Monaco is the epitome of luxury real estate, and there is no place quite like it! The Principality is a true natural paradise that’s located between the French and Italian borders – which even you can admit is a great location, especially for property investors. And true to this, according to Michele Tecchia, Monaco’s top realtor, living here is more prudent and delightful, and the location makes the experience even more thrilling, not to mention the amazing view overlooking the Mediterranean. In addition, Michele believes that of the world’s luxury real estate, Monaco’s share is about 2%, which is quite substantial, especially considering the country’s size. So, owning property here could be your best investment decision yet, and quite honestly, every resident in this small and sovereign country will tell you how fortunate they feel just for being here. In this article, we will dive a little deeper and tell you why the residents/citizens feel this way and why you should consider Monaco your top destination for property investment.
Luxury real estate – this is the one aspect that has led to the popularity of Monaco’s property market (and probably also why you came here to read about it). The high-end property market has drawn many people from across the world to reside here. Opulent and magnificent residences are everywhere, drawing the attention of the biggest celebrities and business executives. Also, due to the country’s small size, there are many flats and penthouses, which are no less luxurious. In fact, some of them have the most amazing views of the Mediterranean and a host of other facilities.
Security – Michele also observed that many residents in Monaco who had previously lived in other countries always appreciate how safe the Principality actually is – it’s ranked among the safest nations in the world. Here, you will find that the ratio of police officers to citizens is one to one hundred, and the emergency response rate is exceptionally timely. In addition, the nation is dominated by sophisticated video monitoring systems that operate around the clock and helps to identify and mitigate potential threats to the residents. Also, in every building and apartment complex, there are surveillance systems that help the property managers to monitor everyone going in and out of the buildings. All this ensures that the crime rate remains exceptionally low throughout the country.
Tax breaks – Monaco has people-friendly corporate and personal tax rules compared to other countries, making the Principality a high-profile tax haven. The country hasn’t imposed income tax on its people since 1869. These rules, however, apply only to the residents. And to be considered a resident, you must have at least six months plus a day in the country, coupled with several other requirements. However, French citizens residing in the Principality may be subject to income tax. When it comes to property taxes, only rental properties are taxed at 1% on the annual rental yields. Individual properties aren’t taxed. This is a major factor that attracts people to become property owners and actually reside there. In addition, there are no taxes on capital gains, dividends, investment income, or wealth tax, which also appeals to many investors.
Monaco is easily accessible – if you are planning to be in and out of Monaco for business or for any other reasons, you will find that the country’s geographical location is easier to reach. For starters, it is close to many transit connections, which means that traveling to other European countries such as France, Italy, and the UK, or any nearby locations, is much easier. The Nice Cote d’Azur Airport is just a couple of minutes away by road and could even take fewer minutes if you take a chopper ride, which, by the way, are readily available for hire. What’s more, the country is also easily accessible by boat or rail. All these make it possible for many people to live and work in other European countries and still maintain a home in Monaco, which they can use for holidays.
Entertainment, culture, and sporting activities – there are several competitions and performances that are a regular feature in the Principality, including the Formula One Grand Prix, which takes place in May. Other completions include the Longines Global Champions Tour, the Herculis International Athletics Meeting, and the Rolex Monte Carlo Tennis Open. Are you a music lover? You will be happy to know that there are various options for you. For starters, the Salle des Etoiles as well as the Opera Garnier, are home to some of the most popular jazz, rock, French variety, and pop artists. Then there is the Monte Carlo Sporting Summer Festival and the Monte Carlo Jazz Festival, the two most popular music events in the Principality. And with regards to exhibits, an impressive variety of them takes place at the Grimaldi Forum, while the Princess Grace Theatre hosts arts and cinema viewings throughout the year.
Education – there are many good schools in this country, both French and English-speaking. Many of these schools are in close proximity to residential areas, which makes it easy for parents to take their kids to and from schools. This makes Monaco the best place for young families to raise their kids. We also have to mention that there are a couple of prestigious institutions in the Principality, just in case you would like to take4 your kids there.
Monaco’s climate – last but not least, the climate in this country also massively promotes property investments from across the globe. So, just like the rest of the French Riviera, Monaco experiences 300 days of sunshine each year, with pleasant and bright summers and relatively cold winters. June to August are the hottest months, and it’s when the Principality sees an influx of tourists who arrive to enjoy the summer activities.
Are you a property investor searching for the best and most luxurious lifestyle in a place that signals richness, tranquillity, and elegance? Monaco is the place to be! There is a reason so many people are coming to this country every year, and the residents, regardless of who you ask, are all saying how much they love living here. If you decide to invest here, how about you get in touch with Michele for guidance on how to make your investment a success?