Monaco is, for many expats, the ultimate offshore destination. Glamorous, sunny and with one of the most beneficial tax regimes around.
Many of those looking for an expat lifestyle might overlook Monaco as being far too expensive to entertain but the truth is that moving to Monte Carlo might be cheaper than you might expect.
Part of the reason for this lies with Monaco’s near neighbour and rival for expats Andorra. Last year Andorra lowered its boundaries for establishing residency. Now to establish Andorran residency expats will have to invest €400 000 in Andorran property or government bonds.
For expats to establish residency in Monaco will take a deposit in a local bank of €100 000 plus living in the principality for 5 or 6 years.
Roger Munns, managing director of Tribune Properties told The Telegraph, “Part of being accepted as a Monaco resident is showing the ability to support yourself financially, and this is done by getting a certificate from one of the Monaco banks showing that a deposit has been made.
“Different banks ask for different amounts, and these vary widely from bank to bank, but Societe Generale, one of the leading ones is able to produce the certificate with a deposit of 100,000 (£85,000) euros.”