Sometimes better to avoid Monaco complete and look for better solutions! Read here the full article.

At first glance…

When most people here about Monaco, it sounds like a fairytale… Blue Mediterranean, mild climate, French chic, princess Grace, save … the ultrarich and no tax. But is it really like this? Yes, it’s a paradise because… of these reasons. But…

The negative points of living in Monaco:

1. It’s overcrowded. The whole principality is about 3km across and 1km deep.  There are blocks of flats everywhere you look, it’s unbelievable how many apartment blocks have been crowded into such a small area of land. It’s a concrete jungle.

2. Faded glory. Most buildings are old and worn out, most of the apartments are small and build in the seventies and eighties.

3. Empty. Only 10.000 of the 30.000 ‘inhabitants’ are really living there. So it always feels like it is Sunday morning.

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4. Ridiculous expensive. Everyone, also the wealthy (because everyone is wealthy) are living in small apartments and paying average rents of 25.000 EUR per month. To buy your looking at typically between 2 and 12 million but again you can pay much more.  Considering what you actually get for your money it is truly astonishing that so many people do come here.  My only conclusion is that many people who come here love money so much that they prefer to have more in the bank and live in a tiny apartment.

5. No nature. There is virtually no nature here whatsoever – just concrete roads and apartment blocks.  Instinctively I always feel better when I’m out of Monaco, if only for the fact that I get to see a few trees and some grass.  On some level the inhabitants also feel this – I don’t think it’s a coincidence that the overwhelming majority of people have pets, sometimes several despite the fact that it’s a terrible place to actually have a pet.  People need that connection to simplicity and nature that it so sorely lacking here and their pet provides them with this.

6. Boring. There isn’t that much to do in Monaco.  For a minute village, it’s not bad, but compared to any other medium-sized city there just isn’t much to do at all.  Now if you have enough money to own a boat or take trips every weekend, which many people here do, then you have more options, but this is mainly down to your own wealth and has nothing to do with what’s on offer in Monaco.

7. There is no real sense of community or belonging here There is an ‘A-list’ to some extent but that’s a fairly shallow sense of community.  Many reasonably intelligent people seem to lack any real meaning in their lives as they have no resistance in their day to day lives and don’t really gain a sense of purpose or achievement.  This leads them to focus on trivial, pointless things.

8. You are surrounded by the trappings of wealth so much that all status symbols become what they really are anyway – irrelevant and a bit stupid.  I literally see at least thirty Ferraris or Lambos every day.  You are surrounded by garish jewellery stores and designers.  It’s status-obsessed and yet you can’t get any real status through material possessions here because everyone is so wealthy – it’s a bizarre paradox.  If I had a Ferrari and wanted to show it off – Monaco is the last place I’d come because everyone seems to have one!  I’d go somewhere normal where I’d actually be seen as a ‘badass’ or ‘elite’ if I wanted to show off.

Although everyone’s situation and reason for going to Monaco is different, there is a certain type that inevitably lives here.  You don’t find many young people, artistic or creative types or even many young entrepreneurs although there are a few knocking around.  It’s pretty much exclusively the domain of the globally rich and then people like me come in to provide certain services to the market here. The typical picture is the once nice and sexy top model, who is now od, despite the best plastic surgeons she looks more and more like her dog and is alone in the empty streets of Monaco. Her former older (of course) boyfriend is already a longe time in his graveyard. And she has only some memories of the good old days😊

10. Monaco… is not always a tax haven

Is Monaco a real tax haven, or not…???

Yes it is a tax haven because:

° there is no personal income tax

° no capital gains tax

° no inheritance tax in direct line


° you pay 19.6% VAT

°corporation tax is 33% !! one of the highest in Europe!!!

Companies generating more than 25% of their turnover outside of the Principality, and companies generating revenues from patents and/or other intellectual property rights, are subject to a flat tax of 33.33 % on profits.

°Monaco signed CRS so they exchange information

° the government of Monaco will check if you really live there!! Especially when you want to become permanent resident, then they will require you live there more then 183 days a lot to live on a place which has the size of Central Park!

° social insurance contributions payable by employers and employees are high. The employer’s contribution is between 28%-40% (averaging 35%) of gross salary including benefits and the employee pays a further 10%-14% (averaging 13%).


If you have a company do not invoice from Monaco, even if your company is paying 33%, people will consider Monaco still as a tax haven!

Given the enormous wealth of the people living in Monaco, why would they choose to live in such a place when they can afford to live anywhere in the world.

Better alternatives..

For the ‘ultrarich’ Monaco could be an idea… but there is just not enough space. The rich… go and find a nice villa in Marbella next to the golf court, set up your company in a low tax jurisdiction (Bulgaria, Georgia…), protect your wealth in some smart structure like a foundation or trust… Let’s be creative and legal in this quickly changing and mobile world… BUT they are maybe a better solution than Monaco! Just…. Contact us.

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