Hello all,
Last June I went to Monaco for the second time and what can I say, what a place! I don’t know why there are people who like to speak badly about Monaco, such an immaculate and pleasant place! And it seems it’s even more beautiful than before!
1)When I went there for the first time many years ago, I remember seeing those apartment ads on the windows of the real estate agencies, and a few of them had an observation something like this: **”property subject to law xyz (I don’t remember the number)” or “apartment occupied, 55 years old, subject to law xyz…”. Can someone please link me to that law? Is it related to the housing guarantee for the monegasque citizens?**
2)One shock I got this last June was that they built a brand new building where there was series of beautiful tiny town houses (or a palace divided like town houses), with single garages in the front. Looking at Google Maps it still shows them:
[https://maps.app.goo.gl/eZVAPcmegCKXabRu8](https://maps.app.goo.gl/eZVAPcmegCKXabRu8)
Now there is a complete new building there. What usually happens in this case, does the builder offers an apartment on the new building or just a huge sum of cash to each of the owners? How the builder was able to convince everyone to sell their houses?
3) I spoke to an American gentleman who lives and works in Monaco for company based there, and he said “yeah, the income tax is low, but the rent is high, so in the end it’s about the same…” . But aren’t Americans under worldwide taxation? Does Monaco exchange tax information with the USA?
Thank for your attention!
by Brianzolo16
2 comments
Americans have to renounce citizenship to get the tax benefits.
Way too much to unpack in a single reply, but to make it short Monaco has a cast system where everyone is ranked, and their life is heavily subsidized if in top of this list. You start from monégasque from both monégasque parents, the you have monégasque but just with the father, then adopted, then down the line enfant de pays which means born and live here for like 18 years but never a monégasque, then again down the line residents, then workers then tourists I guess.
The laws protect the owners and the citizens by allowing some places to be rented at favorable conditions if you fit any of the requirements, most notably been living here since like 5 years or working here for longer than that etc…
I don’t recall all of them (maybe they are 3?) but essentially this is what they do, they are larger apartment that usually end up to people up the ladder (but not monégasque because those have specific ladders on their own).