Monaco has traditionally been the residence of choice for the wealthiest and most famous individuals.
The principality is an independent sovereign state that was established in 1297 and a full member of the UN. The official language is French, but Italian and English are also widely spoken. Monaco has its own legal system but its law is largely based on the French Civil Code.
The requirements to become resident in Monaco are not as strict as commonly thought, but it is nevertheless advisable to employ a consultant or lawyer to handle an application for residence on your behalf. To become resident, you must be able to show sufficient means to be able to afford the lifestyle, in particular, the rent and prices for real estate, which are comparable to big capital cities.
Considering the location of Monaco, which is easily accessible by plane, boat or train, it is very common for residents to work and even live in other countries in Europe. Residents do not pay capital gains taxes and the government does not levy net wealth taxes.
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