Buying or renting an apartment in Monaco + 1 trick to take advantage of Monaco at low cost | Monaco tax haven
Today we talk about buying and renting apartments in Monaco.
First of all, to buy a house in Monaco you don't need any special permissions.
There are in fact no restrictions for non-residents.
So, from this point of view, buying is absolutely simple.
It is not as far as pricing is concerned.
In fact, most of the properties are too expensive for people with total assets of one million dollars or less.
Most of the nice apartments cost 2 million dollars, at least.
And if you are looking for a villa, you could pay several tens of millions.
But there is a way to enjoy Monaco's tax advantages, even at relatively low costs.
In fact, many people need to avoid tax for a few years.
Maybe 5 or 7 years.
To keep all the money at the peak of success.
Think of an influencer.
A footballer.
Or other world-famous sportsman.
Now, in these cases it is possible to rent a one-bedroom apartment for around 3,000 per month.
At the same time, you should search for the bank for issuing the certificate.
In fact, to obtain residency you need a bank to issue you a certificate proving that you have sufficient funds.
However, the amount requested varies from bank to bank.
Until recently, a bank were willing to issue the certificate with a deposit of 100,000.
While the others required larger deposits.
The certificate can then be deposited to prove that the applicant has sufficient funds.
And thus obtaining residency.
Having shown that he has both an apartment to stay in, and the funds.
Therefore, the total cost would be 36,000 per year of rent.
To which is added 100,000, which in any case remain yours, deposited in the bank.
When compared to how much you will save in taxes, it could be cost effective.
In the next episode of this Monaco series, we will talk about the other ways to obtain residency.
There are in fact other options as well.
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