With its quiet sunlit streets, Formula 1 races and luxury yachts spread across its ports, the Principality of Monaco is a real magnet for millionaires and billionaires from all over the world. It is one of the countries that does not impose an income tax on its inhabitants. This small country is located in the French Riviera and is very attractive to those looking for a tax haven and a luxurious place to live.
Monaco is the city with the largest number of millionaires in the world. More than 30% of the about 38,000 residents are millionaires. Many people regard it as important as the cities of Geneva and Zurich in Switzerland in terms of economy, trade and business.
In addition, according to major real estate companies, 1220 Monaco residents have assets worth more than $30 million. It is therefore not surprising that millionaires move here for financial reasons. In addition to the lifestyle everyone dreams of, not having to pay taxes, especially for millions or dollars, is one of the key attractions of the Principality of Monaco. And let’s not forget about the sense of personal security that the rich are looking for, which makes Monaco an excellent place to live in.
In the Principality of Monaco you can walk wearing ridiculously expensive jewelry and feel completely safe. If we usually assume that the rich are used to being surrounded by personal security guards, this is not necessary in Monaco. The country is known as one of the safest regions in the world with the largest police groups and a non-stop video surveillance system covering the entire city.
Analysts estimate that the number of millionaires in Monaco will increase by about 2,700 over the next 10 years. At the present time there is no place for them, as the area of about 2 square kilometers of the entire country has already been filled. At the request of millions of people around the world to live here, Prince Albert II approved an expansion project in the sea, in which an artificial island of 1.5 billion euros will be built. The project will be financed by private investors and supervised by the government. 120 luxury villas will be built on the island at prices exceeding $100,000 per square meter.
This work will involve the importation of hundreds of thousands of tons of sand from Sicily, and some plants and animals will need to be relocated to protected areas, and artificial reef species will be created. Regarding this, experts say it is impossible for a project of such magnitude to not affect marine life.
It is important to note that not all rich people can buy everything they want in the Principality of Monaco, since €6 million can only provide you with a two-bedroom apartment. If you want to buy a parking space for your car, you have to bear in mind that their values range from 500 thousand to 750 thousand euros.
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