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Will you be resident in Monaco? Deposit 500,000 euros in the bank to start the process

2024-07-13 13:19:15Lifestyle SHKRUAR NGA REDAKSIA VOX

Do you dream of taking a walk along Monaco's famous Rue Grimaldi, and instead of looking at luxury apartments, have the key to one in your pocket? And in the other pocket the Carte de Resident, the electronic "residence card" of the principality, which gives you the right to permanent residence in one of the most expensive regions of the world? Then you are only 1,000,000 euros away from this goal.

This seven-digit number is the first criterion that must be met if you want to have famous neighbors, such as Ringo Starr, Bono and Lewis Hamilton. So what does it take to become a resident of Monaco and enjoy the privileges of citizens of the small but very large principality? The incentives are more about tax breaks and less about the display of wealth or the sense of security Monaco residents feel.

Everything starts with a visit to CMB, the bank of the principality. There they will ask you to open an account, in which at least 500 thousand euros must be deposited. They will clarify, of course, that this amount may not be absolutely in cash, but they want it in "immediately liquidable assets". These, in addition to cash, are stocks, gold bars, etc. From the moment you open this account, you will receive a confirmation from the bank to request housing. There are many real estate companies that will help you find the right place to live, whether buying or renting.

Theoretically, you can find a small apartment to buy for 500 thousand euros, but there are no such ones anymore. The lowest price was 1.1 million euros for an area of ??25 m2. in the La Roux area, in the western part of the principality.

But the most important thing is that in addition to the money you have deposited in the bank, you must prove again that you have "sufficient" financial resources. So other documents are needed, such as copy of salary (with at least five figures per month or six figures per year) and recent statements of accounts in other banks. The bank will judge how "adequate" the financial data you provide is.

However, the process of obtaining a "resident card" contains many charms. It is assumed that the applications are personally reviewed by Prince Albert himself, and if he approves them, he signs them. This is in the tradition started 60-70 years ago by his father, Prince Rainier, who had the idea to turn the principality into a tax haven. Of course, such a thing is probably a utopia. Prince Albert has plenty of other things to do than check applications and documents.

The tax exemption also extends to any transfers you want to make to your family members. Any income or property you have in Monaco or acquired after the "residence permit", can be transferred without paying a single euro. In addition, you also win in secret. Banks in Monaco have the same status as those in Switzerland, they are not obliged to provide the authorities of any country with any information, unless the beneficiary allows it in writing.

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