, they'll count how many windows there are at the address you put in the form... you can't apply for 3 people in a 10m2 studio (many did this in past).
But if you don't have at least close to that amount saved you should really ask yourself why you want to move to such an expensive posh jail.
It's almost impossible move to Monaco through business incorporation.
About 500k minimum usually is not the case. Usually banks require much more: 1-5 million minimum depending on bank.. and this money has to be invested into securities and kept all time of your residence!
Of course, there are possibilities to structure it , so you can loan back some funds (not for free).
My advice, if you don't have at least 3m euros to invest for residency, dont even think about Monaco !
Besides that it's perfect jurisdiction to remain tax free and live in Europe. You have everything on your doorstep. French riviera, italy, Nice airport has good connections to various main cities.
Location is the main thing. You just can't compare any other tax free countries with Monaco location. It's simply the best location.
Also, many of residents in Monaco own villas in nearby France and they spend much time there.
Monaco is not Sharia law desert country in Middle east or some shithole island like Cyprus
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I've been accepted into a startup accelerator but I'm broke. Can I still incorporate it in monaco?
This is so true. I lost out in this previous startup competition to this "company" that literally made straws out of bamboo. They are supposed to be environmentally chic because they have cool packaging and paint the picture that they are trying to save the world... what a joke.
What do you mean by investing 3m for residency? You can not just hold this money in a regular account?
Invest does mean that you spend / invest the money into some property and may establish a new live somewhere.
Ok, about Monaco so much not correct information here.
I came Monaco 2019 and been here since then 99% of my time.
First you only need a 500ek deposit into a bank account. Not more then that. You can invest this money however you want in the bank. I shoved the whole sum to the BTC tracker.
You need to have no criminal record. No political connection and helps If you are not a media person or celebrity.
You rent a nice place around 100k year (one person) and enjoy quiet life while sipping afternoon coffee by the market.
Zero taxes, zero crime, clean and no stupid people yelling around. Definitely the last resort for a-class lifestyle with the benefits.
I came Monaco 2019 and been here since then 99% of my time.
First you only need a 500ek deposit into a bank account. Not more then that. You can invest this money however you want in the bank. I shoved the whole sum to the BTC tracker.
You need to have no criminal record. No political connection and helps If you are not a media person or celebrity.
You rent a nice place around 100k year (one person) and enjoy quiet life while sipping afternoon coffee by the market.
Zero taxes, zero crime, clean and no stupid people yelling around. Definitely the last resort for a-class lifestyle with the benefits.
A very woke spot. maybe having a cool fancy funky fintech making the world cashless could also qualify.
I wonder how all these pro cyclists get residence in Monaco, some of them 100% sure are not making millions.
I thought they were all in Andorra? I guess maybe the top ones can (just about) afford Monaco.
i know a few of them (cyclist) in Andorra and some in Switzerland. Monaco usually is F1 / motogp / tennis land, yeah there are some cyclist too but it's not #1 spot... it also depends on their citizenship and how their team pays them, if they have children. Usually they live with at least another team mate close by, so that they can train together in the off days.
As I said you can get a residence in Monaco without being a millionaire. But people here continue to repeat the same old BS...
For example I personally know a guy who was accepted there on 150k as employee. Then after some years he started his own business (he had to reapply again, lots of papers and due diligence) and now making millions tax-free (still renting
).
I know another that worked as a luxury hotel staff/manager, he got in as his paid was enough to live there.
Know another that started a business there, he was accepted cause he was already experienced and had good connections (investors already living there).
It's easier for people from the neighbouring countries (e.g. Italy). Harder for people from other country as it's harder for the police/gov to do deep background checks. So unless you bring a big chunk of money as guarantee, it'll be much harder.
As I said you can get a residence in Monaco without being a millionaire. But people here continue to repeat the same old BS...
For example I personally know a guy who was accepted there on 150k as employee. Then after some years he started his own business (he had to reapply again, lots of papers and due diligence) and now making millions tax-free (still renting
).I know another that worked as a luxury hotel staff/manager, he got in as his paid was enough to live there.
Know another that started a business there, he was accepted cause he was already experienced and had good connections (investors already living there).
It's easier for people from the neighbouring countries (e.g. Italy). Harder for people from other country as it's harder for the police/gov to do deep background checks. So unless you bring a big chunk of money as guarantee, it'll be much harder.
Matthew Goss, Simon Gerrans, Dave Tanner, Mark Renshaw, Theo Bos, Richie Porte,Calvin Watson, Peter Sagan, Tim Wellens, ...Some of them for sure are big names like Sagan who can easily afford but some of the others are for sure pro cyclists with a good reputation but nowhere near someone like Sagan who is making 5 million euro / year, anyways was just wondering because I see the requirements for Monaco all the time here.
Yeah there are many other there too, even managers like Vinokourov, Bradley McGee. Also Froome there, but he's got the money 
I count at least 50+ pro cyclists or ex pro-cyclists living (or "living") in Monaco right now.
I count at least 50+ pro cyclists or ex pro-cyclists living (or "living") in Monaco right now.
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