The principality of Monaco is about the same size as New York’s Central Park and slightly bigger than London’s Regent’s Park. Besides hosting the Monaco Grand Prix it is home to thousands of multi-millionaires, including tennis player Novak Djokovic and F1 driver Lewis Hamilton, who enjoy the fact that Monaco does not levy income tax or capital gains tax. As the Financial Times notes.
Monaco’s enduring popularity for tax exiles also rests on its year-round climate, unrivalled security and its wealthy, multicultural society…
It has an opera house, a philharmonic orchestra and concerts throughout the year. It has good transport links: Nice International Airport is just six minutes away by helicopter.
The problem for Monaco is that more and more millionaires want to live there – even though property is the second most expensive in the world after Hong Kong – and there simply isn’t the space. Furthermore, the average Monegasque home only changes hands once every 37 years.
This post was published at Zero Hedge on Nov 23, 2017.