Moving from the United Kingdom to Monaco can offer you many advantages, especially in this post -pandemic and post-Brexit landscape. The world has became very volatile and the UK economy is in an insecure position. Monaco was always very attractive for individuals coming from the UK but we think that the potential tax regime changes are increasing the numbers of UK residents leaving for a safe Monaco.
Why moving to Monaco ?
No Tax in Monaco
One of the first reasons individuals consider moving from London to Monaco is its enviable tax regime. Residents of Monaco have no income tax therefore if you live here you will be able to enjoy the fully amount of your income compared to the UK. You also will not pay any tax on your capital gains or your real estate.
Very often you have heard about rich and famous leaving the UK to relocate in Monaco. Believe it or not but Sir Jim Ratcliffe was not the first and not the last British citizen to have made the move here. You can walk around the Monaco city and meet Lewis Hamilton, Chris Froome, Philip Green.
If you are a professional athlete, an entrepreneur or a family we are sure that all those stories of individuals or friends relocating to Monaco have become more appealing.
Beautiful Location on French Riviera and easy access to the World
Monaco is renowned for its splendid Mediterranean coastline and its perfect weather. If you love outdoor activities this is a significant advantage compare to UK because Monaco benefits from more than 300 sunny days over the year.
You will have love to enjoy blue skies, clear water or amazing mountains resorts. Monaco has a great position in between France and Italy, and everything is just a short drive away.
Monaco’s location only 30 min drive away from Nice Airport provides easy access to any destination. London is only 2 hours away.
Stable Principality and Stable Economy
The Grimaldi family has been running Monaco since the thirteenth century, bringing this city-state a stable and prosperous economy. The Principality has a high GDP per capita largely driven by the real estate and the tourism industry.
Monaco uses the Euro as currency even if the Principality is not officially part of the European Union. The EU subject comes up very often but laws giving privileges to the national Monaco citizens (not residents) are against the EU principles. This priority given to nationals keeps Monaco out of the EU and this beautiful mixed community made of expats (80%) continue to attract individuals from all over the world. British economic activity is falling at the fastest pace since January 2021 and the numbers are suggesting that the chances of a recession have increased.
English is spoken in Monaco
It is always challenging and scary to move to a new country particularly if the official language is not English. Monaco has a multinational population thanks to its 139 nationalities living here all year around. English is widely spoken and you will be able to communicate with everyone easily. In case you are missing your British or London community, you will find here plenty of UK expats to discuss with, and to exchange about the reasons why you are not missing the bad weather.
This multicultural community is a real added value if you decide to raise your children in Monaco.
Monaco high quality of life
Monaco is always in top position when it comes to quality of life and its pretty normal when you know the standards of residents living here. Its strong focus on overall well-being pushes all professionals to give the best to satisfy high-end net worth residents.
Many countries like the UK have suffered a lot from the pandemic and crime rates have increased. Monaco is one of the safest place in the world with its strong police presence and crime is nearly non-existent. You will love to walk peacefully across the city during the day and night.
What about my UK pension ?
Don’t worry if you are retired and moving out from the UK to live in Monaco. You can get in touch with the Government services to transfer your pension overseas.
Investing in Monaco Real Estate
Monaco is one of the most expensive real estate market in the world. Due to the small size of the territory and the continuity of the individuals relocating too Monaco, the demand will be always there and the property prices will keep on going up. During the pandemic we have noticed an increase of individuals moving from UK looking to find the place which could resist to any potential future economic crisis.
From a technical point of view we inform you that buying an apartment in Monaco and buying an apartment in London is very different. There is no leasehold here as you will be the owner of the property until you want to donate to a relative without any inheritance tax.
Even when the economy in the world is being volatile, Monaco real estate prices will keep on going up.
You can read our guide about how to buy an apartment in Monaco here.
If you are interested in moving to Monaco from UK, to live here with your family, to transfer your business or retire in the Principality, we assist you through all the process.
Most of our clients relocating from the UK have rented an apartment in Monaco first. We helped them to find the apartment which could be big enough for the Monaco authorities to approve their residency permit. In case you would like to invest in the Monaco’s real estate market note that we have a strong experience since we are native from here and collaborate with all real estate agencies of the Principality.
Concerning the Monaco residency process, you will now have to apply for a long-term Visa from the French Consulate or Embassy to apply for the Monaco residency permit. The French authorities will have to receive from you a Monaco proof of accommodation (rental lease or ownership attestation) and they will then get in touch with the Monaco residency department to coordinate your residency process. We will be delighted to introduce you to our partners and friends who will make your move smooth and peaceful.
